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Artificial Intelligence (AI) has emerged as a double-edged sword in the realm of cybersecurity, offering immense potential to bolster defenses and creating daunting challenges that can exacerbate vulnerabilities. As businesses and organizations increasingly rely on digital infrastructure and data-driven processes, the role of AI in cybersecurity becomes crucial.

 

Historically, the term ‘artificial intelligence’ was first coined in the mid-1950s during a workshop held in Dartmouth by John McCarthy, a U.S. computer scientist, but the concept had already surfaced in 1921 when a Czech playwright introduced the notion of “artificial people” in a production entitled Rossum’s Universal Robots.

 

“AI has been around for a long time and has just scaled to what it is today, and is definitely something businesses are catching on to,” says Nick Lewis, CEO and Director of ShockproofIT, referring to AI and the issues surrounding its use. 

 

On the positive side, AI is now a daunting ally in the fight against cyber threats due to its ability to process vast amounts of data at lightning speed which enables AI-powered systems to accurately detect anomalies and patterns indicative of malicious activities. Machine learning algorithms can analyze historical data to identify evolving attack courses, allowing for proactive defense measures. 

 

“AI can really speed up the process and can look at the path of an infection from the root file all the way up to the end user,” says Nick. “AI can help investigate that path and how it’s happening, locating where the broken or infected link is so you can troubleshoot further.”

 

Insights offered for emerging threats

 

As well, AI-driven threat intelligence platforms can provide real-time insights into emerging threats, empowering organizations to stay one step ahead of cybercriminals. And for those who’ve already experienced an attack, it can also provide a detailed report of the incident for auditing purposes.

 

“AI can help you provide some verbose notes and data for creating reports about any attacks,” he says. “It can help you build that out.”

 

On the negative side, the proliferation of AI also introduces new challenges and risks to cybersecurity as cybercriminals continue to increasingly harness AI-powered tools and techniques to launch sophisticated attacks that can evade traditional security defenses. 

 

“Cybercriminals can analyze and collect data much quicker now and identify other avenues and trajectories of attack,” says Nick. “Criminals can also create new and sophisticated, and original targeted phishing attacks that wouldn’t otherwise be possible without the help or aid of AI.”

 

As well, AI can also assist cybercriminals in creating malware that contains new vulnerabilities and then bypasses detections, he says.

 

Barrier lowered for novice hackers

 

Couple this with the fact the democratization of AI technologies has lowered the barrier to entry for cybercriminals, enabling even novice hackers to leverage AI-driven attack tools with devastating consequences, means even more threats for businesses. 

 

To combat potential threats, Nick recommends businesses conduct thorough research when it comes to boosting their cybersecurity systems.

 

“You have to do your research so you can make an informed decision before you implement anything, especially something like AI,” says Nick, who also recommends talking with someone who is knowledgeable when it comes to AI-powered systems. “Talk to a professional, or someone who has been using it for a long time in many different markets and knows it from a core fundamental aspect.”

 

But more importantly, he recommends having a security professional audit the needs of your business to ensure you implement any AI property, safely, and effectively.

 

“How does your organization and your day-to-day operations work? What do you do and don’t do? What kind of logistics are going on?” says Nick. “From there, you can build a solid plan based on those things.”

 

 

Tips for leveraging AI in business cybersecurity:

 

Understand your cybersecurity needs: Before adopting AI solutions, assess your organization's cybersecurity posture, identify key vulnerabilities, and determine specific areas where AI can make the most impact, such as threat detection, incident response, or user authentication.

 

Choose the right AI technologies: Select AI technologies that align with your cybersecurity objectives and capabilities. This may include machine learning for anomaly detection, natural language processing for threat intelligence analysis, or robotic process automation for automating routine security tasks.

 

Invest in quality data: Ensure that your cybersecurity data is accurate, relevant, and representative of potential threats and attack scenarios. Invest in data quality assurance processes and data governance frameworks to maintain the integrity and reliability of your data.

 

Employ AI-driven threat intelligence: Leverage AI-powered threat intelligence platforms can analyze vast amounts of data from diverse sources, including open-source intelligence, dark web forums, and security feeds, to provide actionable intelligence for proactive defense.

 

Implement AI-driven anomaly detection: Deploy machine learning algorithms to monitor network traffic, user behaviour, and system activities for anomalies indicative of malicious activities. 

 

Enable AI-driven incident response: Automate incident response processes using AI-powered orchestration and automation tools which can analyze security alerts, prioritize incidents based on severity and impact, and execute predefined response actions to contain and mitigate security breaches more efficiently.

 

Ensure transparency and accountability: Maintain transparency and accountability in AI-driven cybersecurity initiatives by documenting processes, methodologies, and decision-making criteria. 

 

Stay informed about AI advancements and best practices: Keep abreast of the latest developments in AI technologies, cybersecurity trends, and best practices through continuous learning and engagement with industry forums, conferences, and professional networks. 

 

Balance AI automation with human oversight: While AI can automate routine security tasks and augment human capabilities, it is essential to maintain human oversight and intervention where necessary. 

 

Regularly evaluate and adapt your AI cybersecurity strategy: Continuously monitor the performance and efficacy of your AI-driven cybersecurity initiatives and make adjustments as needed based on evolving threats, technological advancements, and organizational requirements. 

 

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Advocating for public policies that can benefit businesses has been a cornerstone feature of the Chamber of Commerce movement for generations.

 

The Cambridge Chamber of Commerce, like many of its counterparts in the Ontario Chamber network, works consistently all year striving to translate the needs and wants of their members into potential policy resolutions aimed at prompting change at both the provincial and federal levels of government.

 

But this work, and the work of other Chambers, is often carried out without many of their members even aware there is a widespread network advocating on their behalf.

 

“This isn’t unique to the Chamber movement and quite common for any advocacy organization because it’s a concept so intangible to a lot of individuals who aren’t engaging in it and don’t necessarily understand the value of it,” says Andrea Carmona, Manager of Public Affairs for the Ontario Chamber of Commerce. “Advocacy, I feel, is a little bit like a unicorn. When you’re a small business owner who is probably focused on keeping your business running, you’re more likely to be looking towards your local Chamber for what are the more tangible services they can offer – programs, events, and grants.”

 

She says collectively, promoting its advocacy work is something the Ontario Chamber network must communicate clearly as possible.

 

“It is kind of a difficult thing to explain to people, but really it’s all about amplifying issues and having a chorus of voices saying the same thing so that we can move the needle and make an impact,” says Andrea. “That’s ultimately what advocacy looks to do.”

 

Making that impact formulated the basis of the Ontario Chamber of Commerce’s recent Advocacy Day at Queen’s Park. This nineth annual event gave nearly 100 delegates representing Chambers provincewide, including Cambridge Chamber President and CEO Greg Durocher and Board President Kristen Danson, the opportunity to meet with MPPs to discuss various issues facing business communities.

 

Some of the key areas targeted by delegates included:

 

  • Investing in inclusive workforce development: To address labour shortages, investments to resolve skills mismatches are vital. These initiatives should be designed to close the gap between current workforce skills and the evolving demands of Ontario’s labour market.
  • Enhancing sustainable infrastructure: Strategic investments in smart and sustainable infrastructure, including transportation, clean energy, and digital connectivity, can boost immediate economic activity while supporting long-term growth. This includes expanding broadband access in rural and remote areas and upgrading public transit and road networks.
  • Fostering a business-friendly environment:  Implementing policies that reduce red tape and create a conducive environment for business growth is essential. This includes reviewing and streamlining regulatory processes, providing tax incentives for businesses looking to grow and targeted support for small businesses.
  • Cultivating resilient, healthy communities: Improving health data system integration, addressing capacity gaps in health human resources, and empowering municipalities with new revenue sources are crucial steps in ensuring the well-being of Ontarians and fostering community prosperity.

 

Although the Chamber network’s advocacy efforts are ongoing year-round, Andrea says Advocacy Day provides an ideal opportunity for face-to-face meetings and discussions with the decisionmakers.

 

“It’s all about ongoing engagement and follow up,” she says. “It can’t just be a single day of advocacy. We need to ensure Chambers are keeping connected with their local MPPs. A lot of this is relationship building since they see Chambers as a credible source for what is happening on the ground.”

 

Andrea says building those relationships sets the groundwork for support and the ability to drive change that can assist the business community.

 

“It’s a great opportunity to connect across party lines,” she says. “Politics is unpredictable, and you don’t know what is going to happen in 2026 so you want to ensure you are establishing relationships across the board. We are a non-partisan organization and of course the government of the day is important, but that’s not to say you shouldn’t be engaging with other parties.”

 

Andrea notes it’s also a two-way street for the decisionmakers who participate in Advocacy Day, as well.

 

“It’s such a great opportunity for them to hear about such a broad stroke of local perspectives across the province,” she says.

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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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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: 

 

  • Small businesses are less confident (12%) than larger businesses (22%) due to challenges with repaying debt, fluctuations in consumer spending, inflationary pressures, and workforce-related challenges such as mental health.
  • Simplifying business taxes is identified as a major policy priority of 50% of surveyed businesses. 
  • Confidence in Ontario’s economic outlook varies considerably across industries and is lowest within the agriculture sector (3%), non-profit (8%), health care and social assistance (8%), and retail (10%) sectors. 
  • Confidence is highest in the province’s mining (46%) and utilities (27%) industries, both of which benefited from strong growth and investments in the province’s electrification infrastructure and electric vehicle supply chains. 
  • Businesses in Northeast and Northwest Ontario exhibit the highest confidence at 23%, where the mining industry is a major employer.
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While economic and technological shocks will always be a constant feature of our world, experts say small businesses must continue to adapt and innovate to stay competitive and satisfy consumer preferences.

 

“The adoption of technology should be the priority for small businesses and the adoption of AI where it can help bolster their business should also be a priority,” says Cambridge Chamber of Commerce President & CEO Greg Durocher, noting 98% of Canadian businesses qualify as small businesses.

 

In its recent report entitled, A Portrait of Small Business in Canada: Adaption, Agility, All At Once, the Canadian Chamber of Commerce touches on this issue as it explores the integral role small businesses  in play in Canada’s economy and sheds light on how these businesses can thrive despite major economic forces working against them — including the rising cost of doing business, the highest borrowing costs in over two decades and increased pandemic debt loads.

 

The report, which defines ‘micro businesses’ as having 1-4 employees, ‘scale businesses’ as 5-19 employees, and ‘mature businesses’ as 19-99 employees, shows how small businesses of all sizes, ages and industries are already investing in technology to better access data and applications from their computers, tablets, or mobile phones — whether in the office or on the road — to connect better with their customers and employees. However, as the report indicates, a business’s size is important to its ability to not only adopt technology, but also take advantage of a variety of technology tools. The report finds that even more change is essential.

 

Greg agrees and says the need for smaller businesses to adopt artificial intelligence (AI) is especially imperative.

 

“In all probability, smaller businesses are less likely to adopt AI technology because they may be fearful of it,” he says. “But the fact of the matter is it may be the only tool that can bring them up and allow them to compete.”

 

AI and digital technologies

 

According to the report, across all industries, a higher proportion of small businesses planned to invest in AI and digital technologies. While 62% of micro firms (compared with an average of 55% for all small firms) expressed plans for the latter, 30% of mature firms were keen on investing in AI compared with the all-industry average of 24% for all small businesses. Scale and mature businesses were more likely to adopt multiple technology tools, especially those in finance and insurance, professional services, and wholesale trade.

 

“If they (small businesses) don’t get knee deep in AI from a business perspective, they may be missing the boat that was inevitably sent to save them,” says Greg.

 

The report also highlights trends to help small businesses adapt to how Canadian shoppers have evolved. While online shopping accelerated as a result of the pandemic, roughly 75% of Canadian shoppers still visit physical stores for key items like groceries, clothing, automotive, electronics, home and garden, and health products. To meet consumer preferences, businesses need to implement on and offline sales strategies to reach customers.

 

In the report, the critical importance of having an enticing online commercial presence is highlighted, with 83% of Canadian retail shoppers reporting they conduct online research before they visit a store. Having physical stores near customers also supports online sales, with nearly one in 10 Canadians making purchases online from retailers located nearby.

 

“There is still an opportunity for small businesses to capitalize on local business by advertising and marketing themselves locally,” says Greg. “But that doesn’t mean you shouldn’t have a strong online presence and look for every opportunity in which AI can help advance your cause.”

 

Canadian Chamber President & CEO Perrin Beatty says the findings in this report provides yet another signal that more focus is needed to support growth, especially among small businesses.

 

“We can start by reducing red tape, investing in infrastructure, and enabling an innovation economy,” he said in a press release. “These fundamentals of growth will increase Canadian businesses’ ability to compete and attract investment that will benefit Canadians, their families, and our communities.”

 

Click here to read the report.

 

 

Highlights of the report:

 

  • In June 2023, there were 1.35 million businesses in Canada with paid employees. The over- whelming majority (98% of the total) were conventionally classified as “small” businesses, which collectively employed over 11 million people.
  • In the “small business” category, micro firms are by far the most common businesses type in Canada. In fact, if all businesses in Canada were sorted by employment size, the median firm would have fewer than five employees, which underscores the importance of improving our understanding of the business realities of all small firms, but especially micro firms.
  • Nearly half of all small businesses are in the following four industries: professional, scientific, and technical services; construction; retail trade; and health care and social assistance.
  • Immigrants to Canada own a disproportionate share of private sector businesses (263,850 businesses, or 25.5% of all private sector businesses) compared with their share of population (23%). One strong factor is immigrants’ high share of micro businesses (30%), in contrasts with their underrepresentation in both scale and mature enterprises.
  • The past few years have offered women more flexible work arrangements, encouraging them to find more in-demand and higher-paying jobs, while government efforts to increase the availability of affordable childcare have helped women’s labour force participation to rebound. With the transition back to the office, barriers that perpetuate gender-based differences in labour force participation threaten this progress.
  • An underrepresented group in terms of business ownership (2.2%) compared with their share of the population (22%) is persons with a disability. Given the prevalence of disability, this gap signals tremendous untapped potential for entrepreneurship, but also one with significant potential effects on socio-economic outcomes, including labour market participation.
  • The LGBTQ2+ population (4% of Canada’s total population according to the 2021 Census) is also somewhat underrepresented as business owners (3.3%), lagging most as owners of mature businesses (0.6%).
  • Although they are 5% of the country’s population, Indigenous people’s share of businesses owned remains less than half of that (2.2%), although they appear to be doing better on ownership of mature businesses, the largest type of small business.
  • The most recent data (June 2023) show that, compared with pre-pandemic conditions in December 2019, the number of businesses increased by 7.3% for large firms, 5.0% for medium firms and only 2.9% for small firms.
  • Retail sales data show that e-commerce enjoyed a massive spike early in the pandemic but have since moderated as Canadians go back to in-person shopping. The share of total retail sales from e-commerce increased rapidly from 3.7% in January 2020 to peak of 10.7% just four months later in April 2020. With the lifting of pandemic related restrictions and stores have reopened for in-person shoppers, this figure has since moderated to 5.7%.
  • In addition to age, variation by industry showed a strong trend in technology adoption. Overall, average adoption shares across all industries and all technology tools were lowest for micro firms (12%), followed by scale (16%) and then mature firms (22%). Small businesses — particularly scale and mature — in finance and insurance, information and culture, professional services and wholesale trade were consistently among those reporting the highest technology adoption rates.
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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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In this digital landscape, businesses are increasingly reliant on web-based platforms for their operations, communication, and customer interactions.

 

While this technological shift has brought convenience and efficiency, it has also opened the floodgates to a myriad of cyber threats – many no longer just centred on email-based breaches. 

 

As the digital realm expands, the need for robust web-based security becomes paramount for businesses of all sizes due to the escalating frequency and sophistication of cyberattacks.

 

Hackers are becoming more adept at exploiting vulnerabilities, often targeting sensitive data such as customer information, financial records, and intellectual property. The consequences of a successful cyberattack can be devastating, ranging from financial losses and reputational damage to legal repercussions.

 

These security breaches can erode customer trust and a single security incident can shatter the perception of a business as a reliable custodian of sensitive information, leading to a loss of clientele and tarnished brand image.

 

To address these challenges, businesses need to invest in cutting-edge web security solutions. These include regularly updating software and systems, implementing multi-factor authentication, encrypting sensitive data, and conducting regular security audits. Collaborating with cybersecurity experts and staying abreast of the latest threats intelligence is equally crucial in maintaining a proactive defence against emerging cyber hazards.

 

 

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 potential web-based security threats:

 

 

Q. When did more browser-based cyber threats begin to surface as opposed to spam emails?

 

A. This is a hard question to answer, but these types of attacks aren't new and have been around for a while, likely since the early 2000s at least, but not in any volume.  Most cyber-criminal attacks are based on opportunity and ease, so the rise can generally be attributed to companies adding more sophistication to their websites, especially as they try to go online.  

 

Q.  What brought on this apparent shift?

 

A. Opportunity is the biggest reason here.  With the rush to go online, which the pandemic only exacerbated, some companies may be taking shortcuts to get online by going with free/low- cost options to maintain margins.  While I can sympathize with this point, losing most of your margins to fraud may be reason to re-evaluate.

 

Q. Are there warning signs business owners should watch for indicating they might be susceptible to an attack?

 

AUnfortunately, not. The best way to prevent this is to go look for vulnerabilities yourself or get someone who is skilled to go looking for you.  Having said that there are a few things that can be done on your own to better protect yourself, including:

 

  • Making sure all your software is up to date. This is especially important if you are using a Wordpress site to host your online presence. Making sure any plug-ins or add-ons that you are using are up to date is important.
  • Protect your online social media with two-factor authentication (2FA). Yes, this can be annoying, but it is a proven way to protect your accounts. Nothing is more painful than trying to get your Facebook or Instagram account back from a hacker, and many companies either pay up or are forced to create new accounts.
  • Never re-use passwords!  Getting a password manager is incredibly useful to prevent this and provides a great way to help share accounts between employees if necessary. Most can help store your 2FA code as well, so you don't need to share a single phone between individuals.
  • Hire a security professional to do a vulnerability assessment or penetration test of your web presence. Be sure that they are qualified by asking for references and samples of their work.  This is the costliest option but one worth considering if you want to be sure.

 

Q. What is one of the first steps they should take in terms of boosting their security?

 

A. Make sure that whatever you're using is fully patched. If this is offloaded to a hosting company or some other third-party provider, ask them what their patch cycle is. How frequently do they update, and do they do any third-party testing of their own infrastructure?  If a company is doing online sales, using a trusted partner like Shopify, Squarespace, etc., is a great way to check these boxes as these are reputable firms that take security seriously, which helps to offload the risk to someone else, albeit at a cost. 

 

Q. Are smaller businesses more susceptible to potential attacks than larger ones?

 

A. Sadly yes. While news headlines often focus on bigger named companies getting hacked and having to pay ransoms, the reality is that hundreds of smaller companies are getting hacked each day and not making headlines because they're just not big enough to report on, or they're too scared to report the attacks themselves out of fear of losing customers/reputation. Smaller companies often lack the resources or money to seek out help, so it can be a real catch-22.

 

Q.  If an attack has occurred, what should be the first step a business owner should take?

 

A. First check your business insurance to see if you have cyber insurance. Often, these policies will dictate who to call and what to do. Many brokers will recommend this type of insurance if you have an online presence, so it never hurts to start there. As most of these attackers are coming from outside the country, law enforcement won't necessarily be able to help, but report a cybercrime.  Start with the Canadian Centre for Cyber Security and report the incident. I would then recommend reaching out to a cybersecurity professional that specializes in incident response to help rectify the situation. Again, if you have a cyber insurance policy, this should be covered by insurance.

 

Q. Is it possible to become too paranoid regarding cyberattacks?

 

A. Absolutely. But it's best to always put things into perspective before things become too overwhelming. If you take some basic precautions, you can put most of these concerns aside.  It's always about perspective and the realization that raising the bar on cybersecurity isn't hard, and even small changes can deter potential attackers. Most cyber criminals are lazy, so they won't put in a lot of effort for minimal rewards. But if they can pull of a hack because it's easy, then they're willing to put in the effort for a few hundred to a few thousand dollars of potential payoff.

 

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While running a business, it's easy to get caught up in the complexities of the day-to-day operations surrounding production, quality control, and supply chain management. 

 

However, one aspect that often takes a back seat but is equally crucial to success is customer service. Exceptional customer service is a critical component of operating a business and providing employees with the right training is essential to meet and exceed customer expectations.

 

“If people are not well trained, that’s going to have an impact,” says Frank Newman, owner of Newman Human Resources Consulting. “There are a lot of opportunities for people to go through formal customer service training and we know that makes such a huge difference.”

 

Customer service is not just a necessary requirement but a strategic investment that can assist businesses – in all sectors – the opportunity to build lasting relationships, foster loyalty, and ultimately, drive long-term success.

 

Acknowledging clients

 

“You really want to drive home a customer service mentality in all your staff because every sale is important,” says Frank, adding giving employees the autonomy to make decisions benefits the customer experience. “It takes away the frustration for the consumer or client, so they don’t have to wait for a customer rep to go see a manager.”

 

As well, he says acknowledging a client or customer – perhaps with a thank you card or phone call - after the transaction has been completed can also go a long way to building professional relationships.

 

“The follow through is very important to show how you go above and beyond in your business,” says Frank, noting even having an employee answer the phone rather than an automated system can make a noticeable difference. “Ultimately, you want to surprise and delight your customer and offer them a little bit of the unexpected, especially in an era when so much customer service is you pick up the phone and wade through five different phone menus.”

 

Unique experience 

 

He says differentiation and creating a unique experience are important.


“It’s thinking about what the whole customer service process is like,” says Frank. “From the time that customer makes that first call, to the way the order is handled, and the acknowledgement sent, you need a consistent process, making sure clients or customers receive similar treatment from all employees.”

 

He says developing a customer service training program doesn’t have to centre on videos and that assigning a ‘mentor’ to assist new employees navigate the workplace can be a benefit.

 

“The other thing to think about as you bring new people onboard is to provide them with stories featuring examples of great customer service,” says Frank. “Sometimes, the best way to train someone is often through storytelling. People learn by examples.”

 

 

The Essentials of Customer Service Training

 

  1. Product Knowledge: Comprehensive product knowledge enables them to answer customer queries, provide valuable insights, and recommend suitable solutions.
  2. Effective Communication Skills: Clear and concise communication is a vital skill in good customer service. Training should focus on teaching employees how to communicate complex information in a way that customers can easily understand. 
  3. Problem-Solving Abilities: Employees need to be equipped with strong problem-solving skills to address customer issues efficiently. This includes not only finding solutions but also preventing similar problems from arising in the future.
  4. Time Management: Customer service training should include time management skills to ensure that customer needs are met promptly without compromising on quality.
  5. Emphasis on Quality: Employees must prioritize delivering quality service that reflects the company's commitment to excellence.
  6. Personalized Service: Training should emphasize the importance of understanding each customer's unique requirements and finding ways to meet them effectively.
  7. Crisis Management: Training should include scenarios to prepare employees for managing unexpected challenges.
  8. Continuous Improvement: Regular training and feedback loops are essential for continuous improvement.

 

 

Benefits of Effective Customer Service Training

 

  1. Enhanced Customer Satisfaction: Well-trained employees can address customer concerns with confidence, resulting in higher levels of customer satisfaction. Happy customers are more likely to become loyal customers.
  2. Customer Retention: Satisfied customers are more likely to return for repeat business. This reduces the need for costly customer acquisition efforts.
  3. Positive Brand Image: Exceptional customer service contributes to a positive brand image. When customers receive excellent service, they're more likely to recommend your company to others.
  4. Competitive Advantage: In a crowded manufacturing industry, excellent customer service can be a unique selling point. It sets your business apart from competitors who may focus solely on the product.
  5. Increased Sales: Happy customers are more likely to make repeat purchases and buy additional products or services, resulting in increased sales and revenue.
  6. Reduced Costs: Effective customer service can lead to a reduction in customer complaints and returns, which can lower operating costs.
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The one constant thing business owners can count on is change, something the last three years have clearly shown.

 

But as business leaders continue to navigate in a changing economy shaped in the aftermath of the pandemic, many have not taken a moment to appreciate how resilient they’ve become.

 

“A lot of people haven’t been able to validate how many changes they’ve had to make doing business, and the transitioning and pivoting,” says Tracy Valko, award-winning mortgage broker and owner of Valko Financial Ltd. “They haven’t been able to look at their business, their goals and what they value in life and take the time to realize how resilient they’ve been.”

 

Tracy says in particularly, women business leaders are less likely to appreciate themselves and what’ve they been through and hopes to help rectify that by leading an informative and interactive workshop at our Women Leadership Collective Breakfast Series: Resilient Mindset later this month at Langdon Hall.

 

“I still see so many women spending time second guessing their skill sets,” she says, noting men seem to have more resiliency and forgiveness for themselves when it comes to pivoting in business. “Women spend more time judging themselves, thinking ‘maybe I shouldn’t speak up because someone’s going to say something’. I think in this world, especially now, women have to stand their ground and come together to support each other.”

 

At our Women Leadership Collective event Tracy will provide strategies for women to become more resilient by offering them a look inside what she refers to as her ‘resilient toolbox’ and share personal stories of what she has gone through creating a successful business over the course of the last 25 years. Besides being named one of Canada’s top individual brokers, she is also a published author and motivational speaker.

 

“I will provide a lot of different affirmations of ways to look at resiliency,” says Tracy, referring to her presentation. “A lot of people just don’t take the time to appreciate how far they’ve come and be able to pivot very quickly in an ever-changing world.”

 

Click here to learn more, or to register for our Women Leadership Collective Breakfast Series: Resilient Mindset which takes places Wednesday, Nov. 29 from 9-11 a.m. at Langdon Hall.

 

Tips about a resilient mindset

 

Embracing Change and Uncertainty

A resilient mindset begins with the willingness to embrace change and uncertainty. 

 

Learning from Failure

Failure is a common part of life, and a resilient mindset allows us to see failure as a valuable teacher. 

 

Cultivating a Positive Mindset

Resilient people focus on the positive aspects of a situation and avoid dwelling on the negative. 

 

Building Strong Social Connections

Resilience is not a solitary endeavor. Building and maintaining strong social connections is a crucial aspect of a resilient mindset. 

 

Setting Realistic Goals

While having big dreams is important, setting smaller, attainable milestones helps build confidence and motivation. 

 

Practicing Self-Care

Resilient individuals recognize the importance of taking care of their physical and mental well-being. 

 

Adaptability

Those with resilience are not rigid in their thinking and are open to new ideas and solutions. They can adjust their plans as circumstances change and are willing to try different approaches to achieve their goals.

 

Developing Problem-Solving Skills

Resilient individuals are excellent problem solvers. They break down complex issues into manageable steps and work through them systematically. 

 

Seeking Support and Seeking Help -

Resilient individuals are not afraid to seek support and help when they need it. 

 

Maintaining Perspective

In the face of adversity, resilient individuals remind themselves of the bigger picture. They recognize that the current challenge is just a chapter in their life's story and that it will pass, making way for new opportunities and growth.

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