p.p1 Global Business Environment Trends in Global Business

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Canada in Ever-Changing Global Business Environment
Trends in Global Business Environment Around the World
Experiencing Culture as a Whole
With Globalizations our economies are becoming more intertwined, political trends are spreading, and media keep us all connected. With all this happening in the world, we are now seeing and experiencing the culture as a whole rather than as separate parts. Different social issues produce complex results. Businesses need to focus on catering to a diverse cultural group rather than culture as a separate unit.

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Talent, Not Degrees
The emphasis, now is on talent rather than degrees. Contingent workers are now a reality. Instead of traditional college degrees. Businesses need to give workers the liberty to create a work life which isn’t limited to 9 to 5. 
      
Globalization, Immigration and Technology
Globalization, immigration and technological changes are taking place at a faster pace now than ever. They are create creating social and economic disparity and dislocating families. 

Entrepreneurs and Innovators
Entrepreneurs and innovators are creating the new things at a fast pace, which is raising business expectations as well.

Sustainability 
Increasingly business, citizens and consumers understand their responsibility towards the—the quadruple promise of people, planet, profit, and purpose. According to the Edelman Trust Barometer, “8 out of 10 people are still expecting business to solve societal problems” Businesses should constantly be investing in sustainable practices and consider practises  which help reach net zero impact.

Privacy and Security
Privacy and security are very current global business scenario. Leaks and hacks are  creating tensions around the globe. Privacy and Security has become a necessity. Customers want assurances from the business that, businesses will keep them secure and own up to it and fix it, If something goes wrong.

Global Business Scenario in Canada
Canada is open to business and business immigrants. There are numerous government projects and incentives intended to relocate businesses to Canada and furthermore to set up new ones. Canadian government encourages entrepreneurship. Working a business in Canada is more productive for you than working your business in the United States, and because of the NAFTA agreement, it comes with geographical advantages as well. Canada nurtures entrepreneurship and welcomes business investment.
 
(Source: Nation Statistics Agencies)

The graph above shows, highest GDP growth rate of 3.7% in the first quarter for Canada, putting it top of the G7 performers, leaving UK languishing alongside Italy at the bottom of the table
The Advantages of Doing Business in Canada

Innovative and Diverse economy is a nation’s most important resource. Canada has a brilliant workforce and is rich in HR talent.  Canada has the best educational framework in the G7.  Canada likewise pulls in the best and brightest from each side of the globe, because of its easy immigration policies  that select very qualified applicants.  90% of immigrants continue to pursue education or training cources classes upon their entry in Canada.  Sources: Citizenship and Immigrant Canada, Facts and Figures, 2007.  

Canada acknowledges the significance of its business group and has made a domain to cultivate entrepreneurial achievements. Likewise, the Economic Intelligence Unit gauges Canada as the #1 place to work together in the G7 for the following five years. 

As Nexus for International Business Opportunities, U.S.: Canada is America’s biggest exchanging partner. European markets provide market to Canada. Probably the most vital fares to the European Union are chemicals, hardware, transport gear, PC gadgets items and minerals. Canada has extraordinary access to Asia-Pacific markets as well.

“Canada is preferred put over numerous nations to climate the worldwide money related turbulence and overall subsidence. Its versatility can be ascribed to three components: First, a reputation of sound macroeconomic strategy administration has left the nation in prime shape toward the start of the worldwide turmoil … Second, the experts reacted proactively to the emergency … Third, the attention on money related soundness” Charles Kramer, Division Chief, Western Hemisphere Department, International Monetary Fund. Walk 2009.Canada’s judicious financial approach, low inflation, interests, and corporate tax framework is the most aggressive in the world.  Consider likewise Canada’s status as a rising energy superpower. Canada has optimal conditions for businesses to proposer and expand

Canadian banks are Banks You Can Bank On. Canadian money related organizations stay strong for the second year in succession, the World Economic Forum’s Global Competitiveness Report has discovered that Canada has the soundest managing an banking framework on the planet. Canada’s very much managed money related foundations, banks, confide in organizations, cooperatives, insurance agencies and stock exchanges, have exhibited stability and competetiveness. Canada’s financial institutions are similarly noteworthy, offering  openings that are both lucrative and secure. 

Canada offers businesses low tax rates (tax advantage). Canada has the lowest tax payroll among the G7 countries.Canada’s corporate income tax rate will fall from 18 percent in 2010 to 15 percent (2012). By 2012, Canada will also have a statutory corporate tax rate advantage over the United States of almost 12 percentage points.
NAFTA Advantage Canada’s NAFTA advantage position gives investors access to more than 443 million consumers and a consolidated GDP of more than US$15.4 trillion. Smart Borders Fast and effective trucking, railroads, shipping and air administrations link the two nations. The North American Free Trade Agreement (NAFTA) gives unparalleled access to the whole landmass. NAFTA uncovered the genuine potential for Canada-Mexico-US exchange and introduced another period of financial combination. Canada and the US stay each other’s biggest exchanging partner.

Transportation Advantage Canada has modern framework and a profoundly created transportation arrangement.

Equality and Multiculturalism 
Canada is one of the largest countries in the world. It’s in top amongst the G7 countries which provides equal opportunities for both immigrants and residents. Canadians are very welcoming towards immigrants from all over the world. It is a representative of ethnic groups around the world. Creating, one of the world’s most culturally diverse and multilingual societies, with over 200 languages spoken. Canada is also a world leader in integrating newcomers.
Canada excels in numerous sectors, as varied as our vast country. As one of the world’s most competitive investment locations—with regional clusters of industrial excellence and indispensable connections to global value chains—Canada offers clear advantages for the sophisticated investor seeking fresh opportunities. Canada has created a unique business environment that allows companies to grow on the world stage. To attract the best talent, Canada has focused its policies, business incentives and university support around key industries.
Canada’s diverse environment helps in the following way
Research shows that diverse organizations make better decisions, and companies with diverse leadership see rewards in their bottom line. A 2015 study by McKinsey and Co., for example, shows that “companies in the top quartile for gender, racial and ethnic diversity are more likely to have financial returns above their national industry medians.” A recent study by the Peterson Institute found that 22,000 companies whose executive management was gender-diverse realized 6-per-cent higher corporate earnings.
Business leaders, both at home and abroad, tell us that the country’s diverse work force makes Canada an attractive partner for investment and trade. As one executive of a high-tech company noted, “I want my team to be diverse, and I know I can get that in Canada.” Research from the Conference Board of Canada shows that businesses operated by immigrant entrepreneurs are twice as likely to export outside Canada and the United States, and not necessarily to their country or region of origin.
But despite all this anecdote and evidence, it’s not clear that business leaders, even in today’s knowledge-based economy, truly embrace diversity of thought, experience, gender and ethno-cultural background as a key input into an innovative service or product. They understand that they must invest in science and technology, and generate ideas to create value. But is Canada taking full advantage of its rich diversity, will be discussed in the next section this paper.
How Canada can expand Globally 
Even though it’s increasingly clear that multi-cultural societies attract talent and investment, governments too often focus end up reinforcing borders on protecting local monopolies, while businesses keep on failing to see the opportunities that might come with diverse international experience. Having a national strategy to reap the benefits of diversity involves a closer look at policies on labour mobility, taxation, fast-track visas for specialized needs, international research collaboration, foreign credential recognition and bridging,ways to expand young Canadians’ opportunities to study and work abroad.
A diverse work force could be a comparative advantage for us to survive in a highly competitive but slow-growing global economy.
While exports were fuelling Canada’s economic growth in 21st century, in past year Canada has been performing poor due to the following reasons: 1. The strength of the Canadian dollar 2. Poor productivity growth compared with other countries 3. What Canada exports and where it exports.

Canadian businesses are in a dire need to shift their focus from slowly growing, developed countries such as the United States, and toward fast-growing, emerging markets. Country’s future depends on the ability to meet the challenge of high global competition.
Research shows that SMEs have been more successful than large firms at reaping opportunities in global markets. Engaging SMEs in global trade could play an important role in improving Canada’s trade performance, especially in fast-growing emerging markets. It could also help in diversifying trade beyond the manufacturing sector. 

When we talk about globalization we focus on supply chains, disruptive technologies, financial markets and liberalized trade. But globalization is also about connections and connections are all about people: the people who work in those supply chains, innovators who create and use new technologies, researchers who advance science, investors whose choices drive economies and the traders who bring products to market. The access to products and services we all take for granted is a result of opening our borders.
Canadians, who trace their origins to more than two hundred nationalities, should be the model for global connectivity. Canada can be both an example and advocate for a world that values differences, encourages the circulation of talent and ideas, and puts people at the centre of global economic strategies. 
During the course of a year-long study, funded by the Pierre Elliott Trudeau Foundation and supported by several other partners, we conducted statistical research and consulted the business community to explore the link between a diverse workforce and economic returns. An in-depth economic analysis of the Workplace Employee Survey, a Statistics Canada data set covering more than 6,000 firms, in 14 sectors and between 15,000-20,000 employees annually over a six-year period, revealed in almost all sectors, a strong correlation between ethno-cultural diversity and increased productivity and revenue. The correlation was strongest in sectors that depend on creativity and innovation such as cultural industries, technology and business services. In other words, if Canada wants to succeed in the high value-added sectors of the future, then workplace diversity is a valuable contribution and immigration is a must.
To complement the quantitative research, we hosted roundtables in seven cities with more than a hundred of Canada’s leading employers to gain their perspectives on workplace diversity. Executives confirmed what our quantitative data shows: that workplace diversity is good for business. They told us the benefits of diversity included access to a wider talent pool, the innovation and creativity that comes with different points of view, the ability to develop and tailor services for a more diverse group of customers at home, and improved understanding of market opportunities abroad. Many companies said a diverse workforce was key to their success in foreign markets. 
Yet, almost all firms acknowledged they faced challenges in reaching their goal of a more diverse and inclusive workforce. They talked about barriers to inclusion and what kind of policies and practices are needed so that diversity can be harnessed to drive innovation, productivity and global connectivity. They raised issues such as the recognition of credentials or of international experience, reliance on traditional networks, and unconscious bias in hiring. Underemployed highly skilled immigrants are in effect a stranded resource, something we cannot afford, in either economic or social terms.
In a highly competitive world, talent follows opportunity and we need to ensure Canada remains an attractive destination for the world’s top talent. That means supporting talent hubs, inclusive cities that provide not just jobs, but transportation, housing, education, access to recreation and culture to attract and retain highly skilled millennials.
Although our study focusses on the economic results, this is just one element of the diversity dividend. Canada’s diversity and global connections represent a significant global advantage, but one which not all Canadians have fully recognized or leveraged. To realize our potential will require policies that promote a more inclusive society and encourage Canadians to pursue what should be a global vocation. With the world becoming more isolationist, this is the moment for Canada to seize and champion the opportunities diversity represents for us all.

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