NSBI’s trade development and business financing teams each had a busy and productive year. And NSBI’s investment attraction work hasn’t gone unnoticed on the world stage with the recent news about Financial Centres International’s FCI 500 list and my inclusion on this list of 500 most influential people in financial centres around the world.  This is definitely an honour for me; there were only 14 Canadians recognized on the list. But more importantly, the recognition reflects the hard work of my team, our partners and the many people in the financial services sector in Nova Scotia.

This really is a win for our province. We compete in a global business market and awareness of Nova Scotia has always been one of our biggest challenges. This recognition will generate more attention for Nova Scotia and our businesses.

It validates that we have the attributes we need to compete globally.  Nova Scotia offers competitive costs, skilled labour and a location strategically near markets in the US and Europe.

Despite global economic challenges, we continue to be aggressive, proactive and build on our strengths. We are creating new opportunities for our talented graduates to stay in Nova Scotia and many are earning weekly salaries that are 20 per cent higher than the provincial average.

We have a long history in the financial services sector. Nova Scotia is seeing growth in alternative areas such as fund administration and re-insurance. And our financial services sector grew 22 per cent from 2005 to 2010. Including insurance, this vital sector employs approximately 16,000 people, accounting for about five per cent of the provincial GDP in 2010.

We have attracted some of the top financial companies in the world, including Citco Fund Services, Flagstone Re-insurance, Butterfield Fulcrum and Marsh Captive Solutions. In addition to creating new jobs, these international firms have been a source of new technologies and ideas enhancing the competitiveness of our financial services industry.

In 2012 and beyond, we must continue to boast our strategic advantages and be top of mind for companies contemplating expansion.

All the best in 2012,

Stephen

• What issue or economic trend has had the most impact on your business/sector in the last five years?
• What will be the most significant going forward?
• What are you doing now to address future challenges?

You can leave a comment here or on the discussion I started on the NSBI LinkedIn Group.

For information on the Canada Mortgage and Housing Corporation Housing Outlook Conference taking place in Halifax,  on February 10, 2011, please follow this link.

I must say, I was surprised by the number of responses to my first blog post – I’ve always seen literacy as an issue that affects all of us in some way or another, but didn’t truly realize how many of you felt the same. Thanks to all of you – with far more knowledge of literacy issues than me – for providing such great commentary and for adding context around this critical issue.

Before I move on from this topic, I want to point out an awareness campaign recently launched by the province called “Literacy: It means more than you think.” It’s encouraging to see the spotlight shine on this issue in new ways so the important discussion can continue.

I thought I would focus my second blog post on the issue of “talent.” I talk to companies all over the world, including here, every day. Access to talent is a big issue.

The fact of the matter is – the demographic pendulum has swung. Our population is shrinking. 2006 was the first year in my lifetime that the death rate was higher than the birth rate. By 2020, almost 25 per cent of Nova Scotians will be 65 or older. Those are staggering figures. It puts a huge pressure on publicly funding service providers (think health-care) – but it puts an equal pressure on businesses as they strive to remain competitive. All the more reason youth retention – talent retention – should be a priority.

There’s no quick-fix and no silver bullet. No one “owns” this issue. Youth retention is a shared responsibility. It’s not just up to governments to attract and retain young people. We all play a role – public sector, private sector, colleges and universities, not-for-profits.

Growing the population through immigration or increased birth rates takes time – we know that. But there are things we can do right now to develop and retain talent in the province to support our economy.

There are a number of organizations in this province doing great things to support talent development. I want to mention a few here:

• Pathways to Education is a truly inspiring program that supports young people from at-risk communities through secondary school and onward to college and university. It’s a program that began in Toronto’s Regent Park and has just been launched in Spryfield by a group of volunteers (one of which is Doug Hall, who just completed his term as chair of NSBI’s board).
• Junior Achievement is another great example. NSBI has long supported JA’s Economics of Staying in School program, which teaches students the value of a solid education, and the impact it has on their future earning potential.
• FUSION Halifax recently launched a mentorship program for young professionals, which Lisa Bugden, VP of NSBI, and I are proud to support as mentors.
• New Brunswick-based 21inc. has expanded its successful Emerging Leaders program, providing leadership opportunities for 20 Nova Scotians.

Those are just a few examples of how organizations are supporting workforce development in Nova Scotia. But it doesn’t have to be a large-scale effort. Small steps make a big difference.

Hire a co-op student. Leading employers like RIM hire hundreds of co-op students each and every term. We’re also seeing similar commitments from home-grown companies like NewPace. It is the best way to attract, train and retain talent.

Hire a new Canadian.

Hire a recent graduate. Don’t insist on 3-to-5-years’ experience. Don’t give young people a reason to leave because they may not come back.

It’s not all about money anymore. Focus on creating flexible, dynamic workplaces that are attractive to youth.

I’d love to hear your views on this issue, especially if you are a young person planning your future. What do you think is working? What can we – as a province, as businesses, as leaders – do better? 

Literacy. It sounds a bit like something that all of us know a little about, but most of us probably don’t really understand. Like productivity. Or commercialization. Some would even say the Maple Leafs!