Annette Verschuren’s company may be all about home improvements, but the president of Home Depot Canada says the bigger picture sees much needed improvements to the country itself – in areas such as renewable energy, innovation and competitiveness.
Annette Verschuren
“We must find a way to check our environment and find clean sources of renewable energy. We must recapture our leadership position in innovation and scientific achievement, making Canada more productive here at home and more competitive around the world,” says Verschuren, speaking to close to 400 students as part of the 2010 Thomas d’Aquino Lecture on Leadership at the Richard Ivey School of Business. “We must address the challenges of a rapidly changing workforce and invest in the development of Canadian communities.”
Admittedly, that’s a lot to undertake by government alone. She adds many of the country’s great challenges can, and must, be met by the minds of Canadian business. “All business leaders are responsible to go beyond the bottom line and help lead our country towards a better future,” she says. “I always believed business leaders could do more to influence some areas of Canadian society than our elected officials.”
Joining Home Depot in 1996, Verschuren has overseen the company’s growth from 19 to 179 Canadian stores. In 2010, she was inducted into Canada’s Marketing Hall of Legends and the Nova Scotia Business Hall of Fame, and more recently was confirmed as chair of the 2012 Governor General’s Canadian Leadership Conference.
While are accolades are appreciated, the North Sydney, Nova Scotia native feels actions speak louder than words. A recent Angus Reid Corporate Responsibility Poll, conducted by Home Depot, showed 82 per cent of respondents believe business leaders have an obligation to help create a more prosperous future for the country.
“While the bar has been set for corporate leaders today, the challenge for the next generation – your generation – is to jump over it,” says Verschuren.
Home Depot’s business-focused solutions to energy and environmental concerns have seen the creation of 1,900 eco-option products which, she says, have lesser impact on the environment. For example, two weekend promotions this year at Home Depot saw the sale of more than 80,000 low flow toilets. Typically the company would sell approximately 2,000 in a week.
It is innovations such as this she sees as the engine to drive the Canadian economy, which she feels requires a much-needed tune-up.
At the 2010 World Economic Forum, Canada was ranked 10th in competitiveness, 14th in innovations and 17th in productivity.
“That’s a problem we have to fix,” says Verschuren.
To address this, Home Depot partnered up with the Ministry of Economic Development and Trade to invite small- and medium-size Ontario investors to submit sustainable home improvement products for consideration by Home Deport merchants. Manufacturers with the most promising products will meet next month in London, with the winning products to be placed in the London stores for three to six months to assess their potential value across Canada.
“It gives small business the opportunity to pitch ideas that might not otherwise reach a Home Depot merchant,” says Verschuren, likening the idea to Dragon’s Den for home improvement. “It’s a small example of how business can overcome Canada’s innovation deficit and drive productivity across the country.”
She adds the Canadian workforce faces many challenges and must find ‘useable solutions’ beyond simply tacking on more work hours.
“What’s required is a pioneer effort to change how Canadian business interacts with its workers,” she says. “Practical changes such as upgrading benefits, solutions to child care and addressing the issue of elder care. It’s an important opportunity to increase the workforce, reduce absenteeism and attract top talent. It’s a strategic competitive advantage to do so.”
While Home Deport has been named one of Canada’s Top 100 employers for 2011, Verschuren would like to say her company has it all figured out, but the truth is “we’re just getting started.”
Some of the future responsibilities for the health and well-being of the country will be on the minds of the soon-to-be business leaders of Canada. Which prompted Verchuren to ask a question: “As the next generation of business leaders, what’s your vision for Canada?”