Almost full employment yet labour gaps are glaring, Zacca laments
Almost full employment yet labour gaps are glaring, Zacca laments . Almost full employment yet labour gaps are glaring, Zacca laments
The Jamaica Observer
ZACCA... a deeper synergy between the Government and stakeholders is required for a sustainable growth strategy

Chris Zacca last Thursday reiterated his call for stronger collaboration between the public and private sectors in pursuit of a national growth strategy, given that Jamaica is still experiencing low economic growth despite unemployment being at its lowest on record.

Zacca, the president and CEO of Sagicor Group Jamaica, who in October was inducted into the Private Sector Organisation of Jamaica (PSOJ) Hall of Fame, made the call in an address to Mona School of Business’ top performers in the 2024 postgraduate cohort whom he urged to use their skills in service to Jamaica in meaningful ways.

He noted that the Statistical Institute of Jamaica’s latest labour force data show that about 4.2 per cent of Jamaicans within the legal working age are unemployed or underemployed.

“That means we are almost at a point of full employment, yet the labour gaps are glaring,” Zacca said.

“At the same time, the country is plagued by low economic growth. The Planning Institute of Jamaica estimates that the local economy contracted by 2.8 per cent for the July to September 2024 quarter. While this largely reflected the adverse impact of Hurricane Beryl and other weather events, what’s clear is that the county needs to focus on ways to drive growth,” he told the students.

He said that over the past few weeks he has reflected on the evolving role of the private sector in Jamaica and its importance and has concluded that “a deeper synergy between the Government and stakeholders is required for a sustainable growth strategy”.

He pointed to Prime Minister Andrew Holness’ announcement of a new growth path for the country, saying he was looking forward to seeing what this new growth agenda entails and the steps that will be taken to move the country’s development forward through partnership.

On November 19, 2024, Holness, in an address to the nation, opened what he termed the next chapter of Jamaica’s economic transformation by outlining six key pillars of the Government’s growth strategy that, he said, will “move beyond plans and policies and deliver tangible results for the Jamaican people”.

He listed the key pillars as: human capital development; diversification of the country’s economic base and development of new industries; infrastructure development; improving the ease, cost and speed of doing business; security; and inclusive growth which, he said, is in keeping with the Jamaica Social Protection Strategy, 2014, which established the provision of support to the most vulnerable groups in the society.

“As we move to the next chapter of our development journey we must now come together and forge a new national consensus on economic growth, just as we united around debt reduction and stabilisation. It is time for us to set ambitious goals, to think big, and to focus on policies that will enable Jamaica to realise our immense potential as a nation,” Holness told guests at the Office of the Prime Minister in St Andrew, and Jamaicans listening and watching a live stream of the presentation.

In his address last Thursday, Zacca told the Mona School of Business students that while he was pleased to hear the prime minister’s pronouncement, those plans for Jamaica’s future will need their input to achieve success.

“The same excellence that drove you to be the best in class, must be the same push that drives you to serve this country in a meaningful way. The next phase of growth has to be led by you. It requires all of us to shape the broader economic ecosystem in ways that benefit our key stakeholders — Jamaicans,” he said.

“I charge you to embrace leadership — not as a title, but as a responsibility. Leadership is not about being in charge; it’s about making a difference. It’s about making decisions that matter, even when those decisions are difficult,” Zacca told the group.

“As top performers, you are uniquely positioned to answer this higher calling. You have the analytical tools, the strategic insight, and the ambition to drive innovation not just within your organisations but across industries and the nation. You graduated at a time when unemployment is at a historic low, but economic growth remains a challenge. The next phase of Jamaica’s development will depend on your ability to reshape the workforce and lead transformative change,” he advised.

Zacca, in his PSOJ Hall of Fame acceptance address, had urged the private sector to lead the charge for a new national growth strategy while advocating the cutting of what he described as “unnecessary and archaic regulations that stifle business and incentivise corruption”.

His appeal for a new national growth strategy requires the PSOJ to form a coalition of civil society to work with the Government and Opposition.

“This coalition,” he said, “must have a respected and influential voice at the decision-making table, ensuring that the hard choices we need to make are implemented for the benefit of all Jamaicans.”
Jamaica
https://www.jamaicaobserver.com/jamaicaobserver/news/wp-content/uploads/sites/4/2024/12/876667ab0c49ad6f954789c117ef5415-1024x682.jpg
https://www.jamaicaobserver.com/2024/12/02/almost-full-employment-yet-labour-gaps-glaring-zacca-laments/
2024-12-02
rss
Almost full employment yet labour gaps are glaring, Zacca laments
Almost full employment yet labour gaps are glaring, Zacca laments