Page 6 Part II – Voices of Leadership: Inspiring Public Sector Stories from the Region Continued from previous page communication, transparency, collaboration and involvement of key stakeholders from the commencement of the initiative. The key actions included: • Coordination: A Pension Reform Committee was constituted by the Cabinet and from inception the Permanent Secretary, Department of Public Administration (Deputy Chair) led the activities of the Committee starting with the development of a detailed implementation plan that provided specific activities and clear timelines. The Committee secured expert technical support from an actuarial consultant, who played a key role in developing the new pension plan. The Grenada Trade Union Council was invited to identify a representative to form part of the Pension Reform Committee but did not participate. • Consultations: Three rounds of consultations were held with all key stakeholders, particularly the public officers, who were directly affected by the pension reform. The first round of consultations sought to hear what the key factors and concerns were. During the second round of consultations, feedback was actively solicited, and viable suggestions were incorporated into the final plan. In the third round, an adjusted draft of the plan was presented to validate the main concerns and considerations before its submission to the Cabinet for approval. Meanwhile, the Unions were engaged separately to capture their concerns and considerations that helped to shape the new plan. Throughout the process I explained the intricacies of both DB and DC plans, ensuring that the information was presented in a clear, unbiased manner. This inclusive approach increased the levels of buy-in from the public officers. • Empathy: Throughout the process, I acknowledged the emotional weight of the decision, recognising that retirement security was a deeply personal issue. I held numerous meetings to listen to employees' concerns and address their anxieties directly. • Relationship Building: My team and I demonstrated a genuine respect for the Union’s perspective and role in representing its members by ensuring that every meeting request was honored and investing time in maintaining a professional relationship with the President. I facilitated regular discussion sessions by visiting every Ministry/Department to provide public officers with the opportunity to ask questions and seek the needed clarity. A Fact Sheet and Frequently Asked Questions (FAQ) sheet were developed and shared to make the necessary information available. • Continuous Financial Literacy: My team and I understand the importance of financial literacy and have supported the need to include continuous comprehensive financial literacy programmes to empower employees to make informed investment decisions. These programmes will cover topics such as Asset Allocation, Risk Management, and Retirement Planning. • Compromise and Flexibility: I supported the willingness to compromise and adapt. For example, I encouraged the inclusion of Statutory Bodies in the new plan since, during the consultations, it was observed that most of the Statutory Bodies did not have a pension plan in place for their employees. The plan was also designed to include small private organisations in the future. 4. Results/Changes: The proactive leadership yielded significant positive results: • Successful introduction: The Cabinet approved the new plan and the legislation was passed to support the implementation of the new DC plan with effect from January 2025. • Improved Financial Health: The Government of Grenada’s obligation to sustainable compensation management has been strengthened, securing its long-term viability. • Increased Employee Morale: The realisation that employees who were not eligible for a pension now have that assurance has significantly improved employment terms and conditions, which ultimately led to Continues on next page
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