Top Five Industries Thriving In Canada
By: Adam Groff
The Great White North has its fair share of successful industries that continue to prosper year after year even in the worst economic climates. Although the Canadian market isn’t as large or diverse as some of the other markets in the world, it’s every bit as stable if not more so.
With that in mind, here’s a list of the top five industries prospering in Canada.
When it comes to wheat and grains, Canada has it covered.
In fact, Canada is one of the largest suppliers of agricultural products in the world. Due to its strategic location Canada exports most of its crops to its big brother of the south, America.
As part of the World Trade Organization (WTO), Canada practices fair-trading by ensuring whatever it puts on the market agriculturally doesn’t influence the price of crops in other countries. Canada’s agricultural sector is steadily growing every year and accounts for 8% of the country’s Gross Domestic Product.
Due to its abundance of oil and natural gas, Canada has quickly become a world leader in energy resources.
Canada not only has the third largest oil reserve in the world, it’s also a world leader in hydroelectric power with Quebec, Ontario, and Saskatchewan all using vast amounts of hydroelectric energy.
Because of the abundant energy resources available, Canada’s oil exporting and other energy related products make up for 2.9% of the country’s GDP. Additionally, Canada has adopted solar and wind energy production as the next major industry in the energy sector ensuring continued prosperity.
Although it’s for the most part undervalued, Canada’s technology industry is one of the strongest in the world. And, thanks to the Canadian Startup Visa, which is a government Visa aimed at bringing in new tech companies from all over the world, Canada will continue to change the world’s technology landscape.
The government Visa will undoubtedly bring the brightest minds to Maple Leaf Country and give places like Silicon Valley and India a run for their technology. Canada’s technology industry is currently prospering the most in areas such as digital media, wireless infrastructure, Ecommerce, and general Internet services.
Accounting for a whopping 80% of Canada’s GDP and employing almost three quarters of the entire country is Canada’s service sector. And, within the sector itself, industries like retail, business, education, and health make up the largest portions.
Although the strength of the Canadian dollar has hurt tourism numbers, Canada still has a strong tourism industry with most of it’s international travelers hailing from the United States. In fact, Canada’s retail sector, which directly relates to tourism, accounts for 12% of the GDP and that percentage is steadily growing.
Although the global financial crisis took its toll on Canada from 2008 to 2010, the country’s manufacturing industries are on the rebound and make up for 14% of Canada’s GDP. And, like never before, Canada’s automotive branch plants are back in full swing.
American and Japanese auto industries are attracted to Canada’s highly educated workforce and low labor costs making it a go-to destination for automobile manufacturing. Automotive parts production is one of fastest growing manufacturing sectors in the country.
It’s hard to ignore the fact that Canada’s industries are booming.
With the abundant natural resources, government incentives, and stellar workforce, it’ll continue to prosper for years to come.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including world markets, billfloat, and advancements in technology.
Marketing matters: from IBM to Kyndryl
Prior to joining Kyndryl as Chief Marketing Officer, Maria had a 25-year career at IBM, most recently as the tech giant’s CMO where she oversaw all marketing professionals and activities across North America, Canada and Latin America. She has held senior global marketing positions in a variety of disciplines and business units across IBM, most notably strategic initiatives in Smarter Cities and Watson Customer Engagement, as well as leading teams in services, business analytics, and mobile and industry solutions. She is known for her work with teams to leverage data, analytics and cloud technologies to build deeper engagements with customers and partners.
With a passion for marketing, business and people, and a recognized expert in data-driven marketing and brand engagement, Maria talks to Business Chief about her new role, her leadership style and what success means to her.
You've recently moved from IBM to Kyndryl, joining as CMO. Tell us about this exciting new role?
I’m Chief Marketing Officer for Kyndryl, the independent company that will be created following the separation from IBM of its Managed Infrastructure Services business, expected to occur by the end of 2021. My role is to plan, develop, and execute Kyndryl's marketing and advertising initiatives. This includes building a company culture and brand identity on which we base our marketing and advertising strategy.
We have an amazing opportunity ahead at Kyndryl to create a company brand that will stand apart in the market by leading with our people first. Once we are an independent company, each Kyndryl employee will advance the vital systems that power human progress. Our people are devoted, restless, empathetic, and anticipatory – key qualities needed as we build on existing customer relationships and cultivate new ones. Our people are at the heart of this business and I am deeply hopeful and excited for our future.
What experiences have helped prepare you for this new opportunity?
I’ve had a very rich and diverse career history at IBM that has lasted 25+ years. I started out in sales but landed explored opportunities at IBM in different roles, business units, geographies, and functions. Marketing and business are my passions and I landed on Marketing because it allowed me to utilize both my left and right brain, bringing together art and science. In college, I was no tonly a business major, but an art major. I love marketing because I can leverage my extensive knowledge of business, while also being able to think openly and creatively.
The opportunities I was given during my time at IBM and my natural curiosity have led me to the path I’m on now and there’s no better next career step than a once-in-a-lifetime-opportunity to help launch a company. The core of my role at Kyndryl is to create a culture centered on our people and growing up in my career at IBM has allowed me to see first-hand how to prioritize people and ensure they are at the heart of progress in everything Kyndryl will do.
How would you describe your leadership style?
I believe that people aren't your greatest assets, they are your only assets. My platform and background for leadership has always been grounded in authenticity to who I am and centered on diversity and inclusion. I immigrated to the US from Chile when I was 10 years old and so I know the power and beauty that comes from leaning into what makes you different from other people, and that's what I want every person in my marketing organization to feel – the value in bringing their most authentic self to work every day. The way our employees feel when they show up for themselves authentically is how they will also show up for our customers, and strong relationships drive growth.
I think this is especially true in light of a world forever changed by the pandemic. Living through such an unprecedented time has reinforced that we are all humans. We can't lead or care for one another without empathy and I think leaders everywhere have been reminded of this.
What’s the best leadership advice you’ve received?
When I was growing up as an immigrant in North Carolina, I often wanted to be just like everyone else. But my mother always told me: Be unique, be memorable – you have an authentic view and experience of the world that no one else will ever have, so don't try to be anyone else but you.
What does success look like to you?
I think the concept of success is multi-faceted. From a career perspective, being in a job where you're respected and appreciated, and where you can see how your contributions are providing value by motivating your teams to be better – that's success! From a personal perspective, there is no greater accomplishment than investing in the next generation. I love mentoring younger professionals – they are the future. I want my legacy as a leader to include providing value in work culture, but also in leaving a personal impact on the lives of professionals who will carry the workforce forward. Finding a position in life with a job and company that offers me a chance at all of that is what success looks like to me.
What advice would you give to your younger self just starting out in the industry?
I've always been a naturally curious person and it's easy for me to over-commit to projects that pique my interest. I've learned over years of practice how to manage that, so to my younger self I’d say… prioritize the things that are most important, and then become amazing at those things.