Stakeholder Trust Identified as a Pivotal Economic Driver

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Jamaica News: Engendering greater stakeholder trust across the public and private sectors to drive efficient service delivery is deemed pivotal in any thrust to secure higher levels of sustainable economic growth.

This is the view of American bestselling author, Stephen Covey, who was speaking during the 37th Annual Caribbean Conference of Accountants, held recently at The Jamaica Pegasus hotel in New Kingston.

Mr. Covey noted data from a study of 41 countries which he said shows that territories with the greatest levels of trust had the highest gross domestic product (GDP) per-capita incomes, and better economic performances.

He also pointed out that in a “high-trust” culture, “persons are 32 times more likely to take a responsible risk, leading to innovation”.

Mr. Covey indicated that high trust cultures are created from within organisatons, and challenged the conference’s participants to commence the process of exploring and initiating cycles of economic growth generation, that will result in improved societies.

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He contended that the process of engendering internal trust will dovetail into relationship trust, organisational trust, market trust, and eventually societal trust.

Mr. Covey further emphasised that key elements in this dispensation are: integrity; declaration of intent; capability; and maintaining a good track record.

Exhibiting these positive traits, he argued, will prove inspirational to other persons; boost productivity and innovation; and result in greater output and, ultimately, economic growth, adding that “trust is an economic driver, not merely a social virtue”.

The conference, which was staged by the Institute of Chartered Accountants of the Caribbean (ICAC) in tandem with the Institute of Chartered Accountants of Jamaica (ICAJ), attracted approximately 600 of the region’s accounting and business professionals.

Key topics discussed under the central theme: ‘Navigating Global Disruption: Creating Opportunities’ included: information technology; education; business best practices; climate change; trade; and health.


Source: JIS News


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