psoj
narrows focus on
NEW MEMBERS
INDUCTED
EVERTON BRYAN
CEO OF THE YEAR
NATIONAL
BUSINESS MODEL
COMPETITION
2 PSOJ President’s Forum pg 3 New members inducted into the PSOJ - January pg 4 PSOJ widens Associations with SMEs pg 6
THE PRIVATE SECTOR ORGANISATION OF JAMAICA Randell Berry pg 14 Member Focus pg 15 Association Focus pg 16 National Business Competition pg 18
PSOJ launches Value Card Programme pg 11 pg 7 PSOJ President’s Forum - March pg 8 New Members inducted in March pg 9 Everton Bryan - CEO of the Year pg 10 PSOJ launches Mentorship Dinner pg 13
message from the editor Welcome to the first quarterly edition of the PSOJ’s PrivateEye eZine for 2014. At the beginning of this year, the decision was made for the organization to focus on three areas we believe are critical to national and economic development through the facilitation of private sector led growth. These are: crime, bureaucracy, specifically the developmental approval process, and SME development. As the primary private sector advocacy organisation in the country, we believe that we’ll be better able to serve our members if we choose to focus our attention on tackling major issues in small doses. Already, we have begun to put mechanisms in place to effectively address these issues. As it relates to crime, we have held Roundtable Discussions with the Ministers of Justice and National Security, the Chief Justice and the Commissioner of Police and critical areas of focus identified. President Zacca and I currently sit on a committee established by the Minister of Water, Land, Environment and Climate Change, to make clear recommendations on how to improve dramatically the Construction Approval process. And in February we extended an invitation to the MSME Alliance to join the PSOJ. Along with the SBAJ, we will be working with both associations in an effort to provide greater assistance to the MSME sector. You can read more about this on page 6. In addition I have been involved in active continuing consultations with the membership on the major issues you face, and seeing in what way the PSOJ can assist. The PSOJ’s mission is to effectively advocate for the implementation of public policy that enables strong sustainable private sector led economic growth and development, and we will continue to do so on behalf of our members. In the meantime, we have put together another interesting issue of the PrivateEye, filled with all the updates on our recent activities and I invite you to take a few minutes and catch up with your PSOJ family.
Dennis Chung Editor
CEO, PSOJ
(Private Sector Organisation of Jamaica)
contents
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
President’s Forum for January
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...because companies have very limited control over what is said about them on the Internet, beyond the scope of their own corporate websites, and the potential audience for negative comments is unimaginable, it is critical for a social media policy to be in place.
PSOJ President’s
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The PSOJ kicked off its 2014 series of President’s Forum, formerly known as the Chairman’s Club Forum on Tuesday, January 28 at the Jamaica Pegasus Hotel. The guest speaker was Ms. Rochelle Cameron, a senior legal practitioner with over 15 years in the public and private sectors and Head of LIME’s Legal & Regulatory- Division with responsibility for eight Caribbean islands including Jamaica. Ms. Cameron spoke on the importance of social media to a company’s survival, in an age where in minutes a twitter or Facebook post can go “viral.” She noted, that because companies have very limited control over what is said about them on the Internet, beyond the scope of their own corporate websites, and the potential audience for negative comments is unimaginable, it is critical for a social media policy to be in place. A social media policy sets out the standards that an organisation expects from its employees when using online social media. It should provide guidelines of acceptable behaviour and explains what employees should and should not do when using social media in the course of their employment, as well as the possible consequences if the policy is breached. Quoting a study conducted in 2013 by York College of Pennsylvania, Ms. Cameron said that half of human resource professionals thought IT abuses have increased over the past five years.
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Moreover, the senior legal practitioner noted that employees must understand that there is no privacy on the Internet, as a photo or comment can be shared with those you didn’t intend to. A social media policy can help to manage the loss of productivity, prevent the damage of a company’s reputation, outline what is considered confidential, state clear consequences of an employee’s action on the social media, designate a company spokesperson responsible for answering questions and outline the proper way to engage with others as well as reflect the company’s core values, with those you didn’t intend to. Despite the wide-reaching effect of social media, there are also advantages.
The use of social media has become a big business -- so much so that companies justify their marketing programmes based on the number of likes, shares or followers they have on the brand or product. Ms. Cameron also pointed out that the very use of social media can guide the policy and that there are numerous templates available on the Internet. It should be flexible and can be re-written as time progresses. The PSOJ’s President’s Forum is made possible through the kind sponsorship of lead sponsor LIME, and co-sponsor NCB.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
New Members Inducted into the PSOJ
Jamaica Central Securities Depository Limited
The JCSD, a wholly owned subsidiary of the Jamaica Stock Exchange, is a facility for holding securities which enables share transactions to be processed by book entry. It serves as a means of recording the ownership of shares. The company currently has 10 Board of Directors, including the General Manager of the Jamaica Stock- Exchange.
The Medical Association of Jamaica The Medical Association of Jamaica is an umbrella organization for all professional medical associations and societies in Jamaica. The Association is a registered non-profit organization which is run by elected officers including a President, President Elect, Vice President, and Honorary Secretary.
Info Exchange Ltd Info Exchange Ltd is a wholly owned Jamaican Company, officially formed in January 1996 with the purpose of using technology to increase Business Efficiency. Utilizing internet technologies, Info Exchange has focused on creating and delivering “internet-based” integrated Business Solutions to their clients, both locally and internationally. They are considered to be one of the most Experienced and Trusted software development companies in Jamaica.
new psoj members inducted in january
The Human Resource Management Association of Jamaica (HRMAJ)
has become a big business -- so the human resourceThe use of social media The Human Resource Management much so that companies justify their marketing programmes management of jamaica (hrmaj) of orJamaica (HRMAJ), based on the numberAssociation of likes, shares followers they have on the brand or product. formerly The Jamaica Association of
jamaica central securities Training and Development (JATAD) depository limitedMs. Cameron also pointed out that the very use of social
saw its genesis in 1978 when a small media can guide the policy and that there are numerous
medical association of jamaica of training and development templates available ongroup the Internet. It should be flexible and info exchange
can be re-written as time progresses. practitioners decided to form an association dedicated to the training The PSOJ’s President’s Forum is made possible through the and improvement of such profeskind sponsorship of lead sponsor LIME, and co-sponsor sionals and practitioners. The AsNCB. sociation was formally established in 1980 and officially launched in 1981.
5 DGS Chartered Accountants and Business Advisors DGS Chartered Accountants and Business Advisors is a client-centred firm offering a wide range of assurance, tax and consulting services to clients in a variety of industries in Jamaica. Since incorporation, DGS has grown to become one of Jamaica’s leading and most progressive firms, operating from its head office in Kingston. The firm is registered with the Public Accountancy Board of Jamaica and the Institute of Chartered Accountants of Jamaica (ICAJ).
Cari-Med
new psoj members inducted in january Sol Petroleum Jamaica Ltd. cari-med
Cari-Med limited is a world class distributor of pharmaceutical, hospital, and medical equipment and consumer products in Jamaica. Over the past 25 years, Cari-Med has grown to become the Caribbean’s leading distributor of pharmaceuticals and fast moving consumer goods. The company was founded by Mr. Glenford Christian in 1986, who like a true visionary, aimed to revolutionize the pharmaceutical industry and offer Jamaicans an alternative to pharmaceutical brand name drugs, in a bid to provide the customer with quality affordable alternatives.
DGS chartered accountants and business advisors
Sol Petroleum Jamaica Ltd. Sol Petroleum is the premier supplier of petroleum and is the largest independent petroleum marketing company in the Caribbean basin, with operations spanning across 21 countries. The Sol Group supplies fuels, lubricants, and LPG through an extensive station network and supplies petroleum based products to commercial customers who are involved in shipping, luxury, boating, aviation, mining, trucking and fleet operations.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
PSOJ Widens Association with SMEs
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As a part of its efforts to support small as well as large businesses, the PSOJ in February announced that The MSME Alliance was its newest member at a press conference held at its offices. The alliance in itself is an association of business groupings, representing more than 300 in total. PSOJ President, Chris Zacca, said its addition to the membership was the first step in a series of efforts by the PSOJ this year to provide more advocacy and support for small businesses in Jamaica. The Small Business Association of Jamaica (SBAJ) has been a member since the 1980s. “We now have on board the two major small-business organisations, which we think is a significant feat,” said Zacca. “Small and medium-sized entities account for almost two thirds of job creation and contribute hugely to our GDP. Small businesses are therefore the key to sustainable and equitable economic growth and employment creation,” he said at Tuesday’s press briefing. MSME Alliance president, Donovan Wignall, said the occasion was “a red-letter day” for his organisation. The Alliance’s most urgent concerns include inadequate skills training and the high rate of failure among MSMEs in Jamaica of 80-90 per cent of businesses created. “We have a problem of lack of business literacy, poor corporate governance, an unacceptable failure rate for SMEs, and the need for more training and better knowledge,” said Wignall.
As it relates to the group’s association with the PSOJ: “Our mission is to foster collaboration and engage in capacity-building programmes and non-partisan activities that will enhance global competitiveness for Jamaica,” the MSME alliance president said. Zacca said first on the agenda was to identify key issues affecting members of the small-business community, and indicated that the PSOJ would help to guide the small operators through the intricacies of tax reform. Meanwhile, the SBAJ says it will continue to deliver relevant solutions to small business communities on the island, which members of the MSME Alliance can be a part of. The SBAJ has been working steadily to develop an effective tool kit to bring the MSME sector up to date, according to Gaudia Chevannes-Aquart, board secretary, SBAJ. The package will include a software platform which will provide information on all areas of support for the sector, a cloud based, managed accounting software, an incubator programme that will usher in new sectors and in the industry as well as revitalise dormant ones and roads shows to explain the implementation of the MSME policy.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA On Tuesday, March 25, the PSOJ officially launched the Team Jamaica Public Sector Value Card Programme. The groundbreaking programme is being carried out along with partner, the Jamaica Chamber of Commerce (JCC) and will be administered by ePayment Group Ltd. The card will be provided exclusively to the country’s approximately 120,000 public sector workers, who will receive discounts from a number of merchants, many of whom are PSOJ members.
PSOJ Launches Team Jamaica Public Sector Value Card Programme
The concept of the Programme began last year, when at the signing of the fourth Memorandum of Understanding between the Government and public sector workers, PSOJ President Chris Zacca in his remarks mentioned that as a means of helping to ease the considerable burden for public sector workers, who are under a MOU for the fourth time, the PSOJ would seek to develop a rewards programme. The basis of the programme is that participating merchants are asked to provide a reward discount to Team Jamaica card holders who spend at their businesses, and that reward goes directly on the card. The cards will be distributed by the Government directly to the employees. The participating merchants so far are Altamont Court Hotel, Alternative Power Sources, Appliance Traders Limited, ATL Automotive, GasPro, Michi Super Centre, Pepsi, Singer Jamaica and University College of the Caribbean The rewards earned can be used at any participating merchant, which provides for greater spending within the network. Most importantly, the rewards are instantaneous and can be used immediately and at a number of different stores. We are looking forward to having more companies on board as the programme gains traction. If you are interested in joining the programme, please call the PSOJ’s Offices at 927-6238.
Less than eight per cent of the Jamaican labour force is enrolled in a pension scheme. Just 97,000 people have private pension savings out of a labour force of 1.27 million.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
President’s Forum for March
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..the agency’s strategic focus is on improving compliance through service, education and enforcement, and improving modernization
“ PSOJ
through people, processes, technology and infrastructure.
President’s
FORUM
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On Tuesday, March 25, the PSOJ held the second staging of its bi-monthly President’s Forum at the Jamaica Pegasus Hotel. Acting Commissioner General of the Tax Administration of Jamaica (TAJ), Ainsley Powell was invited to address the audience on the latest developments within the TAJ. He says that among other things, the agency’s strategic focus is on improving compliance through service, education and enforcement, and improving modernization through people, processes, technology and infrastructure. Mandatory E-filing is a big component of this change in focus and Mr. Powell noted that all taxpayers with GCT Refund Returns are required to file online as of March 1, 2014. The benefits of e-filing include: Makes it easier to process GCT refunds Improves efficiency in processing returns with large amounts of data Increase the use of the online option Increase ability to extract data
It is now possible to file and pay your taxes online, as well apply for your TCC and ascertain your property tax status online. Mr. Powell also pointed out that the TAJ is seeking to review its business hours and the service it provides to clients at its tax offices. These, Powell says, include restructuring early-morning weekday services, and extending these on weekends. Powell noted several clients’ concerns that, currently, early-morning weekday services, which some tax offices provide, beginning at 8:00 am, are limited. The PSOJ President’s Forum is made possible through the kind sponsorship of lead sponsor, LIME and co-sponsor, NCB.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
New Members Inducted into the PSOJ - March new psoj members inducted in march CAMCORP Industrial Limited LEECORP LIMITED Phase Three Productions Limited Shields Crime & Security Consultants Ltd.
CAMCORP Industrial Limited CAMCORP Industrial is one of the leading suppliers of industrial safety, hardware, and janitorial and food service products in Jamaica. The company has 30 employees, with over 20,000 sq ft of warehouse space and a reliable fleet of trucks and panel vans for delivery to customers all over Jamaica.
Leecorp Limited Leecorp Limited is the premier engineering and energy efficiency company in the Caribbean and Central American region, delivering the highest quality, on-time services, and innovative and technologically appropriate products at reasonable prices. Since its inception in 1989, Leecorp has been involved in major projects to provide quality power systems engineering and electrical design services both in the private and public sectors in Jamaica and other Caribbean countries.
Shields Crime & Security Consultants Limited
Phase Three Productions Limited Phase Three Productions Limited has an enviable track record of service to the media industry in Jamaica. The primary goals of Phase Three are to provide services which will facilitate the creation of indigenous television programmes and to own cutting edge technology such that foreign and local television entities working in Jamaica would not necessarily have to import equipment. Over the years the company has evolved into a multi-media production house and has expanded its services to the wider Caribbean.
Shields Crime & Security Consultants Limited is an International Crime and Security Sector Consultancy based in Kingston, Jamaica with partners in the wider Caribbean, the United States and the United Kingdom. Headed and directed by Mark Shields, former Deputy Commissioner of Police for Jamaica in charge of Crime & Intelligence, SCSC offers a wide range of services, including facilitating the recovery of losses and protecting the reputation, assets and employees of organizations, to its clients both small and large across Jamaica.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
CHAIRMAN’S CLUB FORUM NOVEMBER
Everton Bryan 2014
CEO of the year International Assets Services (IAS)
:: Reprinted with Permission from the Jamaica Observer ::
EVERTON Bryan, who heads a local debt collection company, in February, won CEO of the Year in the 2014 Business Excellence Awards. His firm, International Assets Services (IAS), has been recognised for top awards and is growing fast through a business model aimed largely at softening the perception of an entity in a sector often vilified for what they do to make money.
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Goat Island Consultant Speaks
IAS has a portfolio comprised of 70,000 accounts valued at over $19 billion. Clients include; banking giants National Commercial Bank, Scotia Bank and RBC; utility companies such as the Jamaica Public Service and National Water Commission; and credit unions.
In recent months, the matter of the proposed development of a Logistics Hub on Goat Islands has dominated news headlines, as various sectors of society debate the feasibility of this plan. At the forefront have been the environmentalists, who argue that any development on the islands, which fall in the Portland Bight protected area, could have negative consequences on the environment. So on Tuesday, November 26, Dr. Conrad Douglas, Executive Chairman, Conrad Douglas and Associates and the government consultant who had completed the Environmental Management Scoping Study on the Portland Bight Area, inclusive of the much talked about Goat Islands, was the Keynote Speaker at the final PSOJ Chairman’s Club Forum for 2013, held at the Jamaica Pegasus Hotel. Dr. Douglas delivered a presentation which he described as a very premature evaluation of the
THE
A year of prior to Bryan areceiving the prestigious suitability developing trans-shipment project individual in honour from international business coaching firm, Actionthe area. He noted that the design and the intended COACH, weekhave at a not ceremony heldpresented in New Orleans, plan for the last islands yet been and, as such, assessments about the environmental IAS was named a finalist in the Best Turnaround Company impact were Entrepreneur useless at this(35 time. and Young years and under) categories at the 2013 version of the event. Despite IAS not taking the Dr. Douglas also pointed out that they were just at spot, thethey nomination brought to thehad spotlight the top stage where were looking at what been the great job that Bryan has turn around the fortunes of a the area’s historical use,done whatto was its legal status, and that was not so on longthe ago in the red and under what company could be done in general Goat Islands. threat to fold. His presentation elicited a strong response from some members of over the ownership audience, of including Diana Bryan took IAS, where he started McCaulay, Founder and CEO of the Jamaica out as a debt collector ten years ago, in 2011. Environment Trust (JET), who pointed out that the scoping study, premature as it is, is going to be used to guide the framework agreements on which Cabinet is going to make their decision.
“The opportunity came from the company losing money. The company was in deficit and wanted to exit. It was eiCHAIRMAN’S CLUB SERIES ISther SPONSORED BY down or I the company closing LIME AND NCB.taking over the company,”
THE PRIVATE SECTOR ORGANISATION OF JAMAICA “The opportunity PSOJ LYME
came from the company losing money. The company was in deficit and wanted to exit. It was either the company closing down or I taking over the company,” Bryan said, noting that he and his wife, Dianne, acquired the firm through mostly savings.
PSOJ Hosts Biggest Lyme in Its History
“Finsac was a very bad thing for Jamaicans because they thought the exchange of the debts and collections of it should have been handled with thebetter.......”
But Bryan faced a huge task as, he admits, knew nothing about running a business. It was even daunting for a man who had climbed his way up the corporate ladder at IAS from a debt collector with no experience in finance -- he had been restaurant manager at Carlos Cafe before joining IAS 2004 to general The PSOJ celebrated theinend of --summer 2013 manager in just nine years. biggest Lyme in history, held at the ATL Audi Showroom on
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Oxford Road, on Thursday, August 22, 2013.
“Now, this is not about me as an individual, Over 200 PSOJ members, a record number, flocked to the my mindset had to change; I was green,” showroom which was opened in May 2013, and got the Bryan acknowledged an interview the and test opportunity to networkinwith their fellowwith members, Jamaica at 2013 IAS’s Land offices on Constant drive theObserver highly rated Rover and Audi. Spring Road in St Andrew. He credits business This event wasWoon without a doubt, a huge Special coach Marcia Choy for putting himsuccess! on thanks go to our sponsors, International Asset Services, the right track. Rainforest Seafoods, Caribbean Producers Jamaica (CPJ) and the Jamaica Broilers Group.
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“We started with (lessons on) the operations of business, then we started creating our core values and mission statement, then she started getting into my brain -- “what is it that you want, your personal goal,” Bryan recalled. From that, he said, “I started putting certain things in place.” One of his primary goals, he said, was to change the perception of IAS. IAS, originally an American-owned company, was incorporated in 2003. It made headlines a few years later when some Jamaicans complained of being ambushed and bullied by the foreign company into acknowledging and ultimately settling Finsac credit card debt in instances where the statute of limitation on the repayment was already in force. The debt collection agency bought the portfolio of past due, and in some cases dud credit card receivables from Joslin Jamaica Ltd for a fraction of the face value of the outstanding
THE PRIVATE SECTOR ORGANISATION OF JAMAICA debt -- the business model apparently predicated on the PSOJ LYME
idea that the collecting agency could spin a healthy margin, even if only a modest percentage of the accreted balance was ultimately settled. “Finsac was a very bad thing for Jamaicans because they thought the exchange of the debts and collections of it should have been handled better. I shared the same sentiments as most Jamaicans, but a business is a business,” Bryan said.
PSOJ Ends 2013 Series of Members’ Lymes at Fiction Nightclub
“How do you turn around the perception of this business to make it positive? I said. Like every other business, it’s about customer service, about how you treat people, how do you educate them, and how do you work with them as best as possible. What we tried to The PSOJput began 2013together Christmas festivities do was all ofthethose and make our model,” with its final Members’ Lyme for 2013 at the he noted, stressing the importance of such an approach Fiction Nightclub. Over 150 persons came out asnetwork banks and other clients the market are becoming to and experience thein popular nightclub increasingly concerned about their reputations when in very different circumstances. Participants had the opportunity win give-aways courtesy hiring a collectiontoagency -- they don’t want their names of Leisure by foroverly Pleasure Holidayscollectors. and Tours, to tarnished aggressive
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Iberostar Hotel and Sunset Jamaica Grande Hotel in Ocho Rios. Lucky persons also won The upshot is that IAS has reduced complaints in excess gaming passes courtesy of Odyssey Gaming and of 80 per cent and, Bryan Advise the business has grown Lounge.
eight-fold under the leadership.
Special thanks go to our sponsors for the year: international Asset Services CPJ Rainforest Seafoods Jamaica Broilers Group Leisure for Pleasure Holidays and Tours Mango Valley Wines The Marketing Counselors Ltd.
And to our hosts for 2013: CRU ATL Fiction Nightclub
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“In changing that (perception), that created more opportunities for us. So we kept our clients happy in collecting and minimising the amount of calls they would get from persons complaining,” Bryan said. “We had to protect their brand and also our brand, that was my goal, and I think we are achieving it.” What’s more is that it recently registered in three US states -- Florida, New York and Delaware -- with a view to expand into the US market later this year. “We are negotiating with clients and looking for space right now,” Bryan said. IAS’s staff complement of 64 employees is made up of collectors, IT support, legal and administration personnel. The collectors are comprised of mostly young adults with strong but pleasant personalities. “A collector has to have a certain dominance to them and has to be very influential, the same with a salesperson,” said the IAS boss. “How do I convince somebody to do something they feel they ought not to do?” he highlighted.
THE PRIVATE SECTOR ORGANISATION OF JAMAICA
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PSOJ
Re-Launches Mentorship Programme for SMEs
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At the beginning of January, PSOJ President Chris Zacca indicated that one of the primary focuses of the organisation this year will be on improving the business environment for SMEs, as it is believed that this will lead to further economic growth, and higher employment. As a consequence, the PSOJ will be continuing its mentorship series provided to select SMEs, who are thought to have the potential to grow and provide employment, and also develop their respective communities. These mentorship events known officially as the Mentorship of Emerging Entrepreneurial Leaders, take the form of a dinner every two months, where a successful and well established business leader is invited to speak with 12 specially selected SME principals, both PSOJ and non-PSOJ members, and share with them critical factors for success in their organizations, as well as pit-falls to avoid. Some of the Mentors who have been invited so far include Richard Byles, Donna Duncan-Scott, Michael Lee Chin, William Mahfood and Lascelles Chin. This series started in August 2011 and has allowed for some of the SME Principals to develop relationships with their guest mentors, many of whom continue to provide long-term support. Others have transitioned into being active members of the PSOJ. The Spanish Court Hotel, which has always been very supportive of this initiative through their Chairman Christopher Issa, who has also been a guest mentor in the past, will be the venue for all the Dinners for 2014. The first Dinner for 2014 is scheduled for April and the Guest Mentor will be Everton Bryan, CEO of International Asset Services (IAS) and the 2014 Recipient of the Prestigious CEO of the Year Award.
As a consequence, the PSOJ will be continuing its mentorship series provided to select SMEs, who are thought to have the potential to grow and provide employment, and also develop their respective communities.
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Meet: RANDELL BERRY - Berry’s interest in economics evolved out of his fascination with television programs from his teen years such as “The Buck Stops Here” with Basil Buck that tackled economic issues.
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Economic research allows institutions to make the best possible choices that will enable them to become or remain efficient and at the PSOJ that is the job of research analyst Mr. Randell Berry. “The research analyst is an individual who is able to see things, says Randell. He/she charts a path to a goal that is cost effective and hence allows the organization to make more profits.” He is the sole economic research analyst at the PSOJ, but, known for his overly ambitious nature, his peers look to him for innovation and reliable data. Berry’s interest in economics evolved out of his fascination with television programs from his teen years such as “The Buck Stops Here” with Basil Buck that tackled economic issues. Dissatisfied with the management of the economy and level of development he decided this would be the focus of his studies. He now holds a Msc. in Economics and a first degree in Management and Economics from the University of the West Indies. Randell is new to the PSOJ having joined in March of 2014. His role includes participating in the strategic planning of the operations of both the PSOJ and the Jamaica Securities Dealers Association (JSDA), along with monitoring major economic developments and government policy positions which may affect the business climate. His crowning glory is the intimate relationship he has with the state of Jamaica’s economy. Charged with constantly providing current, reliable information through articles, at seminars, and in his work with various state agencies and multilateral institutions, Berry can always be found knee deep in reading about, researching and conducting analysis on global and economic activity
Randell’s efforts in staying on top of economic developments is punctuated monthly with the release of the PSOJ’s Economic Bulletin. The publication is a synthesis of economic news and analysis that is relevant to PSOJ members and stakeholders aimed at guiding decision making in their business lives. Randell is enthused about the growth in readership and aims to position the Economic Bulletin as a “must read” publication among business leaders in the upper echelons of corporate Jamaica.
“The research analyst is an individual who is able to see things....... He/she charts a path to a goal that is cost effective and hence allows the organization to make more profits.” Randell’s career goals are married to the PSOJ’s mandate to promote competitiveness and efficiency of its members - with hopes of achieving that goal by bringing to them, through his research, the critical information they need to produce and become globally competitive.
THE PRIVATE SECTOR ORGANISATION OF JAMAICA
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Member Feature
Future Energy Corporation Future Energy Corporation (FEC), registered in Jamaica as Solease Limited, is the local extension of Egyptian multinational, Future Energy Corporation. The company specializes in the financing and development of renewable energy systems including solar systems and panels. They are also engaged in energy consulting, auditing and efficiency services. The company, whose name is a fusion of the words ‘solar’ and ‘lease’ was incorporated in late 2012 to fill a demand for a reduction in the high cost of electricity for individuals and companies.
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Future Energy Corp has branches in Lebanon, Italy and Jamaica and hopes to establish another Caribbean island branch this year. The company is market sensitive, ensuring their strategies and operational plans fit each new country the company services. They see Jamaica as the perfect hub for regional development of energy solutions and as an anchor point for expanding into the rest of the Caribbean. Through high quality work and service, a welltrained and educated workforce, and affordable prices, the company strives to bring some of the best products to the market including their number one seller the commercial Grid-tied PV (photovoltaic) system. This system harnesses the solar energy available during business hours to provide a cost-effective, high ROI product for reducing electricity bills. The company joined the PSOJ in 2013 with the goal of improving transformational business strategies to push the company forward. Director of Operations Kwame Hall, reports that through the organization, they have formed relationships
This system harnesses the solar energy available during business hours to provide a cost-effective, high ROI product for reducing electricity bills
within the local network and have had the opportunity to focus on common goals and policies for affordable energy consumption that will benefit the country. Hall currently sits on the Energy and Environment Committee of the PSOJ, which aims to improve the country’s energy and environmental management policy framework and infrastructure. In the near term, FEC plans to introduce a Jamaican dollar denominated financing facility for financing renewable energy projects. This will facilitate the repayment of loans in Jamaican dollars which will make it easier and more cost-effective for borrowers. They also have plans of introducing advanced technology solutions including micro grids to power large spaces, promoting sustainable business spaces and communities.
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THE PRIVATE SECTOR ORGANISATION OF JAMAICA
MEDICAL ASSOCIATION OF JAMAICA
Association Focus | Shane Alexis campaign is slated to tackle a series of mass health issues, starting with obesity. “Healthy Population” will focus on prevention and treatment of obesity in workplaces, schools and communities. In an effort to support these initiatives MAJ is conducting research and developing systems to identify sustainable financing for the health sector in Jamaica through advocacy, and promotion of privatepublic partnerships to fill funding gaps for medical practices. MAJ joined the PSOJ in 2014 and immediately made an impact by leading discussions regarding entrepreneurial capacity and developing industry standards among doctors who run private practices. Networking with business people outside of the medical field has strengthened strategic activities within the organization. What MAJ is dedicated to giving back is access to healthcare and a wealth of knowledge about social services and wellness issues that benefit fellow PSOJ members. Formed in September 1965, the Medical Association of Jamaica (MAJ) is one of the oldest professional institutions in Jamaica, representing the collective interest of doctors and other allied professionals (nursing, physiotherapy, dentistry) as well as the patients of each member or member group. This responsibility includes collective advocacy, educating members on updated medical practices and technology, and sourcing discounts, sales benefits and incentives for members. The association offers risk management services for doctors, conferences and seminars for health professionals and the public as well as the Medical Association of Jamaica Insurance Fund (MAJIS). Their website is home to a doctors directory separating member physicians by specialties and subspecialties. MAJ has deployed a national campaign designed to promote active healthy lifestyles across the country dubbed “Healthy Population”. The
Outside of the PSOJ, MAJ reaches its audience through events like the Major Medical Symposium’s series of seminars and lectures, which was held April 1 to 8, 2014; its website which provides online registration and renewal services for the Medical Association of Jamaica Insurance Fund, as well as content and resources delivered in video and article format about disease prevention, activities related to various medical procedures, and other general health concerns.
The private sector also suggested that the number of ministries — which currently stands at 20 — be cut to 11. A reduction will allow the government to focus on its core mandate and will set the tone for a leaner and more effective public bureaucracy, said Adrian Stokes, the EPC member who presented on public sector reform. It was also recommended that, “each minister make public the top three of five strategic goals for the five — year period. Permanent secretaries, acting as chief executive officers will be tasked with the implementation of these goals,” he said. Fayval Williams, the EPC member who presented on social welfare recommended an exit strategy for beneficiaries be implemented whereby they can eventually become gainfully employed and improve their lives, she said. “Nobody wants to fund anyone from birth to death,” she said. Chaired by GraceKennedy CEO Don Wehby, the EPC spent the last year looking at the IMF agreement. A sound, predictable macro-economic policy framework, discipline and strong fiscal management of the Jamaican economy, a modernised data market geared towards high level of productivity, a simplified business friendly bureaucracy, effective measures to fight crime and corruption and a supportive infrastructure should be the areas of focus to spur growth, according to Wehby. The PSOJ will compile a book with the framework, and use the media to advocate for the policies that were recommended, he said.
“Nobody wants to fund anyone from birth to death.” -Fayval Williams, EPC member
Meanwhile, guest speaker Dr Peter Blair Henry said the three key lessons that Jamaica needs to learn in order to get back on track are discipline, clarity and trust. The Jamaican-American economist, who is Dean of New York University’s Leonard N Stern School of Business, noted that the specifics of the country’s economic situation are well known, but there is a need to put the details into a broader context to help the private sector audience think about the vision of the country. “The key now is to give hope and create a space to get from the promise of prosperity,” he said. “A framework has been laid, but what’s the next step,” asked Henry. Third world countries that turned things around did so when their leaders gave a clear sense of direction, he said.
18
THE PRIVATE SECTOR ORGANISATION OF JAMAICA
Jamaica Hosts
Inaugural National Business Model Competition The prizes for the NBMC were sponsored by Mr. Paul Ahlstrom of AltaVentures and Mr. Joseph Matalon, Chairman of the ICD Group of Companies. Together, they have sponsored prizes amounting to over 4 Million Jamaican Dollars to the winners of the competition.
T
The University of Technology, Jamaica (UTech), through the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL), the University of the West Indies’ Mona School of Business and Management (MSBM) and Northern Caribbean University (NCU), embarked upon a noble project to promote entrepreneurship through a National Business Model Competition (NBMC). This competition is being spearheaded by the team of universities with the ultimate goal of entering the winner of the national competition in the International Business Model Competition (IBMC) in Utah, USA. The competition is specially designed to encourage and promote the creative and innovative thinking of students, facilitate local entrepreneurial skills, and enhance collaboration and communication between the private sector stakeholders and education. The competition hopes to cultivate the establishment of more creative enterprises, and promote innovative businesses in Jamaica. The four final winning teams will be given the opportunity to convert their business plans to reality through prizes in cash.
The inaugural event took place at the Jamaica Conference Centre over March 6 to 7, 2014, and was a success considering some of the financial setbacks. The prize money in the amount of JMD$5,000,000 was a once only award for commendable achievement made on the basis of the NBMC event and was divided into five awards:
1st prize in the amount of JMD$2,000,000; 2nd prize in the amount of approximately JMD$1,000,000; 3rd prize in the amount of approximately JMD$500,000; 4th prize in the amount of approximately JMD200,000; and Winning university prize in the amount of approximately JMD300,000. The final teams were as follows: 1st Place - Herboo 2nd Place - Lamjam 3rd place - Jelsolve
4th place – Interactive Learning Winning university - NCU
Herboo Enterprise Herboo Enterprise is a herbal cosmetics company that uses all-natural, indigenous plants such as sorrel, lemon grass, rosemary, and peppermint to concoct shampoos, body wash liquids, and hair oil. The products - which boast a 500-plus clientele and can be found at several locations including Three Angels Pharmacy, Park View Pharmacy, and James Family Pharmacy in Mandeville, as well as the Acorn Bookstore in Kingston - have several benefits, which include prevention of itching, dandruff, balding, slowing the process of greying, and adding body and lustre to the hair.
The Carlton Alexander Building 39 Hope Road, Kingston 10, Jamaica, W.I. (876) 927-6238
psojinfo@psoj.org published by
eMedia Interactive Limited Suites # 11-13 Technology Innovation Centre University of Technology 237 Old Hope Road, Kingston 6
(876) 970-5657 info@joinemedia.com