The productivity level in seven key areas in Barbados will be examined as The Productivity Council conducts its annual Macro Productivity Indicators Project (MPIP).
Those sectors are accommodation, construction, financial services, manufacturing, transportation, storage and communication, and wholesale and retail trade.
Now in its 11th year, the Project aims at providing a comprehensive assessment of how effectively the country is harnessing its human, physical and technological resources to generate sustainable economic growth.
Underscoring the importance of this Project and explaining why businesses should participate, Economist and Project Manager of the MPIP at The Council, Nadia Skeete, said it would influence policy at the enterprise and national levels.
???It is unfortunate that at this time there are still some persons in the business arena who do not, or choose not to see the importance of productivity to the overall economy of a country. It is a widely known fact that an increase in productivity, no matter how marginal, has implications for growth, competitiveness, increased earnings, and ultimately, the standard of living for a country???s citizens.
???The Project, therefore, has a great deal of statistical and strategic significance to Barbadian businesses and the economy as a whole. It gives insight into some issues such as a company???s output and growth, its efficiency and cost effectiveness, its historical, actual and projected sectoral performance, strategic positioning and options, profitability, and industrial relations negotiations,??? Ms. Skeete explained.
She added that the use of productivity indicators also provide policymakers, trade unions, educational institutions and international investors with a clear picture of how Barbados compares with its regional partners vis-a-vis productivity growth. ???Nationally, the Project is able to provide a statistically-valid link between wage increases, inflation, labour and productivity since labour productivity indicators, absenteeism, output per employee and unit labour cost per sector are derived from the data collected,??? she stated.
Ms. Skeete pointed out that the global business environment now makes it mandatory that companies control and manipulate every strategic advantage they have over their competition. She stressed: ???Fully understanding and manipulating productivity can be used as a source of strategic advantage.
As a result, the Project is designed to measure productivity at the firm, sectoral and macroeconomic levels in Barbados, and to widely promote the applicability of these indicators as tools of competitiveness, measurement and improvement of organisational performance.???
Those companies interested in participating in the Macro Productivity Indicators Project should contact The Productivity Council at 626-9416, or 626-9427, or email firstname.lastname@example.org.