Govt Release ‘Strategic Priority Five’ Summary

The Ministry of Economy and Labour has released the Economic Development ‘Strategy’s Strategic Priority Five: People.’

A Government spokesperson said, “This strategic priority focuses on investing in the local workforce to ensure Bermudians have the necessary tools required to remain competitive and positioning the local workforce to take advantage of employment opportunities. Strategic Priority Five also seeks to utilise immigration as a lever for greater economic activity and a sustainable workforce.”

Minister of Economy and Labour Jason Hayward explained, “Investing in the local workforce will also encourage both local and international firms domiciled in Bermuda to consider hiring within the local talent pool. Developing the skillsets of the local workforce will enhance the local economy by:

• 1. Encouraging Bermudians to remain competitive in the labour market;

• 2. Facilitating an environment for a high-quality workforce, adding another feature to Bermuda’s already attractive business jurisdiction; and

• 3. Improving Bermudians’ ability to participate in the local economy.

“In addition to ensuring that every able-bodied Bermudian has an opportunity to participate in the workforce, the Government will utilise net immigration as one of its solutions to reverse the trend of Bermuda’s evolving demographic profile in order to improve the old-age dependency ratio and to spur further economic growth. Bermuda must create an environment that allows immigrants to flourish in the workforce, invest in the economy, and create jobs through entrepreneurship and business investment.”

The spokesperson said, “Strategic Priority Five focuses on investing in people and includes the following six initiatives:

• 1. Execution of the National Workforce Development Strategy – This involves laying the foundation for a 21st-century Workforce Development system to ensure Bermudians are prepared for and able to identify employment opportunities.

• 2. Execution of the Youth Employment Strategy – We will continue leveraging existing mechanisms to prepare our young people for successful careers and gainful employment by facilitating more opportunities and educational pathways for all young Bermudians between 18 – 26 years old.

• 3. Execution of Personal Employment Plans – An essential part of Financial Assistance Reform, we will identify barriers to employment, skills and career assessment needs and create plans to guide clients toward self-sustainability.

• 4. Creation of a National Certification and Apprenticeship Board – This Board will focus on administering national certification, developing much-needed skills in trade and increasing promotion and advocacy for apprenticeship schemes that benefit Bermudians, such as:
  • 1. Skilled Trades;
  • 2. National Certification; and
  • 3. Apprenticeships.

• 5. Build Technological Expertise Within the Local Workforce – The goal is to get as many Bermudians as possible to participate in and benefit from the growth of new economic sectors through technology education and training programmes facilitated by the Government and private sector.

• 6. Increasing the Working Population – Aligning Bermuda’s old age dependency ratio with the OECD average is critical to our economy. The goal is approximately 8,418 persons, or about 1,684 persons per year for the next five years, accomplished through:
  • 1. Local Workforce Retention and Reducing Migration, and,
  • 2. Enabling Economic Growth through Immigration.

“The Economic Development Strategy, available online at gov.bm, provides a framework to guide Bermuda to sustainable economic growth and development and contains five strategic priorities that focus on maintaining high employment rates and increasing the range of well-remunerated jobs allowing for strong and sustainable growth and development.

“The five strategic priorities are:

1. Local and International Business Retention and Expansion;
2. Business Attraction and Investment promotion;
3. Entrepreneurship and Small Business Development;
4. Continued Execution of the Economic Recovery Plan; and,
5. People.

‘These five priorities work alongside the strategic initiatives and focus on improving and expanding the economy and increasing the working population. These initiatives will provide direction and drive the work plans of Bermuda’s economic development organisations which fall under the Ministry of Economy and Labour. Strategic Priority Five prioritises workforce development and equipping workers within the local labour market with the tools required to remain competitive. Investing in strengthening Bermuda’s workforce will encourage local and international firms to hire from within the local talent pool.

“The Economic Development Strategy and all Strategic Priorities are available online in the Resources section at www.gov.bm/ministry/economy-and-labour.”

The Economic Development Strategy 2023 – 2027 Strategic Priority Five follows below [PDF here]:

#BermudaBusiness #BermudaPolitics

Category: All, Business, News