Voice of Business: More Investments In Home Care Are Needed

Our population is getting older quickly. The Government of Canada’s Action for Seniors report states one in seven Canadians were seniors in 2021 with that number expected to jump to one in four by 2030. The Canadian Institute for Health Information is predicting a 68 per cent increase in Canada’s senior population from 2017 to 2037 accounting for 10.4 million people.

Receiving healthcare at home is the preferred route for most people where feasible, saving both them and the government money when compared to staying in institutions. However, upfront capital costs and ongoing out-of-pocket health and personal service care costs to provide adequate healthcare are a major barrier to home care.

This applies to seniors as well as those with ongoing healthcare needs due to illness or injury.

The National Home Modifications Survey, commissioned by March of Dimes Canada in April 2021, found 78 per cent of Canadians want to age in their current homes, but only 26 per cent predict they’ll be able to do so. The survey found 50 per cent of adults and seniors identified costs of home modifications as a barrier.

For many, the decision to move into long-term care is complicated, even if it’s the best way to meet their healthcare needs. The National Institute on Ageing (NIA) estimates some 40,000 Canadians were on waitlists for nursing homes at any given time in 2019. Meanwhile, they estimated a further 430,000 Canadians have unmet home care needs. The NIA estimates 22 per cent of people currently in nursing homes would be better served at home with the appropriate support.

Our municipal, provincial and federal governments spend billions of dollars every year on assisting people with long-term healthcare needs with the majority going to long-term care homes and subsidies for institutional care. The NIA estimates that in 2018 public spending on long-term care in Canada included $20 billion for nursing home care and $4 billion for home and community-based care.

Most Canadians in need of regular healthcare are getting it at home whether by choice or lack of available institutional space. Some require a moderate level of support while others need several hours of daily care. Regardless, the costs are cheaper for care at home than in an institution.

Home Care Ontario estimates based on a 2011 study that the costs for care are $842/day for a hospital bed, $126/day for a long-term care bed and $42/day for home care.

Home care allows Canadians to get the care they want at a much lower cost to the public and depending on the subsidies they are eligible for a lower cost to themselves.

Receiving care at home has challenges and significant expenses. Many people’s homes need renovations and special equipment from beds to lifts. There are costs for private services, including medical care, housekeeping, transportation, physical therapy, cooking, and personal care. The role of family caregivers can only offer so much and is dependent on a senior’s family situation.

Home Care Ontario found family fund more than 20 million hours of home care annually for 150,000 people at an average cost of $17,600 per year per family.

While healthcare is provincial in operations, our federal government is heavily involved in supporting our healthcare network and has provided tax credits for various healthcare initiatives.

The Government of Canada currently offers the Medical Expense Tax Credit, but it does not offer a level of support sufficient to have a meaningful impact on someone undertaking the task of receiving long-term care at home.

Offering subsidies to receive care at home will save Canadians money when it comes to healthcare spending and relieve pressure on our overburdened healthcare system.

The Peterborough and the Kawarthas Chamber of Commerce has submitted a resolution to the Canadian Chamber of Commerce (CCC) asking the Government of Canada to:

• Create a home care refundable tax credit of 15 per cent of up to $10,000 in annual retained home care services, for a total maximum benefit of $1,500

• Create a one-time refundable $10,000 tax credit toward special medical equipment and renovations, including hospital beds and patient lifts

If adopted by the CCC at the annual conference this fall, this will become a core part of the CCC’s advocacy platform for the next three years. It’s important to start making these investments now. Investments in-home care saves money for taxpayers and people needing care while providing the level of care many desire.

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Voice of Business: A Bigger Mandate Comes With Increased Expectations

Ontario has elected a Progressive Conservative government with an even larger majority but with it comes increased expectations.

As a Chamber, we would like to congratulate all of our elected officials on their successful campaigns, including Peterborough-Kawartha MPP Dave Smith, Northumberland-Peterborough South MPP David Piccini and Haliburton-Kawartha Lakes-Brock MPP Laurie Scott. We look forward to working with you to build a stronger community.

Additionally, we would like to thank all of our local candidates and their teams of volunteers who put in many hours knocking on doors, talking to residents, and tackling local issues. While it didn’t result in a seat in the legislature, those hours of community engagement have a substantial impact as we try to sort out our priorities for the future. Creating meaningful dialogue and grassroots momentum on local issues is at the core of the democratic process.

With the election behind us, it’s time to put our attention on governance. The first term of this government saw a host of newly elected MPPs — but now most, including our local MPPS, are seasoned veterans. They dealt with a worldwide public health crisis, sky-rocketing housing prices, record-breaking inflation, and a major labour force and skills shortage. But now those issues aren’t new. The expectation is that re-electing local leaders should allow them to take the last four years of experience and planning to hit the ground running. We expect to see results.

Our role as a Chamber is to be non-partisan on the politics and push our elected representatives to act on local business and community issues. We welcome the support of all parties and candidates in progressing policy that will build, support and provide opportunities for the local business community to thrive.

The Ontario Chamber of Commerce has a four-point plan called Vote Prosperity which lays out priorities for our newly re-elected government:

1. Improve Business Confidence and Predictability

Predictability is fundamental to business confidence, economic recovery and prosperity. Businesses need a stable policy environment with clear timelines, contracts, consultations, and strategies to help them plan for the future and make long-term investments. Given the uncertainty brought on by COVID-19, Ontario must also bolster its pandemic preparedness in response to ongoing and future threats.

2. Foster Business and Economic Growth

The dual economic and public health crises of the past two years have left many businesses and households in Ontario with record levels of debt and financial instability. Pro-growth measures for business will fuel economic recovery. Ontario will need to focus on actions that support business access to the capital, markets, and talent that they need to grow.

3. Build Resilient Communities

A strong economy is built by healthy and resilient communities. Ontario will need to address challenges within our health care system, the ongoing impacts of climate change, access to housing, municipalities’ fiscal capacity to support regional economies, and infrastructure deficits.

4. Support Entrepreneurship and Innovation

Ontarians’ entrepreneurial spirit is one of the province’s greatest competitive advantages. Ontario will need to foster an environment that encourages new business ideas and investments to boost productivity and create the jobs of tomorrow.

Building a stronger business community over the next four years needs to involve social change as well, including greater engagement and consultation with Indigenous communities, investing in growth that helps meet our climate change goals, and addressing the mental health, addictions and poverty issues that have become much more visible in our communities.

While our expectations for building a stronger community are high, we don’t expect our politicians to do it alone. In fact, we prefer them not to. Besides their local Chamber of Commerce, there are a host of community organizations, non-profits, charities, businesses and residents that want to help. We’re invested in building a more sustainable and resilient community and our expectations involve our local leaders working with the talent, experience, and voices available in Peterborough and the Kawarthas.

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Voice of Business: Rebuilding and Growing Tourism

Our tourism industry is beginning to bounce back — but our leaders need input from tourism-related businesses on how to guide that recovery.

Innovation, Science and Economic Development Canada is conducting public consultations on the development of a post-pandemic Federal Tourism Growth Strategy.

Peterborough and the Kawarthas Economic Development estimates that our region attracts more than three million visitors who spend more than $300 million annually. Nationally, Destination Canada estimates tourism contributed $43.6 billion to our Gross Domestic Product.

In 2020, Statistics Canada found our tourism GDP dropped by 49 per cent. Since then, it rose 4.4 per cent in 2021 and continues to increase, including an 8.7 per cent increase in the fourth quarter of 2021. Accommodation and food and beverage are leading the recovery with air transportation and travel services lagging behind.

Canadian Chamber of Commerce Senior Director, Transportation, Infrastructure and Regulatory Policy Robin Guy recently published an editorial in the Toronto Sun calling on the federal government to assist our airports in their recovery, noting travel declined by 95 per cent from 2019 levels during the pandemic. It’s noted that in 2016, our airports contributed $48 billion to our economic output and employed 194,000 people.

Adding to issues with investments in our airport infrastructure and the large lines and delays in processing passengers, many Canadian passengers are struggling to get their passports. After a couple years of very limited international travel, Service Canada is struggling to keep up with a surge in demand. Calls to Service Canada about passports jumped from 5,000 to 200,000 per day and passports issued jumped from 363,000 to 1,273,000 over the last year.

The Government of Canada launched Creating Middle Class Jobs: A Federal Tourism Growth Strategy in 2019, but the tourism sector has changed dramatically since then. Tourism and hospitality felt the effects of the pandemic immediately and continue to deal with COVID-related challenges.

The Government of Canada is looking to work with the tourism sector, provincial and territorial counterparts and Indigenous tourism partners to renew the strategy and set a course for growth, investment and stability.

The renewal of the tourism growth strategy was announced as part of the 2022 federal budget to help fuel the resurgence of tourism. The public consultation on the development of a post-pandemic Federal Tourism Growth Strategy opened May 18 and will run until July 20.

As per the federal government, the consultation will build on the work already done since the launch of the original strategy in 2019, with a particular focus on:

• labour gaps and instability

• investment attraction and destination development

• long-term economic growth across the country.

To share your views on how Canada can build on its reputation as a world-class destination, please send an email to tourisminfo-tourismeinfo@ised-isde.gc.ca. The deadline for submitting feedback is 11:59 p.m. EST on July 20.

Tourism is an important part of our local, provincial, and national economy and we need to invest in rebuilding, renewing, and expanding it for years to come.

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Voice of Business: Technology, Diversity and Flexibility Are Key to Workforce Challenges

The labour issues hitting businesses across the country didn’t start with the pandemic, but it did accelerate the problem to a point where it’s one of the biggest issues holding back economic growth.

According to a survey by the Business Development Bank of Canada (BDC):

• 55 per cent of Canadian entrepreneurs are struggling to hire the workers they need

• 64 per cent report that labour shortage limits their growth

• 61 per cent must increase their hours and/or their employees’ hours

• 49 per cent must increase wages and benefits

• 44 per cent have delayed or unable to deliver orders to clients

Lack of access to a workforce with the right skills is holding back businesses and hiring difficulties increase in smaller communities.

Nationally, unemployment has fallen to 5.2 per cent.

Our economy is bouncing back, but that’s putting further strain on businesses’ ability to hire. Projections range on when things will return “back to normal,” but we can say with confidence these challenges aren’t going away in the short term.

These issues were decades in the making, but ultimately what is important is finding our path forward.

What businesses are doing according to BDC:

• Offering flexible work arrangements (e.g. telework, flextime, compressed workweeks) – 37 per cent

• Internally training less-qualified workers – 35 per cent

• Recruiting younger workers and/or students – 26 per cent

• Hiring freelancers or contractual or independent workers – 25 per cent

• Recruiting immigrants and/or foreign workers – 10 per cent

• Automating certain areas (e.g. using robotics, cognitive agents, smart workflows or advanced analytics) – 10 per cent

• Recruiting older/previously retired workers – 9 per cent

BDC notes Increasing diversity and flexibility are important for business growth, including three key areas: youth, immigrants, and older workers. Immigration in Canada slowed to a crawl through the pandemic. Both youth and immigrants bring skills and a willingness to grow and develop. BDC recommends offering more opportunities to youth and immigrants as a way to make better use of our workforce.

When it comes to older workers, we need to address flexibility. They have an incredible set of skills and experience that our economy has relied on for years. Workers approaching retirement may no longer be interested in working full-time hours but could be open to part-time and hybrid options.

More and more businesses are turning to automation as a way to streamline the business. For most businesses, it’s not a case of a robot replacing a staff member — it’s all the small things adding up to a more efficient process. Examples include:

• Automated email marketing campaigns

• Chatbots and automated messaging systems

• Sales lead generation and management

• Touchscreen ordering

• Self-checkouts

• Online booking and automated appointments

• Customer Relationship Management (CRM) systems

• Collect job applications

Businesses can further streamline by adopting new technology like updated email systems, shared digital calendars, and cloud-based workflow systems.

There’s no single solution that’s going to answer our workforce challenges. The local business community has shown its ability to adapt, pivot, and invest in new technology. The challenges facing businesses continue to change, but our economy is growing and to grow with it businesses need to be open and flexible in growing their workforce.

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Voice of Business: Cybercriminals Targeting Small and Medium Businesses

Cybersecurity is one of those topics that affect the majority of businesses in some form but it’s something businesses are hesitant to talk about.

According to Mastercard, attacks on small businesses increased by 424 per cent in 2020 and the issue is only growing as many invest further in digital systems.  

A report from Fundera indicates:

• 43% of cyber attacks target small businesses

• Only 14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective

• 3 out of 4 small businesses say they don’t have the personnel to address IT security

• 54% of small businesses think they’re too small for a cyber attack

• Human error and system failure account for 52% of data security breaches

• Industry experts say a small business’s cyber security budget should be at least 3% of a company’s total spending

The business community is often reluctant to talk about it because as victims, there are feelings of shame and embarrassment as well as fears that their business might lose customers.

The truth is that business owners are required to be experts in everything from government legislation to marketing to construction projects and juggle all of those roles in any given day — yet they’re up against people who are dedicated to finding security breaches and exploiting them.

Typically, they’re after your data, whether to hold it for ransom or steal it. Businesses and organizations that deal with large amounts of customer data, specifically in the government, retail and tech sectors, deal with the vast majority of attacks.

Even at a personal level, Statistics Canada found that 42 per cent of Canadians experienced some type of cyber security incident in the first few months of the pandemic.

Cyber security is a fundamental business issue right now. We’ve come to appreciate just how vulnerable our supply chain network is. An outbreak in a factory, a war on another continent, or a protest at a border crossing are all capable of grinding business down to a crawl. When you look at the statistics of just how prevalent cyber security incidents are and see how many businesses and organizations are involved in moving the goods and providing the services we rely on, there’s little doubt that someone in that network is either dealing with a cyber security incident or struggling with the fallout from one.

We’re encouraged to see our governments investing in helping our businesses thrive online through programs like Digital Main Street and the Canada Digital Adoption Program. Those investments are needed to move our economy ahead. But as our businesses move into new, uncharted waters, they need confidence that they’re going to be reasonably safe. 

Cyber Security has been a common theme for chamber advocacy, including the Canadian and Ontario chambers of commerce who have been working hard to put this on the agenda for budget allocations and election platforms.  

The Canadian Chamber of Commerce Cyber. Right. Now. campaign is asking the government of Canada to improve three key areas:

1. Growing Canada’s economy by accelerating the competitiveness of Canada’s cybersecurity industry.

2. Securing Canadian critical infrastructure, supply chains, and businesses of all sizes from cyber threats by investing in cybersecurity at levels comparable to Canada’s G7 peers.

3. Boosting Canada’s cybersecurity skill-set and career opportunities by making cybersecurity education, talent development, and retention a national priority and by investing in programs that diversify and expand the cyber workforce pipeline.

With businesses depending more and more on technology, it’s also going to require a shift in mindset. No matter how small your business, cyber security needs to be made a business priority. Business owners need to learn about their strengths and weaknesses and educate their staff. Like any significant asset, getting insurance is a good idea. Where your expertise has limits, it might be time to hire professionals.

According to the Cyber Readiness Institute, there are four core issues small businesses can start with:

• Strong passwords – 63 per cent of data breaches result from weak or stolen passwords

• Software updates – Your software is regularly updating to protect you, so make use of it and stay up-to-date

• Phishing Awareness – 91 per cent of all cyber attacks start with a phishing email and they keep getting more clever

• Proper USB use – 27 per cent of malware infections originate from infected USBs, so be cautious of shared or free USBs and make sure they’re encrypted

If you’re not sure how secure your business is or are looking to invest in your digital assets, we can help connect you with some local businesses that would be more than happy to help.

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Voice of Business: Hiring Persons with Disabilities

With employers across the country facing significant barriers to finding the skilled labour they need to thrive and expand, there’s one solution that we need to do better on — hiring persons with disabilities.

In a time when accommodating the health and safety of employees has risen to new priority levels and technology that has made it easier than ever to adapt and accommodate, there’s little excuse for not expanding our mindset on what the physical requirements of the job are.

According to the Discover Ability Network (DAN), 6.2 million Canadians have disabilities and it’s a group that anyone can be a part of, whether temporarily or permanently. More than 75 per cent of people with disabilities acquire them as adults.

Hiring persons with disabilities typically leads to cost reductions related to turnover, absenteeism, safety and improvements in productivity. In addition to finding a new talent pool, companies that hire persons with disabilities find that bringing people with different perspectives and experiences improves their products and services.

The DAN also has found that there is typically no or low cost to provide accommodations.

The Ontario Chamber of Commerce is partnering with the Discover Ability Network to help provide employers with the tools and resources they need to expand their workforce in a more inclusive manner. When it comes to hiring people with disabilities, the business opportunity is irrefutable.

The Discover Ability Network provides tools and supports through in-person workshops, webinars and online resources to help businesses understand the Accessibility for Ontarians with Disabilities Act, why and how to become a more inclusive employer, and how to hire and retain talent from the persons with disabilities labour pool.

Local chambers of commerce and boards of trade, industry associations, not-for-profit organizations, and businesses can request in-person and online training on a variety of topics related to accessibility, inclusion and hiring from the persons with disabilities talent pool. Training is also available to staff of organizations that support job seekers with disabilities, such as post-secondary institutions and employment service providers, as well as training targeted to persons with disabilities to help them become more confident job seekers. Find out more here: https://occ.ca/discoverability/

The DAN highlights proven advantages to employing people with disabilities:

• Increasing the size of its skilled labour pool

• Reduced costs associated with turnover, training and safety

• Improving the engagement of all your employees

• Harnessing the value of innovative processes and new perspectives

• Attracting an underserved consumer market worth $55 billion per year in Canada

If you’re an employer interested in learning more, join the virtual Discover Ability Network ROI Conference on May 25 and 26 from 9 a.m. to noon. This free conference will discuss the value of hiring inclusively, the tools and resources to support building disability-confident organizations, and the importance of inclusive hiring to workforce development and future economic prosperity.

Get your tickets here: https://www.eventbrite.ca/e/diversity-in-business-roi-conference-tickets-310056205457

Find out more about hiring persons with disabilities and what resources chambers of commerce have to offer on the OCC discoverability page: https://occ.ca/discoverability/

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Voice of Business: Further Investment In Barriers to Business Needed

The Government of Ontario’s budget is out, addressing some pressing issues for local businesses while falling short on others.

A budget released days before an election writ drops carries a bit more politics than it might in another year, but poll projections hint that there’s a reasonable chance our current government could be re-elected and implement this budget later this year.

The Ontario Chamber of Commerce's response to the Ontario budget highlights some welcome news:

• Measures to address Ontario’s current labour shortages and future workforce needs

We welcome commitments to reduce barriers to foreign credentials and new investments in the skilled trades strategy.

• Commitments to support business predictability

Ontario’s Plan to Stay Open focuses on improving pandemic preparedness and addressing key challenges such as labour shortages in the healthcare sector.

• Pro-growth policies

The proposed modernization of capital markets and venture capital investments will enable small businesses and entrepreneurs to access growth financing. Additionally, the Building Ontario Business Initiative seeks to level the playing field for Ontario businesses competing for government contracts.

• Initiatives to bolster our health care system.

Expanding medical training and investing in health care infrastructure and capacity are critical. Plans also focus on Ontario’s aging population through the dementia strategy, seniors care at home tax credit and investments in long-term care.

• Continued action on critical transportation infrastructure

Rail, roads, and public transit will help businesses connect with workers and markets more efficiently.

On the what’s lacking side of things are four key issues we’ve been advocating for: immigration, supply chain, interprovincial trade and climate change.

Immigration starts at the federal level, but our provinces play a large role in where people settle, what skills we recognize, and how they are supported. The government has made significant strides in addressing labour market issues through immigration, but one missing aspect has been the where.

Approximately 35 per cent of all immigrants moving to Canada locate to Toronto. Though Toronto is going through labour force challenges of its own, its concentration of new immigrants can be problematic for other communities facing low or even negative population growth. We would like to see our provincial government provide more support to encourage immigration to rural and northern communities.

Chambers of commerce from across Ontario are calling on our provincial government to create a task force in partnership with private sector leaders to take a holistic approach to address our supply chain challenges and vulnerabilities. It’s a critical component of our economic recovery.

Businesses are struggling to get raw materials, retail inventory and ingredients in a timely, consistent manner. The costs have gone up while service has declined. We need investments in physical infrastructure as well as cyber security to protect our supply chain and get our goods moving in a timely and efficient manner.

Participating in the Regulatory Reconciliation and Cooperation Table is helpful but we need to do more when it comes to interprovincial trade and making labour more mobile. We want to see our government take on a lead role in unlocking internal markets for local businesses. We would like to see Ontario sign a mutual recognition agreement with other provinces and territories.

Climate change is a business issue. It’s going to cost us money to address it, but the status quo is already costing us significantly and will cost more yet down the road. We’re encouraged to see more investments in electric vehicle supply chains, but the budget lacks a more comprehensive approach to climate change, including a plan to reduce greenhouse gas emissions across sectors, industries and communities.

Our role as a chamber is to be non-partisan advocates for our business community. Regardless of what political party leads this province moving forward, our economic recovery is going to take investments that enable our private sector to do what they do best and create prosperity.

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Voice of Business: Provincial Election Priorities

With the Ontario provincial election coming up in a little over a month, it’s time to look at what the priorities are for the business community.

No matter what the political leanings of a party are — the business community will play an important role in our province’s economic rebound.

When it comes to elections, the Peterborough and the Kawarthas Chamber of Commerce is strictly non-partisan. We believe in advocating for local businesses and welcome the support of all parties and candidates in progressing policy that will build, support and provide opportunities for the local business community to thrive.

The Ontario Chamber of Commerce put together a four-point plan called Vote Prosperity which lays out the priorities of chambers of commerce and boards of trade for all parties across the province.

The four pillars are:

1. Improve Business Confidence and Predictability

Predictability is fundamental to business confidence, economic recovery and prosperity. Businesses need a stable policy environment with clear timelines, contracts, consultations, and strategies to help them plan for the future and make long-term investments. Given the uncertainty brought on by COVID-19, Ontario must also bolster its pandemic preparedness in response to ongoing and future threats.

2. Foster Business and Economic Growth 

The dual economic and public health crises of the past two years have left many businesses and households in Ontario with record levels of debt and financial instability. Pro-growth measures for business will fuel economic recovery. Ontario will need to focus on actions that support business access to the capital, markets and talent that they need to grow.

3. Build Resilient Communities

A strong economy is built by healthy and resilient communities. Ontario will need to address challenges within our health care system, the ongoing impacts of climate change, access to housing, municipalities’ fiscal capacity to support regional economies and infrastructure deficits.

4. Support Entrepreneurship and Innovation

Ontarians’ entrepreneurial spirit is one of the province’s greatest competitive advantages. Ontario will need to foster an environment that encourages new business ideas and investments to boost productivity and create the jobs of tomorrow.

Whoever forms our next government will have some difficult decisions to make. The last couple of years have been incredibly challenging but how we decide to invest in moving forward will have big implications for years to come. Key investments to drive our competitiveness include workforce development and training, immigration, technology, infrastructure, and clean energy. We need to look at removing unnecessary barriers to growth like outdated regulations, an inefficient tax system, obstacles to interprovincial trade and labour mobility.

Our next government is going to have to balance post-pandemic priorities that include our overstretched health care system, supporting key sectors and demographics that have been disproportionately impacted, fiscal pressures from an aging population, supply chain disruptions, and record-high inflation.

Ontario’s next government has a big job ahead of it. We’re asking all parties and candidates to listen to their local businesses and the needs and opportunities they’re presenting as a key component to building Ontario into the province we want it to become.

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Voice of Business: Employment Insurance

It’s time to review Employment Insurance.

One out of every 20 jobs in Canada is currently going unfilled.

The Canadian Chamber of Commerce’s March 2022 Labour Force Survey reveals the total to be 830,000 jobs.

“It seems like every survey shows businesses laser-focused on two issues limiting their recovery and posing the most significant barrier to economic growth: supply chain disruptions and labour shortages. Most businesses believe supply chain disruptions are with us for another year, maybe two, but our members see no end to Canada’s labour shortage crisis,” states Leah Nord, Canadian Chamber of Commerce Senior Director of Workforce Strategies and Inclusive Growth.

It's going to take a multi-faceted approach to properly address our labour challenges. It will take involvement from all levels of government, public institutions and the private sector all working together.

The Canadian Chamber of Commerce is advocating that this is the time to modernize Employment Insurance. The Government of Canada is engaging in consultations on EI. The EI system has not been reviewed in 70 years, something the CCC calls a once-in-a-lifetime opportunity to crack this stale nut wide open.

The CCC would like to see EI evolve towards becoming a talent development process that responds to the regional and sectoral labour market needs, supporting individuals through temporary job loss with financial and training resources. The CCC goes on to say that in order to achieve this we need a mechanism wherein all parties – business, labour and government – can engage in a meaningful and sustained way.

The latest unemployment numbers highlight that the issue is much bigger than simply getting people back to work. Unemployment dropped to the lowest it has been since 1974, hitting 5.3% in March. CCC Chief Economist Stephen Tapp expects to see the trend continue with unemployment dropping below 5% this year.

People are back to work.

It’s important to look at how we’re recovering. For example, Canada added 73,000 jobs in March of which 55,000 were men and 18,000 were women. Full-time work is leading growth, having added 93,000 jobs, while part-time employment dropped a further 20,000. While many people may prefer full-time work, part-time provides its own essential role in the economy by engaging people who require the added flexibility. Wages continue to rise, but struggle to keep pace with soaring inflation.

One key aspect of overhauling EI is to reposition people for the workforce. The system currently provides needed financial assistance while someone is out of work and essentially puts them back into the workforce to fill the same role they left. There is an opportunity to do better and use the EI process to develop much-needed talent.

We have to come to terms with the fact that dealing with such a large hole in our workforce is about more than finding enough bodies to fill those jobs. We can do better. We can modernize our workforce in ways that won’t require the same things to be done the same way we were doing them. Ultimately, this innovative approach to employment gaps will make our country more competitive.

Without access to talent for our businesses, our economy is at risk of stagnating. The timing couldn’t be worse considering the desperate situation many businesses are facing coming out of two years of COVID-19 public health measures.

The heart of our economy, our growth, and our prosperity is people. It’s time to do better about how we support, train, and engage our most valuable resource.

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Voice of Business: Some Hits and Misses in Optimistic Federal Budget

Economic growth is led by the private sector. It takes investment in their workforce, infrastructure, and innovation.

The 2022 federal budget has a lot to offer but time will tell if there’s enough emphasis on enabling the private sector to lead our economic recovery.

It’s encouraging to see our government prioritize investments in housing, reducing emissions, strengthening public health, and building a stronger workforce. Overall, our economic outlook is improving. Employment is up. Our GDP has come in higher than projected.

Where the criticism comes in is the lack of vision in the federal budget.

“Fiscal responsibility will become increasingly important amid inflation and rising interest rates,” states Rocco Rossi, President and CEO of the Ontario Chamber of Commerce, in a press release. “While Budget 2022 contains several growth-enabling investments, it lacks an overarching plan and vision for economic growth that will encourage private sector investment and reduce the debt-to-GDP ratio without the need for spending cuts or tax increases in the future. Now more than ever, it is critical for Canada to leverage private capital and reduce regulatory barriers that inhibit growth.”

The budget contains some significant positive investments. The federal government is tackling current housing issues. There are incentives to stimulate housing construction and a new Tax-Free Home Savings Account to help first-time buyers save up for a home.

We’re encouraged to see the government continue to prioritize investments in the VIA High Frequency Rail project, which includes Peterborough in a new dedicated passenger rail line between Toronto and Quebec City. The budget spells out further investment in planning and design steps.

There’s a big emphasis on net-zero emissions — and rightly so. Canada has made some big promises on the world stage to do its part to fight climate change. It’s encouraging to see the government work with the private sector, including investments in carbon capture technology, electric vehicles, and tax credits toward net-zero technologies. The government is also investing heavily in assisting the agriculture sector invest in low emissions technology.

Small and medium-sized businesses will see access to the small business tax rate gradually phased out once they reach $50 million of capital, up from $15 million. The government is also working on developing a plan for Employee Ownership Trusts, a tool that can help reward employees and increase retention.

Large banks and insurance companies are going to see a tax increase, prompting some concerns from the business community that these costs will get passed on to their customers.

The government is investing in a stronger workforce through new funding for training, tax credits to encourage seniors to continue longer in the workforce, and funding to support integration for persons with disabilities.

Our workforce is heavily dependent on outside help. The budget includes investments in the Temporary Foreign Worker program as well as assistance for immigration including expanding the program to recognize foreign credentials.

The budget comes up a bit short in a few critical areas. While there is money set aside for cybersecurity, it’s through the national defence sector. Chambers of commerce across the country have been advocating for more investment in cyber security for the private sector, especially as it impacts our supply chain. There’s a general lack of focus and investment in the supply chain, which is driving up costs and creating challenges for businesses and consumers.

Also missing is debt relief for hardest-hit businesses that used government support programs.

If nothing else, the 2022 budget is big on optimism. The federal government is making some much-needed investments in some business sectors that should lead us in the direction of recovery and growth. More can be done and for that, we’ll continue to advocate for a strong private sector to lead our economic growth.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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