Author: Rachel Trotman
When you start to put it all together, there are serious advantages to being in Trinidad and Tobago
We caught up with Chairman, Angela Lee Loy to chat about specialised recruitment firm, Professional Resourcing Solutions (PRSL) and their focus on foreign investment in the Caribbean.
Lee Loy anticipates that inward investment will continue through the current pandemic and beyond, with the nature and form of business activity evolving to adapt and thrive in the new landscape. We are likely to see businesses using more proactive and creative tactics to take advantage of opportunities for investment.
PRSL & Foreign Investment in the Caribbean
“There is still going to be the opportunity for foreign investment, it’s just the way they going [sic] to do it is very different…everything now is being done electronically…nothing stops you from coming into the country to do business. If you see opportunities – and really and truly I think people are going to see opportunities in this time to take advantage of the fact that they need to do business in Trinidad and Tobago. I don’t really see that people who are interested in doing business are going to stop during COVID – if nothing else they going to be more aggressive doing business…There are going to be tremendous opportunities that companies are still going to want to take advantage off”
Within this landscape abounding with opportunities for investment, PRSL is uniquely positioned to work with foreign businesses to ensure they have the best team on the ground in Trinidad and Tobago. PRSL has been serving an unexpected corner of the BPO industry in Trinidad and Tobago since its conception 11 years ago.
Business Process Outsourcing or BPO involves the contracting out of business functions and is often associated with manufacturing but it in fact covers so much more.
“PRSL started because I thought there would be a need in the marketplace where people would not want to have a presence in the country but they want the work done…it is really what one would consider contingent labour in terms of the point that they do not want to have a presence in Trinidad and Tobago but they want to bring in expertise to be able to do the work.”
Simply put, PRSL provides for all the back office human resources needs of entities operating in Trinidad and Tobago without setting up a physical office or legal presence. PRSL has worked with businesses in finance, technology and oil and gas offering a full range of services from recruitment, arranging contracts and securing work permits to organising medical and pension plans and contract dissolution.
PRSL takes advantage of its partnership with the Aegis Group of companies to offer clients a full range of back office support services for their workforce.
Outsourcing in the Caribbean
When thinking of outsourcing, many don’t think of the Caribbean but as Lee Loy shared with us, there are many advantages to the region as a whole and Trinidad and Tobago specifically. The timezone advantage allows for easy communication with parts of the United States and Canada and easy overnight hand overs with countries in Asia.
“Trinidad and Tobago definitely has a very high [sic] educated workforce. Our education level is pretty high. If I were to say in the financial field, very very high. If you’re in the oil and gas business – excellent…When you start to put it all together, there are serious advantages to being in Trinidad and Tobago…We really have a very educated workforce. ..at the right price” says Angela.
Trinidad and Tobago specifically benefits from high levels of education especially in the oil and gas and financial industries. The twin islands also benefit from low labour costs, low electricity costs and being positioned below the hurricane belt. With hurricane Flora in 1963, being the most recent to make landfall on the islands, the risk of losses due to hurricanes which is significant throughout the region is reduced.
These advantages along with the business opportunities likely to present themselves during the pandemic and beyond means that the region and Trinidad and Tobago specifically is likely to see continued investment in the coming months.
Within this landscape, PRSL is a key partner in accessing HR support and overall business support in the Caribbean.
To book a consultation, contact Kathy-Ann Newallo at info@prsltt.com