Blog - Cambridge Chamber of Commerce

Quiet quitting, thanks to viral posts on social media, has become a term very familiar in workplaces worldwide.

 

It describes the phenomenon of employees who no longer go above and beyond by doing only what is expected in effort to maintain jobs that may no longer interest or inspire them.

 

This disengagement from work has grown exponentially since the pandemic. In fact, the 2022 State of the Global Workplace report from Gallup shows only 21% of employees are engaged at work.

 

“We’ve come through such a crisis over the last couple of years. To some extent, I think we’re over it now, but it has forced people to make different decisions about work, especially if they were burnt out already,” says Frank Newman, CEO of Newman Human Resources Consulting, who will explore quiet quitting at a Cambridge Chamber of Commerce webinar Dec. 1 entitled Is Your Team Quietly Quitting?

 

He will not only touch on some of the top reasons why employees quietly quit as well as the warning signs but provide insight on how employers can alter their work environment so they can not only attract but, more importantly, retain employees.

 

“You want to make sure you create the best work environment as possible,” says Frank, acknowledging the existence of an “employees’ market” due to labour shortages.  “That really means taking a very critical look at your work environment. Do you know what people need? Is it benefits? Is it better management? This is the ideal time to do an employee survey or workplace assessment to provide you with some sort of tool you can use to get a fix in terms of what are you going to fix first.”

 

He says this process may not prove to be a comfortable experience for some workplaces, however, insists this information can go a long way in assisting an organization set benchmarks regarding branding, image or even compensation.

 

“There are so many changes happening right now and if you don’t understand where you’re going or where you’re at, it’s pretty hard to make any progress,” says Frank.

 

He also recommends employers conduct exit interviews, formally or informally, to get a sense of why an employee has decided to leave.

 

“Make sure you understand what people are feeling. Also, spend some time with your newest employees and ask them what attracted them to your organization.”

 

Frank says in the age of social media, it’s important to encourage people who leave to remain an ambassador for the organization adding that bad reviews tend to get more traction than good ones.

 

“Organizations need to think about that as they manage those who are quietly quitting and those who suddenly walk out the door,” he says. “I always encourage my clients to search various job boards to see what’s being said about them.”

 

Frank admits it’s a tough time to be a manager right now, noting that employees have become much more critical on how their companies are managed than they were in the past.

 

“People looking for work have so many options out there now, and if you’re a hiring manager, it’s putting more pressure on management to get work done with less resources,” he says, noting the difficulty this causes employees who are now required to pick up the slack due to staffing shortages.

 

However, Frank says he’s optimistic as the economy continues to readjust following the pandemic there will be less quiet quitting.

 

“As companies get smarter in managing their businesses and people, I think you’ll see less of that," he says.

 

Work Trends Facts:

  • Burnout is a big risk in the workplace, especially amongst younger Gen Z professionals aged in their 20s, research shows. A survey of 30,000 workers by Microsoft showed 54% of Gen Z workers are considering quitting their job.
  • In its 2021 Global Risks Report, the World Economic Forum ranks “youth disillusionment” as eighth of 10 immediate risks. Findings include deteriorating mental health since the start of the pandemic, leaving 80% of young people worldwide vulnerable to depression, anxiety, and disappointment.
  • Workforce data from organizations including McKinsey & Company suggests 40% of the global workforce are looking to quit their jobs in the next three to six months.

Source: World Economic Forum website

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

Following a barrage of pandemic lockdowns and closures, restaurants in Canada are still not out of the woods, despite the fact mask mandates have long since been lifted and life has seemingly returned to ‘normal’.

 

According to a recent report from Restaurants Canada, over the past year restaurant closures have outpaced openings by 43% and inflation-adjusted food service sales will be around 11% below 2019 levels by the end of this year. The report also indicates traffic in full-service outlets is down nine per cent, and approximately down five per cent for quick service ones. However, according to the report sales could still surpass the $100 billion mark, which is encouraging.

 

But getting to that level could be difficult say restaurant owners, taking into consideration ongoing labour shortages and supply chain issues.

 

“If I were to sum up state of the industry in one word, it would be ‘tired’, especially for independently owned and operated restaurants like my location,” says David Kroeker, owner of Zoup! on Hespeler Road in Cambridge. “It’s been a struggle and it’s kind of come in waves as well.”

 

Matt Rolleman, co-owner of Thirteen at the corner of Water and Main streets in Galt, agrees and wonders what the impact COVID-19 will have in the next few months, especially for the Christmas bookings he already has in place.

 

“In the back of my mind and for a lot of business owners in general is we’re hoping there won’t be another wave like before,” says Matt, noting he’s optimistic vaccines and boosters will lessen the severity of any potential impact. “But it might be a wave of staffing issues with staff getting sick with COVID. I think we’re still in this really precarious situation and are worried about COVID-19, even though people are treating things like it’s all back to normal.”

 

Staffing levels an issue

 

When it comes to current staffing levels, restaurants nationwide are finding that retaining staff continues to be a major hurdle. Restaurants Canada estimates the sector has had between 150,000 and 170,000 vacant positions for some time and currently employs 271,000 fewer people prior to when the pandemic hit in 2019. This has resulted in many restaurants to alter the way they operate, perhaps opening fewer days a week or closing earlier.

 

“Staffing retention is a huge thing right now that all businesses, and especially restaurants, have to look at,” says Matt. “But restaurants are pretty much drawing from a very similar pool of people and there’s all these restaurants vying for the limited staff that’s available.”

 

David agrees and says even the recent minimum wage hike to $15.50 won’t really help the situation.

 

“At the end of the day we’re not helping our employees because everyone is jacking up their prices and everything is costing more,” he says. “It’s a vicious circle.”

 

Supply chain problems

 

Like most restaurant operators, David says supply chain issues also remain a big concern. As prices on the menu increase with inflation, the number of food choices has decreased in some restaurants resulting in them offering only a few dishes on any given day to provide more predictability for the back-of-house staff.

 

“The supply chain has essentially fallen apart in my opinion,” says David. “I spend at least five to 10 hours a week just looking for alternative products so we can keep a full menu.”

 

He says customers service has remained his No. 1 priority and says it can be difficult having to explain to patrons about the challenges he faces if something they order is not available.

 

“I’m so grateful for our client base because 99% of our customers are absolutely fantastic and they get it,” says David, adding the solution needs to come from all levels of government, especially when it comes to custom issues at the border.

 

“At our distribution centre there is so much backlog right now they have to make reservations for trucks to show up to receive goods,” he says, noting the Bank of Canada’s decision to increase the prime lending rate to combat rising inflation and the Province of Ontario’s minimum wage increase are working against businesses.

“It’s different levels of government not working together, and they are actually impacting the long-term situation in Ontario,” says David.

 

Impacted by loans

 

Like many restaurant operators, both he and Matt utilized the Canada Emergency Business Account during COVID-19 and while that may have assisted during the cycle of lockdowns and re-openings, they worry about the overall financial impact.

 

“We took on some stuff that we never would have done before,” says Matt, adding business was ‘rolling’ before the pandemic. “I had never planned on taking those extra loans. There’s a lot of businesses that have taken on loans so hopefully when winter hits we don’t see a big recession because it’s going to be hard on a lot of businesses.”

 

He says having Main Street closed to traffic during the summer was great for his outdoor patio and is optimistic that come next year people will continue to look at staying closer home due to higher costs.

 

However, Matt expects that people’s dining habits will change.

 

“Restaurants are a luxury. I’m anticipating that people who dine out once a week may switch to once a month, and those who come once a month might switch to once every two or three months,” he says, adding there is little that restaurant operators can do when it comes to combatting supply chain issues and rising interest rates. “It’s a little daunting for sure.”

 

  •  With files from Troy Media
add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

The cumulative energy of Chambers nationwide took the spotlight at the Canadian Chamber of Commerce’s recent CCEC Conference and AGM in Ottawa.

 

More than 400 delegates representing Chambers from across Canada gathered Oct. 12-15 in our nation’s capital to brainstorm and attend presentations pertaining to a variety of issues to help these organizations assist businesses. These included everything from generating revenue ideas and the importance of digital transformation, to promoting advocacy and promoting staff growth to create more impact in helping to recruit Chamber Members. As well, the AGM featured several interesting panel discussions and guest speakers, among them U.S. Ambassador to Canada David Cohen who outlined the importance of business relations between the two countries and potential hurdles, as well as John Graham, President and CEO of the Canada Pension Plan Investment Board.

 

 

 

“The calibre of the discussion at the CCEC (Chamber of Commerce Executives of Canada) and AGM is always top-notch and provides the Chamber network with new ideas that can go a long way in helping our Members succeed,” says Chamber of Commerce President & CEO Greg Durocher, who received a special nod of recognition from Canadian Chamber of Commerce President and CEO Perrin Beatty during his opening remarks at the AGM for his work in creating the pilot rapid antigen screening kit program for businesses. To date, Mr. Beatty said the program has resulted in the distribution of more than 10 million kits to businesses nationwide.

 

During his address, Mr. Beatty touched on current labour and supply chain concerns facing communities nationwide and the importance of the Chamber network in developing growth minded policies to assist the economy to flourish.

 

“Growth doesn’t just happen spontaneously, it takes planning,” he said, noting the value and strength contained within the Chamber network to implement change. “Nationwide, Canadian Chambers are fighting for Canadian businesses.”

 

Policies helping businesses

 

This year, 61 policy resolutions were up for debate in a variety of categories including agriculture, international affairs, human resources, transportation, natural resources and environment, and finance and taxation.

 

The Cambridge Chamber of Commerce's policy calling for the creation of a more equitable tax distribution plan to assist Canadian municipalities was among 53 approved by delegates. Our policy calls for the review of current funding mechanisms to ensure municipalities can fund their needs, including physical and social infrastructure to set the stage for economic recovery in communities, which in turn is good for local businesses. Besides carrying the lion’s share of Canada’s public infrastructure funding, municipalities have continued to face additional pressures surrounding a myriad of issues including housing, public transit, public safety, the opioid crisis, telecommunications and broadband, to name just a few.

 

“Our policy calls for all levels of government to sit down at the same table to work out a fairer tax distribution plan to meet the needs of Canadians and formulate local solutions that will help businesses succeed,” says Greg. “Having the backing of the Canadian Chamber network can go a long way to create positive results in the right direction.”

 

The approved policies now become part of the Canadian Chamber’s policy ‘playbook’ in its efforts to advocate for change.

 

To learn more about our advocacy and policy work, visit https://bit.ly/3ez63vZ.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

The word ‘diversity’ has become commonplace in most workplaces.

 

But according to a local expert in the field, the definition of that concept may be difficult and even confusing to pin down.

 

“Diversity is like the big buzz word right now and it’s a big topic that’s on everyone’s mindset,” says Dr. Nada Basir, Assistant Professor at the Conrad School of Entrepreneurship and Business at Waterloo University. “Companies are putting money into it because we all know that it’s important. But business leaders, when they think about diversity, tend to think of it on the surface level.”

 

As a result, she says the deep level of diversity, not just the observable points relating to gender, race, and nationality, often get overlooked.

 

“While we understand diversity is about differences, we sometimes narrowly focus on one type, and I think that’s where there is confusion and that’s where we need to think a little bit more outside the box.”

 

Dr. Basir will delve into this subject even deeper at our Women Leadership Collective Series event entitled: ‘Collaboration Between Men and Women to Empower Each Other, Inspire Each Other, and Lead Together’. During this in-person event Oct. 21 at Langdon Hall, she will explore what kind of diversity matters when it comes to producing benefits in the workplace.

 

“But I don’t want to make a case as to why diversity is important because we already know it’s important,” she says, noting introducing diversity in the workplace is not just about hiring or collaborating with diverse people. “It’s about the context that diversity is in and how do we make sure the teams or companies we are building are harnessing that diversity. What does it mean to have people come to the table and feel engaged and welcomed, and how do we tap into their identity-related knowledge?”

 

Dr. Basir says many companies may have a 50/50 split between male and female employees and feel they are doing well when it comes to promoting diversity, but this is not always the case.

 

“Who is making the decisions in that company? Who are in the leadership roles?” she says, explaining research surrounding motherhood show that women tend to leave the workforce more than men because they may not feel supported enough when it comes to such things as childcare or fertility issues. “We can have a diverse workplace but if the environment does not cater to it and leverage it, then what’s the point?”

 

When it comes to creating a diverse and collaborative workforce in a post-COVID-19 environment, Dr. Basir says companies have learned about the importance of being more agile.

 

“The world is complex and complicated, and things change very quickly in business since customers and stakeholders are involved in everything that’s happened and we have to keep them engaged, and it can be really costly if we don’t pay to attention to diversity,” she says.

 

Dr. Basir says relying on different perspectives and lived experiences can help the decision-making process at any company and hopes to convey that to participants at the Oct. 21 event.

 

“I hope it’s a workshop of reflection in terms of what people thought diversity was and why it’s important and maybe when they leave, they’ll have a different perspective on what diversity should look like,” she says, referring to the research she will also introduce to build a business case for diversity. “I want to talk about what do we know about diversity in terms of ROI (Return on Investment).”

 

To find out more, visit our Events Calendar.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

The race is on to determine who will represent Cambridge residents for the next term at City Hall.

 

Although the municipal election will be held Oct. 24, advanced voting begins Oct. 6 providing many of those seeking a seat on City Council a limited amount of time to garner support in their quest to make a difference in how our community remains a great place to live and do business.

 

“I think every level of government is important to business,” says Cambridge Chamber of Commerce President & CEO Greg Durocher. “There are federal, provincial, and municipal regulations that mitigate the growth of business and business owners need to pay very close attention to every level of government and participate by voting or campaigning, or supporting, or whatever they need to do to stabilize their business within the confines of Canadian democracy.”

 

 

In Cambridge, three new councillors will be seated at the table with the potential for several others if the incumbents fail to retain their positions. But whether the prospect of massive change around the council table is enough to sway more residents to vote remains uncertain since traditionally, municipal elections garner a lower voter turnout than provincial or federal races. In the last municipal race in 2018, voter turnout in Cambridge was 32.4% compared to the provincial average of 38.30%. Compare this to the recent provincial election which experienced a voter turnout of about 43.5%, one of the lowest in decades.

 

“Media tend to focus on national or provincial elections, and of course those are organized by political parties who are able to mobilize an enormous amount of activity and intention because they can spend a great deal of money and voters can easily identify who the political operatives are,” explains Dr. Dennis Pilon, Associate Professor, Faculty of Liberal Arts & Professional Studies – Department of Political Science at York University. “When you look at it from the point of view from the voters, the challenge they face is that it’s very difficult to get informed about what’s really at stake. For voters to work out what each individual (municipal) candidate represents without a party label is somewhat challenging.”

 

As well, Dr. Pilon is candid when he talks about the legislative controls at the municipal level, noting even their ability to determine land uses can be circumvented by developers through the Ontario Municipal Board process.

 

“When we look at how the founders of our country and current federal and provincial politicians look at local government, they deliberately made it the weakest level of government,” he says. “It has very little independent power and has almost no fundraising capacity and is completely controlled by the provincial governments.”

 

Despite that, Greg notes the fact municipal governments are responsible for many elements –waste collection, police, fire service, roads, water and sewer, snow removal – that provide business owners with the ability to operate their businesses.

 

“They make the community safe and habitable, so the people you need to run your business want to live in your community,” he says. “I think businesses should encourage their employees to get out and vote because local government is the one level of government that truly affects their everyday lives.”

 

But inspiring people to vote in a municipal election can be difficult.

 

“It’s not that people don’t care and are not passionate,” says Dr. Pilon. “But often it takes a huge issue to catalyze the public and give them a focus for their concerns.”

 

For example, he says the proposed construction of the controversial Spadina Expressway in Toronto in the late 1960s and early 1970s, and more recently the amalgamation plans outlined in former Ontario premier Mike Harris’ ‘Common Sense Revolution’ in 1995 mobilized an enormous amount of people.

 

“You have to have a big issue that’s going to affect the majority of people, and thankfully, we don’t have those big issues,” says Greg, adding even the approval of the LRT didn’t garner as much concern as expected. “When there are those neighbourhood issues, they generally don’t drive people to the polls.”

 

Dr. Pilon agrees and notes that even the current housing and homelessness issues facing most communities is likely not enough to inspire more people to vote.

 

“Historically, when we look over the 20th century, the market has had an uneven ability to respond to housing needs again and again. It’s not a new problem and not one that municipalities have the finances to deal with so there you’ve got this mismatch,” he says, adding it’s a difficult issue for local candidates to succeed with at the ballot box. “There will be no accountability on the issue because there’s very little that municipalities can do.”

 

Dr. Pilon says ‘dramatic events’ that rise above the ‘noise’ are needed to mobilize voters at the local level, which is difficult due in part to media cutbacks.

 

“A lot of local newspapers have taken a hit over the past decade, so people aren’t receiving as much local council coverage and that makes it difficult for them to find out what’s going on,” he says.

 

To encourage more voter participation, Dr. Pilon recommends several potential changes including allowing the formation of ‘slate’ parties in Ontario, similar in nature to what is allowed Vancouver, B.C., as well as reforming campaign finance laws to prevent developers from having too much ‘pull’.

 

“Another reform that would make a big difference is stop reducing the size of councils,” he says, referring to Premier Doug Ford’s reduction of wards in Toronto. “What kind of impact is that going to have on representation?”

 

In terms of representation, Greg says a party system is not the answer at the municipal level.

 

“People are there representing their neighbourhoods and community, their friends and family and the businesses they shop in,” he says, adding a party system doesn’t lend itself to this type of scenario and that leaving their own political ‘baggage at the door’ is key for a successful council candidate.

 

“You’re not looking for someone with a platform of ideas as much as someone who has leadership and communication skills and can deliver on the interest of the neighbourhood. You want an individual who is compassionate and understanding and can also communicate well to upper levels of government to make sure that the community’s broader needs that may relate to provincial or federal issues are understood and addressed as best they possibly can.”

 

To learn more about the 2022 Municipal Election, visit the City of Cambridge.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

While the phrase ‘quiet quitting’ has recently entered the vernacular of many business organizations thanks in part to recent social media posts, the concept itself is not exactly new.

 

“We’ve been researching this issue for a long time with respect to motivation and performance,” says Dr. Simon Taggar, Professor of Management in the Lazaridis School of Business and Economics, Wilfrid Laurier University, noting previous generations used expressions like ‘deadwood’ or ‘retiring on the job’ to describe the phenomenon of employees who’ve given up the notion of going above and beyond in the workplace and only do what is expected of them.

 

Dr. Taggar says the concept, which can mistakenly evoke images of an employee ‘slacking’ at work, really centres more on the notions of engagement and disengagement, and how committed they are to their job, using the bare minimum approach which doesn’t lead to termination.

 

“I think increasingly people are becoming disengaged. We’ve always had an increasing trend in disengagement,” he says, referring to a Gallup poll conducted in 2013 which indicated that only 13% of employees worldwide were actually engaged in their jobs.

 

In North America, that number was 30% compared to 24% in other countries like South Korea, Australia, and Japan. “The people that are disengaged are now getting a whole bunch of attention.”

 

While COVID-19 sparked a major economic movement in terms of job shifts and losses, Dr. Taggar says many ‘quiet quitters’ continue to stay put in their jobs – unless something they deem is better comes along - due to a sense of continuous commitment to their work. He says unlike those with a passionate commitment to do the best job they can, or even those who feel an obligation to stay, ‘quiet quitters’ approach their jobs using a more transactional rationale.

 

“They look at as ‘I’m here because I have to be here’,” says Dr. Taggar, noting financial and personal circumstances are mitigating factors in their decision. “It’s almost like being in jail.”

 

However, he says in some circumstances, having ‘quiet quitters’ on the payroll does not make much of a difference.

 

“There are some jobs out there that really don’t need a huge amount of motivation,” says Dr. Taggar. “The design of the job itself is the control mechanism.”

 

However, he says increasingly many jobs in North America now require employees to be more motivated as they navigate strategies on their own.

 

“Our competitive advantage in Canada is having highly educated and motivated employees having complex jobs. That’s the source of our competitive advantage,” says Dr. Taggar, noting there are many signs pertaining to those who are ‘quietly quitting’. “As human beings, we’re very good at figuring out to the degree someone is motivated or highly engaged in the workplace.”

 

Signs that someone may be ‘quietly quitting’ include not assisting colleagues, not being prepared at meetings, absenteeism, not going above and beyond when it comes to serving customers or staying away from company social events.

 

“A positive workplace climate is created by people who are passionate and want to be there and love their jobs,” says Dr. Taggar.

 

He says communication is key when it comes to dealing with potential ‘quiet quitters’.

“No one ever enters an organization they want to be in thinking I’m going just going to be continuously committed,” says Dr. Taggar. “Humans aren’t made that way. We want to be passionate. We want to spend our lives doing something valuable that makes us feel good.”

 

He says it all boils down to the expectations an employee has when they join an organization, referring to such things as promises of a better work/life balance.

 

“When people’s expectations are not met, it’s called a breach of their psychological contract,” says Dr. Taggar, adding this breach can quickly alter someone’s passion for the job. “You’ve got to maintain people’s expectations because when you lose that trust, it’s harder to gain that trust back.”

 

As well, he says asking for feedback is imperative to foster a workplace culture that will keep employees engaged, noting that allowing a work culture to grow organically can create issues and misunderstandings.

 

“If you invest in them and make them feel like you care and are developing them, they will be committed to you,” says Dr. Jagger. “You’ve got to have that constant communication and constant culture building so people can make sense on what’s happening around them.”

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

Keeping workers safe and healthy is an important component of any well-run company.

 

However, managing the protocols and requirements that surround it is often an area that creates frustration for many businesses.

 

“A lot of companies put health and safety on the backburner prior to the pandemic,” says Ray Snow, President of Heartzap Safety Training & Equipment in Cambridge, noting the costs that often surround it. “But now they realize they can’t put it on the backburner and have to address it and that’s what we’re seeing now.”

 

He says companies that had once been shut down during the pandemic are seeing a larger Ministry of Labour (MOL) presence of in the community and are paying close attention.

 

“MOL is at construction sites and knocking on company’s doors seeing if they have their policies in place and are they following health and safety rules, and nobody today can afford to have their operations shutdown again.”

 

For that reason, he recommends businesses revisit their health and safety policies and protocols to make sure they are up to date.

 

“But not everyone has that ability,” says Ray, noting larger corporations have the staff to manage health and safety compared to SMEs. “An SME may have a health and safety committee, but they may not have a designated staff person that does health and safety management on a regular basis.”

 

He suggests an outside health and safety audit, which Heartzap provides, is a viable alternative to ensure a business is meeting the correct standards and practices, possibly saving them money in the end. According to Ontario’s Workplace Safety and Insurance Board, the average cost of a lost-time injury is $106,500 - $21,300 in direct costs (WSIB premiums) and $85,200 in costs to the company of the injured employee.

 

“We’re not there to point out all the faults. We’re there to help and grow with you,” says Ray. “Health and safety has always had that negative ‘cracking the whip’ connotation. It’s really more about education.”

 

Through a wide variety of virtual training courses, something Heartzap has offered for several years prior to the pandemic in a blended online and in-class format, he says companies can ensure staff working remotely can remain up to date on their training as part of any work-from-home policies.

 

“The shift is changing in the world and in Canada on how people learn. They don’t necessarily have to be in a classroom all day long,” says Ray, noting keeping current on rapidly changing health and safety guidelines has been a big concern for Heartzap clients. “As much as the government did a great job creating templates for everybody, they still required somebody to go look at them on a bi-weekly or weekly basis because it changed so much. The biggest concern now is getting people up to speed.”

 

He says the costs surrounding health and safety training have risen, just like they have for most businesses and that supply chain issues have affected the availability of products causing potential delays in delivery.

 

“I think everybody is kind of two and half years behind in health and safety in terms of training or policy work or reviewing their facilities, but everybody wants it done today,” says Ray, noting like many sectors, staffing shortages are causing delays. “We only have so many staff to get out there and get the job done.”

 

As a result, he recommends businesses don’t wait until the last minute when it comes to reviewing or updating their health and safety policies.

 

“If you want it done for the fall or winter, don’t wait for the fall and winter to come.”

 

To learn more, visit Heartzap Safety Training & Equipment.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

The past two and half years has seen virtually every industry and company re-evaluate how they conduct business.

 

Readjusting to a post-pandemic world is at the forefront in many of their plans and strategies as they look towards operating in a different world compared to the one we had at the start of 2020.

 

But despite adjusting their operations in substantial ways, many may be using the same insurance coverage they adopted prior to the pandemic, not realizing that COVID-19 could lead to new risks and exposures for them.

 

We reached out to insurance experts Amanda Scheerer at Josslin Insurance and Shelley Sutton at Dumfries Mutual Insurance Company to share their thoughts on what businesses can do to ensure they are properly prepared.

 

 

Q. How has the pandemic changed the approach SMEs are taking when it comes to insurance coverage?

 

Amanda: Post-pandemic inflation has had a huge impact on valuation of buildings and equipment. Before the pandemic, it was common to adjust rebuild, or replacement cost every couple of years, but with current inflation rates we recommend that business owners review the rebuild or replacement costs listed on their policies at each renewal.

 

In addition to inflation, we find rebuild time after a major loss is longer. We’re seeing a few our clients increasing their indemnity period for business interruption from 12 months to 18 months. This accommodates for the extended building periods and will allow business to survive during the rebuild and keep key people from leaving for another workplace.

 

Shelley: It really depends on the type of business. Contractors, for example, are busier than ever, selling work sometimes a year out. If they have stock, they are insuring it at replacement cost to protect themselves from the unpredictability of the market in the event of a loss.

 

SMEs have to protect their assets. Insuring to limits helps to do so and the need for business interruption coverage for insured perils should be considered and weighed out. Limits are higher due to building material increases (inflation) and shortages of both materials and labour. Overall, SMEs are being more careful about understanding the coverage they have and the premiums they are paying.

 

 

Q. Does having a portion or all of staff working remotely require businesses to consider adjustments in their insurance coverage?

 

Amanda: If you have people working remotely as a business owner, you should ensure that company-owned assets like computers and other work-from-home equipment is covered under your insurance with an off-premises coverage extension. That extension was normal in certain industries even before 2020, but with so much company equipment now in people’s homes, it’s more important than ever to make sure your Business Insurance Liability policy has it now.

 

Finally, if your employees are meeting clients in their own homes, you may want to extend your liability coverage as their personal insurance will not cover them in the event a visitor is injured.

 

Shelley: With staff working from home comes more need for cyber security and cyber coverage if the storage of stock and equipment has changed you may need to update your agent or broker to ensure you are covered at other locations (office equipment, stock etc.). Companies need to insure equipment for off premises. If building(s) are unoccupied coverages could be void.  Businesses should check with their insurer.

 

 

Q. What are some new trends when it comes to insurance coverage that businesses may not be aware of?

 

Amanda: As mentioned before, many of our clients are extending the indemnity period on their business interruption coverage to account for the longer rebuild times.

 

Because of cybersecurity concerns, many businesses are now installing multi-factor authentication on any devices that connect to their systems. They are also ensuring that any personal devices their employees use for work (bring-your-own-devices) have sufficient security on them, so they don’t infect the business systems.

 

Finally, more businesses are using contractors to deliver their products and they may not be aware that they need non-owned auto coverage. If a restaurant owner employed an independent delivery driver with his own auto coverage and that driver is in an accident while working, the restaurant would also be named in the claim. Having a non-owned auto extension on the business’ commercial general liability policy with protect the owner in this situation.

 

 

Shelley: As large companies double down on their efforts to protect themselves and their clients, cyber criminals are targeting smaller businesses that do not have the resources to protect themselves. Comprehensive cyber coverage for ransomware, malware, data breaches, phishing attacks, remote desktop intrusion and more is critical for today’s business whether you are an online retailer or a contractor – protecting your own information and the information of your clients is your responsibility.

 

 

Q. What are some of the common concerns or questions you’ve been receiving from businesses regarding their insurance coverage?

 

Amanda: The biggest concern we’ve been hearing from our clients is about the cost of rebuilding. It’s a good idea to ensure that the property and equipment values on your insurance are current. Many policies include a co-insurance clause, which limits the amount paid on a partial claim. If you’re building or contents are underinsured, you may be responsible for any shortfall.

 

Shelley: Saving money is high on their radar as well as having adequate limits considering rising building costs.

 

 

Q. What advice would you offer business owners when it comes to insurance coverage during the pandemic?

 

Amanda: If your people are working from home and your building is partially or totally vacant, please notify your insurance provider as this could void some coverages you may have. The same goes for any building owners who rent to tenants. Many are experiencing challenges in finding tenants, so please let your insurance provider know if you have vacant units to ensure you remain covered.

 

Shelley: We still advise clients to purchase as much liability coverage as they can afford. It is important to read your policy and understand exclusions when day-to-day operations change if you are unsure, call your broker or agent.

 

To learn more, visit Dumfries Mutual Insurance Company or Josslin Insurance.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

The threat of data breaches or ransomware attacks have become a reality for many businesses and organizations.

 

The 2020 Cyberthreat Defense Report, created by CyberEdge Group which surveyed 1,200 security IT professionals in companies from 17 countries, found that 78% of Canadian companies experienced at least one cyberattack within a 12-month period, a figure which rose in 2021 to 85.7%. That same report also determined that 72% of Canadian respondents dealt with a ransomware threat in 2020, which luckily dropped in 2021 to 61.2%.

 

Locally, Statistics Canada figures show a total of 3,298 cyberattacks in Waterloo Region per 100,000 population in 2021, which is up from 1,113 recorded in 2017.

 

Many of the larger local attacks have media headlines, including a cyber threat on a supplier company in March of this year which prompted Toyota to halt operations at 14 plants in Japan and three manufacturing facilities in Canada, including its Cambridge plant. More recently, the Waterloo Region District School Board became a victim of a cyberattack which resulted in pay disruptions for some of its employees.

 

We asked John Svazic, Founder and Principal Consultant of EliteSec Information Security Consultants Inc. in Cambridge, to share his thoughts on what businesses can do to ensure they are prepared for any potential cyber threats.

 

Q.  What are some of the misconceptions surrounding a cyberattack or data breach?

 

John: The biggest misconception is that a business believes that they are not vulnerable or a target of cyber criminals.  Sadly, that’s not true.  If you have any form of presence on the Internet, say a Facebook page or an Instagram account, then you are at risk of an attacker. 

The attacks may be different, but they will impact you regardless.  I’ve had clients who had their Facebook accounts taken over and used for advertising by a foreign company.  That can harm your reputation.  Similarly, Instagram account hijacking is also common, and unfortunately recovery of accounts is time consuming and not always possible, leading to a lot of lost customers and influence.

 

 

Q. Are there degrees, or levels, when it comes to a cyberattack?

 

John: Yes, definitely!  The types of attacks we’ve seen locally in the region are a great example.  The most recent example from the Waterloo Region School Board seems to be a ransomware attack, which is where access to your computer network is “locked out”. 

A more common occurrence is these attackers will take data from the network first, then threaten to release these details to the public if the ransom isn’t paid.  This so called “double extortion” style of ransomware is particularly devastating to a company because there is no guarantee that the attacker won’t come back and ask for more money later.  Ransomware costs vary wildly, but it’s not uncommon to see demands from between $500 per computer to a few thousand dollars per computer, plus fees for not publicly releasing information.

Instagram and Facebook account takeovers can range from a few hundred to a few thousand dollars, depending on the attacker.

 

Q.  Are there certain types of businesses that need to worry more about an attack or breach than others?

 

John: The short answer is no.  Every company that has any type of Internet presence is a potential victim, but the likelihood of a small company being expected to pay out millions of dollars is near zero. 

The major criminal groups that get into the headlines are generally targeting larger companies because they understand that they have a greater chance of getting a large payout.  But smaller companies may also face extortion costs albeit at a smaller scale.

Sadly, there are criminal elements at all sizes, much like we have in the legitimate business world, all targeting specific markets, from enterprises to SMBs.

 

Q.  What are some of the first steps a business should take to protect themselves? Or can they?

 

John: The best thing anyone can do is make sure they use some type of two-factor (also called multi-factor) authentication for your online accounts.  This is commonly done by getting a six-digit code you get from your phone via an authenticator app or text message.  You then use that code in addition to a password when logging into email, etc.  This is an easy (and free) way to better protect your online accounts because it becomes a lot harder for an attacker to take over your account.

Using a password manager is also strongly recommended.  This can help avoid the use of re-using the same password everywhere. 

A lot of people will think that their password is safe, until one of the websites they use that password on gets breached, and then anywhere else they may use that password becomes vulnerable, regardless of how secure that website may be.

For organizations that do financial transfers, there should be a protocol in place to get some type of verbal confirmation for transfers and not to rely just on an email or text message to confirm the transfer.

 

Q. Do many businesses utilize cybersecurity insurance?

 

John: I find that cyber insurance policies are often used in tech companies because they view themselves at a higher risk, but for most other companies they don’t necessarily see the need. 

The policies I have seen range from helping pay for ransomware attacks such as paying the ransom to offering assistance to get help from an incident response firm, which is a type of cybersecurity company that will help find out how these attackers got in, get them out of the network, and then make sure they can’t get back in later. 

So again, larger companies or companies dealing with other enterprise customers are the main group seeking out cyber insurance.

 

 

Q. Has the awareness around the potential for cyberattacks increased significantly for businesses?

 

John: Cyberattacks are becoming more mainstream in terms of the amount of coverage from more traditional media outlets, which is leading to a wider realization of how bad these things can be. 

However, only the “big” attacks get headlines, and a lot of the attacks that happen often never see the light of day.  I would say that a lot more organizations have had a cyber incident than they care to admit.  Reputation, pride, and fear are some of the main factors for this. 

My advice to those companies is not to bury your head in the sand, but rather seek out help to ensure it doesn’t’ happen again, even if you don’t want it to be made public.

 

 

Q. What are some mistakes businesses make when it comes to data protection?

 

John: Aside from thinking it won’t happen to them, one of the most common mistakes is giving out the keys to the kingdom to all the employees.  Using the same login to a shared computer, for example, rather than giving individual logins for each employee.  Re-using passwords, not updating software regularly, no anti-virus on computer systems, not questioning strange requests, using company email as if it was personal email, insufficient access controls for sensitive information, etc. 

There are a lot of different things that companies can do, but a lot of it is about doing what makes sense for your own specific organization.  The basics would be not re-using passwords and making use of multi-factor authentication.

The biggest thing to remember is that it’s not about building up Fort Knox for your business, but rather making sure that you are secure enough for an attacker to look for an easier target instead, i.e., you don’t need to outrun the bear, you just need to outrun the guy beside you.

 

To learn more, visit EliteSec Information Security Consultants Inc.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

 

The Cambridge Chamber of Commerce and Ontario Chamber of Commerce (OCC) welcomes the return of the Legislature and looks forward to working with Premier Ford, his new cabinet, and all parties to champion the province’s competitiveness, productivity, and growth.

 

To put its members’ concerns’ front and centre as the Legislature returns, the OCC today released its Blueprint to Bolster Ontario’s Prosperity, which provides a letter to each provincial cabinet minister outlining key policy priorities.

 

“Businesses across Waterloo Region are looking to the government to develop policies that will spur local and regional economic growth and job creation,” said Cambridge Chamber of Commerce President & CEO Greg Durocher.  “The government must create the right conditions to support business stability, predictability, and confidence. There must be a balance between short-and long-term solutions to address our current and future challenges.”

 

Some key highlights in the Chamber network's Blueprint to Bolster Ontario’s Prosperity include:

  • Addressing Ontario’s labour market challenges by boosting immigration, removing barriers to labour mobility, and introducing workforce development strategies for key sectors such as construction, health care, tourism, and hospitality, and transportation.
  • Bolstering our health care system by developing a health human resources strategy, delivering on digital health, and addressing backlogs in routine vaccines, diagnostics, and cancer screenings.
  • Continuing to prioritize lowering the administrative burden on business and ensuring that regulation is streamlined and effective.
  • Planning for Ontario’s long-term energy needs to ensure businesses and residents continue to have access to reliable, clean, and affordable energy for generations to come.
  • Propelling housing affordability through increased supply and regulatory reforms to fuel the industry and help organizations attract and retain talent.
  • Advancing regional transportation connectivity and fare integration as well as broadband infrastructure projects in collaboration with the private sector.
  • Modernizing public procurement to support small businesses and equity seeking entrepreneurs to diversify the supply chain.
  • Seizing Ontario’s opportunity to lead in the global green economy by minimizing uncertainty, supporting cleantech, mobilizing clean energy solutions, and strengthening climate adaptation.

 

“The past few years have been characterized by tremendous uncertainty: a prolonged pandemic, record-high inflation, supply chain disruptions, labour shortages, and geopolitical turmoil. If we want our economy and people to emerge stronger amid so much uncertainty, Ontario must focus on creating the right conditions to support competitiveness, productivity, and growth,” said Rocco Rossi, President and CEO, Ontario Chamber of Commerce. “We are providing all Ministers with a blueprint for steps that can be taken to ensure we are bolstering Ontario’s prosperity – we look forward to continued collaboration with the Government of Ontario and all parties over the next four years.”

 

The OCC’s blueprint letters includes both policy asks where immediate action is required to support business and foundational recommendations for long-term prosperity and were informed by OCC’s diverse membership.

 

READ THE LETTERS.

add a comment
Subscribe to this Blog Like on Facebook Tweet this! Share on LinkedIn

Contributors

Blog Contributor Portrait
Brian Rodnick
123
November 21, 2022
show Brian 's posts
Blog Contributor Portrait
Greg Durocher
40
June 25, 2021
show Greg's posts
Blog Contributor Portrait
Canadian Chamber of Commerce
24
January 29, 2021
show Canadian Chamber's posts
Blog Contributor Portrait
Cambridge Chamber
2
March 27, 2020
show Cambridge 's posts

Latest Posts

Show All Recent Posts

Archive

Tags

Everything Manufacturing Cambridge Events Spectrum New Members Taxes Region of Waterloo The Chamber Property Taxes Government Waste Cambridge Chamber of Commerce Networking Success Di Pietro Ontario Chamber of Commerce Greg Durocher Scott Bridger Food Blog Canada Ontario Cambridge Memorial Hospital Business After Hours Discounts Member Benefits Affinity Program Web Development Visa, MasterCard, Debit Big Bold Ideas Politics Elections Municipal Provincial NDP Liberals PC Vote Majority Christmas Homeless Leadership Oil Sands Environment Rail Pipelines Keystone Canadian Oil Canadian Chamber of Commerce Small Business Next Generation Cyber Security Millennials Energy Trump Washington Polls US Congress Bresiteers Trade NAFTA Europe Economy Growth Export Minimum Wage 15 dollars Bill 148 Cost Burdens Loss of Jobs Investing Finance Canada Capital Gains Exemption Tax Proposal MIddle Class Member of Parliment Unfair Changes Small Business Tax Fairness COVID-19 Mental Health Self-isolation Social Distancing Ways to Wellbeing Education Conestoga College Online Training Business Owners Personal Growth Communicate Young Professionals Workplace Communication Stress Emotionally and Physically Animals Pets Lockdown CEWS Employee Relief Employee Benefit ToBigToIgnore Small Business Week Support Local Buy Local Business Support Waterloo Kitchener YouGottaShopHereWR Responsibility Culture Workplace Antiracist Inclusion Diversity Racism Federal Election Services Autonmy Professional Salary Wages CERB Workers Jobs Guidelines Health and Safety Etiquette Fun Inperson Members Golf Tournament GolfClassic Business Business Trends Home and Garden Garden Pools Home Improvements Backyarding Renos Summer Airlines Business Travel Bad Reviews Reviews Consumers Competition Bureau Dining Out Expert Advice Outdoors Economicrecovery BBQ Vaccines Community vaccinations Conferences Virtual Visitors Spinoff Screening Kits Tourism Trends Productivity Engagement Remote working EmploymentStandardsAct Employees Employers Policies Employment Contracts Legal Public Health Virtual Ceremonies SMEs Health Canada Prevention Rapid Screening Health Entrepreneurs Building social networks Storytelling Video The She-Covery Project Child Care Workplaces Contact Tracing Time Management Pre-Budget Modernization Canada Emergency Rent Subsidy (CERS) Budget Ontario’s Action Plan: Protect, Support, Recover Federal Government Hotels and Restaurants Alcohol Tax Freezethealcoholtax Canadian Destinations Travel Grow your business Sales and Marketing Digital Restructure Financing Structural Regulatory Alignment Technological Hardware Digital Modernization RAP (Recovery Activiation Program) Support business strong economy Shop Cambridge Shop Local #CanadaUnited Domestic Abuse Family Funerals Weddings Counselling Anxiety Pandemic Getting Back to Work UV disinfection systems Disinfection Systems