Expand CPP to Ease Canadians' Pension Problems, New Study Says
An expansion of the Canada Pension Plan is the most effective in addressing Canada's pension problems, says a new report by the Canadian Centre for Policy Alternatives (CCPA)
Pension expert Monica Townson, a CCPA Research Associate, looks at the options for expanding the CPP to ensure all Canadians have adequate retirement incomes.
"There is now widespread concern that unless changes are made, a significant number of workers will reach retirement age without sufficient income to support themselves," Townson says. Here are some findings from the report:
the CPP is by far the most secure and cost-effective way to deliver a pension benefit for retired workers;
11 million employed Canadians have no workplace pension plan other than the CPP;
RRSP schemes do not fill the gap at all;
most Canadian workers have no RRSP because they can't afford it (last year, only 31% of eligible Canadians contributed to their RRSP, and unused RRSP "room" now exceeds $500 billion)
RRSP payouts after retirement are inadequate and unreliable: current retirement-age RRSPs would provide monthly pensions of only $250, on average;
many experts are now supporting expansion of the CPP to replace 50% or even 70% of pre-retirement earnings (compared to 25% today)
. They include David Denison, CEO of the CPP Investment Board, and Bernard Dussault, former Chief Actuary for the CPP;
these options are financially possible, and would produce a fairer, less expensive, and more secure pension system.
Supporting Canada’s Economy, Government of Canada Maintains Historically High Rate of Immigration
Canada welcomed more than 500,000 permanent and temporary residents in 2009, according to preliminary data released by Citizenship and Immigration Canada (CIC)
“Momentum toward a full economic recovery continued throughout 2009, and immigration will continue to support that momentum,” said Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism. “The Government of Canada is maintaining immigration levels to meet Canada’s short-, medium- and long-term economic needs, help offset our aging population and low birthrate, and sustain our workforce.”
Canada admitted 252,124 permanent residents in 2009, well within the government’s planned range of 240,000 to 265,000 new permanent residents for the year. This number is about 30,000 higher than the average annual intake of permanent residents in the 1990s. About 60 percent of those admitted were economic migrants.
An additional 178,640 temporary foreign workers and 85,131 foreign students came to Canada in 2009. Many temporary foreign workers, as well as foreign students who graduate in Canada, may apply to stay in the country permanently through the Canadian Experience Class (CEC)
. CIC accepted 2,544 CEC applicants in 2009. Many temporary foreign workers are also selected to remain in Canada permanently through provincial nominee programs.
“The number of foreign students who came to Canada grew by seven percent last year, resulting in the highest number of foreign students ever admitted to Canada,” said Minister Kenney. “To be a more innovative society able to compete and prosper in a global, knowledge-based economy, Canada needs people with an international outlook, skills and experience. Attracting more international students is a priority for our government.”
Last year, Canada also welcomed 22,844 refugees. This included resettling 7,425 government-assisted refugees and 5,036 privately sponsored refugees. The government also landed 10,383 refugees in Canada who had made successful asylum claims, and their dependants. Proposed refugee reforms will, if adopted, see the number of government-assisted and privately sponsored refugees resettled in Canada increase by 20 percent. View the complete set of preliminary data released by the Department.
Today, CIC also posted to its website the most requested statistics from the last quarter of 2009 (September to December)
. The Information Commissioner recently wrote to Minister Kenney, saying: “I wish to congratulate you for your leadership and commitment to transparency and open government, following your department’s online publication of its most requested immigration and citizenship statistics on a quarterly basis and free of charge.” She went on to write: “Your Quarterly Administrative Data Release exemplifies the kind of proactive disclosure that I and my office have been promoting as an imperative to increase government accountability, efficiency and innovation.”
Economic Recovery is Hollow Without Full-Time Jobs in Value Added Sectors
April’s job numbers are a surprise and welcome news for an economy wearied by unemployment and a staggering loss of family-supporting jobs. But the news isn’t all good, warns Ken Georgetti, president of the Canadian Labour Congress.
“This is the long-awaited boost from economic stimulus spending, with full-time jobs coming in construction and being taken up by the group hit hardest by the recession – men over 25. These jobs are welcome and needed, but we shouldn’t fool ourselves; these jobs are also temporary. When the stimulus spending runs out, and interest rates on mortgages go even higher, what’s left?” asks Georgetti.
“We lost 20,600 manufacturing jobs in April, and almost 100,000 of these jobs in the last twelve months. Most of the new jobs created outside of the economic stimulus bubble were in retail and were part-time, lower paying jobs than the jobs lost since the recession started. Those who pushed (and pushed hard)
for an economic stimulus package should take credit for the relief we’re seeing, but we should all be deeply concerned about the quality of jobs being created in the long‑term,” he says.
“We leased this jobs recovery with government spending. We needed to do it. However we need to focus on what’s next, and that’s a plan to create long-term, full-time, family-supporting jobs for Canadians. Without that, economic recovery is a long way off,” says Georgetti.
Quick Analysis from CLC Senior Economist Sylvain Schetagne
Even if the number of jobs created last month seems impressive, the quality of these jobs remains problematic. The level of employment in manufacturing remains dramatically low, and the long-term unemployment rate has reached a new record level since the beginning of the crisis.
In April 2010, the number of Canadians active in the labour market jumped by 92,000 and about 17,000 unemployed Canadians were able to find a job. In total the labour market added 109,000 jobs, but most were part-time (64,800)
. Many new jobs created last month were in retail and wholesale trade (+31,600)
, a sector where low-wage and part-time work can be found.
The number of jobs in manufacturing, a sector where many good jobs are found, decreased by another 20,600. Over the last year, more than 90,000 jobs have been lost in this sector. Since its peak in November 2002, over 575,000 manufacturing jobs have disappeared.
In fact, April 2010 saw one of the lowest levels of employment in Canada’s manufacturing sector in 30 years.
The unemployment rate in April 2010 remained above 8.0%, at 8.1%, mainly because there were barely enough jobs created to absorb new entrants into the labour market. There were 1,498,300 people unemployed last month compared to 1,137,400 in October 2008. The number of unemployed in April remained more than 31% above what it was before the beginning of the jobs crisis in 2008.
Even more problematic, the percentage of Canadians unemployed for more than six months was at the highest level since the jobs crisis began in 2008. In April, 22.5% of unemployed Canadians, or close to one in four, had been unemployed for more than six months. The “real” unemployment rate, a rate that includes discouraged workers and involuntary part-time workers, remained very high in April 2010, at 11.8%. In April 2008, the “real” unemployment rate was 8.9%.
The Canadian Labour Congress, the national voice of the labour movement, represents 3.2 million Canadian workers. The CLC brings together Canada’s national and international unions along with the provincial and territorial federations of labour and 130 district labour councils.
Top 40 Global Mining Companies Show Signs of Financial Recovery
In 2009, the top 40 global mining companies experienced rapid recovery of market capitalization lost in 2008. Despite a shaky start to the year, market capitalization for the top 40 increased to levels similar to those seen in 2007, increasing 118% (US$696 billion) by the end of 2009, according to the annual PricewaterhouseCoopers (PwC) report Mine: Back to the Boom, a review of the financial performance of the top 40 mining companies.
The beginning of 2009 saw commodity prices continue to fall globally, tough price negotiations with customers and challenging market conditions. However, mining companies responded swiftly to protect their bottom lines; funding was restructured, mines were closed and production was cut as margins declined. In stark contrast to the first half of 2009, the year ended with a significant rebound in commodity prices.
“Despite the global economic crisis, none of the top 40 mining companies were subject to bankruptcy or voluntary administration provisions,” says John Gravelle, partner and national leader of PwC’s Mining practice. “This is largely due to their success in removing their debt overhang, and benefitting from strengthening commodity markets and government stimulus packages.”
Despite the increase in market capitalization, 2009 proved to be a challenging year for the top 40:
Revenues declined 15% year-on-year against 2008
Net profit was down 26%
Cash flow from operations decreased 27%
Industry leaders largely refrained from significant spending in 2009. There were no large-scale takeovers completed during 2009, pointing to a potential missed opportunity for those who may have had available financial resources. Although the top 40 spent approximately US$74 billion on investing activities in 2009, most was spent on plant and equipment as funds were channelled to existing projects. Moreover, production remained flat across most commodities despite US$200 billion of capital expenditure over the past three years and exploration spend also declined significantly as the top 40 scaled back during the downturn.
In interviews conducted over the past year, mining industry CEOs indicate their main areas of concern are the economy in China and its impact on demand, foreign exchange rates, the cost of energy, and the impact of potentially unsustainable government budget deficits on interest rates, tax regimes and the global economy.
“The outlook expressed by industry leaders is more positive than in 2008 when tough decisions were required to cope with the downturn,” says Gravelle. “However, CEOs remain concerned that governments with challenging budget deficits will look to the mining industry as a source of additional tax revenues.”
While some of the pressure was initially taken out of the labour market, the mining labour market remains tight in areas where miners are competing with other resource companies and infrastructure projects for skilled labour. Miners are increasingly looking to automated technology to reduce labour costs from mine sites.
Commodity prices are also on an upward trend. After metal prices experienced a decline for the first six months of 2009, a sharp recovery for most commodities occurred in the last half of 2009 and into 2010. The turnaround in copper prices was closely followed, with the 2009 year-end price reaching approximately US$3.30 per pound. As a result of the 12% increase in the average price of gold from 2008 to 2009, the top 40 companies’ share of total revenue from gold increased from 10% to 14% in 2009. Additionally, to be sure iron ore buyers and sellers could continue to transact at prices closer to market, buyers and sellers have begun negotiating prices quarterly rather than annually.
“Although short-term volatility in the industry remains, there are definite signs of improvement for the mining sector,” says Gravelle. “It’s essential that lessons from the past are learned and the new challenges quickly addressed so that the industry can continue down its road to recovery.”
Increased Risk as More Canadians Enter the Global Marketplace
Canadian businesses are becoming more global in order to achieve growth, but according to a new survey released by Ernst & Young, globalization can mean more exposure to risks such as fraud, bribery and corrupt business practices.
Fifty-three percent of Canadian respondents say their management is pursuing growth opportunistically while economic recovery remains unclear. Twelve percent go even further to say that management in their firms is pursuing aggressive growth as demand improves.
“It’s important to remember that these growth opportunities have different risks,” says Mike Savage, leader of Ernst & Young’s Fraud Investigation and Dispute Services practice group. “Local knowledge and due diligence are needed to manage the fraud risks of conducting business in new geographies.”
Although less fraud was experienced in Canada than globally, the survey indicates that levels of fraud and fraud risk remain high. In fact, nearly 10% of Canadian companies surveyed have experienced “significant” fraud in the past two years.
And although reported levels of bribery have declined, the survey reveals that some Canadian businesses may cross the line to survive recessionary challenges.
When asked what actions are justifiable to help a business survive, no Canadians feel that giving or accepting personal gifts is appropriate. However, 29% of Canadian respondents say they justify entertaining clients as acceptable business expenses in these circumstances. Some, (8%)
feel that misstating financial performance can be justified, and 6% say cash payments can be justified.
What’s more, a disturbing proportion, 15% of Canadian respondents are unsure if facilitation payments are permitted. Facilitation payments are often referred to as “grease money” — intended to ease the administrative process, rather than to influence a decision. The distinction can be subtle and many countries don’t distinguish at all between bribes and facilitation payments.
Confidence in Canada is high, with 80% of respondents believing in the effectiveness of internal controls to detect fraud, bribery or corruption, and most companies do assess their fraud risk. Only 6% of Canadians (15% globally)
have never assessed their fraud risk.
As Savage indicates, there is always room for improvement. “Canadian companies have made a lot of cuts to survive over the past few years but, as business picks up, there is a risk that the internal controls may be insufficient to support the needs of the new business environment.”
For effective fraud prevention, Canadian respondents put the most confidence in strong internal controls (84% compared to 74% globally)
, rigorous internal audit (69% versus 65% globally)
and regular management reviews (65% compared to 55% globally)
. Although perceived to be less effective, 41% of Canadian respondents feel that regular rotation of personnel is more likely to prevent fraud compared with 31% globally.
The good news is that when fraud does occur or a suspected case is reported, Canadian companies are far more likely to have developed a set of first responses, including a clear process of reporting incidents to the board (82% compared to 52% globally)
, defined roles within investigations for internal audit, compliance, risk and legal (76% compared with 51% globally)
, and consistent disciplinary processes (61% versus 46% globally)
Auto Parts Workers Say "No More Cuts"
Auto parts workers represented by the CAW are sending a strong message to major auto manufacturers that the union will not tolerate any further downward pressure on parts workers.
"Under the threat of closure or moving work to other plants, employers are coming to our members with outrageous demands and attempting to pit worker against worker," said CAW President Ken Lewenza.
More than 250 CAW elected workplace and local union leaders from the auto parts sector, along with the bargaining committees from each of Chrysler, GM and Ford, met April 30 - May 1 in Port Elgin, Ontario to discuss the challenges facing auto parts workers.
"We are leaving this conference united in sending a clear message to auto parts companies and auto assemblers that enough is enough," said Lewenza.
Lewenza said that auto workers have delivered top levels of quality and ever-increasing productivity to the industry, and have also provided significant and painful cost savings for auto assemblers and parts companies during the turbulence of the past few years to help ensure the survival of the industry.
"Government rightfully supported domestic automakers crippled by the financial crisis, in recognition of their importance to the broader economy, specifically the half a million jobs in Ontario supported by the industry," said Jerry Dias, Assistant to the CAW President, in charge of the auto parts sector of the union. "But governments did not pitch in and we did not renegotiate our collective agreements with the auto companies to give them a mandate to relentlessly drive down conditions for auto parts workers."
"Now we are being told by some auto parts companies that in order to secure future work at our plants that we must make dramatic cuts to wages - in one instance to as low as $9 per hour. That is not only outrageous, but also illegal as it's even below the Ontario minimum wage. Clearly, we're going to have to stop this downward spiral," Dias said.
Delegates to the conference discussed and debated the situation in the auto industry, and the challenges ahead. In charting a way forward delegates endorsed the development of a plan with a number of measures, key among them:
Reconfirming our commitment to our bargaining principles and rejecting the idea that jobs will be saved by endless cost-cutting.
Setting in motion a process to strengthen and consolidate our bargaining power in the sector, including a mechanism for workers to develop common minimum standards for wages and working conditions.
Strengthening links between workers in assembly and parts plants to ensure that our auto parts work is not moved to non-union and low-wage facilities.
"This conference was a first step in launching a broad and far-reaching campaign," said Lewenza. "Over the coming weeks and months we will bring our message in a variety of ways to the companies and to workers across the auto parts sector - both organized and unorganized - that we are strengthening our resolve to stand up together in defence of the interests of auto parts workers and their families."
Canada’s Software CEOs Predict Strong Year of Growth
Surviving ahead of expectations from last year’s recession, CEOs of Canadian emerging software companies are very optimistic about the year ahead. This is according to a PricewaterhouseCoopers (PwC)
2010 report on Emerging Canadian Software Companies: The CEO Perspective, which shows that close to 60% of respondents are expecting at least 25% growth in 2010.
A majority of respondents (60%)
have a positive view of the software industry in Canada this year, compared to 38% for last year. “There is definitely a sense of optimism,” says Peter Matutat, PwC’s partner and national Emerging Company practice leader. “Companies in this sector weathered the recession well and even in 2009, CEOs found ways to continue to invest in their operations. We were surprised at how little downsizing and turnover there was despite a decline in exports last year and almost a third did not engage in any cost-cutting activities at all.”
The survey results indicate that in 2009:
Forty percent of companies enjoyed revenue increases of more than 25%; 28% had revenues increase by 10% to 25%
Share of total sales to U.S. markets declined from 40% in 2008 to 36% in 2009
More than half (53%)
of companies were profitable; another 29% expect to be profitable in 2010
Thirty-seven percent described themselves as investing in their business
With respect to raising capital, companies basically had to do it themselves, or turn to family or angel investors, says Matutat. The report shows that venture capital activity reached all-time lows: only 21% of funds raised in 2009 came from venture capital versus 46% from angel investors. The good news is that of the 54% of respondents who tried to raise capital within the last two years, the majority (75%)
were successful. The remaining 46% did not need to raise capital.
As a sign of growing maturity and confidence, more CEOs are looking at 2010 to expand through acquisitions, as 42% of respondents with an M&A strategy are planning to acquire a competitor, says Matutat. Overall, 29% of respondents are pursuing growth opportunities and another 26% are open to growth opportunities.
However, exiting through M&As is still the main goal of respondents, as 80% expect to be acquired within five years, which is consistent with prior years. The PwC report predicts that 2010 will be a very active year for M&As in this sector. Some of the reasons are that companies were holding off selling in 2009 for better valuations of their companies in 2010, certain industries (such as mobile, healthcare and infrastructure)
are buying and many baby boomer CEOs are ready to cash in.
The report notes that software companies are in a good position to take advantage of a wide-range of government incentives—some of which were established to help emerging companies during the recession. “We’ve been able to help a significant number of our own clients to choose among the broader array of programs and funding available, and we encourage companies that think they may be eligible to seek out this assistance while the stimulus programs are still available,” says Matutat.
The number of companies seeking intellectual property protection outside of Canada is an area that decreased this year from 56% in 2009 to 39% in 2010. However, there has been a consistent increase since 2008 in the number of Canadian companies seeking IP protection in India and China which reflects the growing role that emerging countries are playing within an increasingly global software industry.
The survey also reports that 43% of CEO emerging software leaders believe that “cloud computing” is critical to their model, while 32% find the cloud provides no significant impact on the way they operate or their bottom line. In spite of this uncertainty, 52% of respondents are cloud users. Some 46% of survey participants are already developing cloud computing applications for their clients’ use, while another 8.6% are planning to do so.
The results of the survey were based on the responses from 130 CEOs, identified from a national cross-section of emerging Canadian software companies from publicity available lists. The full report includes additional commentary from John Beardwood and Mark Penner from Fasken Martineau on intellectual property, a global perspective on M&A activity from Bruce Lazenby of Corum Group Ltd. and an overview of government incentives from PwC’s Neal Madan and Elliot Edell.
Canadian Organizations Can Learn From Global Talent Management Programs
Organizations are meeting the demands of today’s economy by taking a more sophisticated approach to their talent management programs. According to Ernst & Young’s latest report, Managing today’s global workforce, leading companies are aligning talent management with their overall business strategy and integrating it with their human resources (HR)
initiatives to increase competition and drive revenue.
As the economy continues to improve, organizations are taking new directions when it comes to managing their talent. Strategic HR initiatives are focused on increasing employee engagement, building in flexibility to address the needs of today’s diverse talent pool.
The Ernst & Young survey identified the top three talent management initiatives respondents plan to implement:
Building their internal talent pipeline to fill critical future needs (64%)
Understanding and coordinating global talent resources to fill key positions (33%)
Offering flexible work strategies such as job sharing, telecommuting, flex hours and phased-in retirement (31%)
The survey data also reveal a common concern over future gaps in talent among both technical (28%)
and middle management (26%)
"Now, more than ever, Canadian organizations need to provide opportunities that appeal to the diversity of their employees. By understanding the needs and motivations of employees, organizations will be better able to retain the necessary skills and competencies to emerge stronger in the future," says Ronny Aoun, Executive Director with Ernst & Young’s Human Capital practice in Canada.
The report is based on a survey of more than 340 CEOs, CFOs, COOs and Vice Presidents of Human Resources from Fortune 1000 companies around the world, including Canada. The survey examines successful global talent management programs, and the practices that differ across geographic regions, companies and industries.
According to the report, more than half (63%)
of respondents say they align their current talent management programs to their business strategy, and continue to proactively modify the programs to reflect changes in the direction of the company.
"Companies need to align business strategies with talent management programs that will engage and develop the right individuals, because having the right competencies, skills and experiences are the key to competitive differentiation and success as a market leader," says Aoun. "And as Canadian organizations continue to grow their operations across the globe, it’s vital that a company’s internationally mobile employees are also kept top-of-mind."
Unfortunately, only 32% of respondents say all the components of their talent management programs are integrated on a global, enterprise-wide scale, while 24% do not integrate their programs at all.
As companies incorporate international assignments into their overall business strategy, the issue of career management for those employees cannot be ignored. Results of the survey show that nearly two-thirds of responding companies (60%)
have internationally mobile employees. Yet among those organizations, over one-third have no talent management program in place for this unique employee population.
It is critical for companies to understand and meet the needs of these mobile employees, while maintaining a strong grasp of relevant labour laws, legislation, regulations and demographics unique to each jurisdiction where they conduct business. There should also be a system in place to capture the knowledge of these employees. Many respondents indicate that repatriation or post-repatriation of these employees is not a priority. As such, companies end up losing much of the value these people bring to the organization. This could result in disenfranchised employees who leave the organization and take their international experience with them.
Effectively managing talent requires real execution, from workforce analytics to succession planning. Forward-thinking companies have talent management programs that are aligned to the business strategies, integrated globally and customized to address the needs, issues and demographics of their workforce. If executed well, such programs will position these organizations for significant future growth.
Government of Canada Moves to Enhance Safety and Security in the Online Marketplace
The Honourable Tony Clement, Minister of Industry, and the Honourable Denis Lebel, Minister of State (Economic Development Agency of Canada for the Regions of Quebec)
, today announced two steps that the Government of Canada is taking to enhance the safety and security of the online marketplace. Together, the tabling of amendments to the legislation protecting the personal information of Canadians (Personal Information Protection and Electronic Documents Act, or PIPEDA)
and the reintroduction of anti-spam legislation in the House of Commons (the proposed Fighting Internet and Wireless Spam Act, or FISA)
are important steps towards positioning Canada as a leader in the digital economy.
“Canadian shoppers should feel just as confident in the electronic marketplace as they do at the corner store,” said Minister Clement. “With today’s two pieces of legislation, we are working toward a safer and more secure online environment for both consumers and businesses — essential in positioning Canada as a leader in the digital economy.”
“Our government believes that personal information should be no less secure when shared online than anywhere else. That is why we are taking steps to ensure it is better protected,” said Minister of State Lebel. “These measures will empower and better protect consumers while ensuring that Canadian businesses can continue to compete in the global marketplace.”
To address public concerns about the increasing number of data breaches involving personal information, PIPEDA proposes a new requirement for organizations to report material data breaches to the Privacy Commissioner of Canada and to notify individuals where there is a risk of harm. This requirement will complement the government’s recently enacted identity theft legislation and encourage better information security practices on the part of organizations.
PIPEDA also proposes amendments related to protecting the privacy of minors and other vulnerable individuals online. Other amendments are designed to clarify and streamline rules for business and support effective investigations by law enforcement and security agencies.
The proposed FISA is intended to deter the most damaging and deceptive forms of spam, such as identity theft, phishing and spyware, from occurring in Canada and to help drive spammers out of Canada.
The proposed FISA legislation provides a comprehensive regulatory regime that uses economic disincentives to protect electronic commerce and is modelled on international best practices. To enforce the legislation, the bill would use the expertise, and expand the mandates, of the three enforcement agencies: the Canadian Radio-television and Telecommunications Commission, Competition Bureau Canada and the Office of the Privacy Commissioner of Canada.
Industry Canada will act as a national coordinating body to increase consumer and business awareness and education, to further coordinate work with the private sector and to conduct research and intelligence gathering.
Government of Canada Protects Jobs Through Work-Sharing
The Honourable Diane Finley, Minister of Human Resources and Skills Development, announced today that the Government of Canada is enhancing the Work-Sharing program. While speaking to employees at Mascot Truck Parts, Minister Finley highlighted the support Canadian workers are receiving through the Government's "Jobs and Growth Budget" with enhancements to the Work‑Sharing program. The enhancements to the program will enable more Canadians to continue working while companies experience a temporary slowdown.
"The Canadian economy is improving, but full recovery has not yet been achieved, and many Canadians still need our support," said Minister Finley. "That is why our government is taking concrete action to help businesses avoid layoffs, and keep Canadians working."
Recognizing the uncertainty facing many businesses, Budget 2010 provided an extension to the enhanced Work-Sharing measure introduced in the first year of Canada's Economic Action Plan. Budget 2010 also put in place an extension of up to 26 weeks (to a maximum of 78 weeks)
for employers with active, or recently terminated, Work-Sharing agreements. Both of these enhancements will be in place until April 2, 2011.
Under Work‑Sharing, employers can retain employees and avoid expensive re-hiring and re‑training costs. Employees are able to continue working and keep their skills up to date. As of March 28, 2010, there were close to 5,500 active Work-Sharing agreements nationally benefiting close to 135,000 participants, and since February 2009, the program has helped protect the jobs of more than 255,000 Canadians. Many Work-Sharing agreements are ending early as businesses, such as Mascot Truck Parts, recover and resume normal operations.
"Thanks to support from the Work-Sharing program, I feel good about our future," said Mr. Glenn Hanthorn, President, Mascot Truck Parts. "Work-Sharing has allowed us to avoid layoffs and retain our trained and experienced staff, giving us a competitive head start now that the economy is recovering."