Talent A Crucial Factor in Jamaica’s Growth Initiatives
“The government understands the challenges that the economy faces, and we are putting in place measures to ensure that growth continues in spite of those challenges.”
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-Prime Minister Holness
Prime Minister Andrew Holness says the need for competent and trained talent is critical to Jamaica’s economic growth.
In his address at the Jamaica Stock Exchange’s (JSE) 19th Regional Investments and Capital Markets Forum, Prime Minister Holness emphasized, “As a result of our historic low unemployment rate, we are faced with a new challenge. The binding constraint on our economic growth is no longer the availability of capital but the availability of talent.”
The Prime Minister said training and retaining local talents are crucial in the new economy. He stated, “Jamaica has exported talent overseas for years, contributing to the growth of other nations. Now, as our economy shows signs of progress, the need for local talent is crucial. It is worrying that our students often consider migration, but I cannot say to them don’t migrate because migration is important for their exposure and the development of their talents. However, we must instill in them the belief that they can make it here in Jamaica and contribute to our growing economy.”
Prime Minister Holness also noted the talent shortage affecting various sectors, highlighting the shared concern among business leaders who often express challenges in finding qualified personnel.
The Prime Minister further stated that the government is actively moving to balance wage and growth issues. He noted the government’s move to double the minimum wage and engage in a comprehensive compensation review to align a significant part of the labour force with market rates.
At the same time, Prime Minister Holness also emphasized the delicate balancing act required to manage wages and inflation, stating, “Any erratic movement can destabilize the economy. While acknowledging the low incentives in our current wage profile, we are actively working to change this reality.”
The Prime Minister urged every Jamaican to recognize their role in increasing productivity, noting that the government is committed to fostering a culture of productivity through performance-based reward systems in the public service. He also encouraged the private sector to implement performance management systems.
Prime Minister Holness affirmed, “The government understands the challenges that the economy faces, and we are putting in place measures to ensure that growth continues in spite of those challenges.”
Prime Minister Holness also detailed initiatives such as the Learning and Investment for Transformation (LIFT) programme under the HEART Trust NSTA, investing nearly $2 billion, and the Jamaican National Service Corps, training 2000 youngsters annually to support technical fields in the Jamaica Defence Force (JDF).