17 Apr 2019

Quebec SMEs Study Reveals Recruiting and Retaining Talent, Digital Shift and Competitiveness at Heart of Concerns

MONTRÉAL, April 17, 2019 – Raymond Chabot Grant Thornton takes the concerns of local businesses to heart and decided to survey 300 SME business leaders to better understand the issues and challenges they face. The study highlights the following: international markets remain under-exploited, recruiting and retaining talent are a concern and the digital shift is essential for sustainability.

Conquering international markets: a huge potential to be exploited

The study reveals that only 10% of businesses carried out international development in the last two years and one in ten SMEs plans on doing so in the next five years. Raymond Chabot Grant Thornton President and CEO, Emilio B. Imbriglio said: “In a globalization era, the international market presents a huge opportunity. It’s astonishing to note that Quebec SMEs focus mainly on local growth, when in fact they now have global access. Local businesses need to take advantage of international agreements put in place by our governments, such as the Comprehensive Economic and Trade Agreement between Canada and the European Union, the newly signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or the new version of NAFTA. They could be better supported, particularly given the fact that 81% of businesses surveyed that have set up operations abroad consider their transaction to have been successful.” This being said, companies are still pursuing growth opportunities: 62% have completed development activities in the past two years; 37% diversified their products and services, 31% created strategic partnerships and 27% entered a new market.

Digital shift: challenges and opportunities

Although the digital shift seems to be a major challenge for Quebec SMEs, only 43% invested in it last year. “You have to invest continuously to remain competitive in a business environment where digital and other technologies are omnipresent,” added Imbriglio.

More broadly, the survey reveals that 41% of leaders do not have the financial means to develop innovation and 51% are not aware of all the financial resources available. Imbriglio stated: “Companies must be given the means to achieve their ambitions in order to invest in innovation. As our firm has been proposing for many years, an innovation tax credit is essential to help them increase their technology investments and enable them to pursue growth opportunities.”

Labour shortage – a key priority

Although businesses are investing in training and development (83%), the greatest challenge is recruiting staff (48%), followed by retention (23%). According to Marc Audet, President of AURAY Sourcing, a Raymond Chabot Grant Thornton subsidiary: “In the context of the current labour shortage, local businesses will have to find creative solutions to fill this gap. One possible approach is to recruit specialized talent from outside the country, since temporary immigration makes it possible to fill key positions quickly across the province. Perhaps some of the funds generated by the Immigrant Investor Program, that are not subsidized by the government, could be allocated to cover part of the international recruiting costs. These small amendments would help support the growth of Quebec businesses.”

For more information, click here or download this document to view the survey highlights and other issues raised by Quebec SMEs (available in French only).

About Raymond Chabot Grant Thornton

Raymond Chabot Grant Thornton is a professional services firm dedicated to the success of organizations and their leaders since 1948. The firm‘s advisors are committed to helping clients thrive by obtaining a deep understanding of what is important to them, their business and their industry. This knowledge, combined with a team of motivated and talented professionals help accelerate growth. A Quebec and Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, Raymond Chabot Grant Thornton boasts more than 2,600 professionals, including approximately 200 partners, working in over 100 offices across the province of Quebec and in the Ottawa and Edmundston regions.

Together with Grant Thornton LLP, another Canadian firm, and the Grant Thornton global organization, our global footprint spans across more than 135 countries with over 53,000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.

-30-

Source:

Francis Letendre
Head, Public Affairs
Raymond Chabot Grant Thornton
Tel. : 514 390-4201
[email protected]

Next article

11 Apr 2019

Once again this year, Raymond Chabot Grant Thornton is a partner of the Grands prix de la relève d’affaires of the Regroupement des jeunes chambres de commerce du Québec.

This event celebrates the achievements of its members, young influential, visionary and dynamic entrepreneurs across the province.

Submit your candidacy before May 3, 2019 in one of the 12 categories, particularly for Buyer of the year (Business transfers) sponsored by our firm.

Candidates are evaluated based on their achievements, the relevance of their vision, benefits for their industry, their involvement in the socio-economic development of Quebec, leadership, innovation and contribution to their industry.

Our firm is proud to be collaborating to the success of young, local leaders who, through their professionalism and determination, contribute to the growth of Quebec and success of its organizations.

The Gala will take place on June 14, 2019. See you there!

Next article

03 Apr 2019

Once again, Raymond Chabot Grant Thornton ranks first among the most admired management and accounting firms in Quebec.

The results were revealed in the annual Léger opinion poll on corporate reputations published in Les Affaires, edition of March 23, 2019.

The poll covered 319 Quebec and foreign companies and the firm ranked 88th overall and leads all accounting firms. Additionally, we’ve improved our showing considerably, moving up from 109th last year. In terms of employer brand, Raymond Chabot Grant Thornton ranks 92nd and, once again, leads accounting firms.

Thank you from the bottom of our heart!

Thank you to everyone who has been placing their trust in Raymond Chabot Grant Thornton for over 70 years! Our firm’s rich history as well as its expertise and credibility are at the heart of its outstanding reputation. The ranking reflects the commitment and passion that drive all of the firm’s professionals and partners to serve clients well and guide them in unlocking their full growth potential.

About the opinion poll

Léger has been conducting the annual corporate reputation opinion poll since 1994. The survey covers over 300 businesses in Quebec and Canada, with 15,000 respondents in Quebec and 30,000 in Canada, in 31 activity sectors, making it the most important public opinion poll on reputation in the country.

To view the survey results, read the Les Affaires article (full article and rankings reserved for Les Affaires subscribers).

Next article

02 Apr 2019

With the growth and success of businesses at heart, once again, Raymond Chabot Grant Thornton stated its position in budget proposals to the federal and Quebec governments.

The purpose of these memoranda is to foster wealth creation and give our businesses the means to achieve their ambitions. As a reminder, the recommendations covered four strategic themes to enhance business performance: a fair, incentive-based tax system, entrepreneurial succession, innovation and immigration.

These budget recommendations were sent to various federal and Quebec ministers and elected members as well as numerous key economic and business influencers.

Dedicated to advocating for the business community, the firm issued its comments as soon as the budgets were tabled (federal and Quebec), and informed taxpayers about the announced measures (federal and Quebec tax bulletins). A concerted exercise that, yet again, illustrated Raymond Chabot Grant Thornton’s leading role in the marketplace and its constant focus on providing taxpayers with clear information about the issues that shape their world.

There can be no denying the firm’s place among influencers—its post-budget comments were included with those of the Fédération des chambres de commerce du Québec, the Conseil du patronat du Québec, the Chamber of Commerce of Metropolitan Montréal and the Ordre des comptables professionnels agréés du Québec, among others.

Several experts were involved in producing and broadcasting these strategic documents and some of them also provided their expertise in a number of regional and national media outlets to inform the public about the new economic and tax measures. The budget proposals were highlighted in some thirty interviews with various media across Quebec.

Federal budget, March 19, 2019

Tax Partner, Sylvain Gilbert, who attended the media lockup, participated in a web interview with TVA, and a newscast with Pierre Bruneau. He also presented budget highlights to listeners of 95.7 FM (Saguenay), 95.5 FM (Témiscouata), 101.5 FM (Sainte-Marie-de-Beauce) and 107.7 FM (Sherbrooke) and viewers of L’Essentiel, hosted by Esther Bégin, on CPAC’s Parliament webcast, broadcast across Canada.

Tax Partner, Luc Lacombe, who attended the tax specialist lockup, also participated in numerous interviews: he presented the firm’s expectations and budget proposals on the eve of the budget to Esther Bégin, host of L’Essentiel, on the CPAC’s cross-Canada parliament webcast. He also presented the main tax measures to listeners of Radio-Canada (Québec City), 103.3 FM and 94.7 FM (Mauricie), 99.1 FM (Mauricie) and 103.5 FM (Saint-Georges-de-Beauce).

Olivier Levesque, Senior Tax Consultant, discussed the budget with radio announcers on 99.5 FM (Roberval), 104.5 FM (Alma) and 93.5 FM (Chibougamau) while Sarah Phaneuf, Tax Partner, presented a budget analysis to Radio-Canada (Estrie) listeners.

The firm’s reaction to the budget was quoted in Finance et Investissement and Informe Affaires among others.

Furthermore, the firm’s tax bulletin was published on world-renowned Thompson Reuters Taxnet Pro site.

Quebec Budget on March 21, 2019

Sylvain Gilbert was at the media lockup for the Quebec budget as well and provided analyses to certain media, including Le Journal de Montréal/Le Journal de Québec and TVA nouvelles. He then participated in a number of interviews for listeners of 95.7 FM (Saguenay), 97.5 (Chicoutimi), 95.5 FM (Témiscouata), 99.1 FM (Mauricie), 101.5 FM (Sainte-Marie-de-Beauce) and 107.7 FM (Sherbrooke).

For his part, Luc Lacombe, discussed with reporters from a number of media, including Radio-Canada (Québec City) and FM 103.5 (Saint-Georges-de-Beauce).

Olivier Levesque was invited by 99.5 FM (Roberval), 104.5 FM (Alma) and 93.5 FM (Chibougamau) to share the firm’s opinion on the Quebec budget.

Sarah Phaneuf was the guest analyst on Radio-Canada (Estrie) radio and television.

The firm’s release on the provincial budget was published by specialized media, including Finance et investissement and Conseiller.ca, as well as Thomson Reuters’ Taxnet Pro tax platform.

Lastly, a webinar presented on March 26th by Raymond Chabot Grant Thornton, in association with the Association des professionnels en développement économique du Québec, hosted by Jean-Pierre Poulin, Tax Partner, and Jean-Philippe Brosseau, Economist and Senior Manager, Consulting Services, highlighted a number of measures related to the regional economic development in Quebec.

Representations that Bear Fruit

In recent years, Raymond Chabot Grant Thornton’s advocacy with the governments has helped bring about legislative or policy changes, for example, lower corporate taxes or more flexible tax rules for a more equitable intergenerational business transfer in Quebec.

It’s interesting to note that in this year’s federal budget, the firm’s appeal to improve the federal scientific research and experimental development (SR&ED) tax credit program and for a fairer tax system for agriculture and fishing businesses in Canada was well received.

There is no doubt about the value of these public affairs and media activities for a firm that supports the growth of local companies!

[class^="wpforms-"]
[class^="wpforms-"]