Are you fully harnessing the potential of technology and digital innovations to drive your business's productivity, or are you risking falling behind?

Summary of the original article at the bottom of this page.

Interest rates, mortgages payments, an out of control real estate scenario, and a wild labor market are currently terrorizing Canadians of all backgrounds.

Though, something else lurks quietly in our economy. And yes, it has been staunchly ignored, almost disturbingly.

Apparently the work force of Canada have become markedly unproductive in the last 2 decades.

When compared to peers in other developed nations, Canadians are in dead last when it comes to investing into things that increase efficiency and productivity in our marketplace - namely technology.

A few questions I would ask any business owner now are:

How long has it been since your business updated something as simple as its website?

Do you share content to social media where billions of users are powering brands on a daily basis?

Do you have a CRM that automates tasks, making more time for higher value activities.?

Or wait, do you have a CRM, or just using excel?

Do you even have an email newsletter?

Do your customers and leads even know what you are doing?

These questions might seem mundane, maybe even irrelevant, and even minuscule amongst the pantheon of technology that businesses can employ, but I can tell you right now, Canadians are barely engaging in these basic digital practices, let alone something more complex and approached at warp speed (pssst AI is here now....).

All I can say is that I am super excited for the future, and the opportunities for this digital agency.

At a time when Canadians need leverage and cost effectivity more than anything else, Peak Demand is position to help, en masse.

And please, don't feel bad for not refreshing your website since 1995 - you are very much not alone.

Canadian business need to take a serious look at their operation and think, how can I make this better?

Please go through our key takeaways from the article, listed below.

You can also read the original through the link.

And of course, our team looks forward to helping you launch your mission into the future - with powerful digital tools.

Until next time.

Alex, Peak Demand

alex@peakdemand.ca

TEXT +1 (647) 691-0082 to chat with our AI assistant 'PeakBot'.

or

Email to PeakBot@email.peakdemand.ca chat with our AI assistant 'PeakBot'.

A summary of the article is included below.

Original Article: Canada’s lagging productivity affects us all — and will take years to remedy

Link to The Conversation Post: https://theconversation.com/canadas-lagging-productivity-affects-us-all-and-will-take-years-to-remedy-206440

Summary: Canada is grappling with a significant productivity challenge that's causing its economy to lag behind other developed nations. This has broad implications, from the amount of subsidies it provides to companies like Volkswagen to its ranking among OECD nations. While various factors contribute to this productivity gap, there are specific areas, notably technology, where the country can focus to bridge the disparity.

Key Takeaways

• The Productivity-Technology Link: The article underscores Canada’s lag in economic productivity, which is closely intertwined with technological adoption. A higher productivity often corresponds to better utilization of modern technology, automation, and innovation.

• Volkswagen's Big Move: Volkswagen is partnering with Canada to build a giga-factory in St. Thomas, Ontario for automotive batteries. While it promises up to 3,000 jobs and a revitalization of the automotive sector, the whopping $13-billion government investment has raised eyebrows. Could the amount have not only covered the capital expenses but also the operational costs for several years?

• The Subsidy Dilemma: The massive subsidies extended to corporations like Volkswagen suggest a potential lack of other appealing factors that Canada offers for foreign investment. Is Canada relying too heavily on financial incentives?

• A Deep Dive into Productivity: Economic productivity gauges the efficiency of output production per input unit (like labor and raw materials). While Canada is a top country to live in, it disappointingly doesn’t rank in the top 10 for productivity among OECD nations. Currently, Canada stands at 18th place with its GDP per hour worked being just 42.5% of the top-performer, Ireland.

• The U.S.-Canada Productivity Gap: Between 2000 and 2022, Canada's productivity has slipped 9% compared to the United States. In fact, as of now, Canada’s productivity is only about 72% of its southern neighbor.

• Root Causes of the Decline: The productivity issue is not new and predates the pandemic. Part of the problem? A higher percentage of small businesses in Canada. Larger companies, as data suggests, are more likely to invest in productivity-enhancing tech and training. Plus, many of Canada's biggest players, like those in banking and telecom, are comfortably ensconced in stable oligopolies, meaning they might feel less push to innovate or be more competitive.

• The Real-World Impacts: Productivity isn’t just a metric. Low productivity affects growth, raises operational costs, and can deter potential foreign investors. For instance, the article hints that firms might avoid investing in Canada due to the country's lagging tech adoption, unless there are significant subsidies.

• The Tech Gap's Global Implications: With countries like the U.S. pushing forward with tech-driven productivity measures (as evidenced by Biden's Inflation Reduction Act with its $500 billion commitment), Canada’s technological stagnation might have broader implications in its global competitiveness.

• A Call to Action: There’s a pressing need for both the private sector and the government to step up. Some starting solutions? Easier access to funding and tax incentives for tech investments, a bolstered focus on technical trades education, faster visa processing for skilled foreign workers, and expansive investments in infrastructure and healthcare. The aim should be to improve the way Canada works, and that requires a joint effort from all.