The Road to Sustainable Growth

Submitted by Due Diligence

We hear from the Minister o Finance (and others) that the road to recovery and

Royal Bank of Canada

Royal Bank of Canada

sustainable growth is constructed on such things as:

  • Increased Competitiveness
  • Increased Productivity
  • Increased Efficiency
  • Accountability

Sounds great; but the key is  in the execution. The same principles, of course, apply to both the public and private sector.

The article on Page 3 of Barbados Today illustrates an example of execution of those principles in the private sector.

According to the article, RBC is clamping down on those employees (mainly those  employees absorbed in the merger with the former RBTT) whose performance has been substandard – those who have performance gaps in meeting targets, deadlines etc.  Making them accountable for their lack of productivity.

Employees say RBC cites poor performance from 2008,  No doubt these measures should have been started as soon as possible after the merger in 2007 but mergers do take some time to be digested. It is better late than never.

That RBC is said to be focusing on the former RBTT employees suggests that the performance standards, and accountability, of their former employers was below the standard of RBC. RBC is a global enterprise and DD expects that RBC is applying the same performance and accountability standards to its employees in Barbados (and Antigua, Bahamas and T&T) as it does from its employees in similar positions in Canada,   Nothing wrong with that.

It is time for the employees to get with the (RBC) program. That is the only way RBC can be productive and competitive and in a global market; and achieve sustained growth.

The road to sustainable growth in the public sector is no different.  The MOF and PM and all of government have to follow RBC’s example, by applying global standards in performance measures and accountability, if it really wants to increase efficiency, productivity and competitiveness to pave the road to sustained growth.

8 thoughts on “The Road to Sustainable Growth

  1. It is obvious that you do not understand RBC’s example or you would understand that they are trying to rid itself staff without paying severance. They are are obviously taking advice from someone who is not familiar with the new Employment Rights Act. This nonsense about performance is just a ruse that will fail because of the said Act. Instead of making themselves look like fools, they should pay severance to the staff members that they do not want. The steps that they are taking will be more expensive for them in the long run.

  2. Dennis Clake was on VOB’s 5:30 pm news complaining about workers being dropped from August 2013 pay sheet . I suppose this is the road to sustainable growth as well.

  3. Hey you … Jackass … Yea you, the one that found time to write this shite … allow me to introduce you to a Barbados which conforms to your edicts … A Barbados that will contain two banks, two retail outlets, two service providers in all of the existing spheres of activity, two political parties, and all of them save the political parties of course, are automated to the hilt; a Barbados that boasts having the overwhelming majority of its citizenry stuck in their homes (likely places of abode since homes will cost money) since there will be NO jobs to be had and very little money to go around. … Now that is efficient, productive, competitive and wah is the other word again … accountable … Stupse

  4. The Central Bank of Barbados has over the years been putting out data information as part of its various reports ( annual, first quarter, half yearly, etc) on the performance of the political economy and services industry sectors of this country.

    Well, in very recent years there has been Included in the said reports data information that suggests that the financial services sector is the second largest sector in the country in terms of its so-called contribution to GDP – which itself as an indicator is becoming more and more specious and untenable, logically speaking.

    Before we proceed any further in this brief piece, it is important that at this stage we make mention of the fundamental fact that money cannot (be used to) make money, or that money cannot (be used to) cost money.

    And we restate this fact too because it is very central to this particular analysis going forward.

    Indeed, too, what has been happening is that the Central Bank of Barbados has been blatantly ignoring or refusing to apply this fundamental principle (assuming that they know about it) in its so-called data analysis and information reporting on the statistical nominal performances of all those institutions and processes making up this sector.

    Before we go any further we must also here now restate another fundamental fact that is very important to this said analysis going forward, which is, that money is a non-tradeable, non-consumable, measurable, usable, socio-psychological reactable, physical commodity

    Therefore what these two propositions unequivocally tenor is that there is no production any value added that comes out of money at any time it is being circulated by so many people into and out of financial institutions processes and non-financial institutions processes.

    But, it is the provision of financial services connected with the circulation of such money that these institutions and processes making up the financial sector are involved in in this country.

    So, what has been happening therefore is that in terms of the falsely contrived statistical contribution of this sector to the so-called GDP of this country, the Central Bank of Barbados has been seriously inflating over stating the statistical performances of this sector by a whopping staggering estimated 85 – 90 per cent – with about 10 – 15 per cent accounting for remuneration costs (on average 2010-2011), on its way towards falsely erroneously stating that the financial sector is the second largest sector in the political economy and the services industry sector in the country, as well as on its way towards falsely erroneously stating that the so-called size of the same political economy and services industry sector is a grossly inflated totally unsubstantiated absolutely concocted BDS $ 8. something billion.

    What a sham and shame!!

    We again ask the very politically conscious of people in Barbados to join us in calling for the broad masses and middle classes to demand a Commission of Enquiry into the operational data research department of the Central Bank of Barbados.


  5. @Due Diligence

    Caswell and the others may be correct that this is a deliberate strategy to get rid of employees. One wonders when the acquisition was consummated if provision for payout of staff not needed was budgeted for. These employees in the current circumstances should employ a good lawyer or someone like Caswell who knows the ins and outs.

  6. I took a family member to Holetown to transact some business and he noticed that RBC had 2 branches within walking distance of each other and enquired how come.I suggested one used to be RBTT and the other the regular RBC and now the 2 are amalgamated it was only a matter of time that the top brass would be making a decision.

  7. David

    Absolutely, those RBC employees being severed/terminated should engage a good lawyer, or Caswell, to ensure they get their just rewards if they are being severed without just cause.

    Suggest they find a lawyer who is also familiar with Canadian employment law; but has never acted for RBC.

    But the point of the post was that if government really wants to increase efficiency, productivity and competitiveness to pave the road to sustained growth, they have to ensure that its employees are accountable to perform to high performance standards or sever them. Failure to do so will ensure that the hole gets deeper and IMF will step in and do it for them.

    • Due Diligence

      There is absolutely no need to engage a lawyer who is familiar with Canadian employment law. Those employees are not employed in Canada, and even though they are employed by a company that is headquartered in Canada, they are employed in Barbados and therefore subject to our law. Mind you, many companies come to Barbados and implement the bad practices from their homelands. They get away with it because employees need the jobs and stand for a lot of foolishness.

Leave a comment, join the discussion.