Five new mindsets for a second 'Roaring 20s'

On Monday, all eyes will be on Deputy Prime Minister and Finance Minister Chrystia Freeland as she delivers her first-ever budget and Canada's first in two years.Despite a massive government influx of cash into the economy and into Canadians' bank accounts in response to the pandemic, Canada's GDP drop in 2020 was the worst on record.Variants are driving huge case spikes. Jobs lost have yet to be recovered.Women and marginalized communities continue to bear the pandemic's brunt.But all is not lost.Jabs in arms are happening and, if the supply keeps up, we'llhave the health emergency behind ussoon enough. So, what of the economic emergency we're left with?Some are predicting another Roaring 20s will dawn. But that's far from assured.The lessons of 2020 need to be heeded, and those that do will surge ahead.In our view, that means marrying'build back better'with'build back bigger.'And here are five mindsets to do just that:Private-sector recovery must lead us to future prosperity. You can't save the world if you can't pay the rent, so let's not pretend growth and profits don't matter. They are the cornerstone of our system. The government is the bank of last resort and they're nearly tapped too. Recovery isn't possible without a thriving private sector. Climate change mitigation and adaptation aren't fads.Regardless of the size of your organization, or the sector you're in, you need a climate plan or you're not going to be taken seriously. (This is especially true if your business depends on the urbane under-40 set. But it's also 'table stakes' for more and more consumers, donors, and monied decision-makers.) Diversity and inclusion must give way to meaningful belonging.This isn't check-box stuff. It's not sufficient to say, 'we have x% women and y% visible minorities in our C-suite.' It's about what you do every day and at all levels to bring more diverse perspectives to every conversation to get to new and better outcomes. (And, if people feel that authentically, it will pay dividends). We cannot let “we're all in this together” become a tagline of a bygone pandemic.Total compensation packages must be expanded to include leaves for childcare, work from home supports, and other enticements. There's no going back to where we were pre-COVID.We need to incorporate the lessons learned about the work-life interface over the last year into our management practices and public policy.Government should use the tax system to support parents' child-care choices rather than focusing on big, expensive, national 'strategies.' Top talent will be expecting just that. Gig workers, too. A well-functioning immigration system can be Canada's competitive advantage. With boomers retiring and skills gaps growing, the good news is people from all over the world want to come to Canada in unprecedented numbers. We need new and broader economic and family reunification streams targeted to growth and meeting our workforce needs – now and as boomers retire.Insanity is defined as doing the same thing over and over and expecting different results.This is the time to shift mindsets, set new courses, and drive forward.The Roaring 2020s may soon be upon us. Making smart collective choiceswillallow more people to join the party.A recovery that puts these five mindsets into practice will lead to a bigger, better economy from which more people can benefit.Government can play a role – and surely Minister Freeland's budget document will attempt to infuse government into these and other conversations.But what's required is bigger than anything the feds can do on their own.It's up to each of us to roll up our sleeves, switch our thinking to growth mode, and deliver for generations to come.Chris Day and Eric Johnson are management and public affairs consultants based in Ottawa.