Peterborough Blogs
Voice of Businesss: Businesses Are Optimistic About Themselves But Lack Confidence In the Economy
/Coming out of few rocky years and into another year of economic uncertainty, business confidence has dropped to a new low according to the Ontario Chamber of Commerce’s (OCC) seventh annual Ontario Economic Report (OER).
“Ontario business confidence has dropped to a record low in 2023. Labour shortages, inflation, health care system vulnerabilities, and forecasts of an economic contraction are dampening confidence in the province’s economic outlook,” said Rocco Rossi, President and CEO, OCC. “Only 16 percent of organizations surveyed have confidence in the economy. This is down from 29 percent last year. Promisingly, most businesses feel confident they can withstand these headwinds and continue to grow in the year ahead.”
The Ontario Economic Report is an interactive report with regional and sector-specific data on business confidence, public policy priorities, regional forecasts, and timely business issues such as employee health and well-being, climate change, succession planning, diversity and inclusion, reconciliation, and remote work.
Key highlights of the report include:
Business confidence has dropped to a new low, with only 16 per cent of organizations expressing confidence in the outlook of Ontario’s economy in 2023 (down from 29 per cent in 2022).
Inflation and labour shortages are primary concerns for organizations.
Despite low confidence in the economy, 53 percent of businesses are optimistic about the outlook and growth prospects of their own organizations, as high employment rates and population growth should prevent a sharp decline in consumer spending.
Small businesses want governments to prioritize policies and programs that support their immediate financial and operational challenges, while large businesses are more interested in broader workforce development and health care issues.
Labour shortages are directly impacting most employers and 87 per cent of large businesses. Shortages are especially acute in education, construction and accommodation and food services.
Businesses appreciate the importance of employee health and well-being, diversity and inclusion, economic reconciliation and climate action – but there are notable gaps in addressing them.
After experiencing two years of employment growth of 2.4 per cent in 2021 and 3.8 per cent in 2022, employment in our region of Muskoka-Kawarthas is forecasted to grow by only 0.2 per cent next year. For our region, 51 per cent of businesses reported feeling confident in their own organization, 32 per cent were neutral and 13 per cent were not confident. These numbers show an increase in confidence in their own organizations over 2021 when 18 per cent reported not being confident. Despite this optimism, local businesses feel less confident in the Ontario economy than the provincial average.
Locally, our top 10 policy priorities are:
Invest in broadband internet infrastructure – 50 per cent
Reduce/simplify business taxes – 44 per cent
Encourage Ontarians to buy/travel locally – 44 per cent
Invest in workforce development – 35 per cent
Address health care system capacity – 34 per cent
Support businesses with energy costs – 32 per cent
Strengthen local supply chains, industries, and manufacturing – 31 per cent
Expand/improve access to mental health and addictions programs and services – 27 per cent
Enhance access to credit/capital – 25 per cent
• Support businesses with technology adoption – 22 per cent
“This year’s OER makes it clear that leaders in the public and private sectors must invest strategically in productivity, resilience, and long-term growth,” said Claudia Dessanti, Senior Manager, Policy, OCC. “Unsurprisingly, labour shortages continue to dominate as a source of concern directly impacting most employers and 87 percent of large businesses. Shortages are especially acute in specific sectors such as education, construction, and accommodation and food services.”
The seventh annual OER offers unique insights into business perspectives across Ontario. It is informed by data from the annual Business Confidence Survey (BCS) and economic forecasts for the year ahead. The BCS was conducted online from Oct.18 to Nov. 30 last year, attracting responses from 1,912 organizations across Ontario.
Check out the Ontario Economic Report here.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: It’s Time to Take a New Look at Getting Goods to Market
/When all is running well, supply chains operate largely invisible to consumers.
Most of the time the massive choreographed dance of production, ships, ports, rail, trucks, planes, warehouses, couriers, border crossings, delivery systems, and 820,000 Canadians works relatively seamlessly, moving $1 trillion in goods. Your local business either already has the product you’re after or is able to get it to you in short order.
But all that changed in recent years as the words ‘supply chain’ entered our common lexicon as we talked with businesses, friends, and co-workers. We shared the common frustration of not being able to get the products we want when we want them.
Some of what led to these challenges has largely been resolved, like public health shutdowns and closed borders. Like many things, the pandemic accelerated issues the industry was already facing. Meanwhile, the world changed dramatically.
A report titled ‘A time of renewal for Canada’s supply chains’ from KPMG and the Ontario Chamber of Commerce delves into the challenges facing the industry and how it can get back to invisibly running in the background.
The report notes that current risks for governments and businesses include:
Chronic underinvestment in supply chain modernization
Continued risk-laden dependence on single suppliers
The need to innovate amid soaring goods and services costs
Evolving and ever-increasing consumer expectations
Ongoing labour shortages and skills gaps
KPMG’s 2022 Global CEO Survey reveals a total of 55 percent of leaders agreed or strongly agreed that supply chain risks will have an impact on their business over the next three years.
One key area they highlighted is that governments need to collaborate with each other in new ways to reshape supply chain capabilities and mitigate risk in the global digital economy. This includes innovative trade agreements, investments in infrastructure, and the re-orienting of supply chains amid over-reliance on individual nations such as China.
Nearly three quarters of global CEOs agreed that access to capital for new investments in their supply chain is having an impact on their business. The report makes continued references to the need to spend time and money on innovation. Rather than putting band-aids on the current system, we need to take a hard look at new ways to provide consumers with the goods they want.
The industry is moving away from a ‘just-in-time’ to a ‘just-in-case’ mindset. Saving money through single-supplier relationships has made the supply chain rigid, resulting in inefficiency and vulnerability.
The report pushes the need to foster and accelerate digital technology adoption to increase supply chain visibility, become more efficient, manage rising costs, and meet consumer expectations.
There are also issues around people’s expectations. Without some serious investment and innovation, our supply chain is struggling with the flexibility, speed, and reliability necessary to meet the standard that Infinite choice and instant delivery have set.
Like many sectors, the supply chain network is struggling to attract and retain workers with the skills they need. Answers lie in upskilling, reskilling, and automation.
Our economy and the standard of living we have come to enjoy require that the public and private sectors modernize our supply chain through innovation and strategic investments. These issues aren’t going away on their own. The time to invest is now.
Read the full report online.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: First-in-a-Generation Labour Market Shift Leaves Jobs Vacant
/Workers hold a level of bargaining power not seen in a generation as labour shortages are creating pressure on wages, working conditions and benefits. Many employers and employees alike have not encountered a labour market shift like this. Employers will need to continue to be flexible in negotiations in order to fill vacancies.
For the last 40-odd years, employers held the market over employees as inflation rates soared during the 1970s and 1980s and industries found cheaper alternatives through offshoring, especially after China joined the World Trade Organization in 2001. Because of these shifts, workers struggled to find jobs and wages were suppressed as employers held most of the bargaining power. As a result, companies found it easier to hire and retain. That is not the case, however, in today’s working environment.
According to Statistics Canada’s December Labour Survey, more Canadians are working or actively seeking work. The rate of workers aged 15 or older has been rising year-over-year by about 3 per cent, the unemployment rate dropping by 0.1 per cent to 5 per cent, and employment increasing by 0.5 per cent. Regardless of these statistics, more than one-third of Canadian employers are expected to face labour shortage issues in the next few months to years due largely to the rapidly aging working-age population.
As our aging workforce begins to retire, job vacancies in our country are at an all-time high. Despite the trends in our neighbouring country to the south, Canada’s workforce has not seen the same ‘Great Resignation’ trend. More than 1 in 5 workers in Canada are between 55-64 and from 2016 to 2021, the number of those 65 and older increased by 18.3 per cent to 7 million according to another Statistics Canada report. Our labour market shortage isn’t caused by the ‘Great Resignation,’ but rather by the ‘Great Retirement.’
Employers and industries that are struggling to fill vacancies will need to adapt their reopening and rehiring plan to offer more lucrative and competitive wages and benefits. The early pandemic shifted the mindset of workers as mass layoffs and hiring freezes caused many to reevaluate their work and worth. Now, according to this article from Ranstad, these are the top items employees are seeking in the post-pandemic world:
Flexible work-life
Having the ability to set their own schedules
2-3 working from home days
Recognition and reward
Celebrating ‘small wins’ and showing appreciation for the employee
Opportunity for growth
Additional training following years of pandemic working
Salary increases
Shifting of responsibility
Resources for remote work
Funding or resources provided for home office setups
Empathetic Leadership
Accommodative and supportive leadership with a focus on mental wellbeing
Safe workspaces
PPE and health and wellness programs to keep teams happy
Workplace culture
Collaborative projects
Team building initiatives
Effective communication
Luckily for employers, there are still tons of options and assistance for hiring and training staff in our increasingly post-pandemic economy and employment agencies across Peterborough and the Kawarthas are eager to help fill voids.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: Pharmacies Treating Common Ailments
/Pharmacists can now help treat some common ailments, saving you a trip to your doctor’s office. The Peterborough and the Kawarthas Chamber of Commerce helped make this happen.
The province announced a new healthcare initiative, expanding the role pharmacists play in patient care. The growing portfolio of pharmacists is something the Chamber of Commerce has been lobbying toward for some time.
In 2008, the Peterborough and the Kawarthas Chamber developed a Policy Resolution titled “Addressing Access Bottlenecks to Primary Health Care.” While the document suggested several strategies, the first outcome was the Provincial Government approving Pharmacists to administer flu shots in 2012. Now, Ontario pharmacists can renew prescriptions for most medications and offer prescriptions for common illnesses and conditions.
Last month, they began prescribing the COVID-19 treatment Paxlovid.
Pharmacists can now offer prescriptions for:
hay fever (allergic rhinitis)
oral thrush (candidal stomatitis)
pink eye (conjunctivitis; bacterial, allergic and viral)
dermatitis (atopic, eczema, allergic and contact)
menstrual cramps (dysmenorrhea)
acid reflux (gastroesophageal reflux disease (GERD))
hemorrhoids
cold sores (herpes labialis)
impetigo
insect bites and hives
tick bites (post-exposure prophylaxis to prevent Lyme disease)
sprains and strains (musculoskeletal)
urinary tract infections (UTIs)
A recent study from the University of Waterloo stated, “more than one-third (34.8%) of avoidable visits could potentially be managed by a pharmacist.”
The Peterborough Examiner reported in 2021 that 11,000 people in Peterborough were without a family doctor and an additional 22 doctors were expected to retire over the next few years.
This expanded role could cut down on clinic and emergency room visits. With an alternative healthcare option for those in need with smaller ailments, this could cause offer some relief to the medical industry.
However, because of the time needed to deliver this service, some of the smaller independent pharmacies in Ontario with limited staff might find this challenging. Patient assessments take time and are not something all locations are equipped to deal with. With growing responsibilities and a worldwide drug shortage on the tail end of the pandemic, many pharmacists have reported staff shortages and burnout. To address this, each location can decide on how they will implement this service. Either a delayed start or on an ailment-by-ailment basis.
This service is free for Ontarians with a health card.
For the full news release from the Premier’s office, visit https://bit.ly/ONrelease
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: Increased Investment Needed In Critical Mineral Production
/Demand for critical minerals is expected to increase by 400 per cent to 600 per cent by 2040, according to the report titled Enhancing Domestic Critical Mineral Supply Chains commissioned by the Canadian Chamber of Commerce (CCC) Critical Minerals Council.
Critical minerals — like aluminum, lithium, and nickel — will underpin our push for net zero emissions. They are an essential part of building electric vehicles, solar panels, wind turbines, and many everyday products.
Canada is positioned as a leader in mining both in terms of innovation and access to resources. As demand is set to dramatically increase, the report prompts that Canada needs to act quickly and decisively to address barriers standing in the way of capitalizing on this opportunity. Our county has the potential to increase mining, production and processing of minerals to meet global demand.
The CCC’s Critical Minerals Council is made up of members representing upstream and downstream corporations, academic institutions, and Indigenous associations.
The report notes the foundation for any growth in critical mineral supply chains in Canada is a commitment to reconciliation with Indigenous peoples, which includes meaningful and early engagement with Indigenous governments and organizations from project conception to development and oversight.
The report contains 14 recommendations, which include:
Incentivize consumers to recycle end-of-life products with critical mineral content
Increase the scale and awareness of exploration grants
Accelerate clean energy projects
Provide targeted infrastructure investment
• Support focused research and development
Read the full list of recommendations in the report: Enhancing Domestic Critical Mineral Supply Chains.
There are valid criticisms of the mining industry, including its impact on climate change. However, demand is increasing. As a nation, we need to work with Indigenous and climate stakeholders to be leaders in environmentally and socially responsible mining practices.
Producing critical minerals domestically allows the industry to provide products for global demand under the environmental, labour, and economic scrutiny we set up, rather than relying on producers like China.
Increasing our recycling capacity and opportunities will play a big role in moving forward, but our move to net-zero emissions and global demand for electronics will require a significant amount of mining.
According to the report, electric vehicles require a far greater quantity and breadth of critical minerals than conventional fossil fuel-burning vehicles. According to the International Energy Authority, it takes about 200 kg of critical minerals to produce a typical electric vehicle. These include lithium, nickel, cobalt, graphite, rare earth elements, copper, and manganese. China currently dominates the lithium-ion battery market, producing about 75 per cent of global anode and cathode production.
Alternative energy productions also require large amounts of critical minerals. Solar panels require a large array to produce absorbent and conduction layers and module frames. Wind turbines require large amounts of copper, rare earth elements, and aluminum for cables, electrical components, coils and permanent magnets.
Our government recently introduced the Canadian Critical Minerals Strategy, which largely aligns with the report from the CCC. The future of our plans to aggressively reduce our greenhouse gas emissions and meet the targets we have set relies on our government working with industry to responsibly and sustainably increase our mining and improve our critical mineral supply chain to become global leaders in this sector.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: Investing in Workforce Resources
/The single biggest hurdle for many businesses is rebuilding their workforce, especially in service sectors like tourism, retail, food service and hospitality.
Rebuilding our local economy will take years and a series of calculated investments from the private sector. According to the Canadian Chamber of Commerce Canadian Survey on Business Conditions Report, Q3 2022, 39 per cent of respondents identified recruiting skilled employees as an obstacle to business over the next three months, 37 per cent listed a shortage of labour force and 31 per cent identified retaining skilled employees.
Access to thorough, accurate and no-cost labour information and expertise will help businesses adapt, influencing our economic growth.
Our local Workforce Planning Boards are an indispensable partner in rebuilding our workforce. Locally, the Workforce Development Board has been providing workforce resources for 26 years. They bring direct experience in identifying and addressing labour market and workforce development trends, opportunities and priorities within their catchment areas. Local businesses regularly use resources like the Local Jobs Hub and Labour Market Information Help Desk. The annual Local Labour Market Planning Report provides crucial summaries of key data and qualitative feedback gathered through consultation and collaboration with industry, businesses, training and employment service providers.
Right now, businesses are looking for data and expert advice on providing competitive compensation, investing in career ladders to retain staff, and labour market information regarding planned growth — all of which is available for free from the Workforce Development Board.
Our local Workforce Development Board is one of a number of Workforce Planning Boards across Ontario — all of which are facing the same challenges. In order to provide local labour market information, service coordination and public education, Workforce Planning Boards need more sustainable funding. Operating on one-year contracts on budgets that have decreased over the years has made it difficult to recruit and retain talent to provide these services.
Together with Chambers of Commerce and other business-focused organizations, we issued a letter of support to Monte McNaughton, Minister of Labour, Immigration, Training and Skills Development requesting:
An increase in funding for each Workforce Planning Board by a minimum of $120,000 per fiscal year
An increase in the length of funding agreements with Workforce Planning Boards to three years
Additionally, the Peterborough and the Kawarthas Chamber of Commerce will be submitting a policy resolution on this subject to the Ontario Chamber of Commerce to potentially become part of their advocacy efforts.
Workforce challenges are one of the biggest barriers to economic growth in Ontario. It is essential that businesses, non-profits and charities have access to as many workforce resources and tools as possible. After years of funding cuts and precarious one-year funding agreements, now is the time to re-invest in our Workforce Planning Boards with increased funding and three-year contracts.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: Supporting Economic Growth In Uncertain Times
/Heading into a new year with new challenges, it’s a good opportunity to reflect on this last year and see where we can go from here.
The Ontario Chamber of Commerce (OCC) released its own report on this topic, titled Supporting Economic Growth in Uncertain Times.
What have we learned?
A predictable and stable policy environment underpins business confidence, prosperity and economic growth. This includes economic strategy that raises up those sectors and regions that didn’t fair so well.
We’ve learned that we need a more resilient workforce that is inclusive of everyone and all abilities. This includes addressing backlogs and processing delays in immigration that have resulted in a wait list of more than 2.4 million applications.
Recent years highlighted decades of underinvestment in strategically important areas, including healthcare and infrastructure.
What can the government do now?
Government is the architect of the ‘industrial commons,’ that ecosystem of public goods in which citizens, communities, and businesses can thrive. We need a long-term strategy to invest in common components that are key determinants of growth, including health care, education and training, R&D and innovation, and infrastructure (particularly digital and climate-resilient infrastructure).
At the same time, the government must protect its investments by reducing the barriers to growth – outdated legislation, policy and regulation, an inefficient and overly complex tax system, and obstacles to interprovincial trade and labour mobility.
Economic growth should involve clear consultation and two-way communication between government and the private sector. It should not be up to industry to push the government into the future rather, both should be equally invested and united in the pursuit of growth and prosperity.
Mainly, the government needs to act in ways that are predictable, accountable, strategic, measurable, outcomes-focused and coordinated.
The OCC has identified critical areas that must inform the government’s strategy for economic growth, including:
Develop policies that support small businesses and Ontario’s entrepreneurial spirit, including enhancing access to capital, developing and scaling training for digital literacy skills, and investing in reliable broadband connectivity.
Be bold on interprovincial trade and enhance labour mobility between provinces.
Modernize regulation that supports recovery efforts, including creating an independent panel to regularly run an evidence-based evaluation of outcomes and unintended consequences of a new regulation.
Foster an inclusive workforce that leverages Ontario’s diversity and increases our immigration intake. Our government must prioritize economic reconciliation by supporting Indigenous partnerships, procurement, education, employment and entrepreneurship.
Invest in growth-enabling infrastructure, from roads to housing, that is climate resilient, energy efficient, and informed by smart planning principles to ensure population and economic growth can be supported for decades to come.
Prioritize innovation through procurement and policy action on technology transfer and adoption, commercialization, and capitalization. The government should encourage data-driven innovation while protecting against potential risks and support a Canadian intellectual property strategy.
If nothing else, we’ve learned a lot in recent years. Next year is going to bring some challenges, but it’s largely rooted in the challenges businesses are currently facing. What we need our governments to do is use that knowledge to create a thorough, sustainable plan that supports our private sector in growing our economy and investing in our communities.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: Comprehensive Strategy Needed For the Tourism Sector
/The tourism industry in Ontario needs a comprehensive strategy that addresses workforce development, regulatory burdens, infrastructure deficits and regional disparities.
That’s the push from the Ontario Chamber of Commerce (OCC) and the Tourism Industry Association of Ontario in their The State of the Ontario Tourism Industry Report released Dec. 13.
In November we addressed the executive summary that was released earlier, but the completed report takes a deep dive into the issues holding back the tourism sector and drives home the need for the government to create a thorough strategy for it.
Tourism is a vital sector in the provincial economy and is critical for economic recovery.
While domestic and inbound tourism improved in the second half of 2022, the industry is not expected to fully recover from the pandemic until 2025. With rising concerns over a looming recession, cost of living and spending habits, the sector requires a path forward that addresses the ongoing impacts of COVID-19 border closures, capacity restrictions and structural issues.
The report highlights some bleak findings, including that four in 10 tourism operators forecast profitability in 2024 and beyond, and that tourism businesses have accumulated soaring debt to remain financially viable during the pandemic.
While nature-based tourism is having more success compared to its urban counterpart, the rural aspect of it creates more issues with accessing labour. Many tourism employers are in beautiful wilderness areas where nearby housing options are largely waterfront and custom homes, both of which are a bit too pricey for many service sector workers. Attracting people from more suburban locations requires access to a car, which creates barriers in terms of travel time and expenses. With so many service sector businesses hiring closer to where the majority of people live, rural tourism employers need to attract workers who have a passion for the industry and working in the Kawarthas.
Access to a workforce with the skills, experience, and availability needed is one of the biggest challenges holding the tourism business back right now. Suggestions in the report include:
Re-conceptualizing how people view tourism careers
Optimizing work placement opportunities for post-secondary students
Reforming immigration to retain international students and reliably attract international workers that meet the needs of the industry
Consistently promoting job-ready skills in the high school curriculum
Ensuring that decision-making is data-driven and specific to each locality and region
The report itself lays out a detailed analysis of barriers in the tourism sector with a tangible set of recommendations on each issue. It’s divided into four sections: economy, labour, infrastructure and the future of tourism in Ontario. The key issues and recommendations discussed speak to themes of labour gaps and instability, the uneven pace of economic recovery, red tape, the housing crisis, connectivity, transportation networks, investment attraction, destination development, economic growth, and sustainability.
The report concludes that in order for Ontario’s tourism industry to grow, attract investment, and remain resilient, we must address the economic, labour, and infrastructure barriers impeding the full potential of the industry.
The beauty of the Kawarthas and opportunities to explore it will continue to draw visitors to our region. Investing in a robust tourism sector with a clear and progressive strategy will help us make the most of what we have to offer, giving visitors a better experience and building stronger local communities.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
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Voice of Business: Addressing Our Broken Links
/Businesses that adopt technology tend to be more productive, competitive, and resilient.
Many businesses have invested considerable time and money into new technology in recent years through necessity and rapidly changing consumer habits however small businesses are struggling to keep up with larger businesses in the digital world. This is especially true for rural and traditional brick-and-mortar businesses. Larger, urban businesses have more access to the resources, skills, and bandwidth they need.
Claudia Dessanti, Senior Manager of Policy at the Ontario Chamber of Commerce (OCC) took the time to thoroughly research the subject with a new report titled Broken Links: Driving Technology Adoption within Ontario’s Small Businesses.
The right tools can help businesses improve productivity, improve customer engagement, reach new markets, and grow. In a time when many employers are having to make due with less-than-ideal staffing levels, technology can improve efficiency and allow them to make do with less.
Examples of digital technologies commonly used by small businesses include:
E-commerce websites/platforms
Digital payments systems
Cloud computing services
Search engine optimization
Project management software
Inventory management software
Digital collaboration tools
When surveyed by the OCC, small businesses across Ontario identified three main barriers to digital adoption:
Capital costs required - 51 per cent
Access to technically skilled workers - 42 per cent
Broadband connectivity - 35 per cent
The Peterborough and the Kawarthas Chamber of Commerce has been pushing to reduce these barriers over the years. We are currently running the local Digital Main Street program which includes free access to local experts on our Digital Service Squad. They are available to help businesses work through their digital challenges and create plans to help get where they want to be. They are also able to help businesses apply for grants, including the Digital Transformation Grant and Canada Digital Adoption Program. For more details on this, reach out to Clarance D’Silva at clarance@acorn30.com.
In her report, Dessanti lays out nine key recommendations:
Access to Resources:
Broaden eligibility for technology adoption programs to include non-profit organizations.
Make it easier for small businesses to access digitization supports.
Improve access to private capital and credit for small businesses.
Access to Skills
Develop and scale successful digital training programs for small business owners and employees.
Build more inclusive digital training programs.
Expand work-integrated learning programs and incentivize smaller employers to participate in them.
Broadband
Continue to prioritize and accelerate the rollout of broadband across Ontario.
Address inefficiencies and barriers to private sector broadband investments.
Explore “dig once” strategies, future-proofing of digital infrastructure, and opportunities for better data sharing around broadband gaps.
