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Buying staff loyalty

first_imgThedays of the Luncheon Voucher may seem but a distant memory, but as CarolineHorn finds out, rewarding performance with coupon-based incentives is making acomebackRewarding employee performance with supermarket or department store vouchersmight, at first glance, seem a little old-fashioned or unimaginative. However,companies considering incentive schemes should take a closer look at thisburgeoning end of the incentives market. Experiences and products as diverse as balloon flights, health treatmentsand electrical goods, can all be acquired with vouchers, and increasinglyfeature as part of corporate incentive schemes. In addition, voucher suppliers are doing all they can to entice theirclients with discounts, streamlined administration and other benefits. The voucher market is currently estimated to be worth more than £1.15bn,according to The Voucher Association, and is looking healthy, despite changesin government legislation four years ago which removed the tax benefits ofgiving vouchers as incentives. Employers and employees are now liable to pay national insurancecontributions on voucher rewards – although the company can volunteer to paythe employee’s tax liability. While the legislative changes did have an immediate and negative effect onthe voucher market when they came into force, suppliers have fought back with arange of new products and services aimed at encouraging companies to usevoucher incentives. As well as making their range of products more exciting, suppliers offer anumber of free services, from presentation packs and discounts to onlineavailability, all aimed at making the running of incentive schemes that muchsmoother and more attractive. Voucher use is growing as part of the corporate benefits packageencompassing child and healthcare provision. Andrea Born, House of Fraser business incentives manager, says: “Retailvouchers work well in flexible benefits schemes, where the employee gives uppart of their salary for vouchers, but can also work just as well in optionalbenefit schemes to help retain experienced staff and entice new employeesin.” Suppliers argue that there are good reasons for rewarding staff withvouchers rather than simply putting a few extra pounds into their bankaccounts. Graham Povey, managing director of Capital Incentives and Motivation,says: “Voucher incentives are different from salary and more attractivebecause of that. People will connect the purchases they make using voucherswith the work they did to get them. They recognise that, if they repeat thatperformance, they will be able to buy something again.” Vouchers also offer flexibility – they can be given as one-off rewards,perhaps for long service or gifts, or form part of formal reward schemes. ButPovey says the golden rule is to keep it simple. “The reason why many incentive schemes fail is because they areover-complicated and measurements are not put in place, or people aren’t surewhat they have to do.” Managing voucher-based incentive schemes can be done in a number of ways.The simplest starting point is to buy vouchers direct from a high street nameand hand them to staff as recognition rewards. Companies could widen the choice by buying vouchers from several differentretailers or outlets. This, however, also increases the administrative burden,and it can become complicated if, for instance, petty cash is being used to buythe vouchers – companies must remember the tax implications of incentiverewards and keep clear records of what is bought and how they are distributed. It can be simpler to approach one large company with a variety of productsand services, such as Virgin Incentives, or to deal with a supplier that‘brokers’ vouchers, such as Capital Incentives or Sodexho Pass – whosenewly-launched corporate gift scheme, Presentz, offers a range of vouchers fromBhs to Hamleys. It is also worthwhile checking what additional free services your supplierwill offer, such as individual presentation packs and discounts for bulkpurchases. And check whether you can send back any vouchers that you don’t use.Any budget allocated to the reward scheme needs to cover administration andcommunication costs – a figure that will be similar to the amount spent on thevouchers themselves. Companies might choose to put these activities into thehands of an outside agency and centralise their supplier. Line managers wouldstill have discretion in giving rewards to separate accounts, but buying andadministration would be handled centrally. Centralised buying can also helpincrease the levels of discount available from suppliers (see box). In the US, there has been a shift away from paper towards plastic-basedvouchers, says Neal George, vice-chair of the Voucher Association and managerof Marks & Spencer Gifts. In the UK, Asda and Borders, owned by US groupWal-Mart, have already introduced plastic vouchers. Another move, still in its early days, is away from paper towards electronicpurchases via the web. Claire Smith, sales manager for Sodexho Pass, says: “Employers can havea hyperlink from their site onto ours so we can help communicate and explainthe scheme to their employees, as well as showing staff where the vouchers canbe spent.” P&MM’s reward voucher system has a client administrator function,allowing firms to enter the names of individuals/groups involved and to managethe schemes electronically in-house. This also makes the job of recordingvoucher distribution – particularly for tax purposes – that much simpler. Companies looking to develop more sophisticated electronic reward schemescould also set up a collaborative scheme with third party suppliers, whereinstead of getting vouchers directly, employees are given reward points whichare paid into a ‘reward bank account’. Individuals will have their own reward account that their employer willcredit when they achieve certain goals. The individual can redeem those fundsfor whatever they want, whenever they want. This kind of scheme can help bypass some of the problems which are inherentwith paper-based voucher schemes. Jonathan Haskell, managing director ofLongService.com, an incentive and reward programme supplier, points out thatwith traditional voucher schemes, the onus is on the employee to redeem thevoucher. “This is great if staff are shop-a-holics with a relevant retail outletnearby, but difficult if they are shop-a-phobics having to visit aninconvenient location to find the item they want.” Men in particular are prone to leaving vouchers forgotten and unredeemed ina dusty drawer, he says. But as Born warns, if you do decide to use vouchers for staff, thinkcarefully about your target audience. “Would they welcome holiday vouchers and, if so, will you be able togive sufficient for a mini-break or holiday – or will they have to use theirown money to ‘top up’ the offering? And how would they feel about being givenvouchers for an ‘experience’ or adventure?” Less-adventurous staff may notrelish the opportunity to go white-water rafting, she adds. Redemption reports, such as those offered by Virgin Incentives, show clientswhere, when and on what the vouchers have been redeemed, which is useful forcampaign evaluation and for establishing participant preferences. And it isworth noting that while it is great to reward staff imaginatively, core highstreet brands still remain the most popular voucher choice, and this is wherethe bulk of the turnover in the voucher market remains. It seems that peoplestill value the tried and tested. Voucher scheme providersVirgin IncentivesVoyager House, 5 The Lanchesters, 162-164 FulhamPalace Road, London W6 9ERTel 0208 600 0444www.virgin.com/incentivesOutlets Virgin offers a number of redemption opportunities, includingbuying online (VirginWines.com) or over the phone. Virgin’s retail outletsinclude 100 Virgin Megastores, 100 Virgin V Shops and Virgin Bride, but alsoleisure activities, such as UGC Cinemas, London VIP theatre packages, VirginActive leisure clubs, beauty treatments and products from The Virgin CosmeticsCompany, Virgin Travelstore (travel agent), weekend breaks, Virgin Atlantic airtickets, and 70 UK Grand Heritage Hotels.Voucher sizes Virgin Megastore: £1, £5, £10, £20; VirginV Shop: £5, £10, £15, £20, £50; and £100; Virgin Travelstore: £10, £50 and £100Discounts Discount structure for the Virgin Art of Givingvoucher.             £5,001-25,000             2.5%            £25,001-50,000           3%            £50,001-75,000           3.5%            £75,001-100,000         4%            £100,000 +      on application House of Fraser business incentivesAndrea Born, Business Incentives Manager, PO Box1324, Oxford OX3 9WHTel:  0870 606 1010www.hofbi.co.ukOutlets House of Fraser has 51 stores nationwide. 13 stores havepersonal shopping suites. Makeovers and/or facials are available in the beautyrooms.Voucher sizes £1, £5, £10, £25, £50Discounts £1,000 – £4,999           2.5%discount            £5,000 – £9,999           5% discount            £10,000 – £14,999       7.5% discountOther services Use of HoF logo on printed material; useof images/transparencies; help with copywriting; gift wallets available forvouchers; help with ideas for employee voucher schemes; website – www.hofbi.co.uk – has a downloadablepresentationKingfisherKingfisher Voucher Centre, PO Box 141, Castleton,Lancashire OL11 3DZTelephone: 0800 146 500www.kgv.comOutlets Valid in 1,300 stores (B&Q, MVC, Comet, Woolworths andWoolworths’ big W) on 125,000 different products Voucher sizes £1, £5, £10, £25Discounts £1,000 to £10,000       2.5%            £10,000 plus    5%            £25,000 plus    negotiableAdditional services Free presentation wallets; logo /transparency services; credit facilities; voucher tracking service Case studies Renault Financial ServicesAim Renault Financial Services (RFS), which providesmotor finance, wanted an incentive scheme to boost dealership sales of theRenault Selections finance package.Participants Around 1,500 sales executives from anetwork of 250 dealerships.Operation An annual programme, Get into Gear Grand Prix,launched in January 2002, developed for RFS by Capital Incentives. Each newRenault Selections agreement sold was rewarded with a scratch card and awardsin the form of Capital Bond vouchers.Results The Get into Gear incentive, one of severaltactics used to increase sales of Renault Selections, contributed to a 15  per cent overall increase in RenaultSelections agreements from 2001 to 2002.EasyJetAim To reward and recognise employees through a staffnomination scheme that offered maximum choice through an easy-to-manage,cost-effective system.Participants EasyJet has around 3,000 staff, all of whomare eligible for nomination.Operation The scheme, set up by P&MM, allows anymember of staff to nominate any person or team at anytime via the intranetsite. Nominations are judged by a panel of staff from the company and winningnominations are awarded points, which can be redeemed online for the vouchersof their choice.Results The company says it has received positivefeedback from staff and that nominations are increasing month on month.Boots: Bonmarch‚A value retailer that sells affordable quality womenswear.Aim Bonmarch‚ introduced a sales incentive reward schemethat would drive sales, increase morale and boost staff loyalty.Participants The company employs around 2,000 employeesnationwide, all of whom are eligible for the award.Operation The company’s incentive schemes include anine-week performance scheme won by one store from each of the 16 regions.Staff are rewarded with Boots gift vouchers.Results The company says the programme has helped improveperformance and perception of the company as an employer. Comments are closed. Related posts:No related photos. Buying staff loyaltyOn 18 Feb 2003 in Personnel Today Previous Article Next Articlelast_img read more

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PDC Winter Series: Gerwyn Price defeats Damon Heta to claim Day Three glory | Darts News

first_imgFresh from leading Wales to World Cup success, Gerwyn Price secured his eighth PDC title of the season with victory over emerging Australian Damon Heta at the Ricoh Arena. By Josh GortonLast Updated: 12/11/20 9:51pm Live Grand Slam of Darts November 16, 2020, 1:00pmLive on Gerwyn Price continued his impressive form to capture his eighth title of the campaign
Gerwyn Price continued his impressive form to capture his eighth title of the campaign

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Mars Radiation May Not Be That Bad

first_img(Visited 10 times, 1 visits today)FacebookTwitterPinterestSave分享0 Data from the Curiosity rover’s RAD instrument seem to indicate astronauts could survive radiation reaching the surface.The data are preliminary, but a press release from the Mars Science Laboratory (MSL) team at Jet Propulsion Laboratory graphed measurements from the Radiation Assessment Detector (RAD) on Curiosity and found a cyclic variation over 5 sols (Martian days) corresponding to atmospheric pressure cycles.  The radiation environment appears similar to that endured by astronauts on the International Space Station.Live Science quoted the principal investigator for RAD  saying, “Absolutely, astronauts can live in this environment.”  He stressed, though, that the data are preliminary, with Curiosity only 3 months into its planned multi-year mission.  The article said, “He and his team have not yet put hard numbers on the Martian radiation levels, though they plan to do so soon.”The real issue for future exploration, the article continued, “is determining how much of a radation dose any future astronauts would accumulate throughout an entire Mars mission — during the cruise to the Red Planet, the time on the surface and the journey home.”  The cruise part, with no atmosphere, may prove to be the biggest obstacle for human travel.There’s nothing like “ground truth” to constrain speculation.  Earlier radiation estimates we reported were more pessimistic (e.g., 9/14/2000, 5/02/2001, 5/18/2005, 9/23/2006), so it’s good to see that radiation may not rule out human exploration some distant future day when the world’s governments learn how not to bankrupt themselves.More data are needed, though, to keep the dream alive.  How often do solar flares and high-energy cosmic rays hit the ground on Mars?  While it’s comforting to learn that the thin Martian atmosphere can dissipate some of the radiation, Mars lacks a global magnetic field and associated Van Allen belts, and has no ozone layer, so it has far less protection than does Earth.  Then there is still the issue of getting astronauts to Mars on a nearly two-year round trip with no protection from the sun’s shooting gallery on the way.  In addition, the types of radiation (UV, charged particles, cosmic rays) have to be accounted for separately and in sum.As for probabilities for life on Mars, don’t get your hopes up.  Does fewer bullets in a computer room mean better chances for survival?  Millions of years of bombardment, even if lighter than previously estimated, is not conducive to the growth of hopeful monsters.last_img read more

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Will the demise of Microsoft Band kill enterprise wearables?

first_imgInternet of Things Makes it Easier to Steal You… Related Posts Word that Microsoft is shutting down its line of Band devices could be a blow to the future of mainstream enterprise wearables.Computer Weekly discussed the impact of Microsoft’s decision to kill off its Band series of smart watches. This decision marks the exit of the only large enterprise vendor active in the wearables field.“We have sold through our existing Band 2 inventory and have no plans to release another Band device this year,” said a spokesperson discussing the disbanding of Band’s hardware team. Microsoft has also taken down any Microsoft Store references to Band devices and its related software development kit.Though Microsoft’s Band primarily focused on personal health, its demise further proves the challenges facing enterprise wearables of any kind.A Kony report from last month found that wearable developers are finding it very difficult to transition from consumer applications to business-focused products. The report found that almost 75% of those surveyed found designing wearables for the enterprise market was challenging.“Forward-thinking enterprises are eager to take advantage of the wealth of new devices and form factors entering the market today, but capitalising on these innovations remains a challenge for today’s mobile app design and development teams,” said Kony’s Dave Shirk.The report also found that 40% of respondents saw communication problems between IT stakeholders and developers as a top challenge.Microsoft isn’t the only strugglerMeanwhile, consumer wearables are facing their own share of difficulties.A report from this summer found Apple Watch sales had fallen to 1.6 million in the second quarter of 2016, representing a 55% decline from the 3.6 million sales recorded in the same quarter last year. This combines with predictions by analyst Ming-Chi Kuo who sees Apple Watch overall sales falling in 2016 despite the Apple Watch Series 2 launch.One bright patch comes from China, which could become the world’s largest wearable customer in 2017, if sales continue to surge. In the past year, the country has seen an 84% increase in wearable sales, reaching 9.5 million between April and June. Tags:#Apple Watch#Band#devices#IoT#Microsoft#wearables Why IoT Apps are Eating Device Interfacescenter_img Donal Power Follow the Puck Small Business Cybersecurity Threats and How to…last_img read more

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Lopez, Markkanen power Bulls to easy win over Hawks

first_imgRobin Lopez scored 20 points, Markkanen added 19 and Chicago easily beat the Hawks 113-97 on Saturday night.The Bulls, coming off a 7-point home loss to defending NBA champion Golden State three days ago, have won four of five and 15 of 23. They never trailed, taking an 11-point lead midway through the first quarter on Lopez’s dunk and going up 17 on Markkanen’s dunk in the closing seconds of the first half.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutoutThe closest Atlanta got in the third was 10 points on John Collins’ dunk. The lead swelled to 25 midway through the fourth on Portis’ 3.“I thought that we really played a complete game tonight,” Chicago coach Fred Hoiberg said. “I thought that we played with the right mentality.” Read Next Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City 2 ‘newbie’ drug pushers fall in Lucena sting LATEST STORIES Chicago Bulls center Robin Lopez (42) scores against the Atlanta Hawks during the first half of an NBA basketball game Saturday, Jan. 20, 2018, in Atlanta. (AP Photo/John Bazemore)ATLANTA — Lauri Markkanen wasn’t feeling his 3-point shot against Atlanta’s perimeter defense, so the Bulls’ big man decided to attack inside.“That was their game plan, but I can do much more than just shoot from the outside,” he said. “I missed I don’t know how many 3s, but that wasn’t going for me tonight. I had to figure out something else.”ADVERTISEMENT Hawks: Host Utah on Monday. Don’t miss out on the latest news and information. Brace for potentially devastating typhoon approaching PH – NDRRMC Dennis Schroder scored 18 points and Dewayne Dedmon had 11 for Atlanta, which showed why it’s spent the season at or near the bottom of the NBA standings.The Hawks began the game ranked seventh in 3-point shooting, but they had little chance of competing after missing 34 of their first 38 shots beyond the arc. Atlanta, coming off a dramatic late victory over New Orleans, was attempting to win three straight for the first time this season.“The shot isn’t falling, but you have to find another way to win the game,” Schroder said. “We didn’t do it tonight. We have to keep moving on to the next game.”With the Hawks poorly defending inside, Markkanen took his game to the rim. The 7-foot, 227-pound Finn, a prolific 3-point shooter, had five dunks. He went 0 for 4 beyond the arc, marking the first time in 17 games that he didn’t hit a 3.Markkanen hit 100 3s in his first 41 games, faster than any rookie in NBA history, but he wants to make the adjustment inside when teams focus on taking his perimeter game away.ADVERTISEMENT “I know I can’t just shoot 3s,” Markkanen said. “I’ve got to get to the rim. Eventually that’s going to open a lot more space for 3-pointers and stuff like that. I just try to mix it up.”TIP-INSBulls: Hoiberg said G Kris Dunn, in the NBA’s concussion protocol, will not join the team Monday in New Orleans. Dunn is still suffering headaches, dizziness and soreness from losing two front teeth after his face hit the floor. … Chicago is 7-16 on the road but has won four of its last six away from the United Center. … The Bulls have hit at least 10 3s in 10 straight games.Hawks: The team’s best 3-point veteran shooters, F Ersan Ilyasova and G Marco Belinelli, were a combined 0 for 12 beyond the arc. Atlanta finished 11 for 48. … The Hawks have dropped three straight in the Bulls series after winning seven in a row.BULLISH STARTChicago did as it pleased in the first half, dishing out 18 assists on 21 field goals to begin the third quarter with a 55-38 lead. They scored the game’s first 14 points in the paint on five dunks, and Atlanta had no one capable inside to defend Lopez, who had 16 before intermission on 8 for 9 shooting.Portis finished with 14 points and Justin Holiday had 13 for the Bulls.“We knew it was going to be an important game for us after a tough loss against Golden State,” Nikola Mirotic said. “I think that game gave us confidence that we can beat any team in the league.”UP NEXTBulls: Visit New Orleans on Monday.center_img Slow and steady hope for near-extinct Bangladesh tortoises Typhoon Kammuri accelerates, gains strength en route to PH View comments Miocic, Cormier set to defend titles at UFC 220 Kammuri turning to super typhoon less likely but possible — Pagasa Globe Business launches leading cloud-enabled and hardware-agnostic conferencing platform in PH John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding NEXT BLOCK ASIA 2.0 introduces GURUS AWARDS to recognize and reward industry influencers MOST READlast_img read more

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I-League: Neroca trump Shillong Lajong in Northeastern derby

first_imgNeroca FC edged out Shillong Lajong in the Northeastern derby on Sunday in the I-League to notch up only their second win of the season.With the 2-1 win, Neroca jumped to the top half of the I-League table while Lajong are on the second last spot.Neroca took the lead first through Felix Chidi in the 33rd minute before Phrangki Buam brought Lajong back in the game in the 48th minute. However, Subash Singh scored in the 83rd minute to win the match for Neroca.Neroca FC now have with eight points from six matches while the home side found themselves at the 10th place with four points from seven games.Some pictures from today’s match against Shillong Lajong Football Club (SLFC) !! pic.twitter.com/BBg9ifYEEX Neroca FC (@NerocaFC) December 2, 2018The visitors were onto serious business right from the first minute when a powerful shot from Subash hit the top of the woodwork to get deflected to the left post and finally fell outside the line to be collected by Lajong goalkeeper Neithovilie.Lajong were playing well in the midfield but the lack of creativity and good finish kept them away from creating any scoring chance.Neroca FC, in the 33rd minute, got the opening goal when Felix Chidi headed home from an inch-perfect cross from Malem Metei.Lajong FC coach Alison brought in Maorem Mahesh Singh in place of Lalwmpuia Hnamte in the 36th minute. Lajong, thereafter, attempted a few intrusions into the Neroca citadel but were unable to find the equaliser.advertisementThe second half began with Lajong continuing with their attacks and their efforts were soon rewarded when an acute angle pass from Mahesh Singh was received by Phrangki Buam to restore the parity.Lajong could have found their second goal but Mahesh Naorem Singh missed the opportunity in the 79th minute.Neroca’s attacking intentions were soon rewarded when Subash Singh found the ball into the net from an outstanding flick from Felix Chidi in the 83rd minute and that turned out to be the match winner.#Lajong were defeated 1-2 by Neroca today in @ILeagueOfficial.Felix Chidi and Subash scored the goals for @NerocaFC whereas Phrangki scored for the hosts making him the joint highest Indian goal scorer of the season so far.Report: https://t.co/C1AfIH5wRg pic.twitter.com/zwVopSGLiA Shillong Lajong FC (@lajongfc) December 2, 2018Neroca FC next play Indian Arrows at home on December 7 while Shillong Lajong FC will travel to Srinagar to take on I-League debutants Real Kashmir FC on December 11.(With PTI inputs)Also Read | ISL 2018-19: ATK hand strugglers Chennaiyin FC another home defeatlast_img read more

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Jamaica to Host Inter-Parliamentary Workshop on Gender Equality

first_img Strategies to remedy gender inequality and engage men as partners in tackling gender-based discrimination in the region are among the issues to be discussed at an Inter-Parliamentary Workshop on Gender Equality to be held at The Jamaica Pegasus hotel on January 24 and 25.The event, to be held under the theme, ‘Partnerships to Transform Gender Relations’, is a collaborative effort of the Ministry of Culture, Gender, Entertainment and Sport; the Jamaican Parliament; and ParlAmericas, an inter-parliamentary association with membership across North, Central and South America and the Caribbean.It will involve the participation of parliamentarians, non-governmental organisations, and gender experts from countries such as Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Guyana, Jamaica, Saint Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.Speaking at a Jamaica Information Service Think Tank held today (January 17) at the agency’s head office in Kingston, Clerk to the Houses of Parliament, Heather Cooke, said plans are advanced in the preparation for the workshop.She said that the event provides an opportunity for parliamentarians, along with civil society, to engage in dialogue and discuss actions to deal with the gender equality issue.“When they go back, participants are expected to strengthen systems within the Parliament that will encourage dialogue on gender affairs and how to treat with gender balance,” she said.Mrs. Cooke stated that there will be a closing session and a press briefing with the Minister of Culture, Gender, Entertainment and Sport, Hon. Olivia Grange, at the end of the workshop.For her part, Director, Policy and Research, Bureau of Gender Affairs, Sharon Coburn Robinson, said the Ministry is “extremely ecstatic” to partner with the Houses of Parliament on the initiative.“For years we wanted to sensitise parliamentarians. This is a part of our mandate coming out of… the National Policy for Gender Equality,” she added.She noted that one of the areas of the Policy is to “sensitise our parliamentarians, so that they understand the importance of legislation and the impact it has on gender equality, and that they are not just aware but they are engaged strategically”. Story Highlights Strategies to remedy gender inequality and engage men as partners in tackling gender-based discrimination in the region are among the issues to be discussed at an Inter-Parliamentary Workshop on Gender Equality to be held at The Jamaica Pegasus hotel on January 24 and 25. Speaking at a Jamaica Information Service Think Tank held today (January 17) at the agency’s head office in Kingston, Clerk to the Houses of Parliament, Heather Cooke, said plans are advanced in the preparation for the workshop. It will involve the participation of parliamentarians, non-governmental organisations, and gender experts from countries such as Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Guyana, Jamaica, Saint Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.last_img read more

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TCI maintains BBB Credit Rating from Standard and Poors

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppTurks and Caicos, July 10th 2017: Global rating agency Standard and Poor’s has maintained its BBB+ rating for the Turks and Caicos. The latest means an upward movement from stable to positive , marking the fourth consecutive year with the strong grading. The rating comes after an S&P team visited the islands in June where it met with officials and sectors within the country. The agency’s report says it expects the TCI’s economy to grow, and “steadily strengthen over the next three years”.It anticipates growth to come primarily from continued recovery in its largest visitor market, the U.S., as well as growth in public spending. S&P anticipates these trends to allow the GDP per capita to reach $25,753 in 2017.However, one concern the agency mentions, “the TCI’s growth prospects is subject to volatility, as more than half of its GDP comes from tourism, making it vulnerable to external shocks.” The BBB+ rating is a strong factor in attracting foreign direct investment to TCI and building confidence amongst its existing business community.Meanwhile, the Honourable Premier, Sharlene Cartwright Robinson attributes the steady rating to works done to the retirement of the TCI $170M bond, the national wealth fund established, and the achievement of all the indicators outlined in the Public Finance Management Framework.The Premier says her government will ensure the required positive and sustainable injections into the TCI economy is upheld, while she adds that public and private sector reforms remain on the cards to improve TCI’s infrastructure.#MagneticMediaNews#Standard&PoorsTCIcreditRatingBBB+ Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:last_img read more

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