In the era of knowledge-based economy, the role of human capital is becoming more important. It is theoretically believed that human capital is associated positively to labour productivity, hence increase its efficiency and the growth of the economy. The new growth theory incorporates human capital variables into the production function using several measures. This analysis uses two concepts of human capital variables that is, effective labour and level of educational attainment among workers.Develop business retention program to identify and address the needs of existing businesses in Broome County.
Business retention and expansion is one of the most important elements of a local economic development effort. To paraphrase an old adage, it is far easier (and less expensive) to retain an existing employer than to attract a new one. Existing businesses already have a stake in the community; it is in the County’s best interest to retain them and help them succeed. Currently, county does not have a formal business retention program that regularly interfaces with employers.
Actions needed to establish this program include: Developing and maintaining a database of County employers. Because their needs are often overlooked, be sure to include small timid size and emerging businesses as well a major employers. Engaging in on going communications with employers, not only to inform them about potential resources to support their growth but also to learn about their specific needs. This can be accomplished through an electronic newsletter, posting information on a website, regular face to face meetings with selected employers, round table discussions, and an annual web based survey. Establishing a proactive team that can develop resources to support business growth and address issues. The team would be comprised of individuals from both the public and private sectors, including local and state economic development officials, workforce development staff, commercial brokers, bankers, representatives of funding agencies, and others.Employment problems attributable to fluctuations in economic activity, to structural changes and especially to an inadequate level of activity should be dealt with by means of general measures of economic policy; and selective measures directly connected with the employment of individual workers or categories of workers. The choice of appropriate measures and their timing should be based on careful study of the causes of unemployment with a view to distinguishing the different types. General economic measures should be designed to promote a continuously expanding economy possessing a reasonable degree of stability, which provides the best environment for the success of selective measures of employment policy. Moreover, measures of a short-term character should be planned and taken to prevent the emergence of general unemployment or underemployment associated with an inadequate level of economic activity, as well as to counterbalance inflationary pressure associated with a lack of balance in the employment market. At times when these conditions are present or threaten to appear, action should be taken to increase or, where appropriate, to reduce private consumption, private investment or government current or investment expenditure. In view of the importance of the timing of counter-measures, whether against recession, inflation or other imbalances, governments should, in accordance with national constitutional law, be vested with powers permitting such measures to be introduced or varied at short notice. Measures should be planned and taken to even out seasonal fluctuations in employment. In particular, appropriate action should be taken to spread the demand for the products and services of workers in seasonal occupations more evenly throughout the year or to create complementary jobs for such workers. Measures should be planned and taken to prevent the emergence and growth of unemployment or underemployment resulting from structural changes, and to promote and facilitate the adaptation of production and employment to such changes. The dual objective of measures of adaptation to structural changes should be to obtain the greatest benefit from economic and technical progress; to protect from financial or other hardship groups and individuals whose employment is affected by structural changes. When structural changes of exceptional magnitude occur, there recommendation may need to be accompanied by measures to avoid large-scale, sudden dislocation and to spread the impact of the change or changes over a reasonable period of time. In such cases governments, in consultation with all concerned, should give early consideration to the determination of the best means, of a temporary and exceptional nature, to facilitate the adaptation to the structural changes of the industries affected, and should take action accordingly. To this end, and to avoid the loss of production entailed by delays in filling vacancies, Members should establish and adequately finance programmes to help workers to find and fit themselves for new jobs. Special attention should be given to the employment and income needs of lagging regions and of areas where structural changes affect large numbers of workers, in order to bring about a better balance of economic activity throughout the country and thus to ensure a productive utilisation of all resources. In addition, employment policy should take account of the common experience that, as a consequence of technological progress and improved productivity, possibilities arise for more leisure and intensified educational activities. Efforts should be made to take advantage of these possibilities by methods appropriate to national conditions and practice and to conditions in each industry; these methods may include reduction of hours of work without a decrease in wages, within the framework of the Reduction of Hours of Work Recommendation, 1962, longer paid holidays, later entry into the labour force, combined with more advanced education and training. Support the start-up of entrepreneurial businesses in county. There are many of the great business success stories in the region began as small local start- ups such as Ian Chua, 29, Co-founder and CEO of Hermo and Heliene Tan, 29, co-founder and owner of Double woot. The importance of supporting business start-ups is critical, but it should also be noted that start- ups can be divided into strategic categories that require different support approaches. For example:Type of Business Method of SupportConsumer services: restaurants, retail, personal services Typically, the business entrepreneur is directed to take a class in starting a business at the community college, develop a business plan, and work with a local bank.Manufacturing and service businesses that bring cash flow into the community A business incubator is typically the vehicle to support these businesses, offering the following services and a amenities such as access to low cost space that meets the functional needs of each business and provides office services, accounting and legal support, marketing and IT support, and most importantly, access to grants, loans and investors.The availability of support services is critical for entrepreneurial businesses. These companies should also be made aware of local or regional financial resources to avoid the prospect of outside investors taking them out of the region. It is also important to ensure that emerging businesses have their sources like labour, real estate and financing they need to expand locally. Develop a business attraction program to bring outside companies into Malaysia. One of the biggest challenges for economic development organizations is to reach out to companies looking to locate or expand their operations and attract them to their community. Although opportunities for business attraction were more limited during the recent recession, there has been an increase in activity based on the food processing companies, the main sub-sectors are fish and fish products, livestock and livestock products, fruits, vegetables and cocoa. The sub-sector of fishery products includes processed seafood products like frozen and canned fish, crustaceans and molluscs, surimi and surimi products. This sub-sector remained the main contributor to the processed food exports. Malaysia is the third largest producer of poultry meat in the Asia Pacific region. Malaysia is self-reliant in poultry, pork and eggs, but imports about 80% of its beef requirements. The dairy products produced are milk powder, sweetened condensed milk, pasteurized or sterilised liquid milk, ice cream, yoghurt and other fermented milk. The halal industry in Malaysia offers enormous opportunities for Malaysian manufacturers. The idea of halal is associated with food products that are of high quality as in cleanliness, sanitation and compliance with religious requirements.