The MIllennial Marketer (Christmas 2021 Edition)

COVID-19 SPARKS ENTREPRENEURIAL SPIRIT OF JAMAICANS

PRODUCTIVITY OR COMPENSATION, WHICH COMES FIRST? BUSINESS LEADERS WELCOME POSITIVE SIGNS OF ECONOMIC REBOUND

POLICY COMING TO EMPOWER CONSUMERS TO MAKE INFORMED CHOICES

From the Editor As we celebrate the Christmas Season, we reflect on the blessings of the past year and look forward to the renewal of the New Year. It is the season for gratitude and hope, two sentiments bolstered by the great strides we have taken to move beyond the darkest days of the pandemic. As 2021 comes to a close, we see numerous signs of an even brighter 2022!

The Statistical Institute of Jamaica reports economic growth of 14.2% for the April to July 2021 quarter, accompanied by a 4.1 percentage point reduction in the unemployment rate to 8.5% and an 8.3% increase in employment. The Planning Institute of Jamaica reports a 6.3% growth for the July to September quarter, relative to the corresponding period in 2020. Continued improvements in the final quarter of 2021 are expected to deliver a calendar-year expansion of 3% to 6% overall.

Perhaps the most encouraging news, despite all setbacks, is that Jamaicans are again excelling at what Jamaicans do best – Entrepreneurship. The Companies Office Jamaica has recorded its highest-ever number of new business registrations over the 2020/21 period, particularly in creative and tech-enabled industries. In addition, the Jamaica Business Development Corporation continues to introduce programs to facilitate business development further. It has announced plans to launch its accelerator program for 2021/2022 to assist businesses with internationalization and investment solicitation.

Tourism, our bread, and butter, is also accelerating at breakneck speed. Stopover visitor arrivals to Jamaica have surged by 39.5% to reach just under a million for the first nine months of this year, based on the latest figures from the Jamaica Tourist Board. Canadian airline, Swoop, a subsidiary of WestJet, has expanded service to Jamaica with additional bi-weekly non-stop flights between Toronto and Kingston. The BPO sector, which had experienced some deceleration during the lockdown, has recovered quickly, recording more than 15% growth between July 2020 and July 2021.

Finally, and perhaps most importantly, recognizing that solid business performance depends mainly on the population's overall health, the government has committed to the most significant investment in hospital upgrades since 1962, with a $31.2 billion plan to improve the public health infrastructure within the next three years.

Ever grateful for this and all the support we have received from you, our readers, and our treasured clients and advertisers, we at Millennial Media Management want to wish you and yours a Merry Christmas and a very prosperous New Year!

Warm Regards, Paul Bauer EDITOR, THE MILLENNIAL MARKETER

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COVID-19 SPARKS ENTREPRENEURIAL SPIRIT OF JAMAICANS The coronavirus pandemic (COVID-19) has upended everyday life, but it has also unleashed the resilience and entrepreneurial spirit for which Jamaicans are known.

Deputy Chief Executive Officer (CEO) at the Jamaica Business Development Corporation (JBDC), Harold Davis, tells JIS News that the Companies Office of Jamaica (COJ) recorded its highest number of persons registering new businesses in 2020/21.

Entrepreneurs and investors registered 12,809 business names and 3,935 new companies, reflecting increases of 12% and 3%, respectively, over the previous period and representing a record number of new business activities for Jamaica.

“So, it means that persons are seeing the opportunities, and persons are jumping into it, based on the opportunities that present themselves,” Mr. Davis says. He tells JIS News that when the pandemic struck, there was a lot of anxiety and doubt about whether it was an excellent time to be in business. Still, He notes that the JBDC advocated, from the beginning, “to move from the panic, back to our passion for entrepreneurship.”

“The entrepreneurial spirit has not died at all; it has not waned. One would say that persons have stepped up the game as it relates to entrepreneurship, but just in a different way,” he points out. Mr. Davis explains that while the pandemic has seen new business entrants, it has also provided opportunities for existing operators to innovate and pivot to deliver services differently.

“So, we have seen an increase in persons involved in tech-enabled businesses, we have seen an increase in the tech industry, and many of them have shown exponential growth in that period as well,” he says.

The increase in business activity was evident as this year’s Christmas in July trade show, where there were some 150 entrepreneurs, “with many of them [showcasing] brand-new products, many of them youth entrepreneurs,” Mr. Davis says.

“That is an increase from last year. Gift-giving is something that persons continue to do in the pandemic, and that has shown [an] increase as well,” he notes. Christmas in July is staged by the Ministry of Tourism through its Tourism Linkages Network, in partnership with the JBDC, Jamaica Promotions Corporation, Jamaica Manufacturers and Exporters Association, Rural Agricultural Development Authority (RADA), and Jamaica Hotel and Tourist Association (JHTA).

The Tourism Ministry reports that the annual Christmas in July has boosted the purchase of Jamaican-made items as corporate gifts, with local manufacturers and artisans earning more than $100 million from sales to the tourism industry and corporate Jamaica since its inception.

Meanwhile, Mr. Davis tells JIS News that the JBDC continues to introduce programs to facilitate business development, citing the launch of the cultural and creative industry mapping project as among initiatives in this regard.

“That signals our passion and our drive towards creating and developing and furthering the development of the creative industries. A large portion of our clients are in the creative industries, and it’s one of those industries that we believe will move this economy forward sustainably. So that is ongoing, and we’re going to be diving deeper into that the latter part of this year into 2022,” he says.

He further points to a recently launched programme, supported by the International Labour Organization (ILO), which involves working with 100 farmers across the length and breadth of Jamaica. “It’s about formalizing their operations and moving them into sustainable and profitable business models. That one is called ‘Formalising Operators in the Jamaican Agriculture and Fisheries Sectors’,” he says.

In addition, Mr. Davis tells JIS News that very shortly, the JBDC will be launching its accelerator programme for 2021/2022. “That is going to be very exciting, and here we are going to be targeting high-growth entrepreneurs and moving them towards internationalization and soliciting investment and things of that nature for them,” he says.

He notes that the JBDC launched a supporting cluster project sponsored by the European Union (EU) and the Caribbean Development Bank (CDB), which enables several agro-processors to enter the export market. “Those are just a few of the initiatives that we have,” Mr. Davis says.

The JBDC is the Government’s business development agency that assists in the sustainable creation and development of micro, small and medium-sized enterprises (MSMEs) in Jamaica.

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BUSINESS LEADERS WELCOME POSITIVE SIGNS OF ECONOMIC REBOUND Several business leaders are welcoming the positive signs that the economy is rebounding from the economic fallout caused by the coronavirus (COVID-19) and the projections of a return to prepandemic levels of growth and employment over the short to medium term. They are also crediting the Government's fiscal management in steering the country towards a path of recovery.

Following a period of contraction in economic activity due to the global spread of COVID-19, the Statistical Institute of Jamaica (STATIN) reports that Jamaica recorded growth of 14.2% for the April to July 2021 quarter. There was also a 4.1 percentage point reduction in the unemployment rate to 8.5% and a proportional 8.3% increase in employment. The latter out-turn saw 93,400 additional persons securing jobs as of July 2021 to boost the employed labour force complement to just over 1.2 million.

Notably, the unemployment rate as of July 2021 is just a 0.7 percentage point shy of the record 7.8% attained in July 2019. The Planning Institute of Jamaica (PIOJ) reported growth of 6.3% for the July to September 2021 quarter and expects the positive outlook to continue, with growth in the range of 5-8% for October to December 2021. Director-General Dr. Wayne Henry says the out-turn is expected to spur calendar-year expansion of between 3% and 6%.

The Institute also projects that growth in the fiscal year 2021/22 will fall in the range of 6% - 9% and anticipates a full pre-pandemic economic recovery in 2023/24 and for employment to rebound to the level attained two years ago, in 2022/23. In addition, the Bank of Jamaica (BOJ) says the projection is for 2021/22 fiscal year growth to be in the range of seven to 10%, before moderating to between 2% and 4%, while indicating that the labour market is "on a path of improvement."

While new variants of the virus could pose challenges to the forecast, Seprod Group's Chief Executive Officer (CEO), Richard Pandohie, added his thoughts. "The out-turns, coupled with encouraging signs of revival by the tourism industry, evidenced by the increase in visitor arrivals and industry earnings, reflect the fact that the recovery process has started."

Up to November 16, stopover visitor arrivals totaled 1.2 million, while Jamaica has welcomed 36,000 passengers since cruise shipping resumed in August. The industry has, so far, generated some US$1.5 billion in earnings. "These are good signs; you're getting the sense that things are beginning to happen again. We have gone through 18 months of just really tough situations. So, any move in the direction of growth [is welcomed], and we should keep pushing harder at it to make sure that we keep the momentum going.

"I think we were really in a decent [economic] position [before COVID-19], and we'd like to get back there," he adds. The CEO cites other notable indicators, including business process outsourcing (BPO) output surging above pre-pandemic levels, remittances being "far stronger than we expected," and the Jamaican dollar holding relatively firm against its US counterpart.

Mr. Pandohie, Immediate Past President of the Jamaica Manufacturers and Exporters Association (JMEA), contends that the level of macroeconomic stability attained and the fiscal responsibility framework established have fueled the country's resilience during the pandemic.

"No doubt about that. I think the Government's fiscal responsibility is to have some fiscal cushion where Jamaica was, largely, in a position to absorb some of the shocks and institute social programmes to help the most vulnerable. As a small nation, let us be very proud of what we are seeing [which] is a maturing of the running of the country from a fiscal position."

Mr. Pandohie adds: "When you look at the context of many other countries, I think Jamaica has stood up well, so far, during this pandemic; it speaks well to the management of the economy, and I'm pleased."

He points out that while Jamaica took nearly 10 years to recover from the previous major global catastrophe impacting the nation, the 2008/09 financial crisis, based on current developments, "it is clear to me that, hopefully, our recovery this time is going to be much faster. I'm cautiously optimistic. I think we are still going against the headwind. But, from a governance standpoint, I think there's good management [in place] … there's no question about that in my mind."

JMEA President John Mahfood, for his part, says that the out-turns and projections are "generally positive" and "indicate the fact that there is relative stability in the Government's fiscal policy and its management of the COVID-19 spread."

He maintains that the growth and employment projections are realistic, adding: "If the Government can maintain control over the spread of the virus, I believe those are attainable." Business Analyst Warren McDonald also welcomes the "notable figures" as indicative of "some form of recovery" from the effects of COVID-19.

He says critical areas that have been recording encouraging upticks in output and performance are tourism and manufacturing, noting that government revenue inflows are improving while remittances are strong.

Mr. McDonald points out that the Government's COVID-19 vaccination programme, which has seen more than one million persons being immunized, has served to lower the level of concerns. "I think there is optimism, now, that there is a way of working with COVID-19 and people being able to resume some sort of normality and getting productivity back up."

Mr. McDonald noted that the macroeconomic stability attained through the Government's fiscal prudence had significantly enabled Jamaica to weather the pandemic. He is optimistic about the prospects of the economic recovery within the projected timelines, citing the vaccination programme as critical in this regard.

"We have some ways to go in terms of regaining pre-pandemic growth and employment levels, but these are attainable. Suppose persons see further upticks in the vaccination rates and resumption in activities. In that case, that will serve to generate confidence, in the future, and that the recovery will be faster than anticipated," he adds.

Small Business Association of Jamaica (SBAJ) President Michael Leckie indicates that he is cautiously optimistic. He added that "heightening vaccinations to attain at least the Government's minimum 65% immunisation target by March 2022, and facilitating more support (especially to micro, small and medium enterprises), will be critical to spurring the rate of recovery being pursued.

POLICY COMING TO EMPOWER CONSUMERS TO MAKE INFORMED CHOICES The Government has implemented a project to prepare a consumer and welfare policy to empower consumers to make informed choices in the marketplace.

The Hon. Audley Shaw, Minister of Industry, Investment, and Commerce said the policy would also provide consumers with avenues for redress where necessary to be prepared by his Ministry. He spoke at the opening of the virtual staging of the 19th Annual Shirley Playfair Lecture hosted by the Fair Trading Commission (FTC) on Wednesday (December 8).

Mr. Shaw noted that the formulation of this policy is part of critical activities being undertaken by the Government, as it “seeks to foster healthy competition and consumer protection in the marketplace, both of which are direct contributors to Jamaica’s attractiveness as a preferred destination; for trade and investment.”

He noted that important to this thrust is the critical body of work the FTC continues to undertake in the interest of the nation’s consumers. The Minister, who also has responsibility for Agriculture and Fisheries, pointed out that the FTC has investigated market access, pricing, and consumer choice for cooking gas and its impact on safety and the environment in the past year.

“They have also assessed the care home services sector to determine the state of the market and the welfare of this vulnerable consumer group. Additionally, the FTC has reviewed mergers and acquisitions in the insurance brokerage services and medical disposables market and has investigated conduct for online promotions and lotteries,” he said.

Minister Shaw noted that the findings from these activities are shared with the relevant government entities for any necessary action.

“This collaboration with governmental and non-governmental authorities such as the Broadcasting Commission, the Betting, Gaming and Lotteries Commission, and the Office of Utilities Regulation results in a robust examination of competition and consumer issues,” he said.

In addressing the merger of the FTC and the Consumer Affairs Commission (CAC), Mr. Shaw noted that both entities are collaborating with the Transformation Implementation Unit of the Ministry of Finance and the Public Service. This will ensure a single authority will engender improved operational efficiencies and drive a highly productive relationship among consumers, businesses, and the economy.

“The sad reality is that when companies forge ahead to increase profitability without due thought, consumers are harmed by low-quality goods and deceptive practices. This merger will therefore be a key step as we seek to optimise consumer welfare and a transparent business environment,” he said.

The lecture, held under the theme: “Integrating Competition Law and Consumer Protection Law: Optimising Consumer Welfare,” was delivered by Stephen Calkins, Professor of Law at Wayne State University and former member of the Competition Authority of Ireland and Director of its Mergers Division. Stephen Calkins.

During his presentation, Professor Calkins provided insight on the mergers he was involved in while in Ireland and provided tips on how Jamaica can optimise consumer welfare efficiently and effectively when the FTC and CAC merge.

The Shirley Playfair Lecture series is the FTC’s annual public lecture, which focuses on competition law and policy. The lecture was also to sensitise stakeholders involved in the merger between the FTC and the CAC.

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CANADIAN AIRLINE EXPANDS SERVICE TO JAMAICA Canadian airline, Swoop, has expanded service to Jamaica with additional bi-weekly non-stop flights between Toronto and Kingston on Wednesdays and Fridays. These are in addition to four weekly flights now provided from Toronto and Hamilton to Montego Bay on Tuesdays, Thursdays, Fridays, and Sundays.

The inaugural flight into Kingston arrived at the Norman Manley International Airport from Toronto on Wednesday (December 8), with 142 passengers and crew. The flight was accompanied by Swoop’s Head of Commercial and Finance, Bert van der Stege.

Officials on hand to welcome the inaugural flight included: Acting Deputy Director of Tourism & Marketing, Peter Mullings; Canada’s High Commissioner to Jamaica, Her Excellency Emina Tudakovic; Executive Director, Jamaica Hotel and Tourist Association (JHTA), Camille Needham; and Executive Director, Jamaica Vacations Limited (JAMVAC), Joy Roberts.

Mr. Mullings, who welcomed the new service, thanked Swoop for their confidence in Jamaica as a destination, particularly Kingston. “I think this shows that there is a great opportunity for us here to expand and take advantage of the airline coming in.

It [also] shows that we have a lot of demand in Jamaica, not only from Canadians but also the Diaspora,” he added.

High Commissioner Tudakovic said the new service has expanded flight options from Canada to Jamaica and encouraged travellers to utilise it.

Mrs. Needham, who noted that the service “is going to do a lot for us,” said the JHTA has been working assiduously to promote Kingston and show that the capital city has the potential to be an attractive tourist destination.

“There are so many things that are exciting and peculiar to Kingston… [and we] have a lot of high hopes for the success of [these flights],” Mrs. Needham added.

Mrs. Roberts said Kingston is an important location for the Canadian market and noted the significant Diaspora representation in the North American country. “So, we’re happy to have Swoop coming in out of an important market such as Canada,” she added.

Chief Operating Officer at PAC Kingston Airport Limited, which operates NMIA, Dale Davis, said the entity is “particularly pleased” with Swoop’s vote of confidence in Jamaica, especially Kingston.

“Two flights per week into Kingston will represent a big boost for us in terms of our traffic. This has been devastated by COVID-19, so we are looking to add more flights, and we will do all we can to support you,” he said.

Mr. Van der Stege articulated that Swoop was happy to be providing the new service.

He added, “as we collectively recover from the devastating impact that COVID-19 had on our industry, we’re looking forward to adding more flights between Jamaica and Canada in the future.”

Swoop, a subsidiary of WestJet, is based at Hamilton International Airport in Ontario and offers flights to destinations in Canada, the Caribbean, Mexico, and the United States.

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GOV’T INVESTING $31.2 BILLION TO BUILD OUT PUBLIC HEALTH INFRASTRUCTURE Minister of Health and Wellness, Dr. the Hon. Christopher Tufton says the Government has committed up to $31.2 billion to improve public health infrastructure over the next three years.

Speaking at an ‘Open House and Exhibition for the Rehabilitation of Jamaica’s Public Health Facilities,’ at the Jamaica Pegasus Hotel in New Kingston on Wednesday, December 8, the Minister said that the level of investment is the most significant for hospital upgrading since independence in 1962.

He said that the existing structures, built decades ago, cannot meet present demands, noting that the current environment demands a modern and technologically advanced infrastructure and the appropriate human and technical resources.

“This will ensure that the Jamaican healthcare system can respond to a rapidly changing health environment, an ageing population, and high levels of non-communicable diseases (NCDs),” the Minister said, noting that NCDs are responsible for over 70% of all deaths in Jamaica.

The plan includes the construction and rehabilitation of 13 facilities, comprising 10 Health Centres and 3 Hospitals under the Health Systems Strengthening Programme.

The hospitals are Spanish Town in St. Catherine; St Ann’s Bay, St. Ann; and May Pen in Clarendon.

The project will be funded through local and international partners such as the National Health Fund (NHF), the European Union (EU), and the Inter-American Development Bank (IDB).

At the Spanish Town Hospital, the planned upgrading will provide services including Urology, Oncology, Cardiology, Ophthalmology, and Psychiatry to meet new and growing demands, Dr. Tufton said.

He noted that the St. Ann’s Bay Hospital benefits from a $545 million upgrade.

At the same time, the May Pen Hospital will get a new building, including an outpatient facility with nine consultancy rooms, medical records department, a staff area, and a service area.

Dr. Tufton also mentioned that a $4.9 billion upgrading of building and equipment at the University Hospital of the West Indies (UHWI) is in the design phase. The built-out work continues at Cornwall Regional Hospital and the Western Children and Adolescent Hospital in St. James.

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PIOJ REPORTS STRONG ECONOMIC GROWTH FOR JULY TO SEPTEMBER Jamaica continues to show positive signs of recovering from the economic fallout caused by the novel coronavirus (COVID-19) pandemic after recording an estimated 6.3% growth for the July to September quarter, relative to the corresponding period in 2020.

Director-General of the Planning Institute of Jamaica (PIOJ), Dr. Wayne Henry, said the Services Industry is estimated to have increased by 7.3%, and the goods-producing sector by about 2.8%. He was speaking during the PIOJ's digital quarterly media briefing on Wednesday, November 24.

Dr. Henry said the estimated output for the review period primarily reflected the impact of the relaxation of COVID-19 containment measures globally. This facilitated increased domestic and external demand, resulting in a general uptick in economic activities and increased operating hours for businesses, which enabled greater production output. The relaxation also triggered higher employment levels, as firms resumed or ramped up operations, and increased business confidence associated with the prospects for strengthened economic out-turn in short to medium term.

Dr. Henry advised that all service industry sub-industries grew, led by Hotels and Restaurants, which increased by an estimated 114.7%. He said the out-turn for that subsector was spurred by a 293.3% increase in stopover visitor arrivals for July and August.

"The industry's performance also benefited from increased vaccination in Jamaica's main source markets and initiatives such as the establishment of a resilient corridor and the push from tourism stakeholders to get their workers vaccinated to prepare for visitors," the Director-General said informed.

He further indicated that since resumption in August, Cruise Passenger Arrivals totalled 8,379 from 5 ships docking in August and September, relative to no tourist arrivals during 2020.

Additionally, he said visitor expenditure was estimated to have increased by 186.3% to US$463.4 million for July and August.

Dr. Henry told journalists that the Transport, Storage, and Communication subsector grew an estimated 9%, mainly due to higher activity.

These include improvement in the Air Transport component, mainly reflecting growth in passenger movement, which was up 263.9%. Departures were up 269% and Arrivals up 256.5%; there were increased Maritime Transport activities, reflecting a 6% increase in Cargo handled at the heavier weighted Port of Kingston. The growth in the 'communication' component was driven by the reopening of businesses, particularly in the tourism sector.

The estimated output for the other subindustries: Wholesale and Retail Trade, Repair and Installation of Machinery, up 3.9%.

Finance and Insurance increased by 3%.

Electricity and Water supply, up 0.6%.

Dr. Henry said three of the four goods-producing industry subsectors grew during the review period.

These were led by Manufacturing, up 8.5%, with Agriculture, Forestry and Fishing recording 7.2%, and Construction: 1.7%.

However, he pointed out that Mining and Quarrying declined by 31% due to a reduction in alumina and crude bauxite production.

Dr. Henry informed that growth for the first nine months of the calendar year, between January and September, was estimated to be 4%, reflecting increases for the goodsproducing industry, up 5.8%, and the services industry, up 3.4%.

He further advised that the short-term prospects for the Jamaican economy are "positive," with growth projected in the range of 5% - 8% for the October to December quarter.

Dr. Henry said this should result in a 3% - 6% calendar year growth between January and December.

He also indicated that growth for the 2021/22 fiscal year is projected in the range of 6% 9%.

CREATIVES URGED TO POSITION THEMSELVES FOR GROWTH OPPORTUNITIES Caribbean creatives will continue to have issues seeking capital to fund their innovations since most have challenges selling their ideas to potential investors.

Entrepreneur and investor Joe Pires made that assessment as he contributed to the 'Recapitalising the Creative Sector' panel at the Caribbean Creative Industries Business Summit hosted by AEGIS Business Solutions on November 26.

"Everybody thinks their company is worth US$1million. Take your emotions out of it and look at how an investor will look at it or get someone outside to help you. When you are emotionally attached to something, your reality sometimes gets swept out the door," he stated.

Pires noted it was important for creatives to also look beyond the borders of their island or region because investors want to receive maximum returns on their investment.

On the flip side, Shawn Flynn, Principal of Global Capital Markets, said investors want to get in on the latest trends, but they are outliers in the creative space.

Flynn noted social media is one of the best places for creatives and investors to meet each other.

The Caribbean Development Bank (CDB), through its Cultural and Creative Industries Fund (CIIF), and C15 Studios are two of the agencies helping the region's creatives to fund their projects.

Malene Joseph, the Consulting Project Coordinator of CIIF, told attendees that over 30 creatives from Trinidad & Tobago, Jamaica, Barbados, Haiti, and Belize were supported. This endeavor lasted 3 years through a US$2million pilot investment.

Joseph noted that the fund had experienced challenges. It received either a limited response to grant calls or a volume of projects that don't "translate well" through the evaluation process.

She encouraged creatives to be transparent in their application for funding. "You are your best salesman/woman, and you must know where you are in the ecosystem. Even if CIIF cannot fund your project, we can pass your proposal on to another department," she stated.

Lorraine O'Connor, General Manager of C15 Studios, and Chester Wilkins, International Standard Recording Code (ISRC) Coder, stressed the importance of information and metadata since they are losing money.

"In the past, you would have had to rent out an art gallery or a space to show your work. Now you have Instagram and Pinterest. They are the biggest galleries in the world. You can build a personal brand, and it can help you build a network. Venture capitalists are looking on, and they want to get into the Non-fungible token (NFT) craze, but they are being told, 'You are not part of our network,'" he said. "There is money out there," he added, "it is now up to you to attract the interest in what you have to offer."

CONT'D

"A lot of Caribbean artists, writers, and producers aren't getting money when their music is put on the internet. Right now, I'm working with some of the estates of a few deceased artistes, and we have seen revenue increase significantly once we have coded and uploaded the music," Wilkins said.

"Creative industries produce nine times the output of Agriculture which produces only half of 1% of [Trinidad and Tobago's] GDP. It makes no sense to have a development bank for agriculture and none for the creative industry," James noted in his presentation titled 'Us and Them and everyone in between.

He noted that having accurate data and other statistics will drive interest in innovative products. Contributors on the 'Industry Data' panel and Dr. Vanus James, International Consultant for the World Intellectual Property Organisation (WIPO), stressed that accurate stats are needed to drive investment in the orange economy.

Dr. Keith Nurse moderated the "Industry Data" panel. It included Faria, Dr. Erica Smith, Board member of the Barbados Small Business Association, Nigel Campbell of T&T Music, and Tristan Alleyne, Senior Sales & Promotions Officer at the Film, Animation & Music Jamaica Promotions Corporation.

Trinidad and Tobago Chamber of Industry and Commerce CEO Gabriel Faria said creatives would market themselves to potential corporate sponsors better if they had statistics on how brands can benefit from a partnership.

Faria said: "The success of the creative sector is the success of our economy. The T&T Chamber has a clear impetus to ensure that it [the creative sector] succeeds, and we believe in building more data in terms of the metrics of business and understanding how to address your customer's paying point."

He noted many countries in the region could learn from Jamaica, where the creative sector is at the forefront of the island's economic output.

Faria called on creatives to move away from "begging" for sponsorship and instead sell themselves as a valuable product.

As the region looks to rebound from COVID-19, Dr. James highlighted the creative sector's ability to supply good-paying jobs along with boosting a country's economic output.

Last Friday, the other panel discussion was titled "Valuing the Creative Mindset." It was moderated by Dike Rostant and featured musician Keshav Chandradath Singh, film-maker Kia Moses, designer Anya Ayoung Chee, Matthew Clarke — Comic Book Illustrator and CEO of Spicemas Corporation Kelvin Jacob.

The message is clear: Creatives should know their value and position themselves for growth opportunities, which, in the long run, can only assist the Caribbean economy.

GSAJ TRACKING TOWARDS 50,000 EMPLOYEES IN BPO SECTOR BY MARCH 2022 The Global Services Association of Jamaica (GSAJ) believes its members would be better positioned to tap into an existing US$485 billion market if at least 30% of its employees are allowed to work from home.

The sector, commonly referred to as the BPO industry, was given temporary approval to work from home after an outbreak of the coronavirus (COVID-19) in April 2020. The GSAJ has since been lobbying the government to make it a permanent policy in the sector.

"Work at home is being implemented by several companies outside the sector," said the president of the GSAJ, Gloria Henry. "It is a strategy that persons have used to remain resilient; they moved persons to remote work since the pandemic, and it is now being adopted as a business continuity strategy for most companies."

Despite a temporary lockdown in April last year for almost a month, the Global Services Sector (GSS) grew by 6.07%, compared to 2019. What's more, 10 new sites have opened since the onset of the pandemic in Jamaica.

The sector had experienced some deceleration during the lockdown but quickly recovered to record more than 15% growth between July 2020 and July 2021. Over 45,000 persons are currently employed in the sector, but the aim is to move this to 50,000 by March 2022, Henry said.

"We are seeing several sites experiencing organic growth and new growth. We have had several new entities starting," Henry pointed out during a recent GSAJ awards function aimed at paying tribute to stakeholders and industry players who have contributed to the success of the sector in Jamaica.

Henry acknowledged that while the global services sector is a fiercely competitive industry, everyone has worked to weather the pandemic. For instance, industry players successfully lobbied the government to be designated an essential service under the Disaster Risk Management Act. They contributed US$40,000 to develop a Disaster Risk Management Framework.

The global services sector also contributed to a worldwide digital services strategy. The strategy, which is currently before parliament, is expected to promote investments and new international services contracts. Several government agencies, including the Jamaica Promotions Corporation (JAMPRO), pledged their continued support of the sector during a recent President's Forum hosted by the GSAJ. "I think the fact that the recovery seen in the industry is a testament to the role and partnership of the GSAJ," noted Shullette Cox, Vice-President of JAMPRO. "As we look towards the future and the economic and financial recovery, I am pleased to confirm JAMPRO's continued support and partnership," Cox added.

The GSAJ President's Forum targets current and future investors within the Global Services Sector (GSS), their clients, service providers, and partners.

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STOPOVER VISITOR ARRIVALS TO JAMAICA SURGE BY 39.5% FOR THE FIRST NINE Stopover visitor arrivals to Jamaica have surged by 39.5% to reach just under a million for the first nine months of this year, based on the latest figures from the Jamaica Tourist Board (JTB).

Stopover arrivals climbed to 970,435, up from the 695,721 recorded during the comparable period of 2020.

However, the latest numbers are still below the pre-COVID-19 levels by 52% when 2,020,508 stopovers arrivals came in the first nine months of 2019.

The September quarter saw the most significant jump in stopover arrivals, growing to 437,890, up from the 114,402 recorded last year. Those numbers are significantly down from the pre-COVID-19 levels. The decline is 30.5% when compared to the 629,825 recorded in 2019.

Preliminary data show that the improvement in arrivals continued into October and November, with the latter figures suggesting that the decline against 2019 is now down to just 22%.

Stopover arrivals in September this year fell 30.4% to 100,654 from 144,583 into September 2019 but are still 251% ahead of the 28,648 arrivals in September last year, shortly after the industry reopened to international visitors.

PRODUCTIVITY OR COMPENSATION, WHICH COMES FIRST? In search of the answer to a question as divisive as the chicken versus the egg debate, stakeholders take the place of modern-day philosophers regarding whether increases in employee compensation can lead to higher productivity within organisations — or vice versa.

This was the topic of conversation at the recently held Jamaica Observer Business Webinar in which the Chief Group HR Officer at VM Group, Dr. Dayton Robinson, was a panelist. He contended that before discussing whether Jamaica's minimum wage of $7,000 per week is one that citizens can live on, views should be aired about productivity.

The relation between wages and productivity is important because it is a crucial determinant of the standard of living of the employed population and the distribution of income between labor and capital.

Senior lecturer in the Department of Economics at The University of the West Indies (The UWI), Mona, Dr. Andre Haughton, measures productivity by the amount of output per person and the value.

"How much does this person produce in their job over a given period? If, for example, you're a farmer and you produce today three tomatoes, that value of those tomatoes is your productivity today. That is how productive you are. If you are a hairdresser and do two hairs per day, that's your productivity.

When you start doing three hairs per day, you have increased the level of productivity by 50%," he explained.

He pointed out that what is considered a livable wage is directly tied to productivity in the country, which is dependent on the level of human capital. "Now, if we are going to discuss human capital and we're talking about Jamaica, then we are talking about the education level of our population. If you look at the agricultural industry, the average output per person in the agricultural industry per annum, meaning their productivity, is less than $400,000 a year. 20% of our employment is in the wholesale and retail industries, with average output less than $400,000 a year," he said, noting that the service industry – which includes finance and insurance and the Utility sector – earn the highest in Jamaica.

"These industries earn upwards of a million dollars per year. So the idea is, for people to be compensated properly, then they must be producing enough to earn enough revenue to compensate themselves," he reasoned.

According to Haughton, research conducted by his team revealed that productivity in Jamaica is driven by a host of variables, including but not limited to the inflation rate, trade openness, and human capital. Concurrently, the country's productivity level is also hampered by the absence of technology or a measure of technology implementation per annum, the low level of human capital, and the level of corruption in the country.

"What happens is that because many people now can have, for example, a side job with their regular job they find out that because they now are earning more from that side job, more emphasis and focus goes towards it. If you want to get a licence or if you want to clear goods and the goods are for a million dollars, then the person clearing it gets $500,000," Haughton said.

"So they focus more on serving these corrupt behaviours rather than focusing on the job they need to do. And you can't blame them because that is the economy's structure. The economy is structured in such a way that the regular base salary that many people receive is not sufficient or it's not livable. As a result, they have to embark on corrupt activities for them to satisfy their budget constraints properly," he maintained.

Meanwhile, the president of the Jamaica Confederation of Trade Unions Helene Davis-Whyte, indicated that productivity does play a part in wage negotiations. "We have to look at the issue of productivity, and even within the country and industries, as productivity is what usually makes people or firms more competitive. Many employers love to speak about productivity [but are] not recognising the role that they have to play in the whole equation, because without the investment in the human capital and the technology, the productivity will not come," she argued.

She added, "In most companies and countries, productivity improvements have come about as a result of investment in technology, research, and education – and if companies are not doing all of that, then the workers becoming more productive is just an elusive dream."

In the meantime, Robinson agrees and contends that there needs to be a more significant partnership between the providers of labour and organisations.

"I don't believe either came first, [productivity or compensation]. I believe it has to be a delicate balance between the two things. Employees and employee representatives will say, 'You know if you pay more, team members will be more engaged and be more productive, and from that productivity will come higher profitability.' On the other hand, the employer is saying, 'OK, I need to be able to guarantee a higher level of productivity and a higher level of return on my bottom line before I can think of paying more." he reasoned.

"How do you get this individual who enters your organisation, private or public, to deliver at that optimum level? A big part of it has to do with the investment that you put in, the commitment, the transparency, the trust between worker and employer, and how you reward for desired behaviours that you want. Your team members may have the willingness but may not have the ability. You have to invest in that through informal learning, experiential-based learning, and coaching and mentoring," Robinson continued, noting that if employees are rewarded, then organisations could see greater productivity levels.

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