TORONTO, Nov. 24, 2015 /CNW/ – Finding and keeping key talent is a growing concern in the Canadian technology sector, according to the second annual BDO Canada Technology RiskFactor Report. This year’s study found that 85 per cent of companies worry about their ability to attract or retain key personnel, up from 77 per cent last year. In comparison — and despite a sluggish Canadian economy — general economic conditions ranked sixth on companies’ list of concerns.
The report, which examines the risk factors listed in the most recent annual financial statements of Canada’s publicly traded technology companies, found that talent concerns and the competitive environment ranked equal as the most frequently cited risks this year. This was closely followed by firms’ ability to develop or market new products and services, a risk noted more often in companies’ financial statements than fears about the economy, financial stability or Canada’s regulatory environment. The success of homegrown companies like Shopify and Hootsuite in recent years has highlighted the importance of innovation to the Canadian tech sector, so it is no surprise that companies remain concerned about staying ahead of the curve.
“The Canadian tech industry has had some notable wins over the past few years and is emerging as an important engine for Canada’s economy,” said Scott Rodie, partner and leader of the Technology & Life Sciences practice at BDO Canada. “However, as the industry grows, competing to find and keep the right talent has become increasingly challenging. The next big question for Canadian tech firms hoping to maintain their success is determining how to address this talent gap.”
The following chart highlights the top 25 risk factors cited by public technology companies in Canada:
*t indicates a tie in the risk factor ranking
Additional findings from the 2015 BDO Canada Technology RiskFactor Report include:
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