Innovation named the one true differentiator in an increasingly
TORONTO, Feb. 21, 2013 /CNW/ - Entrepreneurs in Canada and around the
world are optimistic about the year ahead, with more than half
expecting to grow their workforce in 2013, Ernst & Young finds in its
latest global survey.
Ernst & Young's Global Job Creation report shows this anticipated growth comes on the heels of a similar
trend in 2012, in which 74% of respondents said they increased
"It's fascinating that entrepreneurs are pushing ahead with their plans
for growth in spite of some stark economic forecasts across the globe,"
says Colleen McMorrow, Ernst & Young Partner and Entrepreneurial
Services Leader. "But what really stands out is the reason behind that
growth. The vast majority of respondents cited innovation as the main
driver, which makes it one of the biggest job creators out there right
In fact, 88% of survey respondents across a wide number of industries
agreed that innovation was the one genuine differentiator and advantage
they have over the competition. That number was slightly higher (90%)
among Canadian respondents. Some 74% said that innovation is the reason
behind their growth in the last year.
Despite all the bullish news, entrepreneurs said they were in desperate
need of attracting the right individuals to fill those anticipated
positions as they continue to grow. The vast majority — including 61%
of Canadian respondents — put specific industry and knowledge skills at
the top of their wish list for future hires. They cited less interest
in candidates with narrow, functional backgrounds such as engineering,
finance and human resources.
"What this means is more and more entrepreneurs are looking for people
who can develop the ideas and concepts that will propel the business
forward, and help drive the kind of innovation needed to edge a further
advantage over the competition," McMorrow says. "In a tough market like
this one, talent is going to become an increasingly important piece of
the puzzle for businesses that want to thrive over the long term, and
really transform their industries."
The survey of past Ernst & Young Entrepreneur Of The Year winners polled
more than 600 of the world's most successful entrepreneurs. To read
more about this report, click here.
About Ernst & Young's Entrepreneurial Services practice
Ernst & Young LLP's Entrepreneurial Services practice guides Canadian
entrepreneurs by delivering integrated services tailored to their goals
and needs at every stage of the business lifecycle. We are the world
leader in advising, guiding and recognizing the entrepreneurs who
propel the economy — and community — forward. This year marks the 20th anniversary of the Entrepreneur Of The Year awards in Canada. The
program honours the country's most impressive entrepreneurs from all
areas of business. Nominations open 1 March 2013.
For more information, please visit ey.com/ca/EOY.
Follow us on Twitter @EYCanada.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and
advisory services. Worldwide, our 167,000 people are united by our
shared values and an unwavering commitment to quality. We make a
difference by helping our people, our clients and our wider communities
achieve their potential.
For more information, please visit ey.com/ca.
Ernst & Young refers to the global organization of member firms of Ernst
& Young Global Limited, each of which is a separate legal entity. Ernst
& Young Global Limited, a UK company limited by guarantee, does not
provide services to clients.
SOURCE: Ernst & Young
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