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| Globalization Seen as Biggest Challenge to Canadian Business |
May 8, 2008 |
Generations of Canadian business leaders team up to help the country regain its competitive edge at Canadian Business Hall of Fame Summit
TORONTO, May 6, 2008 – According to a survey conducted by Richard Ivey School of Business (Ivey) and the Canadian Business Hall of Fame (BHF), Canada’s business leaders, from the oldest generation to the youngest, agree that globalization is the biggest challenge facing Canadian business. This intergenerational panel met today to discuss solutions to this issue at the Canadian Business Hall of Fame (BHF) Summit 2008: Managing Talent in a Global Business.
“Today’s Summit is a big step for BHF to expand its focus beyond the leaders of today to tackle the critical business issues that are making headlines here and around the world” said Ross Maund, President and CEO, Junior Achievement of Canada. “The joint effort between BHF, Ivey and JA shows the immense talent of Canada’s present and future business leaders in playing a part in making Canada more competitive on a global scale.”
A multi-generational class of BHF Laureates, senior executives, Ivey undergraduate students and Junior Achievement (JA) students offered their perspectives on Canada’s business challenges. The most common recurring theme to this intergenerational spectrum was that globalization is the biggest issue facing Canadian business today.
Respondents felt that many Canadian businesses have lost, or are beginning to lose, their competitive advantage in a world where commerce is in constant flux and foreign competitors can do business faster, better and cheaper. Productivity issues and human capital deficits – the talent gap – are making Canada less attractive as corporate supply chains become increasingly globalized.
Today, BHF Summit participants joined forces in a facilitated workshop and case discussions about Research in Motion (RIM) titled Research in Motion: Managing Explosive Growth.
“The students who prepared the report, which formed the basis for discussion for the Summit, demonstrate perfectly Ivey’s focus on tackling business issues,” said Carol Stephenson, Dean, Richard Ivey School of Business, The University of Western Ontario. “Tackling these cross-enterprise issues is a key component of teaching at Ivey and an important part of the education of our future business leaders.”
The Canadian Business Hall of Fame Summit is part of a series of events. This afternoon will include the presentation of the inaugural Order of the Canadian Business Hall of Fame, a new honours system and post-nominal designation celebrating the epitome of lifetime achievements in business and setting a standard of excellence for the business community. This evening, BHF will officially induct this year’s Laureates at the 30th annual 2008 Induction Ceremonies and Gala Dinner. The annual awards program, presented by the Junior Achievement of Canada Foundation in support of Junior Achievement of Canada, recognizes Canadian business excellence and honours leading business figures, past and present, for their outstanding achievements and contributions to Canadian society.
About The Canadian Business Hall of Fame
Established by Junior Achievement of Canada in 1979, The Canadian Business Hall of Fame celebrates the outstanding achievements of Canada's most distinguished business leaders, past and present. Over 150 members of The Canadian Business Hall of Fame currently serve as inspiring examples for all young Canadians and are featured in an interactive display at the Allen Lambert Galleria, located at Brookfield Place in Toronto, Ontario.
These individuals have demonstrated the qualities necessary to ensure the success and competitiveness of Canada in the global marketplace. With a growing need for community and business leaders, a skilled workforce and critical talent, The Canadian Business Hall of Fame has chosen the theme of Bridging the Talent Gap for the 30th Annual Laureate Induction Ceremonies.
About Richard Ivey School of Business, The University of Western Ontario
Richard Ivey School of Business at The University of Western Ontario (www.ivey.ca) offers undergraduate (HBA) and graduate (MBA, Executive MBA and PhD) degree programs in addition to non-degree Executive Development programs. Ivey has campuses in London (Ontario), Toronto, and Hong Kong. Ivey recently redesigned its curriculum to focus on Cross-Enterprise Leadership – a holistic issues-based approach to management education that meets the demands of today’s complex global business world.
About Junior Achievement of Canada
Junior Achievement (JA) programs have been delivered in Canada for 50 years to nearly three million students. JA Canada develops, markets and licenses youth economic and entrepreneurial education programs across the country. JA Canada learning experiences help young people discover leadership, entrepreneurial and workforce readiness skills so they can achieve their highest potential and future successes as citizens in the global community.
JA Canada's seventeen (17) licensed offices serve over 400 communities coast to coast, and deliver 8,000 in-class programs thanks to the time and talent of over 10,000 business volunteers annually. Through a suite of nine (9) curriculum-aligned programs, young people have the opportunity to learn how business and economics really work. In 2007/08, programs were delivered free-of-charge to over 240,000 elementary, middle and secondary students across Canada. JA Canada is positioned to grow student reach to over six million youth within the next ten years alone with the financial and volunteer support of the business community.
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