Synergies between public and private sector key – to developing human capital in the Caribbean

“A MULTI-PRONGED approach between the public and private sector is required to achieve effective and high quality skill development,” says the World Bank in a new report entitled “Quality Education Counts for Skills and Growth”.

“Contributions from both the public and private sector are critical to foster and sustain skill development at the different stages of a worker’s career. The formal education system is best placed to provide the foundational cognitive, non-routine, and soft skills that employees require to excel in the labour market.”

The World Bank believes that as work places continue to be transformed, employees will require constant skill upgrading. In addition, it was highlighted that all types of businesses and organisations are tasked with recruiting employees and upgrading their skills in line with their operational needs.

“This is a cost that employers must manage in order to be competitive in a global economy. The absence of the required skills and competencies amongst employees has resulted in high costs to employers and under training of employees. The evidence shows that employers would do more training if entry skills were better and costs lower,” it was explained.

Curriculum involvement

The report also noted that international experience demonstrates that when employers have strong voice in curriculum and school management, they will enter into partnerships that lead to significant impact on the employment chances of graduates.

Furthermore, it was stated that improved synergies between the public and private sector are key to develop human capital in the Caribbean.

“The private sector is more attuned to the skills and changing market conditions that affect the Caribbean economies. For these reasons, a more nuanced, participatory approach in which the private and public sector work in collaboration to share knowledge, identify the types of skills, and determine a cost-effective, quality approach through which they can be developed is required.

“This approach could include employers contributing to the design and enrichment of the curriculum, with integration of career and academic courses and providing work-based learning opportunities for students.” (TL)