20/CANADIAN HR STRATEGY
B
ack in 2012, Canada was given a "B" grade
for labour productivity, ranking fth out of
16 countries, according to the Conference
Board of Canada. And the growth of labour
productivity — measuring the amount of
goods and services produced by one hour of
labour — had been lower than that of the
top countries for many decades, hurting in-
ternational competitiveness.
Those lagging levels were cited by Scotiabank CEO Brian Porter
recently when he spoke during the company's annual shareholders'
meeting in April, stating that, ultimately, it's up to the private sector
to provide the necessary boost.
"Instead of focusing on quarterly results, companies and investors
should focus on value creation over the longer term. While longer-
term thinking is important for all business leaders, it's also impor-
tant for political and community leaders."
Federal and provincial governments need to focus on free and
open trade, says Porter, as well as building up Canada's economic
infrastructure and increasing productivity.
"Productivity is the most important determinant of a country's
per capita income over the long term," he says. "And yet, Canada's
Canada is lagging – and the private
sector can help: Scotiabank CEO
By Liz Foster
Pushing
for Productivity
PHOTO:
LIGHTSPRING/SHUTTERSTOCK
