12/7/2007 December 6, 2007
This year, the Bermuda Chamber of Commerce is celebrating its 100th anniversary. One hundred years of advocacy for the strengthening of the Bermuda Business community and the advancement of best practices to ensure continued vibrancy and opportunity.
It should be no secret that business has, and always will drive innovation; it is the very essence of entrepreneurialship (and some may argue human nature), that if an opportunity exists to derive income, then it should, and will be exploited. Innovation was what allowed Bermuda to create a system of Tourism that became not just the envy of the word, but the template for other destinations around the world to copy. However, not only did those jurisdictions copy it, but they innovated and exploited. Bermuda, to all intents and purpose, continued doing the same old, same old. Fast forward to the present: Bermuda is looking to other jurisdictions to steal Tourism ideas from, fractional ownership being a perfect example. Will we be successful? Time will only tell. But we certainly find ourselves now playing the role of follower rather than leader. Turn the page to our main pillar of the economy, International Business, and yet again, we are the envy of the world. The question is, will we make the same mistakes?
To that end, and in deference to the season, here is a Christmas wish list of three things for Santa to bring the Chamber of Commerce to secure our collective success for the next hundred years, and to ensure we retain our top position as the domicile of choice for the world’s leading corporations:
The First Wish is for...
Better Development and Support for the Continued Growth of Bermuda’s Human Capital
As many of you well know, a country’s prosperity can only come from three possible sources: natural resources, financial capital, and ever increasingly, human capital. As Bermuda has no natural resources to speak of, and with financial capital only domiciled here due to current advantageous conditions fast being copied by other jurisdictions, we need to realize, and fast, that the only opportunity for us to continue to differentiate ourselves in this ever flattening world, is by increasing the value of our human capital. Educational reform is critical to empower Bermudians; developing them to achieve the highest level of competitiveness, not just in a Bermuda village, but in a global village.
What also needs to be boldly highlighted in regards to the development and support of our human capital, is that the success of Bermuda Inc. will only continue when we truly realize that just like companies have been battling for years to attract and retain the best people, so are countries in this rapidly globalizing world. We therefore need to carefully scrutinize potentially over protectionist Immigration policies that may drive knowledge workers and the companies that employ them to other more accepting jurisdictions.
No country can have world class workers if it artificially protects them from world class competition.
The Second Wish is for a...
Safer and More Ordered Bermuda
The Chamber has made as part of its mandate, that focus be given to the seeming increase of criminal and antisocial behaviour. Bermuda has one of (if not the world’s) highest per capita ratio of police to population, yet our tiny island of 65,000 people currently has unsolved murders, ever increasing frequencies of break ins, thefts and public violence, as well as general disdain and purposeful ignorance of many of the current laws of Bermuda. This is not good for business.
If the Bermuda Police Service is under funded, fund it. If it is understaffed, staff it. And if it is struggling to find its way, either better develop its leaders, or find new ones.
We too, in the Business community, have a role to play in a safer and more ordered Bermuda, as the scourge of drugs is, in many cases, what drives much of the criminal behaviour in this country. Therefore in all our workplaces, clubs or social circles, be un-accepting of drug use, through strong workplace policies, or hard advice from a good friend.
As business people, we all know the law of supply and demand; lets help get rid of the demand.
And The Last Wish is for...
More Candor
Jack Welch the legendary former CEO of General Electric Corporation called the LACK of candor the “Biggest Dirty Little Secret in Business”. Perhaps we should change that to the “Biggest Dirty Little Secret in Bermuda”. Business and Government need to add more candor to their discussions, particularly when it comes to RACE; and all involved need to be prepared to participate in a frank, straightforward and honest manner. The Chamber accepts its role as being the “voice of Business in Bermuda”, and encourages all businesses to also have candor, particularly in the arena of race relations.
We challenge our fellow Bermudians, that this straightforwardness and candor be accepted without hostility and accusations, recriminations or threats, because more candor gets more people participating in the conversation. More people involved means better understanding. Understanding leads to collaboration.
And collaboration always leads to success.
Three Christmas wishes. However, unlike children hoping fervently that dropping a letter in the Phoenix Stores’ mailbox for Santa will get them their requested gifts, being nice and not naughty isn’t going to get Bermuda the gift of continued success in our economy driving International Business sector.
Let me reiterate that economy driving point, and let’s make no mistake about it.
The success of local Bermudian business is inextricably linked to the success of International Business. Whether you be a taxi driver, tiler, or a tent renting company, retailer or restaurateur, construction company or corporate services contractor, we all sink if the good ship International Business sails to another port.
For the future prosperity of our country, let’s do what we can NOW to make the Bermuda Chamber of Commerce’s three Christmas Wishes come true.
Philip Barnett, President
The Bermuda Chamber of Commerce
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