How Canada Stands to Gain from the TPP

Canadian businesses are at a crossroads as the country moves toward ratifying the Trans-Pacific Partnership. The sweeping, controversial legislation will open up international competition and empower larger, established companies. If Canadian businesses do not adapt, we may see our unique innovations and intellectual property disappear in a rising sea of global competition.

However, this does not have to be a doomsday prediction for Canadian companies. Canada could stand to benefit and establish itself on the world stage if we embrace a top-down change in talent acquisition and management styles.

Foreign Markets

We are beginning an era of fierce competition not seen since the tech boom of the late 90’s. It is now easier — and cheaper — than ever for startups all over the world to share the stage with global companies. Foreign markets have opened up in an unprecedented way, and the TPP only increases this accessibility.

The concept of a company headquarters is growing more outdated by the day as fly-over management structures are simply not going to be able to compete with localized R&D and localized execution. Companies must de-centralize key functional areas to align company goals with customer expectations in foreign markets. Soon, a company’s headquarters will be wherever there are customers.

Young Talent

Flexibility and constant innovation are key in this rapidly shifting business world. Canada currently has a wealth of recent graduates and young professionals either languishing in underemployment, or in positions where their contributions are underutilized.

Several Asian countries have introduced partnerships that link universities and corporate innovation programs, utilizing the creativity and drive they developed during their education. By harnessing young talent early, these corporations are establishing loyalty. This increases engagement, and therefore retention of employees, allowing them to develop high-level talent from within.

Highly-skilled immigrants

Having worked with businesses in China, Europe, and Central America, I have made note of profound differences in the way talent and expertise are fostered, valued and implemented. These differences go beyond board rooms and factory floors; they are the result of deep-rooted cultural dynamics. For this reason, I believe it is nearly impossible for a Canadian company to use their own values and understanding to break into foreign markets.

Canada’s largest business cities are also the most culturally diverse, yet the pool of highly skilled foreign talent has been largely untapped. Startups and established global corporations alike must recognize the intrinsic value of including these individuals in foreign marketing efforts if they are to succeed internationally.

Viewed from afar, these recommendations may seem like an improbable paradigm shift. However, if an effort is made to formulate and implement these individual changes, the holistic progress will be tangible.

In short, Canadian businesses looking to increase their competitiveness on the global stage should be looking to leverage their country’s greatest resource: the diversity of our people.

To Anh Tran

https://www.linkedin.com/in/toanhtran77?trk=hp-identity-photo