By Rhea Yaw Ching
Economic sustainability in the Caribbean is under constant threat as countries in the region struggle to maintain their competitiveness. In a global economy defined by technology-driven innovation, the region’s traditional economic engines of tourism, agriculture and mineral extraction have drastically diminished capacity.
Few economic recovery or reinvigoration plans enacted in the last decade have produced the desired results. Meanwhile, unemployment continues to soar. According to a November 2017 IMF report, “growth in the region has stalled since 2000, generating few jobs and high levels of unemployment. The 2008 global financial crisis had an especially strong effect on the unemployment rate for those between the ages of 15 and 24, which jumped on average by 5 percentage points between 2007 and 2013—from 21 percent to 26 percent. In some countries (for example, the Bahamas, Barbados, and Jamaica), youth unemployment rates are nearly three times that of those aged 30 and over.” Paradoxically, many employers report difficulties in filling the vacancies they already have, sourcing and talent they need.
The New Definition of Work
Globally, the very concept of “employment” is being redefined. Countries must adapt to these evolving concepts in a manner if they are to advance their social, and economic aspirations.
According to the World Economic Forum’s “The Future of Jobs Report”, by 2020, more than a third of the desired core skill sets of most occupations will comprise of skills that are not yet considered crucial to the job today. If we believe that jobs are an aggregated set of skills put to use for a particular objective then focus should be put on the demand and supply of skills, rather than the demand and supply of jobs. To crack this new phenomenon, policy-makers, employers, educators and members of the workforce will have to devise new approaches to satisfy the demand for those skills.
The New Worker
It is not possible to discuss the evolution of work without consideration of the impact of technology. One of the big takeaways at the World Economic Forum 2018 was the notion that as lifestyles become more hyperconnected, it will be digital intelligence, or DQ, that will become critical to individual success and the well-being of society.
As nations around the world begin to grapple with and understand the implications of DQ we are already seeing greater demands for jobs in areas such as science, technology, engineering and math. However, we are also seeing jobs being lost to automation and computerization. Just how painful any imbalance between jobs lost and jobs gained will be, will be based on how the region approaches the issue of skills transformation.
Indeed, this new “Fourth Industrial Revolution”, as some refer to it, actually represents a real opportunity to achieve the region’s vision for human development. Skills transformation begins with education and as we know all too well in the region, transforming how we educate is an elusive target. Today, education requires a system to skill, re-skill and up-skill both the current and future members of the region’s workforce.
The New Organization
The pace of technological change is also redefining organizations. The traditional career path of study, work, retire is already being replaced by study, work; study, work; study, work; maybe retire, otherwise, study, work.
This means modern organizations must embrace a dynamic business model that can attract, nurture and develop workers that best fit their needs.
Contract, freelance, gig, occasional, outsourced are now established forms of work that can be used to achieve business objectives. If the traditional model of employment is to stand equally alongside other forms of work, then another reality becomes evident. All of our labour practices, policies, legislation, benefits, facilities and concessions, must also adapt.
One concept becomes evident in this transformation: the human resource is at the heart of every business strategy. Managing this transition will require visionary leadership, partnerships and collaborations between business, government institutions, labour support organizations and the education and learning development sectors.
The New Manifesto
A new work challenge requires a new look at the commitments and obligations that we currently have in place. If we accept that “its broke, so let’s fix it” is a true statement, and that the region has a real and significant opportunity to achieve its agenda, then we must look at the region’s talent and challenges to arrive at a new collective resolution to help them and us realize our full potential. A new resolution must have certain core commitments:
- To nurture a fair digital work environment;
- To ensure that technology-enabled work promotes equal opportunity;
- To promote an environment of continuous learning;
- To set standards and guidelines for work that contribute to the achievement of social, economic and environmental sustainability.
- To develop support systems for sustainable participation;
- To continuously engage in impact assessments on the evolving digital working environment;
- To encourage participation by all relevant stakeholders in the digital economy.
The burden of unemployment and talent shortages, fueled by our constant economic, social and environmental vulnerabilities and exacerbated by technological disruptions creates a perfect opportunity for the region to adapt and evolve. Tackling these challenges require the collective genius and new partnerships. The health and prosperity of the region depends on it.
Rhea Yaw Ching is the Founder and Executive Director of Covela Foundation, a US-based 501c3 certified non- profit focused on building a resilient, innovation-based infrastructure in the region as well as the use of technology to promote economic diversification and civic participation. She is also the CEO of Covela LLC, a strategy and innovation consulting firm. Follow on Twitter: @rheayawching, Website: www.covela.org
