In 2013, the BCSI commissioned a study of the professional services sector in Barbados to assess the capabilities of the segments within the sector, identify and analyze global markets in order to pinpoint where major players have left unmet market needs, and to determine whether the domestic sector can meet those needs with its current capabilities. This information was ascertained by reviewing the literature on the professional services sector, conducting primary research among stakeholders and member associations.
The goal of the study is to gain a better understanding of the size, worth and capacity, of the professional services sector in Barbados.
METHODOLOGY AND SCOPE OF PROJECT
This project was undertaken to carry out a study of the professional service sector in Barbados and involved the following components:
¾ An assessment of the current capabilities of the segments of the professional services sector.
¾ Identification and analysis of the global competition in order to pinpoint where the major players have left unmet market needs.
¾ A comparative analysis to determine whether the domestic sector can meet those needs with its current capabilities, and identify the areas that must be strengthened in order to effectively compete.
In order to complete these components the consultants undertook the below activities:
Activity 1– Conducted a review of existing literature on the professional services sector for the purposes of:
a. Isolating the potential of industry development
b. Future positioning of the industry
c. The role which professional services could play in economic development
d. The relationship between national and economic sectoral development, educational needs and the development of the domestic professional services.
Activity 2– Conducted primary research among stakeholders and member associations. This research was done through interviews and focus groups with the entire membership of the BCSI, as well as with every agency identified as a stakeholder. All were targeted for involvement in the research phase.
- Designed interview and focus group questions in order to identify knowledge and opinions on the domestic services industry.
- Compiled a complete list of stakeholders in conjunction with the BCSI.
¾ The entire list comprised twenty (20) stakeholders from government agencies, departments and statutory boards, educational institutions and private sector agencies.
¾ A total of nineteen stakeholders were interviewed.
¾ Face to face interviews were conducted with stakeholders. C. Compiled association groups in conjunction with the BCSI.
¾ The entire list comprised forty-two (42) associations across five (5) sectoral groups
¾ Five focus groups were convened and nineteen (19) associations attended.
Activity 3– Conducted desk research to identify:
- The potential priorities for professional services and future high growth potential professional niches.
- The potential sources of training, education and professional development with local, regional or overseas entities within the areas identified as future high growth and potential niches.
- Global best practices that Barbados can undertake to develop the professional services sector.
- Relationships between national and economic sectoral development, educational needs and the development of the domestic professional services.