Being the largest city in Canada with a population of over five million people, Toronto has consistently been known as Canada’s hub for business, finance, art, and culture. It is widely considered to be the best place for young, driven individuals to seek out new career opportunities in their given industry. In addition, it is well known as a strong location for companies to continue to build their teams, grow their revenue, and ultimately, achieve their goals.
As a result of the opportunities that Toronto provides today's businesses, industries like manufacturing, staffing, and logistics have gravitated towards this area of the country in order to grow their companies and attract wanted talent. Whether it be that companies are choosing to start their companies in Toronto or are deciding to open up additional offices in Ontario's capital, businesses are seeing the value of ensuring they are getting a piece of the opportunities that Toronto can offer their businesses.
In this article, we discuss Toronto's overall business landscape and how invoice factoring can help your business keep up with the growth opportunities Toronto presents.
Toronto is known as one of the most multicultural and diverse cities around the globe. It is the home for both companies and candidates who are looking to experience growth and opportunities that they would not be able to achieve in other locations. With a unique combination of events, attractions, and sports teams, Toronto continues to attract a wide variety of people and companies who are looking to experience the exponential growth that Toronto has seen year over year.
Toronto holds the torch for having one of the most diverse economies in the world due to the fact that while it is known for having one of the fastest growing financial industries, it also houses a great deal of other industries. With 32 percent of the population working in the finance industry, ten percent work in manufacturing, 8 percent work in professional services, 6 percent in wholesale, 6 percent in health services, 5 percent in information and culture, 5 percent in education, 5 percent in government, 5 percent in construction, 5 percent in retail, and 14 percent in other. As you can see, Toronto offers a wide variety of opportunities to its inhabitants and continues to grow those opportunities as it attracts more and more startups and established companies.
Toronto is the host of 40 percent of Canada's business headquarters. It is also the home of the best and brightest candidates who are looking to join these companies, many of which are part of the 6.4 million people who identify as a visible minority. Diane Jermyn states: That rich multicultural mix translates directly into increased innovation as diverse perspectives inspire fresh solutions for industry challenges and drive new product development.
Looking at Toronto's multiculturalism, it's wide variety of prominent industries, and its ability to attract companies and talent, there is no question as to why it has become a hub for business.
Toronto is the home base for some of Canada's fastest growing manufacturing companies. Some of which include: GreenSpace Brands, Jenny Bird, and Therapure Blopharma. From 2011 to 2016, GreenSpace Brands grew 2,861 percent, Jenny Bird grew by 1,119 percent, and Therapure Blopharma grew by 613 percent. The exponential amount of growth means the need for capital and additional talent has also grown.
With the manufacturing industry accounting for 9 percent of the job market in the Toronto area - which is second after the finance industry - it's crucial that companies do everything they can to remain competitive. However, the manufacturing industry is known as the oldest industry. Not in the sense of time, but in the sense that this industry has a large amount of workers who are set to retire between 2014 and 2023, and the industry will struggle to fill this new influx in role vacancies. Over the course of this nine-year period, there will be over 60 thousands roles vacated and only enough people to fill approximately 28 thousand of those roles. Remaining competitive within the market is what is going to allow you to acquire as many of these available candidates as you can.
Another solution to this issue would be to provide additional in-house training to new candidates who may not have all the necessary skills but are willing to learn. However, this means more funds are needed to not only set up these training programs, but also conduct them. Invoice factoring is a great option to help fund these programs for your company because instead of waiting for clients to settle their invoices, you can have access to the capital right away. You can fund your growth and additional expenses by using invoice factoring.
It's also important to retain as many employees as you can. The average age of workers in the manufacturing industry is over 45. Therefore, manufacturing companies are set to need to replace a large chunk of their workers in the next ten years. Building up your company as a reliable and desirable employer will allow you to attract more candidates are you approach this influx of retirees. Invoice factoring will allow you to fund various tasks that you can complete in order to obtain this kind of reputation for your company. These could be items that improve your company culture, that ensure your employees have all the tools and software that they need to do their jobs effectively, and so much more. Having capital readily available as you grow and develop your employer brand will help set you apart from the other manufacturing companies who will also be looking to bring on countless employees as their current ones begin to retire.
One of the industries that we work heavily in is the staffing industry, which is highly competitive in the Toronto area. There has been a 20 percent increase in the amount of temporary staffing agencies in Ontario over the past decade. With Toronto account for 35.4 percent of Ontario's total population, a large amount of these staffing firms are choosing to set up shop in Canada's hub. In fact, with 1,700 active temporary staffing agencies in the GTA alone, Toronto has more of these agencies than the rest of the provinces combined.
In today's market, more and more companies are choosing to leverage temporary staff. Companies choose to leverage this because while some companies may have a steady influx of clients and work all year round, some companies experience seasonal influxes. There are points when they have more work for the amount of staff that they have, so they need to bring on some more bodies. But, there are also times when business is slow, and they don't want to be in a position where they need to compensation all permanent employees when revenue is slower. With more and more companies option to bring on temporary workers, more and more agencies are popping up.
This influx of temporary staffing agencies, in the Toronto area alone, give not only companies more options, but candidates as well. While companies can pick and choose which agency to work with, candidates can also choose which company they want to represent them. Should one of your staff members not be happy with your business, they can easily head over to one of the other 1,699 temporary staffing agencies to be placed somewhere else.
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