Firm on the future - 80 per cent of entities planning for brighter days
Upbeat about the prospects for Jamaica, more than 80 per cent of the 660 firms which participated in the latest Ministry of Labour and Social Security commissioned, National Labour Market Survey are designing plans to grow and expand their businesses.
In addition, most firms are optimistic about their future with 67 per cent indicating plans to expand their operations in the next three to five years.
“There were no differences in optimism noted in relation to the size of firms. However, employers operating in the industries of financial intermediation, electricity, gas and water supply, community, social and personal services, real estate, renting and business activities, and construction were the most optimistic about the prospects for their organisation,” said the recently released survey.
“These firms reported that they have plans for expansion in the short to medium term. Expansion plans among firms in the energy supply and construction industries are understandable as these industries have been reported to be poised for growth,” added the survey.
However it was noted that the expansion plans would not automatically translate into more jobs as some entities, particularly in the financial intermediation industry, will be expanding their operations through the use of technology.
“The majority will only seek workers from the local labour market. Approximately one per cent will source some workers from overseas markets, while 11 per cent indicated that they will seek workers both locally and overseas,” said the survey.
Most of the firms indicated that the demand will be greatest for skilled workers in production and services but the demand for other types of workers should also be high, with 45 per cent of firms reporting that they intended to hire professional/technical workers, 37 per cent planned to hire additional managerial staff and 30 per cent unskilled workers in production and services.
Here is where the jobs will be found
Approximately 31 per cent of 660 firms which participated in the Ministry of Labour and Social Security commissioned 2017 National Labour Market Survey could not readily identify any new occupations or skills they might need in the future.
But among firms that could, the most frequently mentioned job functions/skills highlighted were computer technology/new technological skills and technical workers.
New Technological Skills (11 per cent)
Technical workers (10 per cent)
Skilled workers (8 per cent unspecified)
Computer Technology (8 per cent)
Managers (7 per cent)
Sales and marketing (7 per cent)
Customer service representatives (6 per cent)
Accounting staff (4 per cent)
Professionals (3 per cent)
Clerical workers (3 per cent)