The 3 Roadblocks To Growth, According To Canadian CEOs
Nearly 300 Canadian CEOs participating in a recent survey by Chief Executive Group and MacKay CEO Forums listed the Canadian economy as their top-of-mind issue—that’s two-thirds of all those who participated in the survey, making it the #1 concern for business chiefs across the country, regardless of sector, size, region or any other demographic data.
Not far behind: “Federal politics / policies,” with 51 percent of the votes, tied in second place with “Talent recruiting, development and retention.”
The cost and availability of labour was close behind, in fourth place, with half of the polled CEOs marking it as a top consideration these days.
“Our biggest challenge is LABOUR followed by LABOUR,” said one of the participating CEOs.
That is substantiated by the fact that 60 percent of those polled said “Retaining and engaging employees” is a priority going into 2025—the #1 ranking answer on the list.
Those priorities, CEOs say, are based on expectations that there will be more than one interest rate cut by the Bank of Canada before year end, that inflation will continue to slow and that there will be a changing of the guard in Ottawa in the near future.
When we asked CEOs what could change their strategic direction and impede their ability to meet targets over the coming months, a reversal on trending-down inflation data and, as a result, a hold on interest rates and softening consumer demand, were the top three items on the list.
Policy Do’s and Don’ts
When asked specifically about the federal, provincial or local policies that are either hurting or helping businesses, more than three-quarters (79 percent) said taxes were the top detractor to growth for Canadian companies.
Environmental regulations (58 percent), immigration (55 percent) and labour/employment regulations (52 percent) rounded out the top four items hurting Canadian businesses, according to the CEOs polled.
When asked about trade policies, 67 percent of CEOs said they felt neutral about them (perhaps because 75 percent of respondents have little to no exposure outside of Canada, according to the survey), and 53 percent also felt neutral about healthcare plans.
About Chief Executive Group’s Canada CEO Confidence Index
Chief Executive Group polls hundreds of U.S. CEOs, CFOs, CHROs and board members throughout the year to build our CxO Confidence Index series. The Index provides insightful data into business trends and what will likely shape strategies for the year ahead. In August 2024, we expanded the series to Canada, with this first Canada CEO survey, which we conducted in partnership with MacKay CEO Forums.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
