Retain young talent to achieve growth, economic summit told

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This article was published 27/04/2024 (705 days ago), so information in it may no longer be current.

Business owners need to create a work culture that will retain young talent and bolster economic prosperity, Canada West Foundation director Janet Lane said at the Manitoba Economic Summit, hosted by the Manitoba Chamber of Commerce on Friday at the Keystone Centre.

Lane acknowledged the challenges of youth migration as a major barrier to economic growth, but tasked entrepreneurs to embark on a strategic journey aimed at retaining them.

“It’s essential to focus on fostering a supportive work culture, offering advancement opportunities and enhancing community engagement,” she told the entrepreneurs at the event. “Highlighting Manitoba’s positive attributes, such as affordable housing and safe communities, can help attract and retain youth.”

Engaging youth in decision-making processes and leveraging their creativity and innovation, she said, is key to developing effective solutions, adding initiatives like community-building apps and youth-led projects demonstrate the potential for youth involvement in shaping their communities.

“Understanding the complex interplay of economic, social and cultural factors is vital for addressing youth migration patterns,” she said. “By creating opportunities, fostering a sense of belonging and showcasing Manitoba’s strengths, we can work towards retaining and attracting talented individuals to contribute to the province’s prosperity.”

The summit also ignited discussions on strengthening the province’s economic competitiveness.

One standout panel, moderated by Michael Woelcke, CEO of Arctic Gateway Group, featured perspectives from industry leaders Carly Edmundson, president of CentrePort Canada Inc., Marcel Kringe, founder of Bushel Plus Ltd., and André Brin, president of World Trade Centre Winnipeg.

The panel delved into the opportunities and challenges facing Manitoba entrepreneurs, shedding light on strategies for national and international expansion.

Edmundson emphasized the importance of identifying high-potential markets, citing CentrePort’s collaboration with companies like Autopia targeting the Chinese market.

“It’s important to leverage your community for insights and advice, including organizations like Economic Development Winnipeg and the World Trade Centre,” she said.

Kringe underscored the necessity of patience and cultural understanding in international expansion, advocating for utilizing resources like Export Development Canada and CanExport grants.

Brin emphasized the need for comprehensive market research and support for local businesses to overcome competitive barriers.

“Accessing market research data, such as what the competition looks like and current spending trends, is crucial,” he said. “It’s about understanding the market’s nuances and being willing to adapt your strategy accordingly.”

Challenges discussed included the recognition of foreign credentials and health-care accessibility, highlighting the importance of talent retention for sustained business growth.

“There’s a need to streamline processes for newcomers to utilize their skills effectively,” Kringe said. “Issues like health-care accessibility can impact talent retention, which is vital for business growth.”

Regarding barriers to competitiveness, Edmundson said infrastructure plays a critical role in businesses’ ability to compete globally.

“We need to ensure our transportation infrastructure is up to par to facilitate efficient trade. Moreover, we must address issues like workforce development and celebrate our local entrepreneurs to inspire future generations.”

In an interview with the Sun, Economic Development Minister Jamie Moses emphasized Manitoba’s appeal to investors, citing clean energy, robust transportation infrastructure and a skilled workforce as key attractions.

“In Manitoba, we offer numerous attractions for investors. Our clean, baseload hydro power provides 99 per cent clean electricity,” Moses said. “We boast one of the leading transportation hubs in the country and North America, highlighted by our CentrePort and investments in the Port of Churchill to become a maritime province.”

He added: “Our strong agricultural sectors, advanced manufacturing and skilled workforce further enhance our appeal.”

The summit also saw the appointment of Beverlie Stuart as the new chair of the Manitoba Chamber of Commerce, along with other board members like Karly McRae, Vince Barletta, Michael Boucher and Michelle Kuly, signalling a commitment to advancing Manitoba’s economic interests.

“The Manitoba Economic Summit provided a platform for stakeholders to address the opportunities and challenges facing the province’s entrepreneurs,” Stuart said. “By leveraging local resources, fostering innovation and addressing barriers to competitiveness, Manitoba aims to position itself as a leader in the national and international arena.”

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