UNITED States President Barack Obama effectively uses technology to communicate with Americans every step of the way.

Here in Jamaica, Prime Minister Bruce Golding hosts a radio show on the last Wednesday of each month called Jamaica House Live. But given the worsening global financial crisis, the Sunday Observer will give Jamaicans a chance each week to ask pertinent questions of various leaders. This week, it’s Wayne Chen’s turn in the hot seat.

If you had one question to ask Wayne Chen, Chief Executive Officer of Super Plus Food Stores what would it be?

Vincent Roper, Computer Technician

How would you address the rumours that employees of Super Plus Food Stores are not treated properly by the management?

Anthony Grille, Janitor

Are you interested in becoming a politician, and what role would you play?

Dionne Brown, Fashion Designer

Would you consider the closure of some of the Super Plus Food Stores as a failure on your part?

QUESTION OF THE WEEK

Chevelle Duhaney, Student

Why have you closed down so many branches of the Super Plus Food Stores? (Photos: Collin Green)

Ryland Campbell responds

Sunday Observer writer Erica Virtue sought and got a response from Ryland Campbell, chairman and CEO of Capital and Credit Financial Group to Albert Smith’s Question of the Week last Sunday: What are the financial opportunities available to young people in the current economic environment?

Thank you Mr Smith for your question.

With approximately 80 per cent of our population under 45 years of age, I regard the Jamaican population as being ostensibly young. However, it would seem that the concern is more with the age group of 18 – 25 years. This group would represent the starting point for legitimate employment, and who would have completed high school or tertiary education, or have otherwise completed a trade training programme or other certification for the world of work or business.

The old paradigm

Gone are the days when many young people were assured of getting a job in various sectors in the civil service; the police force; teaching, nursing and other such professions; in the sugar and bauxite industries; or jobs in the insurance and banking industries. Production required large numbers to make young people feel a sense of security in the job or profession from which they could retire. If they worked hard and smart enough they had a future which was certain.

Such job security is no longer assured.

The new paradigm

Technology has created a higher level of efficiency, innovation and competitiveness. The computer and the internet have revolutionised the behaviour of persons and organisations, and professions such as book-keeping clerks, stenographers and secretaries are faced with very nearly no such jobs being available anymore. Managers and supervisors are doing their own stenographic work on computers or laptops. There has been a considerable increase in the number of young people who have university degrees, CXC passes and other certificates who cannot get jobs, because the degree and certification bear no relevance to what is needed.

Young people, must try to apply a more practical approach to make themselves marketable, by acquiring skills, education and training in areas for which there are more opportunities for financial growth which will allow them to save for the future.

Hope

Hope exists and it must be understood that some aspects of what is required to fulfil this hope rests, in the structure and content of our education system; the encouragement and promotion of entrepreneurship; as well as the restoration of values and attitudes which will enable our young people to find relevance and opportunity.

In the medium term, computer literacy programmes in primary schools and teacher training colleges should begin to bear fruit. Tertiary institutions, especially universities must focus on providing graduates who can find a better place in the society, whether by getting jobs, or going into business.

The immediate needs are gainful employment for our young people, but the question is, “What skills and competencies do these young people have, given the requirements of the market?” and “Which market are we talking about?” We need to restore research and development in science and technology as the centre piece of our education system.

Some opportunities

. Problem-solving capabilities and corresponding qualifications and competencies in computer technology are in high demand.

. In health, there is demand for medical technologists and other technical support personnel to the medical profession.

. Jobs are available in the USA, Canada and some parts of Europe, including the United Kingdom, for qualified teachers and nurses for example. Young persons who obtain overseas jobs will be a good source of remittances to help the local economy, while enhancing their own financial well-being.

Opportunities for entrepreneurism

The environment is also ripe for local entrepreneurship opportunities, but it require the following:

Relevant skills and competencies, computer literacy, positive values and attitudes (inclusive of cluster and co-operative culture, a mentoring programme, an ideas bank, private and public sector collaboration in financing, quality standards and marketing and in areas such as:

1. Agriculture: greenhouse farming for vegetables and tubers, ground provisions, such as yam production and sweet potatoes.

2. Agro-Industry: preserved fruits, juices, etc.

3. Aqua-culture: fish, shrimp, ornamental fish.

4. Sports & Sports Marketing: cricket, athletics, golf.

5. Creative Industries: performers, producers, marketers, promoters.

6. Information Communications Technology:

– production of animated stories for children

– internet marketing

– computer programmers

– outsourcing solutions for small businesses.

These all provide financial employment and or business entrepreneurism opportunities for young people. As far as financing is concerned, please note that there are financial institutions including Capital & Credit Merchant Bank, which have small business financing programmes, and are approved by the Development Bank of Jamaica to finance small businesses in the areas mentioned.

I recommend that such budding young entrepreneurs speak to entities such as the Jamaica Business Development Centre (JBDC) which is geared to assisting in developing business plans for them.

All of the foregoing examples also have potential for foreign exchange earnings, individually and collectively.

Savings opportunities

Everyone, young or old, must seek out financial opportunities. Many young people often fall into the trap of thinking of today’s needs and at best. One must try to save regularly, no matter how modestly. With the recent introduction of Individual Retirement Accounts, such as Capital & Credit’s IRA for instance, persons as young as 18 years old, whether formally employed or self-employed, can easily save as little as $1,000 per month and create wealth for later. These IRA’s provide the benefit of tax-deductible contributions, which offer the flexibility of either lump-sum or monthly deposits. A person starting with a $50,000 lump-sum deposit and investing $5,000 per month for approximately 26 years can earn $8.6 million tax-free, or one who opts to simply invest $5,000 per month over 22 years can earn $4.5 million tax-free. There is a future for our young people, Mr Smith, and though we are often besieged with negative news and outlook, I believe there are financial opportunities for them.