The Bahamas is positioned to compete in The International Human Resource Environment (IHRE) due to the availability of skilled labor, a large pool of educated workers, and the country’s robust economy. The Bahamas’ proximity to the United States and Cuba has created a demand for business, education, and healthcare professionals. The country is also a popular destination for expats of all types and has many foreign-born residents. As a result, the country’s human resource pool is diverse and inclusive. Tourism, financial services, and construction sectors support the country’s economy. The government has focused on developing the tertiary sector of its economy, which includes professional services such as banking and insurance. This paper will expound on how the Bahamas can compete in the IHRE following the nation’s availability of skilled labor, investment potential, education system, and robust economy.
Availability of Skilled Labor
The Bahamas’ labor force consists of both skilled and unskilled workers. As a result, the country can attract highly skilled workers. At the same time, unskilled workers are available as a source of income, contributing to the country’s economic growth. The nation’s educational system has been linked with excellent primary and secondary schools that bring high-quality professional training to all students to prepare them for a professional career or university education (Conlin, 2022).
Investment Potential
According to the World Bank, The Bahamas’ economy has grown by 6% from 2021 to 2022 (McKenzie, 2022) and is projected at 8.3% GDP growth for 2023 and 4% in 2024 (Trading Economics, n.d.) against a global GDP growth rate of 2.9% in 2023 (Gilchrist, 2022). The country has an attractive tax regime for foreign investors and a stable economy. The Bahamas is also one of the leading financial centers in the world. In addition, several incentives are in place for foreign and local investment in the islands. These include the Bahamas Customs and Trade Partnership Act, the Investment Incentive Act, and the Foreign Investment Policy (Bonimy, 2022).
Education
The Bahamas has established a robust school system that allows local students to easily attain credentials in areas such as business, engineering, and nursing. The country focuses on providing universal access to secondary and college education for all Bahamians. This education system has allowed for an ample supply of highly skilled professionals. Furthermore, nearly 16% of the population holds a degree or higher level of education (BahamasLocal.com, n.d.). Most of these individuals hold bachelor’s degrees in STEM fields such as medicine or engineering (Jean-Pierre, 2022). The country also has many post-secondary institutions that provide students with education in emerging fields such as information technology and entrepreneurship.
Country’s Robust Economy
Bahamians have a large amount of disposable income because of the economy’s stability and diversity. The country is known for its robust and stable economy, which has led to investment from several countries and foreign companies. The country has had steady economic growth over the past decade, with high employment levels and wealth creation. For professionals to thrive in the Bahamas, several incentives are in place that provides tax breaks for foreign investment, loan forgiveness programs to encourage entrepreneurship, and affordable housing (Rolle, 2022). In addition, high levels of education have contributed to the high demand for skilled workers by enhancing their knowledge and skills and opening new career opportunities overseas or within local companies.
Conclusion
The Bahamas’ human resources are diverse and highly skilled. The country is also becoming a leading financial center in the world due to its stability, educated workforce, and business-friendly environment. To become more economically competitive and a global leader, the nation of The Bahamas should focus on attracting foreign investment through incentives and investing in education to gain the best possible workforce.
References
Conlin, E. L. (2022). ‘Work… or be deported”: Florida Growers and the Emergence of a Non-Citizen Agricultural Workforce. Florida Historical Quarterly, 96(4), 3.
Trading Economics. (n.d.). Bahamas GDP annual growth rate – 2022 data – 2023 forecast – 1990-2021 historical. TRADING ECONOMICS | 20 million INDICATORS FROM 196 COUNTRIES. https://tradingeconomics.com/bahamas/gdp-growth-annual#:~:text=In%20the%20long%2Dterm%2C%20the,according%20to%20our%20econometric%20models
Bonimy, M. (2022). The Role of the Bahamas Government in Tourism. Contemporary Issues Within Caribbean Economies, 265.
BahamasLocal.com. (n.d.). Number of college degree holders increases | Bahamas local news. Bahamas Local – your local search engine. https://www.bahamaslocal.com/newsitem/57920/Number_of_college_degree_holders_increases.html#:~:text=Just%20over%2016%20percent%20of,college%20degree%2C%20the%20report%20noted
Jean-Pierre, M. (2022). The Education System of The Bahamas: The First Quarter of the Twenty-First Century. In The Education Systems of the Americas (pp. 91-117). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-030-41651-5_32
Rolle, S. A. (2022). An Analysis of Economic and Political Resilience Strategies Adopted by The Bahamas as a Small Island Development State. In Pandemics, Disasters, Sustainability, Tourism (pp. 183-191). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80382-105-420221012
McKenzie, N. (2022, April 7). World Bank forecasts six percent real GDP growth for Bahamas in 2022. Eye Witness News. https://ewnews.com/world-bank-forecasts-six-percent-real-gdp-growth-for-bahamas-in-2022#:~:text=World%20Bank%20forecasts%20six%20percent,in%202022%20%E2%80%93%20Eye%20Witness%20News
Gilchrist, K. (2022, July 26). IMF slashes global GDP forecast as economic outlook grows ‘gloomy and more uncertain’. CNBC. https://www.cnbc.com/2022/07/26/imf-cuts-global-gdp-forecast-as-economic-outlook-grows-gloomy.html#:~:text=and%20more%20uncertain.%22-,The%20IMF%20now%20expects%20the%20world%20economy%20to%20grow%203.2,respectively%2C%20from%20its%20April%20projections.
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