Wage and productivity survey launched in The Bahamas
The IDB said the project will help authorities plan and implement labor policies and training programs.
NASSAU, The Bahamas, Friday January 13, 2012 - A national wage and productivity survey has been launched here backed by the Inter-American Development Bank (IDB).
Information would be gathered from 600 organizations across major industries to guide policies and programs by the government and the private sector.
“By collecting data in both training institutions and economic establishments, this project will contribute to understanding the link between the skills attained by Bahamians and the current demand for skills in the private sector,” said Maria Victoria Fazio, a project team member of the IDB’s Labor Markets and Social Security Unit.
“The analysis from this study will provide policy guidelines to close the potential skills gaps for better employability and more productive job creation in the Bahamas.”
In addition, a complementary training mapping exercise that is a part of the project will also provide evidence-based information on whether the education system is adequately supplying the market with the right mix of skills, noted Annelle Bellony of the Bank’s Education Division, which supports better school-to-work transitions.
The survey will focus on key data, including employee productivity levels, company training procedures, needs assessments, employee competency levels, wages by occupation and innovation in the workplace.
The Bahamas has attracted US$18 billion worth of Foreign Director Investment which, officials said, could generate more than 33,000 jobs in construction and tourism.
“The data relating to productivity will also be of significant value as it will identify any gaps that we need to address on a national level to make our business community more competitive and attractive to foreign direct investment,” said Winston Rolle, CEO of the Bahamas Chambers of Commerce and Employers Confederation.
An occupational wage survey conducted in 2007 found that 65 per cent of Bahamian CEOs believed there was a serious skills shortage; another 80 per cent thought that the shortage would impact the country’s future economic growth. Click here to receive free news bulletins via email from Caribbean360. (View sample)