#BTColumn – Living in hope: A New Year’s call to action

As 2024 fades away and 2025 looms on the horizon, it is natural for both employees and employers to reflect on the past year while contemplating what lies ahead. Both groups are undoubtedly hoping for an improvement in global economic activity and better economic prospects within their respective regions.

From the employer’s perspective, increased business activity translates to greater profitability. Meanwhile, workers remain optimistic that enhanced revenue generation and profits will lead to better wages, salaries, and benefits. Historically, workers have borne the brunt of economic downturns, facing inadequate pay, high taxation—whether direct or indirect—job insecurity, and poor-quality, unsustainable employment.

In 2024, some reports suggested that unemployment was trending downward. However, with layoffs and retrenchments still affecting workers, the accuracy of such claims is questionable. In a global economy increasingly driven by technology and artificial intelligence, there is a growing risk of further job losses as physical labour is replaced.

The pressures on social security systems are intensifying as workforce numbers dwindle due to retrenchment, retirement, and attrition. This issue becomes even more acute when one considers the thousands of school leavers entering the job market each year, many of whom find themselves unable to secure gainful employment or access higher education and vocational training opportunities.

Promoting entrepreneurship as a solution to unemployment requires more than lip service. A sustainable entrepreneurship strategy must be supported by dedicated funding, market access, and resources to help businesses thrive. Vendors and entrepreneurs must embrace innovation in their offerings to attract and retain clientele. It makes sense to focus on ventures with realistic growth potential and long-term viability.

Aligning new employment initiatives with national priorities is critical, and food security offers an ideal starting point.

Incentives to encourage involvement in agro-industrial projects can drive both job creation and economic sustainability. Countries must also explore their unique strengths. For example, Barbados, famed for its sun, sea, and hospitality, could position itself as a global leader in rehabilitation healthcare, creating opportunities for nurses, medical professionals, support staff, and other associated services.

To remain competitive, countries must look inward and leverage their distinct advantages rather than solely attempting to rival other jurisdictions. Furthermore, foreign borrowing should always serve productive and provident purposes, ensuring long-term benefits for the nation.

Dennis De Peiza is a Labour & Employee Relations Consultant with Regional Management Services Inc.