Learn more about Chamber Circles for Women and Entrepreneurs
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The weight of responsibility can be overwhelming for business leaders.
They are constantly under pressure to drive growth, manage teams, make critical decisions, and ensure their organizations’ long-term success, which is something Debra Burke, Head of Client Success at H2R Business Solutions says has only been magnified in the recent years.
“Since the pandemic, some things have really changed. They changed during the pandemic and somewhat again since then,” she says, referring to a rise in negative conflicts which can lead to a toxic environment and even workplace investigations.
“We’re seeing an unbelievable amount of those kinds of problems coming into play in organizations and have leaders coming to us because they’ve never had to deal with them before but are dealing with them much more often.”
She says employees have become more empowered with information, and that many are dealing with mental health issues and feeling ‘angry’.
“They may not be working with the same expectations in their jobs that they used to and for some people, there are more challenges as they deal with downsizing, and shifts,” says Debra, adding bigger workloads, and hybrid work situations could be adding to these stresses since they may no longer ‘align’ with what an employee wants.
As a result, she says many leaders are now seeing more employees who are willing to take employers to court, or a human rights tribunal, or filing a report with the Ministry of Labour.
“Leaders who may never really had many people issues to deal with are now finding they are faced with all kinds of these things just to keep the business going,” says Debra.
She says the challenges can vary between the several generations of employees that are now in the workplace, noting there are still many benefits of having a multi-generational workforce despite potential issues.
Leadership can be isolating
“For a leader, becoming someone who has to manage all these things that come to play and the nuances and potential conflicts, plus the lack of time and resources, it’s very challenging,” says Debra. “When someone says being a leader can be a very isolating place, they are not wrong.”
She says leaders must first watch for warning signs and realize they don’t have all the answers.
As the demands of leadership continue to mount, it is vital for leaders to discover effective strategies to ease their burden and navigate their roles successfully, which Debra says can start with better communication.
“As a leader, you have to get comfortable with communicating. Employees want messaging and they want to hear it from the owner, CEO, or an executive,” she says, adding that a communication breakdown is often the key cause of any conflict, and that lack of management training could be the root cause. “When you do a job well and get promoted to management, that doesn’t necessarily mean you’re going to be a good people manager.”
As well, Debra says leaders can benefit from expert support from others who may have experienced the same issues they are facing, even those outside of a leader’s particular industry.
“I’m not a big fan of coaching for your own industry. You can receive a lot of benefits from working with a diverse support group,” she says. “Even if you feel like you’re an introvert CEO or leader, you might be really surprised how much that support is going to mean to you.”
And while some companies and industries are dealing with tight budgets, Debra says investing in training can pay off big time for a leader professionally and personally, as well as the organization.
“Those things are going to trickle down through an organization in powerful and impactful ways,” she says.
Several strategies to lighten the burden of leadership
Delegation and empowerment Many leaders fall into the trap of trying to do everything themselves, fearing that no one else can handle the responsibilities as well. However, effective delegation distributes the workload and fosters team development and growth. By entrusting capable team members with tasks and responsibilities, leaders can free up valuable time and mental energy to focus on strategic decision-making and higher-priority matters. Delegation is not just about offloading tasks but also about giving team members the opportunity to contribute and grow.
Building a support system Establishing a support system of mentors, advisors, or fellow business leaders can provide valuable guidance and emotional support. Sharing experiences and seeking advice from those who have faced similar challenges can be invaluable. Additionally, leaders should foster a culture of open communication within their organizations. Encouraging team members to share their thoughts and concerns can lead to more collaborative problem-solving and reduce the burden on the leader.
Embracing technology and automation Automation can handle routine tasks, data analysis, and reporting, allowing leaders to focus on strategic initiatives. Investing in technology solutions that align with the organization’s goals and processes can significantly reduce the administrative burden on leaders. Moreover, data-driven insights can aid in making informed decisions and staying ahead of market trends.
Setting realistic goals and expectations While ambition is essential, setting achievable goals and expectations is equally crucial. Unrealistic targets can lead to stress and burnout, as well as erode team morale. Leaders should work with their teams to establish realistic objectives and timelines. This approach fosters a sense of accomplishment and helps prevent the exhaustion that can result from chasing unattainable goals.
Continuous learning and development Continuous learning and professional development are essential for effective leadership. Leaders should invest in their own growth by attending seminars, workshops, and courses relevant to their industry. Also, encouraging team members to pursue their own professional development can contribute to the organization’s success and ease the burden on leaders.
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In the changing landscape of business, where uncertainty and rapid change are constants, effective leaders must adeptly manage chaos to ensure organizational resilience and success.
Navigating through tumultuous times requires a strategic and agile approach, says Linda Braga, Business & Executive Development Specialist with LMI Canada, which has provided leadership development for more than 50 years.
“I think there’s still a lot of uncertainty out there,” she says, referring to issues that now exist in workplaces surrounding remote working, labour shortages and retention. “I think leaders are still adapting to managing the workplace and the whole side of leading and actually developing their people because we are successful through our people.”
Unfortunately, Linda says developing employees now often takes a ‘backseat’ as company leaders navigate these issues, some of which have been magnified by major shifts in the workplace.
“There are four generations in the workplace right now and each come with different attitudes and different viewpoints,” she says, noting older employees prefer having that ‘physical’ presence in the office while younger ones are looking for more of a ‘social’ connection. “It’s about leaders being flexible and adaptable, and having more of an open mind to solicit feedback from their people. Empathy is huge right now.”
However, this could prove to be difficult considering statistics show that at least 60% of small and medium-sized businesses owners are aged 50 or older and many will soon be leaving their companies, making it harder for some to adapt to these dramatic workplace shifts before they retire.
Self-care important
To manage the chaos effectively, Linda leaders should first look at how they manage and lead themselves.
“I think it’s important they are able to put on their own oxygen masks first because they’re very busy dealing with the day to day trying to keep their companies running and keeping their employees happy,” she says, adding ‘self-care’ is something they should take seriously.
Linda says often leaders have difficulty asking for assistance, especially from their employees.
“Just because you’re a leader or manager, or a company owner, doesn’t necessarily mean you have all the answers and know everything,” she says. “That’s what I feel separates really good leaders from managers is that they empower their people.” As well, when it comes navigating uncertainty and rapid change, setting goals is key for leaders.
“It’s important for our leaders and managers to have crystal clear goals, which they need to communicate,” says Linda, noting there is a big difference between efficiency and effectiveness. “They can be really good at being effective and doing things the right way. But are they doing the right things? Even as a leader, are you hitting your own goals? All leaders should be able to look at themselves in a mirror and be self-aware.”
Some key methods for business leaders to manage chaos:
Develop a Resilient Mindset: Successful leaders should acknowledge that change is inevitable, viewing challenges as opportunities for growth rather than insurmountable obstacles. Embracing uncertainty allows leaders to respond with flexibility and creativity.
Establish Clear Communication Channels: Leaders must provide regular updates, share relevant information, and foster a culture of open dialogue. Clear communication helps employees understand the situation, reduces anxiety, and builds trust in leadership.
Prioritize and Delegate Effectively: Leaders must prioritize activities based on their impact on the organization's core objectives. Delegating responsibilities to capable team members ensures that tasks are handled efficiently, preventing overwhelm at the leadership level.
Encourage Adaptability: Business leaders should encourage employees to embrace change, learn new skills, and remain agile in the face of uncertainty. An adaptable workforce is better equipped to navigate chaos and contribute to innovative solutions.
Invest in Technology and Automation: Leveraging technology and automation can streamline processes and enhance organizational efficiency. Implementing digital solutions allows businesses to adapt quickly to changing circumstances and minimizes the disruptions caused by chaotic events.
Build a Diverse and Inclusive Team: A diverse team brings varied perspectives and skills to the table, enhancing the organization's ability to address challenges creatively. Inclusion fosters a collaborative environment where team members feel valued, increasing their commitment to overcoming chaos together.
Conduct Scenario Planning: Business leaders should engage in proactive scenario planning to anticipate potential challenges and devise strategies to address them. This foresight enables quicker and more effective responses when chaos unfolds, reducing the negative impact on the business.
Cultivate Emotional Intelligence: Leaders with high emotional intelligence can navigate uncertainty with empathy, providing support to their team members and maintaining a positive organizational culture.
Learn from Mistakes: Successful leaders acknowledge mistakes, learn from them, and apply those lessons to improve future decision-making. This adaptive learning approach contributes to organizational resilience.
Strategic Resource Allocation: Business leaders must strategically allocate financial, human, and technological resources to areas that will have the most significant impact on maintaining stability and achieving long-term objectives. |
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As technology continues to rapidly evolve, businesses are increasingly turning to Artificial Intelligence (AI) to streamline operations, enhance efficiency, and gain a competitive edge.
There is no question surrounding the benefits of integrating AI into business processes, but there remain legitimate concerns that accompany this technological leap.
One primary concern is the ethical implications of AI implementation. As AI systems such as ChatGPT, ClickUp, Copy.ai, or Kickresume become more sophisticated, they often require access to vast amounts of data to function effectively. This raises questions about privacy and the responsible use of sensitive information, as well as legal concerns surrounding the use of intellectual property.
“The question is fair use or is it a violation of copyright,” says Maura Grossman, Research Professor, School of Computer Science at the University of Waterloo, whose expertise centres on AI policy and ethics.
She notes that an AI user can reference a particular article, book, or poem, despite it being copyrighted. “It shouldn’t be able to do that because that’s a copyright infraction, but it can. The law hasn’t caught up with that yet but there are a number of legal cases now pending.”
Algorithms a concern
As well, Professor Grossman says bias in AI algorithms is another major concern. AI systems learn from historical data, and if that data contains biases, the algorithms can sustain and amplify them resulting in discriminatory outcomes and reinforcing existing social disparities.
“You’re going to find that in the language as well as the images. Open AI has spent a lot of time trying to remove toxic language from the system, so you get a little bit less of that with ChatPT,” she says, referring to the problems Microsoft experienced when it released its Tay bot in March 2016. The bot, under the name TayTweets with the handle @TayandYou, resulted in Twitter (now known as ‘X’) users tweet politically incorrect phrases and inflammatory messages resulting in the bot releasing racist and sexually charged messages in response to other users. Initially, Microsoft suspended the account after 16 hours, erasing the inflammatory tweets and two days later took it offline.
“Most systems, like ChatGPT, are trained on the internet and that has its pluses and minuses,” says Professor Grossman, adding ‘hallucinations’ pose another big problem for AI users. “ChatGPT for example is trained to generate new content and to sound very conversational, so it uses what it has learned on the internet to predict the next most likely word. But that doesn’t mean it’s telling you the truth.”
Official policy needed
She says there have been instances of people using AI to conduct legal research and submitting bogus case citations in court. “I think the first case happened recently in B.C., but it has also happened all over the U.S.,” says Professor Grossman.
For businesses utilizing AI, she recommends drafting an official policy to outline usage.
“First they need to have a policy and then need to train who in the business is going to use AI because people need to understand what it does well and doesn’t do well,” she says. “Your policy needs to say what permissible uses are and what impermissible uses are.”
Impermissible uses could include creating a deep fake video in the workplace.
“Even if it’s a joke, you don’t want employees creating deep fakes,” she says, noting the policy should also outline what workplace devices can be used for AI. “If you need to save something because you’re involved in a lawsuit, then you don’t want to it be on an employee’s personal device because you won’t have access to it.”
Employees require training
As well, Professor Grossman also recommends employees clearly know what AI tools are okay to use and which are not and ensure they are fully trained.
“You don’t want them violating intellectual property rules or other privacy rights. You also don’t want them putting into a public tool any confidential or propriety information,” she says. “Some companies have turned off the ability to use these AI tools because they are terrified employees will put propriety information out there while asking a question about a problem they are working on. If you’re using one of these open-source tools, it’s like Google or anything else; it’s free rein.”
Professor Grossman says rules and regulations around AI will be gradually strengthened, noting a new regulation coming into play in B.C. pertaining to issues surrounding intimate imagery is just one example.
“As soon as this starts making its way more into politics, we will start to see more effort into creating regulations,” she says, referring to a recent ‘deep fake’ image that surfaced of U.S. President Joe Biden.
Despite these issues, Professor Grossman says AI is something more businesses will become comfortable using and should embrace this new technology.
“It will save on efficiency,” she says, noting AI can greatly assist in the creation of marketing material. “Companies need to explore it and learn about it but learn about it in safe ways and understand where it can be beneficial and not just let people experiment on their own because that’s going to lead to a lot of trouble.”
AI hurdles in business
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High inflation, interest rates and housing costs continue to drive pessimism in Ontario’s economic outlook, according to the Ontario Chamber of Commerce’s (OCC) eighth annual Ontario Economic Report (OER).
Despite this, many businesses surveyed remain confident in their own outlooks, with 53% expecting to grow in 2024.
“In spite of the fact there seems to be a mood of pessimism in the air, the reality of it is there seems to be more bright lights than there are dim lights,” says Cambridge Chamber of Commerce President and CEO Greg Durocher. “We’ve had years where business confidence and prospects of being confident are going to be over 60% but given where we are today, I think having around 50% of businesses confident they are going to have a good year and grow is a positive sign.”
However, he says that figure doesn’t minimize the economic issues facing businesses, including affordability and also notes the struggle to achieve necessary tax reform measures continues.
“We must also ensure there is a balance or equity in tax distribution from not only a cost perspective but also on deployment so when money is being handed out it’s being handed out appropriately,” says Greg.
The OER contains regional and sector-specific data on business confidence and growth, public policy priorities, regional forecasts, and timely business issues such as supply chains, employee well-being, diversity, equity and inclusion, economic reconciliation, and climate change.
The report, compiled from a survey of businesses provincewide conducted between Oct. 12 and Nov. 21 and received just under 1,900 responses, states that 13% of businesses are confident in Ontario’s economic outlook. That represents a 3% drop from last year and a 29% drop from the year before with the cost of living and inputs, inflation, and housing affordability as the key factors for the confidence decline.
The sector showing the most confidence was mining, with the least confidence being shown in the agriculture, non-profit and healthcare social assistance sectors. The most confident regions were Northeastern and Northwestern Ontario, both at 23%, and the least were Kitchener-Waterloo, Windsor-Sarnia, and Stratford-Bruce County. (The survey indicated these latter two regions had a high share of respondents in the non-profit and agriculture sectors compared to other regions).
“As the report suggests, businesses still need to grapple with economic headwinds and many of those headwinds are limiting their ability to invest in important issues within the workplace and that may well be part of the reason they are having difficulty hiring people,” says Greg. “That said, entrepreneurs are interesting individuals, and they always will find a way to wiggle themselves through the difficulties of the economy.”
He questions whether the pessimism around growth and confidence outlined in the survey is related to the economy or stems more from the fact many businesses are unable to hire the people they require so they can grow their business.
“There are lots of companies out there that need people and that’s always a good thing when you’re at a very low unemployment rate now which is hovering around the 5% rate,” says Greg, noting he receives calls and emails daily from local companies seeking workers. “As inflation starts to drop and as the Bank of Canada rates start to drop, I think we’ll see that pessimism go away.”
Read the report.
Outlook highlights:
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The evolving nature of work continues to shape the employee landscape due to unprecedented changes driven by technological advancements, shifting societal expectations, and the aftermath of a global pandemic. As a result, organizations must adapt to emerging employee trends to foster a resilient and engaged workforce.
One way to accomplish this suggests Frank Newman, owner of Newman Human Resources Consulting, is to keep in touch with employees through engagement surveys.
“Listening to the pulse of your organization is going to be more important than ever,” he says. “Employers may also want to think about their work culture and in terms of what attracts people, and they want to make sure they are managing leadership effectively.”
Among the many trends employers must embrace is creating a more welcoming work environment, especially when it comes to Canada’s growing immigrant population.
More than 430,000 immigrants were brought to Canada in 2022 by Immigration, Refugees and Citizenship Canada (IRCC), with an additional target of 485,000 this year and a further 500,000 in 2025. IRCC data indicates in 2022, 184,725 of these new permanent residents came to Ontario.
“There is a large talent pool available, and employers have to be thoughtful in how they bring new talent into their organizations from our immigrant population,” says Frank. “The whole concept of diversity, inclusion, and equality is rising in terms of what’s important for companies and for individuals. If you’re not having that positive and diverse work culture, that’s going to hurt you in the long run.”
AI gaining importance
He says the introduction of AI tools, such as ChatGPT, Copy.ai and Kickresume, have not only benefitted Canada’s newcomer population by helping them become more proficient and fluid in the English language, but have become valuable assets for businesses as well.
“I think we are going to see more employers looking for people who have some AI experience,” says Frank. “Being able to say you can demonstrate use of those tools is a good thing for potential job candidates.”
However, there are potential downsides such as the creation of AI generated resumes and materials that can help a candidate embellish their qualifications.
“There are tools to test a document to see if it’s been AI written and you may now see many sophisticated employers doing just that,” he says. “They may also be thinking of asking a potential employee to provide writing samples.”
Managing performance key
Another trend is the emergence of ‘The Great Stay’ phenomenon, which experts say has been replacing the ‘Great Resignation’ experienced during the pandemic as employees re-evaluated their priorities and migrated to other opportunities.
“I’m not sensing The Great Stay too much in this region and am still sensing a fair bit of fluidity, but having people stay longer is always a good thing because it’s less costly,” says Frank, noting it can cost at least three times an employee’s salary to replace them considering the recruitment process, training, and upskilling. “Employers still have to focus on managing performance if people are going to stay longer and they have to invest in leadership and coaching if you want to maximize your investment.”
He notes employees may also be a little reluctant to move due to the ‘shakiness’ of the economy.
“I think employers may want to continue to monitor salaries which have stabilized quite a bit and want to make sure they are staying around that 3-4% annual change,” says Frank. “But I think in general, employers are cautiously optimistic about things going forward.”
Job Market Trends
Hybrid Work Models Employees now seek a balance between the flexibility of remote work and the collaboration offered by in-person interactions. Organizations that embrace hybrid models will likely attract and retain top talent, offering employees the autonomy to choose where and when they work.
Employee Well-being Takes Centre Stage Organizations are placing a heightened focus on mental health, work-life balance, and holistic wellness programs. Employees value employers who prioritize their well-being, leading to increased job satisfaction and productivity.
Continuous Learning and Development With the rapid pace of technological advancements, the demand for upskilling and reskilling is on the rise. Employees expect continuous learning opportunities to stay relevant in their roles and advance their careers. Forward-thinking organizations invest in robust training programs and partnerships with educational institutions to foster a culture of continuous development.
Diversity, Equity, and Inclusion (DEI) Employees prioritize working for organizations that are committed to fostering diverse and inclusive workplaces. Companies that actively address and rectify disparities in hiring, promotions, and pay will not only attract diverse talent but also create a more innovative and collaborative work environment.
Emphasis on Employee Experience Employee experience encompasses the overall journey of an employee within an organization. Companies are investing in enhancing the employee experience, from onboarding to offboarding. Personalized employee experiences, feedback mechanisms, and inclusive company cultures contribute to higher employee satisfaction and retention rates.
Remote Employee Engagement With remote work becoming a staple, maintaining employee engagement is a challenge for many organizations. Companies are leveraging technology to create virtual team-building activities, foster communication, and build a strong remote work culture. Employee engagement tools and platforms play a crucial role in keeping teams connected and motivated.
Job Search and Career Success Hinge on Ethics Employers are still looking for candidates who create undeniable value, not just put in clocked times, who have above-average communication skills, have a strong work ethic, will be reliable, possess the ability to think critically and above all, will fit their culture. Regardless of the uncertainty ahead, the key to creating job search luck will be the same as it has always been: preparation of hard work.
‘The Great Stay’ The current global economic situation, the state of China and other major economies, as well as the ongoing geopolitical conflicts will see recession talk intensify, leading companies to focus on vital roles and hold off on hiring for roles that aren’t ‘must-haves’. Taking these factors into consideration, the next year it will be ‘The Great Stay’ as opposed to the ‘Great Resignation’ when many people switched jobs/careers during the pandemic. |
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In the fast-paced world of business, the success of any organization hinges on the quality of its workforce. Hiring mistakes can be both expensive and detrimental to a company's growth and stability, especially in this changing job market which is now seeing an influx of potential candidates in certain fields.
“I really do feel that the market over the last year has softened,” says Lisa Marino, Senior Recruitment Specialist with H2R Business Solutions, noting there are always a handful of roles that are specialized resulting in fewer available candidates.
Her colleague Sue Benoit, Head of Recruitment Services at H2R Business Solutions, agrees.
“On the trades side there still is a labour shortage, especially since those types of roles are really hard to fill,” she says. “But if you have an accounting or bookkeeping role to fill there’s 100 plus applicants.”
As a result, finding the right person to fill those types of positions means putting systems in place that can help you avoid potential pitfalls, such as taking too long to decide on a potential hire which is a common mistake many employers make, says Sue.
“If they’re taking too long in the decision or interview process, they can lose that great candidate who might have been hard to find in the first place,” she says. “Then it it’s a matter of having to start over a lot of the time because employers are not going to just settle, necessarily.”
As well doing their due diligence regarding reference checking, her colleague suggests making a select group of others in the company part of the hiring process.
“Bring in one or two other people from the company into the process rather than letting the hiring manager do it all because somebody from another department may be instrumental helping you gain a different perspective of the candidate,” says Lisa, adding incorporating some of type of skills testing during that process, depending on the level of the role, can also be helpful. “It can give some insight of how a candidate thinks.”
She also says once a candidate has been hired, an employer should be diligent when it comes to monitoring the performance of that person during their 90-day probationary period and watch for potential ‘flags’. These can include absences, struggling to meet deadlines, or an overall disconnect with their new workplace or colleagues.
“Hopefully, the recruiter is good enough to catch some of those flags in our pre-screen conversations,” says Sue. “How interested are they in the organization? Have they done any research? Employers really want someone who is truly interested in what they’re doing.”
Tips for avoiding hiring mistakes
Define Clear Job Requirements Before posting a job opening, employers should thoroughly analyze and document the skills, qualifications, and experience necessary for the role. This not only ensures that candidates are well-informed but also assists in filtering applicants more effectively.
Create a Comprehensive Recruitment Strategy Develop a well-thought-out recruitment strategy that includes a timeline, sourcing channels, and a structured interview process. By outlining the steps from job posting to offer, employers can maintain control and consistency throughout the hiring journey.
Leverage Technology The use of technology can significantly streamline the hiring process, from applicant tracking systems (ATS) to video interviews. These tools help in organizing candidate information, assessing qualifications, and conducting efficient interviews.
Thoroughly Assess Cultural Fit A candidate might have an impressive resume, but if they don't align with the company culture, it can lead to a discordant team dynamic. Incorporate questions and assessments during interviews that delve into a candidate's values, work style, and how well they would integrate into the existing team.
Conduct Behavioural Interviews Conducting behavioral interviews allows employers to gain insights into how candidates handled situations in their previous roles. This approach provides a more realistic preview of a candidate's capabilities.
Check References Thoroughly Reach out to previous employers, colleagues, and supervisors to gain a comprehensive understanding of the candidate's work ethic, reliability, and interpersonal skills. A candidate's performance history can reveal valuable information that might not be apparent during interviews.
Utilize Probationary Periods Implementing probationary periods for new hires allows both the employer and the employee to assess the fit within the organization. This trial period provides an opportunity to evaluate job performance, integration into the team, and adherence to company values before making a long-term commitment.
Invest in Continuous Training for Hiring Managers If possible, equip hiring managers with the skills necessary to conduct effective interviews, assess candidates accurately, and make informed decisions. Continuous training on fair hiring practices, diversity, and inclusion can help mitigate biases and enhance the overall quality of hiring decisions. |
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Navigating the intricacies of entrepreneurship and professional growth in the business world can be a daunting journey filled with challenges, uncertainties, and a constant need for adaptability.
In this ever-evolving business environment, the mentor-mentee relationship can be a powerful and crucial catalyst for success and personal development, which is why our Chamber Circles program has been created.
The program – one for women and another for entrepreneurs - offers business leaders a platform to not only expand their network but explore potential partnerships with peers as they advance their own growth both professionally and personally.
The Chamber has enlisted a group of talented business mentors for each ‘Circle’ which consists of between four and five people who will discuss pre-selected topics once a month.
“Chamber Circles is a great way for business leaders to not only tap into our mentors’ knowledge and professional connections but can lead to networking opportunities with their peers as well as give participants the chance to cultivate their own skills and strengths,” says Cambridge Chamber of Commerce President & CEO Greg Durocher. “The monthly sessions will provide these business leaders with some added tools they need to enhance their businesses.”
He says the Chamber Circles for Women stream was created after the Chamber was approached by some female members requesting an opportunity to learn and collaborate with other women business leaders like themselves. The second stream, Chamber Circles for Entrepreneurs, is available to all business leaders.
“Having both streams provide a large cross-section of the business community the chance to thrive and succeed,” says Greg.
The program touches on a variety of topics, including bringing creativity into your work role, finding new ways to manage yourself and others, how to give and receive effective feedback, as well as a look at resiliency and the importance to continuously evolve.
“These are topics we feel are very relevant to operating a business in today’s economic climate and will give these leaders an even better foundation,” says Greg.
Click here to learn more about joining Chamber Circles.
A few reasons why joining Chamber Circles can assist your business: Guidance Through Experience By sharing their experiences, mentors provide invaluable insights that can help mentees avoid pitfalls and make informed decisions.
Accelerated Learning Curve Instead of relying solely on trial and error, mentees can leverage the wisdom of their mentors to gain a deeper understanding of industry intricacies, best practices, and strategies for success.
Building a Network Building a robust network is an invaluable asset, often leading to collaborations, partnerships, and a broader spectrum of career opportunities.
Confidence and Emotional Support Having a mentor provides a reliable source of emotional support and encouragement. This emotional support fosters confidence, helping mentees navigate uncertainties with a positive mindset.
Encouraging Innovation Mentors not only guide mentees within existing frameworks but also encourage innovative thinking. This dynamic approach to problem-solving is essential in an era where innovation is often the key differentiator between success and stagnation.
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The Canadian tourism sector has experienced a brisk recovery since the initial pandemic lockdowns, according to economic experts. But that recovery pace has been easing due to higher interest rates, a slowing job market, and broader cyclical slowdown in the U.S. and abroad. In Ontario, many tourism operators continue to face a great deal of debt caused by the pandemic, prompting many to worry about what the future holds.
Locally, tourism in 2024 is expected to continue to do well, despite the ‘economic crunch’ that may prompt travelers to adjust their plans in the coming year.
We reached out to Explore Waterloo CEO Michele Saran to get her take on what the local tourism sector can expect in the New Year:
How is local tourism shaping up for 2024, considering the economic realities many people are dealing with?
Tourism in Waterloo Region is expected to continue doing well into 2024. We are beating 2019 pre-pandemic; hotel occupancy numbers and campaigns are driving keen interest in our offerings. Yes, the economic crunch is impacting everyone and may result in visitors spending a bit less but not completely abandoning all vacation plans. People consider travel a priority and have been shown to spend less in other discretionary areas to afford some kind of getaway with family and friends. Waterloo Region’s main market is the GTA, and we really lean into the concept of being the perfect road trip destination. This type of travel can be as budget conscious as one wishes. There are so many affordable options for fun.
Are local tourism operators feeling optimistic about what is in store for 2024?
The operators I speak with are all quite optimistic about a strong 2024, despite concerns around inflation and its impact on visitor spending. In addition to leisure travel, we are also seeing incredible interest in the region for meetings, conventions, and sporting events. The tourism industry is nothing if not resilient. Having come out on the other side of a worldwide pandemic that shut everything down completely, we now have the gift of perspective.
What are some of the hurdles do local tourism operators face in the coming year?
One of the biggest challenges facing tourism operators everywhere (not just in Waterloo Region) is rebuilding the workforce. Hospitality workers left the industry during the pandemic, and many did not return. Industry advocacy organizations are working to address this issue from many angles, from working with government to ease immigration barriers to marketing the industry to students as a career choice. Finding affordable housing is a big hurdle for those in the service sector. Many of the destinations that are the most popular with visitors are also very expensive places to live. People want to live in the same area where they work, and this presents another labour-related challenge for the tourism industry as well as many others.
Despite optimism for next year’s visitation potential, a very significant issue is the amount of debt tourism businesses incurred during the pandemic just to stay afloat and survive. According to the Tourism Industry Association of Ontario, 55% of operators say they lack confidence they will be able to repay their debts in two years and 45% risk closure in three years without government intervention. Thirty-three percent of tourism businesses indicate that they hold more than 250K in outstanding debt. This is a serious issue and one all tourism advocacy organizations continue to push with government for solutions.
Is talk of the pandemic a thing of the past?
I recently returned from the Tourism Industry Association of Canada’s Annual Tourism Congress. The conversation was around the legacy effects of COVID cited above but I think the entire industry is ready to put the pandemic itself in the rearview mirror and focus on what we do best – welcoming visitors and showing them why our area is fantastic.
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The holiday shopping season has begun, and retailers are hoping for the best despite the fact consumer indicators have been painting a less than perfect picture of the weeks to come. In fact, according to Deloitte Canada’s 2023 Holiday Retail Outlook, Canadians are expected to spend at least $1,300 over the holidays representing an 11% drop from last year.
But how these dire predictions will affect them in 2024 remains to be seen.
“I think in 2024 retailers will be facing an awful lot of pressure on inventory management and cashflows just because of the interest rate problems,” says Brad Davis, Associate Professor at Wilfrid Laurier University’s Lazaridis School of Business and Economics, who specializes in consumer behaviour and trends. “I think retailers are going to have a real deal seeking consumer base who are going to want deals, and that again cuts into their margins and can play havoc with inventory turnover.”
He says like the past couple of years, effective retail management will be required noting that consumers, in general, don’t really pay attention to consumer indicators.
“We’re not very good a judging what is a good deal or what is good value,” says Brad, noting that many consumers are very susceptible to perceived ‘sales’. “We have this whole apparatus that is designed to stimulate impulse purchasing.”
To encourage more in-store shopping, which has been facing turmoil as anti-theft measures and store closures detract from the customer experience, retail experts insist consumers must be provided exclusive products and deals or fun, and experiences they can’t find online.
However, Brad says the true definition of what that special ‘customer experience’ is can be hard to pinpoint.
“Experts can never seem to quite define what this is,” he jokes, adding a positive in-store environment with expediated delivery and payments, and return policies should play a role. “We used to just call it good customer service. But for most consumers, when you talk to them about what they think is a good experience it’s ‘Can I find stuff easy?’, ‘I want to be able to check in and out fast’, ‘I don’t want salespeople bugging me unless I need help’. It’s sort of fairly basic.”
He says customer mapping is also something to consider, noting that online searching can lead consumers to physical stores. Industry experts often refer to the omnichannel approach where consumers may start their search in one place and make their purchase in another and encourage retailers in 2024 to learn where their audience is discovering products and where they are buying them.
“There is still a huge social component of shopping in a mall, particularly with younger generations,” says Brad, noting that humans still crave that ‘tactile’ physical encounter. “You have a generation of young people who is always going to gravitate to that sense of immediate gratification.”
He says the key for retailers going forward is to remain flexible in their approach to conducting business.
“Something that worked before and got you where you are now does not mean it’s going to get you where you need to go next,” says Brad. “Things are just happening so fast in multiple directions, and you have to be open to rethink and revisit what you thought was truth before.”
Released this past fall, the 6th annual RCC X Leger Holiday Shopping Survey from Retail Council of Canada (RCC) unveils the evolving shopping patterns of more than 2,500 Canadians:
A few findings:
Source: Canada News Wire
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Effective leadership communication is the cornerstone of any successful business or organization.
A leader's ability to convey their vision, build trust, and inspire others can determine the difference between an average outcome and an extraordinary one.
But to arrive at that point requires the ability to be a good listener.
“There’s a lot of people that listen but they don’t hear,” says career consultant and corporate soft skills trainer Murray Comber of Life Concepts. “You cannot be a good communicator unless you are a good listener. It’s all about understanding yourself and understanding others.”
Since 2001 he has trained more than 8,000 people, noting that many in the workplace don’t realize becoming a better communicator is a very learnable skill.
“It’s all about the pattern of human dynamics,” says Murray, adding that boards of education or even in families, do not teach people how they are hard wired. “I teach my clients that. I always say to them you need to know who you are, and you need to know who you are not.”
He says at least 71% of companies that fail do so because the leader didn’t understand who they were and who their employees were.
He admits this type of soft skills training is often considered ‘fluff’ and is usually one of the first things cut from the budget or put on the backburner when economic times get tough.
“The truth is when things are going south, that’s when they should be put on the front-burner,” says Murray. “Training shouldn’t be seen as an expense but as an investment.”
In terms of advice for business leaders looking to take their first step at becoming better communicators, he says there must be a willingness to learn and connect with employees not just as a manager with subordinates.
“What I’ve learned is that there is more emphasis put on product knowledge than there is people’s knowledge,” says Murray. “When you respond to what you’ve heard and have listened, you build trust with your employees and good communication is built on trust.”
To lead effectively, one must be a skilled communicator who can inspire, guide, and unite a team. A few things to consider:
By honing these skills, leaders can create a positive and productive work environment, foster strong relationships with their teams, and achieve success in their leadership roles. |
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