Guyana’s positive economic growth has created a natural shift in the local pay scale and the need to redefine the local work culture.
With this shift being supported by the government, Chief Investment Officer and Agency Head of the Guyana Office for Investment, Dr Peter Ramsaroop, said it would benefit foreign companies to also understand this change.
Dr Ramsaroop told Ignite News that Guyana is no longer viewed as a poor “third world” country, and foreign corporations may need to reconsider their approach to local employment given the country’s economic growth, its appealing proximity to the Western world, its English-speaking advantage, and favourable climate for business operations.
“Definitely in Guyana, the pay scale is on the rise,” Dr Ramsaroop said.
He also noted that Guyana’s proximity to the United States, for example, makes it far more strategic than a location such as the Philippines, where work may be cheaper, but clients must travel a great distance to oversee their operations and contend with natural disasters such as hurricanes and earthquakes—factors that are unfavourable in the outsourcing industry.
“So, the Guyana government has recognised the changing economy and the pay scale. That’s why we have developed incentives to keep attracting these companies—whether it’s the availability of BPO shells across the country, which we are now in the phase of filling, or incentives that our office is able to offer these companies so that they can benefit from a lower CapEx.”
A lower capital expenditure, he continued, will help maintain pay levels that are not necessarily in line with what companies pay elsewhere, but that remain competitive with other sectors locally.
Work is already in progress to train Guyanese workers in improving the quality of service they provide and how they interact, taking into account the cultural differences between locals and foreign clients setting up operations here.
“We’ve offered that type of training. We’re in conversation with the Ministry of Labour to look at it as a curriculum item in their training. And yes, I think a lot of our folks, who have not been exposed to cultural differences and the way you communicate with people in the Western world, can benefit from such training. We are committed to working with companies to assist in that training,” the Chief Investment Officer noted.
He firmly believes that new skill sets and experiences are key to developing successful careers, and the Guyana government is committed to ensuring the local workforce benefits significantly from the changing economy.
