In pursuit of sustainable productivity through Canada’s greatest asset – our workforce
Canada's productivity has been a topic of discussion since the 1980s. With decades of debate and limited progress, why should business leaders now prioritize productivity as a strategic imperative? And if we are to address this challenge once more, how can we tackle it differently?
As the global economy evolves, Canadian productivity is once again under scrutiny. Experts have pointed to inadequate investment in technology, reliance on low-cost Canadian labor, and a cautious corporate culture as contributing factors.
Productivity efforts have often focused on financial outcomes, assuming that reducing human involvement is key. With over 70% of transformation efforts failing to sustain value and 82% of cost-reduction initiatives in 2023 falling short, enhancing productivity is not about quick savings but about driving meaningful change in leadership, work, and organization.
Unlocking human capital for sustainable growth
Canada leads the G7 in the proportion of the working-age population with college or university credentials. Despite recent challenges to the national consensus on immigration, we remain a destination for diverse talent. Prioritizing human capital in our strategy allows us to leverage a significant yet underutilized Canadian workforce. It doesn't mean making people work harder, longer, or for less. It means empowering employees to work smarter, both individually and collectively, with the right team size and skill sets to succeed.
Effective and sustainable productivity enhancements require Canadian organizations to unlock the full potential of human capital by adopting a comprehensive approach that integrates organizational and workforce levers to ‘find, get, reinvest, and sustain’ productivity savings.
To ensure enduring success, it is vital to adopt a 'save to grow' philosophy that not only achieves cost reductions but also reinvests these savings into essential areas like digital transformation, artificial intelligence, and data literacy. This strategy enables organizations to develop a resilient, future-ready workforce, fostering continuous growth and innovation.
In this publication, we provide valuable insights and actionable recommendations to help enhance productivity through Canada’s greatest asset – our workforce. We discuss proven strategies to transform productivity challenges into opportunities, and share our own story of unlocking new levels of productivity and sustainable value.
