46 business elite canada
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NOV 2014
account the economy’s ups and downs. Com-
mitment to a strong corporate culture is also
key, which speaks to the process of how the
company builds its capabilities. “In the 22 years
we’ve done this, the single most important fac-
tor in our view is the talent that you hire, and
in particular building the next generation of
leaders in your company,” says Hughes. “One
company went through the process four times
before winning. It’s about getting better and
not necessarily winning.”
According to Hughes, there are three ‘mega-
trends’ that are impacting the nature of Cana-
dian business that all mid-market corporations
must take into consideration. The first of the
trends, which are outlined in Hughes book “The
Power of the Best” (2012), is globalization. As
subcontracting edges its way into business
practices, Canadian companies are competing
on a global scale as well as domestically, and
are outsourcing their suppliers, employees and
services to meet the demand that globalization
brings to the modern world. As well, compa-
nies must not shy away from the latest technol-
ogies that are becoming the predominant basis
of business transactions, and companies must
travel along with the fast-paced movement
that will see no lag in the coming years. With
the use of these technologies brings alterna-
