EMPLOYEES TOLD BY CENTRAL BANK TO OUT-WIT THEIR COMPETITION
Barbadian workers are being reminded that the best arsenal to stay ahead of the competition is not by lowering prices, but through improved productivity.
Governor of the Central Bank, Dr. Delisle Worrell, made this observation while addressing the opening ceremony for A Week of Excellence at the Grande Salle, Central Bank of Barbados. He spoke on the topic: What is Meant by Productivity in Services and Why it Matters for Barbados’ Economic Future.
Dr. Worrell reasoned that the future of the island’s economy was in our hands and suggested that the way forward must be led by “our own wit and resources”.
“Each worker can make a positive contribution by becoming engaged and this can be achieved through motivating and empowering ourselves and those that work with and for us, caring enough for the welfare and prospects of fellow workers [by ensuring] that everyone helps out when the going gets tough. When that becomes the pervasive culture of organisations and the society, we [Barbados], would now be a formidable international competitor and a by-word for excellence in the Americas, Europe and the rest of the world. That must be our steadfast goal,” he emphasised.
“So long as our prices are right, we can sell to our full capacity; if our prices are too high, we are out of the market altogether; and if our prices are too low, we are offering our customers a bargain at our expense unnecessarily. If our prices are right, why do we sometimes fall below capacity? That is because we are maintaining our productivity relative to competition, but we are not improving,” Dr. Worrell observed.
The island’s top economist maintained that the solution is not lower prices in a depressed market, but rested with the collective will of the workforce to be more productive.
Given this situation, Dr. Worrell offered a number of solutions to achieve this. First, he advised: cultivate the individual customer; aim to exceed expectations in every transaction; never leave the customer without the product or service they need, or without assistance towards obtaining what they need and always give excellent value for money; you may then charge what price you must in order to give excellent service and the discerning customer will gladly pay.
Dr. Worrell also advised private and public sector firms to improve productivity by engaging, empowering and motivating workers; and cultivating a community workplace with an emphasis on sharing experiences, teamwork and helping each other achieve the best performance. (JC/BGIS)