Almost full employment, but labor shortages are glaring, deplores Zacca

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

Zacca, Chief Executive Officer of Sagicor Group Jamaica, who was inducted into the Private Sector Organization of Jamaica (PSOJ) Hall of Fame in October, made the call in a speech to high-achieving students at the Mona School of Business of the 2024 postgraduate cohort, who he urged to use their skills to serve Jamaica in a meaningful way.

He noted that the latest labor force data from the Statistical Institute of Jamaica shows that about 4.2 percent of Jamaicans of legal working age are unemployed or underemployed.

“This means we are almost at the point of full employment, but the labor shortages are glaring,” Zacca said.

“At the same time, the country suffers from low economic growth. The Planning Institute of Jamaica estimates that the local economy contracted by 2.8 percent between July and September 2024. Although this largely reflects the negative impact of Hurricane Beryl and other weather events, what is clear is that the county needs to focus on ways to stimulate growth,” he told the students.

He said that in recent weeks he had reflected on the evolving role of the private sector in Jamaica and its importance and concluded that “a deeper synergy between government and stakeholders is necessary for a sustainable growth strategy”.

He spoke of Prime Minister Andrew Holness’ announcement of a new growth path for the country, saying he looked forward to seeing what this new growth agenda would entail and what steps would be taken to advance the development of the country through partnership.

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

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

“As we embark on 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 stabilization. It is time for us to set ambitious goals, think big and focus on policies that will enable Jamaica to realize its immense potential as a nation,” Holness told guests at the Prime Minister’s office in St Andrew , and to the Jamaicans who listened to him. and watch a live stream of the presentation.

In his speech last Thursday, Zacca told students at the Mona School of Business that while he was happy to hear the Prime Minister’s statement, plans for Jamaica’s future will need their input to succeed .

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

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

“As top performers, you are in a unique position to answer this higher calling. You have the analytical tools, strategic vision and ambition to drive innovation not only within your organizations, but across sectors and nationally. 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 acceptance speech to the PSOJ Hall of Fame, had urged the private sector to lead the charge for a new national growth strategy while advocating the removal of what he described as “unnecessary regulations and archaic laws that stifle business and encourage corruption.”

Its call for a new national growth strategy requires the PSOJ to form a civil society coalition to work with the government and the opposition.

“This coalition,” he said, “must have a respected and influential voice at the decision-making table, ensuring that the difficult choices we must make are implemented for the benefit of all Jamaicans. »