Moving Beyond Change

For decades, we have sought to change the output of our economy without changing the way in which we create goods and services. Embracing transformation can also lead Trinidad and Tobago to look off the beaten path for new opportunities.

Transformation must be long-term.

At the heart of this transformation is a move towards greater competitiveness and efficiency. The performance of the global economy has demonstrated the need to stay competitive to attract capital and to ensure that development is sustainable in the long run.

We must embrace a new approach to doing business and accept the need for transformation of the labour market to meet the requirements of a newer, more nimble economy.

Labour needs to become more productive. This would mean giving citizens the tools they need to identify and take advantage of opportunities. Such opportunities could come in the form of entrepreneurial activity or as workers contributing to new ideas in an established business. Education is essential to this, along with a willingness to give workers space to contribute in different ways.

Unions need to take ownership of their role. The traditional focus on workers’ rights is important. Businesses must be held to account in terms of providing suitable working conditions. However, this should be accompanied by a drive to preparing workers for changes in the economy. As we focus on competitiveness, increases can no longer be based on tenure.

They must be based on productivity.

Currently, there is no impetus to improve as individuals because many times workers and unions hide behind the Industrial Relations Act (IRA). If organisations are held to account for how they provide for their workers, unions and the workers they represent must be accountable for the way in which they use the IRA.

As business leaders, we must also be willing to transform.

This requires a change in approach to business and how we produce our goods and services. For example, a focus on research and development could carve out new avenues for business, even those we have traditionally overlooked.

Development of the Small and Medium Enterprise sector is crucial to transformation, especially as we seek new opportunities in developing or creating niche markets. We need to continue to address the way in which we look at the SME sector and how we approach entrepreneurship.

Transformation needs to lead to sustainable growth. This will mean an approach that is different to the boom and bust cycle motivated by a hydrocarbon-led economy.

At the same time, there is also a need for short-term prospects (such as tourism) as we recognise the need to keep the economy turning over, while we seek long-term transformation.

True transformation must also be driven by a change in governance by both the public and private sectors. At one level, this means adherence to the laws of Trinidad and Tobago.

At another level, it is about holding ourselves to account as individuals and as organizations. Good governance goes beyond “doing what is right.” Governance ensures long-term survival and success by demanding that we follow rules and regulations and being held accountable for our actions.

Finally, TT cannot truly transform unless we find solutions to the crime problem whether it is white collar or blue collar crime. Crime affects us at all levels, from the loss of life to added cost of business to a poor reputation on a global scale.