To cultivate growth, agriculture producers
are building strong industry networks, recruiting skilled labour,
and adopting advanced technology in 2022
TORONTO, April 12,
2022 /CNW/ - From labour shortages and fluctuating
commodities prices, to evolving environmental risks, Canadian
farmers continue to operate amid highly disruptive conditions. Yet
as they look to the next 12 months, two thirds (64%) of producers
are feeling cautiously optimistic in their outlook, according to
the RBC Agriculture Poll that surveyed agriculture owners and
operators from across the country.
To realize the positive year they foresee, Canadian producers
are aiming to proactively plant the seeds needed to ensure growth
in the months ahead. When asked about priorities to pursue over the
next year, those surveyed overwhelmingly agreed that owners and
operators will look to:
- Cultivate a strong agricultural network to tap into for advice
(85%)
- Recruit skilled workers (81%)
- Build up the farm's leadership team (77%)
- Invest in technology and data-driven decisions (77%)
- Focus on risk management planning (73%)
"Having demonstrated their ability to weather significant and
often unpredictable disruptions over the past two years, Canadian
producers are now turning to the future with an outlook of cautious
optimism," said Ryan Riese, National
Director of Agriculture, RBC. "From risk management and resiliency,
to leadership and technological innovation, farmers are
increasingly shifting their focus and investments on proactive
priorities to strengthen their operations and cultivate growth –
not only for the year ahead but for the long-term future of the
agriculture sector."
The modern farmer is data-driven,
sustainability-focused and diverse
The RBC Agriculture poll also found that the face of Canadian
agriculture is rapidly changing, with farmers today increasingly
focused on driving sustainability, diversity and technological
adoption.
When surveyed, an overwhelming majority (91%) of Canadian
farmers report that they already regularly use technology and data
insights to guide their decision-making, with a large number
intending to further accelerate on-farm technological adoption.
Over the next 12 months, about half anticipate introducing new
technology to their operations to support functions like data
management (55%), digital field, crop, and inventory management
(51%), financial planning and cash flow management (47%), and
automation (45%).
In addition to an increasing focus on digital adoption, survey
findings indicate an agriculture industry that is making strides to
become more sustainable and diverse.
Of the producers polled, 96% report that they are actively
working to make their operations more sustainable. The industry is
also moving the needle on diverse leadership, with six in ten (61%)
of those surveyed reporting female leadership on their farm.
Another seven in ten (71%) said that they're making progress around
recruiting and promoting a more diverse workforce.
Considerations to support the
growth and transformation journey
As many farmers plan for the next stage of growth and evolution,
there are four important considerations that should always be top
of mind for owners and operators:
- Make risk management part of your everyday
decision-making. In today's farming environment, risk
management is an essential activity to ensure long-term economic
success. Some activities may include regularly scheduled risk
assessments, creating contingency cash flow projections, and
staying updated on the latest industry disruptions, trends and
farming solutions. To minimize the risks in your operation, explore
RBC's Risk Management Guide which can take you through the process
of identifying risks as well as strategies to address them.
- Increasing adoption of sustainable farming solutions &
digital innovations. As the industry continues to evolve,
investing in new technologies today can pay dividends to help your
farm produce more efficiently and sustainably in the future. Take
the time to assess your current operations, and evaluate whether
digital solutions can help streamline critical functions including
data management; field, crop, and inventory management; financial
planning and cash flow modeling; and automation.
- Expand your knowledge with education and training
opportunities. Farming is getting more complex, and owners and
operators will need a broader understanding of business
fundamentals than ever before. To take your skills and knowledge to
the next level, explore courses from credible institutions and
experienced instructors that focus on managing a modern farm
operation, such as the free Foundations in Agriculture Management
offered by the University of Guelph in
collaboration with Farm Credit Canada and RBC.
- Don't go it alone. To navigate an increasingly dynamic
and interconnected sector, producers will need to rely on a wide
range of employees, partners, suppliers, and non-industry
collaborators. Don't hesitate to turn to your RBC advisor, lawyer,
mentor, or other trusted members of your professional network for
proactive feedback and support. They can provide their perspective
on your risk management practices, sustainability transition,
digital investments or other transformation plans and can advise
you on ways to successfully take your farm business into the
future.
About the
Poll
The RBC Agriculture Poll was conducted by Ipsos Canada between
December 10, 2021 and January 6, 2022. For the poll a sample of 150
telephone interviews were completed in English or French among
owners/operators of a farm business with annual revenue of
$1 Million to $4 Million OR $4 Million+ across Canada. The precision of Ipsos polls is
measured using a credibility interval. In this case, the poll is
accurate to within ±8 percentage points had all Canadian
agriculture businesses been polled. All sample surveys and polls
may be subject to other sources of error, including, but not
limited to, coverage error, and measurement error.
About RBC
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global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 88,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
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more at rbc.com.
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SOURCE RBC Royal Bank