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Unemplopyment in Jamaica
Transcript of Unemplopyment in Jamaica
Unemployment occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate.
What is Unemployment?
Rapid changes in technology
Undulating business cycles
Changes in tastes as well as alterations in the climatic conditions. This may in turn lead to decline in demand for certain services as well as products.
Attitude towards employers
Willingness to work
Discriminating factors in the place of work (may include discrimination on the basis of age, class, ethnicity, color and race).
Ability to look for employment
Factors of unemployment
Now here's the big question ..
How can we change this?
A supportive business environment for young entrepreneurs should be a policy priority for the Government of Jamaica. The introduction of new systems driven by technology will, undoubtedly, ease the process of doing business in Jamaica. After all, technology is the driving force in almost every other economy. Why not in Jamaica's?
However, the successes of our sports personalities at the highest levels have contributed to national pride and new market opportunities. It can even be argued that this sector has far greater contribution to our gross domestic product (GDP). So, to provide a career path through sports, let's intervene early.
As early as primary school, student athletes should be guided to look at the business and academic benefits involved in sports. It is not beyond us to design and create products and services that are in alignment with our sporting excellence, but our products should be of world-class standards. Not all student athletes will transition to professional athletics or sports. However, academic success increases the likelihood that one will be better able to think creatively and innovatively, both of which are key ingredients in activating the entrepreneurial mindset.
Another area to focus on is the National Training Agency. The HEART Trust/NTA must be rebranded to attract talented young Jamaicans who have the skills and ability to develop technical and vocational products and services for local and international markets. HEART should no longer be seen as a place for second-tier students. Campaigns must be designed to coach our young people to support local businesses, and vice versa.
Yet it would seem as though foreigners are the greatest beneficiaries of our creative industry exploits. Young Jamaicans should be exposed to the processes involved in obtaining copyright licences for their creative work. It is not enough to have someone who has never operated a business in their life teaching young people business management.
Aim: 300,000 by 2020
Influential Jamaican women in business
- Principal, Jencare Skin Farm
She combined her entrepreneurial and cosmetic formulation skills to develop Jencare Skin Farm from a modest backroom operation in the early 1980s into the modern production facility and beauty parlours that it is today.
Dr Blossom O'Meally-Nelson
- CEO, Aeromar Group of Companies
Jamaica's first female post master general and former pro-chancellor and chairman of Council for the University of Technology (UTECH). Against the background of her outstanding achievements in public service, O'Meally Nelson is making inroads in the private sector with family-owned logistics company Aeromar Group.
- CEO, Island Grill
Lyn rebranded and developed what was once Chicken Supreme into one of the most dominant and recognisable restaurant chains in the local fast food market. Plans are underway to launch of a new Island Grill restaurant in Barbados -- its second on the island -- in accordance with Lyn's regional expansion strategy.
Work together and dream big :)