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Building a Workforce Through Immigration JUNE 2016 Volume 9 Issue 6 www.cbj.ca IN THIS ISSUE ► Leadership 101 Impactful Innovation What to Look for Don’t Plan Alone And a Portfolio Approach In Your Next CFO Building a Workforce Through Immigration CBJ Speaks with John McCallum, Minister of Immigration, Refugees and Citizenship Editor’s NOTE The topic of immigration is Apparently golfer Phil Mickelson’s career one that is exceedingly vital to earnings on the PGA Tour, plus the millions he’s our country from a socio-economic standpoint, made in endorsements, hasn’t been enough to CANADA’S LEADING which also happens to elicit a wide range of quench his thirst for even more income. Lefty EMAIL MARKETING SERVICE responses, and therein lies the problem when bought himself some stock, but then the U.S. Up to 500 contacts is free forever. it comes to determining how many immigrants Securities and Exchange Commission came call- should be allowed into this country each year in ing, informing Mickelson he had become part of No time limit. No credit card required. order to advance our overall prosperity. As noted an insider trading lawsuit, alleging in court docu- in our cover story, determining the exact number ments that the five-time major winner made of immigrants to maximize efficiency would be nearly $1 million via information that was not like trying to answer the question ‘how wet is publicly available. Mickelson will repay the profits water’? Whether your political leanings are more he earned but will not face criminal charges. to the left or to the right, finding that balance A tip of the hat to the Red Cross, which has in the middle is made that much more difficult raised millions of dollars in support of the evacu- because of people’s perceptions on where the ees from Fort McMurray after the devastating middle ground lies. wildfires, unlike anything ever seen before in this Despite a sluggish economy, and a rather country. The Red Cross has already provided $40 nasty downturn in Alberta, the major banks al- million to towards helping those people purchase ways seem to be able to withstand any storm. groceries and other essentials for living. It’s ex- Royal Bank of Canada, Toronto-Dominion Bank pected the Red Cross managed to raise about BUILD & MANAGE DESIGN & SEND TRACK RESULTS and Canadian Imperial Bank of Commerce are all $115 million by the May 31 deadline. The contri- your mailing list using impressive emails using using our real time our online tools our drag & drop editor reports and analytics topping profit estimates even as the energy in- butions will be matched by both the Alberta and dustry downturn takes a toll on their loan books. federal governments. The fact is, Canada has one of the strongest Did you know?... Preliminary estimates indi- banking systems anywhere in the world, thanks to cate the cost to rebuild the fire-effected areas of excellent rules and regulations that largely shield Fort McMurray will exceed $9 billion. the financial institutions from major meltdowns such as we saw in the United States in 2008. It Angus Gillespie was that sub-prime fiasco that precipitated the @CanBizJournal SIGN UP NOW worldwide recession. FOR YOUR FREE TRIAL eliteemail.com 877 789 3548 CBJ Team Angus Gillespie | Editor-in-Chief | [email protected] Vladimir Lukic | Creative Director | [email protected] Anisa Saeed | Jr. Ad Designer | [email protected] Sameer Kumar | Senior Research Director | [email protected] David Hand | Senior Research Director | [email protected] Don Willis | Research Director | [email protected] Mark Santos | Research Director | [email protected] James Moore | Research Director | [email protected] Element Hotels Jithin Joseph | Research Director | [email protected] chillProductivity can’t be achieved without balance. That’s why we go Naveed Yusuf | Chief Information Officer | [email protected] beyond business tools to offer our guests what they need to stay Stephanie Alexander-Jones | Group Publisher | [email protected] whole, like bikes to borrow, spaces fl ooded with daylight, Relax Michael Alexander-Jones | Chief Executive Officer & President | [email protected] evening wine receptions, healthy grab ‘n go meals and more. Discover the essentials of balanced travel. Contributors | Mark Borkowski, Joe Connelly, Melonie Dodaro, Robin Grant, Dorothy Knight, Exende Sta Reimagine Lance Osborne, Andrea Stairs, Ennio Vita-Finzi Element Vancouver Element Vaughan Book now at elementhotels.com Chandler, AZ Aspen, CO Denver, CO Miami, FL Boston, MA Lexington, MA Hanover, MD Bozeman, MT Fargo, ND Omaha, NE Lebanon, NH Ewing, NJ Harrison-Newark, NJ Calgary, CAN Vancouver, CAN Las Vegas Summerlin, NV New York, NY Dallas, TX Houston, TX #601 - 30 Eglinton Avenue West Vaughan, CAN Suzhou, CHN Frankfurt, DEU Amsterdam, NLD GEORGE MEDIA INC. Mississauga, Ontario | L5R 3E7 © 2016 Starwood Hotels & Resorts Worldwide, Inc. All Rights Reserved. Preferred Guest, SPG, Element and their logos are the trademarks of Starwood Hotels & Resorts Worldwide, Inc., or its affi liates. CANADA Table of CONTENTS JUNE 2016 | VOLUME 9 | ISSUE 6 032 CBJ FEATURES WHERE IS CANADA’S ECONOMY GOING? – By Mark Borkowski 012 LEADERSHIP 101 – DON’T PLAN ALONE – By Joe Connelly 020 IMPACTFUL INNOVATION COMES FROM A PORTFOLIO APPROACH – By Andrea Stairs 026 COVER: BUILDING A WORKFORCE THROUGH IMMIGRATION – By Angus Gillespie 032 Table of CONTENTS JUNE 2016 | VOLUME 9 | ISSUE 6 044 062 In World Business Class we’ll tune into your rhythm CBJ FEATURES ENGLISH LOSING GLOBAL LEADERSHIP – By Ennio Vita-Finzi 044 WHAT TO LOOK FOR IN YOUR NEXT CFO – By Lance Osborne 050 THE EVOLUTION OF PERSONAL BRANDING – By Melonie Dodaro 056 You may cross one or more time zones during your journey. Whatever DEBTOR IN POSSESSION FINANCING IN CANADA – By Mark Borkowski 062 rhythm your body and mind are in, we accomodate our service YOUNG ENTREPRENEURS AWARDED $40,000 IN B.C.’S NORTHWEST 070 to your sense of time. When do you want to sleep? When and what do you want to eat from our menu? Other wishes? We’ll APPAREL AND TEXTILE SHOW – COMING IN AUGUST 074 get it just right for you. Visit klm.ca for more information. Table of CONTENTS JUNE 2016 | VOLUME 9 | ISSUE 6 Business in Action 082 COULD AN EXPENSE REPORT COMMUNICATIONS CBCI TELECOM – Pioneering Leaders in Videoconferencing Solutions 082 EVER WRITE ITSELF? Just imagine hotel bills that automatically get added to your expense report REAL ESTATE GREYBROOK REALTY PARTNERS – Building value for investors, upon check out. Corporate card charges that show up as line items in your partners and communities 096 expense report. And business receipts that upload with just a simple picture. With Concur, it’s all possible. MUNICIPAL CITY OF COLWOOD – A snapshot of nature’s paradise 110 Expense reports that write themselves, just one of the many ways Concur helps TOURISM SASKATOON – Local Treasures, Openly Shared 120 manage your company’s spend so you can focus on the big picture. ENERGY & RESOURCES VICTORIA GOLD – Eagle Gold Project ready to soar in Yukon 130 CONSTRUCTION & ENGINEERED ASSEMBLIES – Uniting the house of design ENGNEERING with the field of construction 144 EXPENSE EXPENSETRATRAVELVEL TRAEXPENSEEXPENSEINVVELOICE INVINVOICETRAOICVELE INVOICE T2 UTILITY ENGINEERS INC. – Raising the bar for Utilities Engineering 154 RECREATION AFRICAN LION SAFARI – Protecting endangered species for more than 40 years 164 Take a free test drive at www.concur.com 2015_04_07_Big Picture Campaign Ad_8.5x11_MIST12437.indd 1 4/8/15 1:26 PM Where is Canada’s Economy Going? By Mark Borkowski 14 15 Where is Canada’s Economy Going? JUNE 2016 « The Canadian Business Journal able to borrow because we still represent a cer- tain degree of security and stability in this world of constant turmoil. Canada is a land full of resources. Unfortunately, many of these resources are non- renewable and when these resources disappear, our ability to secure foreign “investors” will come to an abrupt halt. Slowly, but surely, Canada is being pulled by a maelstrom of forces whose speed is increasing exponentially into a vicious cycle leading to economic demise. A round-table was convened by the C.D. Howe Institute early this year composed of Mark Borkowski prominent business economists to discuss Canada’s economic situation. Needless to say How far are we from being six the tone was both ominous and foreboding. feet under? The degree to which Published under the name “Avoiding a Crisis”, the Canada’s economy is doomed resulting report emphasized that our increasing has been one of great discussion levels of foreign liabilities may result in a sudden and one of varied response. Our end to further investment in Canadian debt. The current situation dictates that the report focused on several key areas of concern. As a nation with a public debt of approximately $1.9 trillion, $800 billion of it comes from and must be A short-term look at Canada’s economic key to our survival depends upon the paid out to foreign investors. willingness of foreign investors to buy prospects revealed some worrying figures. As a more Canadian debt. In essence, the nation with a public debt of approximately $1.9 present system of government has trillion, $800 billion of it comes from and must if we fall from grace, it will be a most painful and make anyone think otherwise. brainwashed us into accepting that be paid out to foreign investors. The province demoralizing experience. Another factor attributed to a lack of enthu- our success hinges on our attracting of Ontario borrows approximately 77% of its Furthermore, the panel does not foresee siasm for our future deals with our continued foreign investors who will help us dig annual debt financing from foreign lenders. Our any sustained rapid expansion and major reduc- structural problems.
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