Fostering Executive Leadership in Small States: A Blend of History, Adaptability, and Innovation

Disclaimer: The views and opinions expressed by the author(s) do not represent the official position of Barbados TODAY.

By Dr. Basil Springer

“Don’t let anyone look down on you because you are young, but set an example for the believers in speech, in conduct, in love, in faith and in purity.” – 1 Timothy 4:12

The key to sustained economic progress in small states hinges on the dynamism and foresight of their corporate and public sectors.

Two weeks ago, we discussed the imperative of corporate and public sector CEO selection and training in small states. Today we extend the concept to their executive teams.

These regions, with their limited resources, must be particularly astute in the ways they cultivate leadership. How then do small nations like those in the Caribbean nurture a class of executives equipped to steer businesses and civil servants towards success, in a manner that supports the larger socioeconomic goals of the region?

The answer, as it turns out, can be found in a blend of history, adaptability and innovation.

In 1993, Singapore, recognising its dearth of executive talent, did something unprecedented. Rather than solely focusing on importing talent, they opened their doors to multinational corporations to establish operations. In so doing, they facilitated the organic training of their local executives, exposing them to global best practices and cutting-edge management strategies. This move provided the kind of real-world executive education that no classroom could match.

This was not only for the corporate sector but also for the civil service to the extent that trained executives moved seamlessly between the private and public sectors. And even though their scope of work varied, the salaries and conditions of service were similar.

Fast forward a decade to 2003, and Barbados presents us with another model. The Barbados National Bank (BNB) was faced with a situation where it could not optimally fill five of the top executive positions of the bank. There was a dearth of local talent.

Realising the importance of amalgamation in an era of rapid globalisation, the bank sold the majority of its shares to the larger conglomerate Republic Bank of Trinidad and Tobago (RBL), who immediately assigned individuals already in their network to fill these executive vacancies. As a result, a new stream of executive management emerged in Barbados. This fusion of businesses not only provided an opportunity for the mingling of executive cultures and expertise but paved the way for the immediate exponential financial growth of the institution.