MANAGEMENT AND BUSINESS ENVIRONMENT IN THE BAHAMAS
Business scenarios in the Bahamas are generally straightforward and English based. It is important to keep in mind that intercultural management is of great importance in the Bahamas due to its great involvement in international trade, investment, and broad range of cultures.( Global Business Today, pg. 37) According to Kwintessential, an ISO: 9000 registered firm focused on cultural awareness, states that in order to manage in the Bahamas it is important to acknowledge that each person has a specific role, and managers need to address each role in accordance to its necessities( Intercultural Management- Bahamas).
Furthermore, they have a hierarchical supervision culture. People believe that ranks are elected in regards to experience and no questions need to be asked to lower rank managers in order to make decisions, but tools and clear instructions are expected by inferiors in order to complete tasks. There is respect and trust given to superiors, but it is of most importance to treat everyone with respect and dignity in the Bahamas.
The Bahamas has a management style based on rewards. Managers are accustomed to reward employees privately. Other cultures might view this as bribery and unfair treatment, but in the Bahamas, employees expect to be recognized in a fair and equal way in accordance to their performance. Also, Bahamian managers have a positive approach to uncertainty and change. Even if change is risky and complex, they know that with higher risks come higher rewards, and current sacrifices being done will be viewed as a step towards improvement. Time and punctuality need to be taken into consideration when managing any business. Given the flexible time culture in Bahamas, time is not taken very seriously. When doing business with Bahamians, it is important to always reinforce the deadlines and appointment
18 | L A T I T U D E 0 4 / 0 1 / 2013 times in order to receive the appropriate compliance form the Bahamian party.
Teamwork in the Bahamas has evolved over the course of time. In the past, due to the hierarchical division of tasks, supervisors were not involved in teamwork since that implied interacting and being said what to do by inferior rank employees. Due to the increase in multinational corporation presence in The Bahamian market, the management trend has shifted to a non-threatening, participative and communicative one( Intercultural Management- Bahamas).
There is not a great presence of communication issues in the Bahamas. They tend to pay attention to details, they are friendly, but are always prompt and ready to discuss business matters as soon as possible. As we live in a globalized world, the Bahamian younger generation is adapting fast. Small talk is not a necessity anymore and business matters are addressed right away without offending the Bahamian party( Doing Business in the Bahamas).
ISSUES THAT AFFECT LEADERSHIP, MANAGEMENT AND ENTREPRENEURIAL ABILITIES
1. Inequality
Inequality makes it more difficult to create a healthy environment for the development of a highly motivated population. The GINI coefficient measures the inequality on a scale from 0 to 1, and the Bahamas scored 0.57. It is clear that the gap is increasing and that more and more jobs and important positions are given to the people in the higher level of society.
2. Learning Crisis
If the learning gap increases in the Bahamas, it will have fewer opportunities to keep up with other developing countries whose educational resources are increasing. According to the Bahamas General