EDITORIAL

Lowering unemployment possible

There has been much talk in recent times about the increasing rate of unemployment in this country and this is no surprise as more persons have been put on the breadline recently, with Government seeking to reduce costs and improve efficiencies. We have also seen a number of companies let go employees, some reducing their staff complement for the first time in years, while others have reduced employees’ hours of work as they seek to grapple with the changing economic environment.

The unemployment situation, in particularly unemployment among the youth, must be a cause for concern. Unemployment among youth in the region and indeed in this country has crept up into double digits, and this is a situation not unfamiliar to countries across the world, which are faced with similar circumstances. Here in Barbados between 1991 and 2017, the average unemployment rate among young people was 28.42 per cent. These figures cannot be ignored and that reality no doubt sparked Government to create its First Jobs Initiative, to help give our youth a taste of the world of work.

In the Budget in March this year, Prime Mia Amor Mottley said that over the coming 12 months, that programme will be started to help supplement the National Training Initiative to support those who have never had a job and better prepare them for the world of work. Indeed we hope to see this programme get off the ground, because there is an urgent need to put our words into action and save our young people. The fact is too many of them feel marginalised and that they do not have opportunities to contribute meaningfully in the society.

The widespread belief by many is that as the economy continues to try to claw its way back, employment figures will probably continue to be negatively impacted and there will then be a natural progression towards entrepreneurship. But does unemployment really spark entrepreneurship is the question? The answer seems to be in the affirmative, for whether it is the United States, the United Kingdom or here in Barbados, it appears that when unemployment rises, so does the entrepreneurial spirit.

As a society we must embrace entrepreneurship and small business development – these two are important to the development of the national economy. Now given the fact that not every Barbadian will be able to get a job in the public sector, especially as Government seeks to have a leaner and more efficient operation; nor for that matter in the private sector, those who remain jobless and have an inkling for business should consider starting small and micro enterprises.

Admittedly, neither business development nor the management of such businesses is for everyone, but if more businesses are created it would certainly help to reduce the level of unemployment in this country. The more micro and small businesses that develop and flourish, the greater the number of persons who would become self-employed, and who will in turn be able to employ other Barbadians to help with the support of our families.

In supporting entrepreneurship we must also remember that innovation must be the order of the day. If we really want to promote entrepreneurship, we have to encourage people to think outside of the box, and come up with new and brilliant ideas not yet tried and tested, but which have the potential to create commerce, create employment and boost the economy. If that occurs, Barbados will move closer towards the dream of becoming the number one entrepreneurial hub of the world by 2020.

Yes, that timeline is less than one year away, but we are confident that with concerted effort, we can do it!

Barbados Advocate

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Advocate Publishers (2000) Inc
Fontabelle, St. Michael, Barbados

Phone: (246) 467-2000
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