Most employment opportunities in Cayman arise either in financial services, or in the Islands’ other major industry, tourism.
A country of paradoxes, the Cayman Islands is the world’s fifth-largest financial centre, yet you might have to get out your magnifying glass to see it on a map.
The population ranges from the low-income and illiterate to multi-millionaires who party on mega-yachts. The sun shines all day but it’s so hot that you will spend more time indoors than out. There’s no direct tax, no manufacturing, all goods are imported and still the economy is booming.
At just 22 miles long and an average of four miles wide, tiny Grand Cayman is the largest of the Islands, which are literally three little specks of land located between Jamaica and Cuba. It’s hard to believe that Grand Cayman, which residents sometimes describe as “a road in the middle of the sea”, could be such a rich source of employment.
Of the 50,000+ people who live in the Cayman Islands, 22,000 are expatriate workers. In fact, with a minority indigenous population of just 15,000 Caymanians on the islands, this is a country that will be meeting its recruitment needs from outside its own jurisdiction for many years to come.
As one might expect, most employment opportunities arise either in financial services, or in the Islands’ other major industry, tourism.
Financial Services
Cayman, as it is known locally, is a highly successful offshore centre for capital markets and structured finance transactions, asset finance, mutual funds, private equity, insurance products, ship and aircraft registration and trusts and other fiduciary services.
There are more than 600 licensed banks and trust companies here, holding US$750 billion in deposits. All this requires a strong, well-educated workforce, and banks, accountancy and legal firms are always on the lookout to recruit high-calibre candidates.
There is a strong employment market for qualified accountants, and those with investment or insurance industry experience could probably charge a premium for their services. As befits Cayman’s status as a large financial centre, all of the big name companies are represented, including BDO, Butterfield Bank, Deloitte, Grant Thornton, KPMG, Ernst & Young and PWC. Many other medium and small firms operate here too, all offering good experience to qualified professionals.
If you are a qualified accountant looking for work in the Cayman Islands, your best options are to check Caribbeanjobs.com, write directly to a prospective employer, or register with a recruitment agency. Some of the best known recruitment agencies include Baraud International, BrightStaff, CML Offshore Recruitment,Personnel 2000 andAffinity Personnel Solutions.
Many of the larger companies recruit their staff solely from agencies, so registering is probably a good idea, and your agency will give you a good idea of what salary you should command. Agencies can tend to tie you in for a certain time-period though, so be prepared to examine all terms and conditions and make sure you are happy to commit to that role for that amount of time.
There is a plus to this however, in that it is possible to sign up for a six-month contract through an agency, and use that as an opportunity to suss out whether this is a place you would actually like to live, and also to find the right company for you long-term. Checking out Cayman in this way is a lot more practical than coming out on a two-week holiday and hoping to find the job of your dreams.
The Legal Sector
As a British Overseas Territory with a Governor appointed by the Queen, Cayman’s legal system is based on the British Common Law system and supplemented by local legislation. Lawyers must be qualified in a British Commonwealth jurisdiction (Irish lawyers will have some further, relatively straightforward, exams to pass), and those who have some financial services and corporate experience will find themselves very much in demand.
Walkers, probably the top law firm in Cayman, is currently actively seeking good, experienced lawyers. Applying to the law firms directly is often a very good way to seek employment, but the recruitment agencies are also strong in this area.
Admin/Office Support
As might be expected, there are good opportunities also for personal assistants, legal secretaries, receptionists and office temping. The best way to go about finding these jobs is to sign up with a recruitment agency, although beware of how long you are committing yourself for, be sure to check that you are being paid a fair wage and that the agency is not reserving most of the spoils for itself.
The Hospitality Industry
Cayman’s other cash-cow is, of course, its hospitality industry. Many of the world’s major hotel chains are represented on the Islands, which have a traditionally strong tourist base made up of American and Canadian visitors. European tourists are less common, although Cayman is making a concerted effort to attract them.
Grand Cayman’s newest hotel is the swanky Ritz-Carlton on Seven Mile Beach. A huge, brand-new resort, the hotel is currently recruiting staff for their summer season. A Mandarin Oriental has been approved for planning permission and is scheduled to open in 2008.
Other hotels on the island include Hyatt-Regency,Westin, Marriott andCourtyard by Marriott. All these hotels have big recruitment drives towards the start of the high season. High season officially runs from the end of November to the end of April, but the work is fairly seasonal as hotels can be virtually empty over hurricane season and high summer, when Cayman becomes almost unbearably hot.
The Islands also boast a large selection of high-quality restaurants that are eager for good, experienced wait staff. Wages are not high, but tips are usually good (15 per cent added to the bill and diners will tip on top of that), from both local clientele and North-American tourists. Although it is not as dire as the rest of the Caribbean, good service is at a premium in Cayman, and guests will reward it when they do find it.
Construction
Partly as a result of the destruction wrought by hurricane Ivan in September 2004, Cayman is currently at the height of a construction boom. Experienced construction workers and tradesmen are eagerly sought and handsomely rewarded. Architects, quantity surveyors and construction project managers are also in demand.
The Medical Profession
Elsewhere on this economic pot of gold, there are opportunities for medical professionals, particularly registered nurses, who are always in demand the world over – Cayman is no exception. Nursing shifts generally run over four days – two days and two nights followed by four days off – and applications can be made directly to the human resources department in Georgetown Hospital.
The Spa & Beauty Industry
Another perhaps unexpected sector that is always recruiting is the spa/beauty industry. Cayman is essentially an extension of North America, where spas generate more income than motion pictures. This industry is thriving on the Islands, and therapists are in demand for anything from the multi-million dollar, state-of-the-art “Silver Rain” spa at the Ritz-Carlton, to smaller businesses that cater to a no-less-exacting local clientele.
Cayman is a capitalist’s dream: no direct-tax, 100 per cent employment and a thriving economy that pays out high rewards. If you can’t find a job here, your CV certainly needs some serious work.
Fleur Muldowney
