BUSINESS MONDAY - build up the human capital

COMPANIES in Barbados and across the Caribbean are facing a dilemma in that they do not have adequate skilled labourers to call on for their operations.

To this end the University of the West Indies is attempting to remedy the situation through the increasing number of courses it is offering students.

News of this has come from Professor Winston Moore, the Deputy Principal of the UWI, Cave Hill. He was speaking last Friday evening at the launch of a Masters in International Trade Policy (MITP) specifically for students from the OECS.

Professor Moore said that the programmes which fed at the regional level are vital in building human capital while admitting that the more human capital that is available puts Barbados and other regional countries in a good position to broaden their economic growth.

Noting there is not enough human capital in Barbados and the Caribbean, Professor Moore said that a survey was done to guage how the figures stacked up in the region.

He revealed that for the typical Caribbean firm, approximately 32 per cent of the companies surveyed said that finding skilled labour is a problem. “For the rest of the world it is about 27 per cent,” the Professor reported the survey as suggesting.

Saying that the situation in the Eastern Caribbean was worse than the 27 per cent found globally, Professor Moore said for example it was 39 per cent in Grenada, 45 per cent in St. Kitts and Nevis, and 35 per cent in St. Vincent and the Grenadines.

The Deputy Principal told the function at the Sagicor Cave Hill School of Business, that building human capital is something they at the UWI attach to students’ education and their training.
He reasoned that with a larger human capital, individuals can be more efficient and innovative, resulting in faster economic growth.

The UWI Official also pointed out that essentially what they are looking for in any economy is to build up the human capital, since it has the potential to promote economic growth which is required across the region.

The Deputy Principal indicated that the UWI is attempting to address the skills shortage in the region through a number of initiatives. He pointed to the recent decision by the UWI to create a Centre for Professional Development and Lifelong Learning (CPDL).

“That centre essentially offers short course for professionals, graduates, courses that would allow you to build up your skills in a particular area without having to do a full degree,” he added.