Despite the new economic slowdown, the optimism of Canadian companies is high, a paradox highlighted in a survey published by PwC in early October.
Despite the new stalling of the global economy, the majority of Canada’s private companies are planning to grow in the next year. That’s what 82% of the 135 leaders in British Columbia Alberta, Quebec and Ontario polled in PwC’s seventh annual Business Insights survey answered. This number is in sharp contrast to current concerns, and represents a jump from last year, when only 66% of respondents were striving for growth.
A qualified climate of confidence
This year’s results are more pragmatic. Last year, 24% of respondents were looking to aggressive growth of 15% or more, while only 10% across all sectors this year expect the same.
The strength of optimism is also declining as the months go by: in June and July, 83% of respondents said their business volume would pick up in the next quarters, while only 74% shared this opinion in September.
Strategies for a better future
Canadian firms are calling on new levers to increase their productivity and gain market share.
These solutions and new reflexes dictate the need for continual innovation, in both products and services and operational and organizational performance. The goal is to stay in the global competitive race, and optimize work processes.
Over 60% of leaders polled also mentioned embracing new technologies to drive efficiency. Mobile computing and social media provide access to new customers and offer enhanced data management, analytics, and security of information.
Finally, another key point is the new approach in human resources management. To overcome worrisome labour shortages, 71% of respondents now use more non-financial rewards to motivate staff. Methods used include working with government/educational systems to improve skills in the talent pool and support employees’ projects.