Jobs and the Private Sector
Jobs are created when an existing business increases its staffing levels or when a new business employs individuals to perform duties that will result in a profitable performance for that business. The truth is that a business is required to be profitable to be successful and decisions are taken with this in mind.
In order for job creation strategies to be implemented, the performance of businesses must be considered and also the related business environment within which they operate.
The current economic conditions have put tremendous strain on profitability, thereby making it extremely difficult for companies to create new jobs and in turn resulting in high unemployment
The Government has carried the role of Employer of last resort for some time but will be forced to relinquish that role as our Public Servants seek to put the fiscal house in order.
The role of providing Jobs now lies with the private sector and the business operators in various industries. Encouraging new businesses to enter the market place without considering the plight of existing businesses will not solve the problem and a holistic approach must be sought.
We have seen a reduction in hiring within the Financial Industry and this is not surprising as they have borne the highest load of fee increases in recent years. This is a perfect example of “JCL” or “Job Creation Limitation” and we are also seeing similar impacts in other industries.
Solution 1
Implement immediate hiring incentives for businesses with structured controls. I am aware of the need to balance the budget and the negative impact this solution may have on Governments Finances. There have been many suggestions on new revenue measures and hard decisions will have to be taken on them, as we move forward with addressing our unemployment challenges
by Ralph Lewis
