With disappointing job figures being released by the CIPD in the UK and the UK poised to continue into the double dip recession, what’s the outlook for the Cayman Islands?
A sign of growth in an economy can often be seen on the skyline, as building projects gather speed and gain financing the vista becomes dominated with cranes! That is certainly the case here in Cayman, Seven Mile Beach has at least 4 residential projects under construction at present. All of which seem to be gathering significant momentum as workers’ volumes increase.
Interestingly, money seems to be easy to come by for qualified individuals and the banks seem only too eager to compete for your business. Several friends have secured fantastic mortgage rates recently and hope to prosper from a potential strengthening of property values here on the island. It is also evident that the rental market is starting to see less inventory available as fewer people are moving away and more people are arriving.
So with the previously mentioned big developments of the CEC and the Shetty Hospital, Cayman continues to diversify its labour market and make welcome existing and new business.
The true barometer though is jobs, and CML is uniquely positioned to be able to see firsthand how many jobs are being lost or added. The good news is a lot more jobs are being created than are being lost, certainly the last 2 months have seen a number of placements across the Financial Services (FS), IT, Legal and Administration sectors much being attributed to new jobs rather than replacing turnover.
However employers need to be mindful that with a competitive talent pool comes the need to stay ahead of the curve in regards to compensation levels. CML keeps up to the minute information on salary levels across the main industry sectors here in Cayman and the other offshore sectors. In certain cases like IT, we are definitely not the front runners on pay as demonstrated in the graph below:
There is a misconception that there are plenty of applicants to fill every job because of the world economy. Here in Cayman that is simply not true. For specialist positions which many in IT and FS are, there are only a handful of candidates with the required skill level and ability, and virtually none who are on island as they are employed (and therefore unavailable). So we are in a candidate driven market for many of our positions which is why people are often surprised when they get an urgent call back from a very keen recruitment consultant!
So back to the original title “the future is bright, the future is Cayman” certainly for the time being it is for us! Indeed we have just taken on 3 new staff including a promising young Caymanian and two experienced consultants. We would not be doing this if time demands and work volumes did not dictate it! So let’s keep bucking the trend, send us your CV, and let us help you hire your talent.