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Jamaica’s Unemployment Rate Fell To A New Record Low Of 6.2 Per Cent In January 2022.

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This, according to the Statistical Institute of Jamaica (STATIN) Labour Force Survey for the month, is a 0.9 percentage point lower than the figure recorded in October 2021.

It is also 2.6 percentage points below the out-turn for the January 2021 Survey, Director General, Carol Coy, has said.

She was speaking during STATIN’s digital quarterly media briefing, on Thursday (April 21).

Ms. Coy informed that the male unemployment rate decreased from 7.6 per cent to 4.8 per cent, while the female equivalent declined by 2.5 percentage points to 7.9 per cent.

She also advised that the youth unemployment rate fell by 5.1 percentage points to 17.7 per cent for the review period, relative to January 2021.

The Director General pointed out that the male and female out-turns decreased by approximately five per cent, with the latter recording the larger decline.

“Male youth unemployment was 14.5 per cent, while for the females, it was 21.8 per cent,” she indicated.

Meanwhile, the overall number of individuals employed in January 2022 rose by 4.8 per cent or 57,800 persons to 1,257,100, compared to the corresponding period last year.

Ms. Coy said females recorded the larger increase – 5.5 per cent – compared to 4.3 per cent for their male counterparts.

She indicated that the overall labour force climbed by 24,800 persons, or 1.9 per cent, to 1,340,600 in January.

“There was a larger increase of females in the labour force. While the male labour force increased by 9,200 persons to 721,400, the female labour force increased by 15,600 persons to 619,200. The increase in females represented 62.9 per cent of the total increase,” Ms. Coy pointed out.

Meanwhile, the number of persons classified as being outside the labour force (neither employed nor unemployed) stood at 755,600 in January.

“Males outside the labour force declined by 8,000, while females declined by 14,400,” Ms. Coy told journalists.

Corporate Movements

Corporate Movements at Barita Investments

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The Board of Barita Investments Limited (“Barita” or the “Company”) has advised of senior management changes in keeping with the Company’s succession planning programme. The changes are meant to further strengthen Barita’s organizational structure, risk management and governance, significantly bolster executive leadership of the core business, and deepen sales and service capabilities. The Company has been deliberate with its talent acquisition strategy over the last three (3) years with a focus on talent who are able to take on various roles within the Barita group. These changes augur well in advancing the initiatives aimed at continuing to challenge the status quo in the capital markets to ultimately create and sustain stakeholder value.

Accordingly, Mr. Dane Brodber will be appointed as Interim Chief Executive Officer with effect from May 7, 2022. Dane was appointed Chief Risk Officer of the Cornerstone Group effective November 1, 2019, and has had oversight responsibility for the risk function of Cornerstone and its subsidiaries inclusive of the Barita group.

Dane has over 18 years of experience in the financial services industry, with expertise in risk management, strategy, business intelligence, and financial analysis. Dane previously served as Regional Director, Market Risk Management with Scotia Bank where he worked for over 12 years. Dane earned undergraduate degrees in Mechanical Engineering and Economics & Business from Lafayette College and an MBA from the University of New Orleans. He also holds the Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA), and the Financial Risk Manager (FRM) designations. Dane is the current President and founding Vice President of CFA Society Jamaica.

Effective May 7, 2022, Mr. Stephen Phillibert, Chief Financial Officer of the Cornerstone Group, will assume responsibility for Barita’s Operations function in addition to his existing oversight of the Finance function of the Cornerstone Group. Mr. Phillibert has over 25 years combined experience in the areas of finance, strategy, general management, and mergers and acquisitions. He holds an MBA from the University of Toronto, an undergraduate degree in Accounting from the University of the West Indies as well as the Chartered Financial Analyst designation.

Mr. Ramon Small-Ferguson, who was recently promoted to Executive Vice President consistent with the Company’s succession planning programme, will take on an expanded role in support of the incoming Interim CEO. Effective May 7, 2022, Ramon will have oversight of the revenue generating arm of the business; to include asset management and research, investment banking, treasury management, and alternative investments.

Ramon has extensive experience in investment management and prior to joining Barita, he held the position of Chief Investment Strategist and Head of Research at the Jamaica National Group. Ramon holds the Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA), and Financial Risk Manager (FRM) designations. He also holds a Bachelor of Business Administration (BBA), Finance & Marketing (Hons) from the University of Technology, Jamaica and is currently a Graduate Student at NYU Stern Business School where he is pursuing a Master of Science in Quantitative Management.

Mrs. Paula Barclay, General Manager of Barita, has tendered her resignation effective May 6, 2022, after a 3-year tenure with the organization. On joining Barita, Paula initially had responsibility for driving the Company’s business development and customer experience strategies and initiatives. In December of 2019, she assumed responsibility as head of business and in her expanded role she oversaw a period of significant development of the Company. Under her leadership, Barita registered transformational growth in its market share across several business lines including investment banking, asset management, stockbrokerage services, and cambio trading.

The foregoing key achievements were enabled by the significant strengthening of the depth of human capital across the organization, the establishment of best-in-class policies and an enterprise risk management framework, streamlining of key processes and structures across the business, and the re-imagining of the marketing and business development thrust of the Company that has revolutionized the presence, appeal, and connection of the market with Brand Barita. The Chairman, Board, management and staff of the Company would like to extend their thanks and appreciation to Mrs. Barclay for her stellar stewardship, and wish her all the very best as she embarks on the next phase of her journey.

Mr. Junior Graham, Vice President Information Technology, has tendered his resignation effective April 30, 2022. Mr. Dave Dixon joined Barita on February 28, 2022 from Scotia Bank as Senior Vice President, Sales and Services, and has taken on the mantle from Mrs. Barclay with regards to executive responsibility for retail sales, including the Company’s branch network together with overall customer experience oversight. Mr. Dixon is a Retail and Investment Banking professional with over twenty (20) years of experience in the financial services sector.

Ms. Sancia Thompson, formerly of the NCB Financial Group, joined Barita on February 28, 2022 as Vice President, Premium Wealth and Corporate Solutions. These roles previously reported in to Mrs. Barclay. Ms. Thompson has over 20 years of experience as a finance professional with a solid history of success in delivering results through consultative sales processes and financial advice.

Mr. Nigel Sinclair, formerly of the GraceKennedy Group, joined Barita on January 17, 2022 as Head of Asset Management. In that capacity, Nigel has taken over executive leadership of the fiduciary management aspects of the business, to include the investment management oversight of the suite of unit trust and pension products offered by the Company.

The Chairman and Board welcome the new appointees and look forward to the management and staff continuing to create sustainable value for all our key stakeholders.

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Businessuite News24 International

Tight Labour Markets Around The World Forcing Companies To Hike Wages.

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Tight labour markets around the world are forcing companies to hike wages. U.K. companies are raising starting salaries at the quickest pace on record to compensate for the fastest inflation in three decades. Walmart, the world’s largest retailer, is lifting pay for new truckers to up to $110,000 as the U.S. continues to grapple with a shortage of drivers. And applications for the country’s state unemployment insurance fell last week by more than forecast, adding further evidence that the labor market remains scorching hot.

Bloomberg

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Businessuite News24

NCB Financial Group Announces Leadership Development At Major Subsidiary

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NCB Financial Group Limited (NCBFG) announces the resignation of Mr Ravi Tewari – the Group Chief
Executive Officer (CEO) of its major Trinidad and Tobagonian subsidiary, Guardian Holdings Limited (GHL).
Mr Tewari has been instrumental in leading the transformation of the Guardian Group over the past eight
years.
Mr Tewari will demit his post as Group CEO by the end of 2022. He remains excited about the prospects
of the Guardian Group and will continue to play a part as a director on the GHL Board as well as the boards
of certain GHL subsidiaries.
The Board of NCBFG wishes to thank Mr Tewari not only for his expert stewardship over his tenure as
GHL’s Group CEO but also for his unstinting devotion and indelible contribution to the Guardian Group
spanning his career with the Guardian Group of almost 30 years.

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Businessuite News24

Corporate Movements January 2022

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Everything Fresh Limited is pleased to advised that Mr. Leo Williams has been appointed to the Board of Directors, Audit Committee, Renumeration Committee and as Chairman of the Corporate Governance.

Caribbean Assurance Brokers Limited wishes to advise that Mr Raymond Walker has retired as Chief Executive Officer effective December 31, 2021. Mr Walker will continue to lead as Executive Chairman

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Businessuite News24

BRAINBOXX Solutions’ “HR BOSS” Platform Penetrates Sectors. Company To Revolutionize HR Operations”

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Caption:  Che-Andre Gordon CEO and Andrew Pettigrew COO Brainboxx Solutions

Kingston, Jamaica, June 2, 2020- While more businesses across the globe transition to remote working and work from home arrangements to mitigate the spread of Covid-19, Brainboxx Solutions Limited, a Jamaican based technology company is urging corporate companies to improve HR systems to not neglect and ultimately lose staff during this period. The company, which specializes in custom digital products for enterprises and startups says Employee Experience-based HR platforms, will increase staff engagement and retention during the period of separation.

“HR Technology is an enormous part of business today and is continuously changing, the current crisis has inspired even swifter changes since a number of employees will be unable to interact directly with HR Departments. A complete disconnect from HR can fatigue employees, elevate levels of frustration and unnecessarily extend simple processes” explained Che-Andre Gordon, CEO, Brainboxx Solutions Limited.

HR Boss, created by Brainboxx, is a new framework for HR. The system is focused on providing connected experiences across the full employee life cycle.

“We combined the ease and accessibility of the social media world and Human Resource Management Systems (HRMS) to create HR Boss, the system creates a platform that promotes a connected experience. That is especially important in this current work and world environment when the personal connection will ultimately be lacking” continued Gordon

Improved employee experience powers businesses’ unique strong points. Traditional multilevel businesses would be outfitted with an HR department easily accessible to staff, incoming, and outgoing employees.

“What the onset of Covid 19 has done is pushed the majority of workers out of the office space, so the bridge between staff and HR has been disrupted and in many instances removed. Employee Experience software like HR boss not only replaces the bridge but adds new elements, HR departments would be able to communicate in a more well-rounded way, from birthdays to time off, leave applications and salary. HR Boss is intelligent and responsive” he ended

For more information on HR Boss call 886-294-0210 or test the software at https://hrboss.co/ or follow @brainboxx.io on all platforms.

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