Canada is a world leader in innovation and is recognized as one of the most innovative and competitive economies in the world.
Leaders, like Yung Wu, CEO, MaRS Discovery District, say Canada has an opportunity to win on the global stage if we harness the power of untapped potential in the innovation space – particularly focusing on how we attract talent (and global talent) across the country.
The ability to attract to talent – and ultimately win the race for talent – becomes a critical step in Canada’s evolution. According to Wu, the problem for Canada is not an innovation problem, but rather an adoption problem. He says the fuel for innovation can be sourced through talent.
Other leaders, like Derek W. Dobson, CEO and Plan Manager,
CAAT Pension Plan, say employers need to act fast and invest in a company culture that is tailored to the needs of workers – if they want to recruit and
retain top talent during and after the pandemic.
In the past, a vibrant in-person culture was a meaningful
retention tool and new employees were relatively easy to source as staff
retired. In a world of more challenging demographics and with remote work arrangements
lessening the retention power of culture, employers whose success depends on
people must look to more powerful and lasting retention employee-centric
programs.
According to Dobson, “As leaders, we can show a meaningful,
lasting commitment to employee growth and security by enhancing holistic and
complete wellness programs that help employees achieve mental, physical, and
financial well-being. This can include fitness sessions, healthy eating
programs, personal and religious observance days, daily childcare and mental
health breaks, and financial planning assistance.”
Without these steps in place, a record number of workers experiencing
burnout are leaving long-held jobs, switching to gig-based work or changing
careers. Meanwhile, young Baby Boomers are opting out of the workforce for
early retirement with about 125,000 Canadians expected to retire over the second half of 2021, continuing a more than ten-year retirement trend for the
aging cohort.
According to Wu, organizations that can apply innovation and
transformation give themselves a chance to set pathways to sustainable,
differentiated value creation over the long term, as we emerge from this
pandemic.
He says, “Being thoughtful about how coming changes in the
future of work will affect plan member mix and contributions [in pensions]. Or how
transformational advances in life sciences and health will affect longevity for
retired members. And let's not forget about impacts on asset classes and
investments as governments and industry develop their pathways to net zero by
2050. These are major areas of impact that are not foreseeable through
actuarial tables. The biggest risk for mature enterprises, might just be
the inability to take any risk.”
Listen to the full episode below to learn about what Yung Wu thinks about Canada’s innovation space.