Hire in The Cayman Islands
The Cayman Islands is a self-governing territory, that is, British Overseas Territory located in the western Caribbean Sea. It consists of three islands, Little Cayman, Cayman Brac and Grand Cayman. It is a controversial world offshore financial haven for wealthy people and international businesses. The two main pillars of the economy are the financial sector and tourism sectors. The unemployment rate is comparatively higher in 2020 compared to the previous year.
The Cayman Islands has the best beaches in the world. Scuba diving, deep-sea fishing, and unspoiled beaches are the territory's main attractions and provide a perfect tropical vacation for tourists. The tourism sector also provides job openings for locals and expats. It also has the world's largest financial centres. The other industries are real estate, sales, local enterprises, and commerce. The territory is expensive to live in as most commodities are imports and can be higher than the United States and the United Kingdom.
Overview of Cayman Islands
The Cayman Islands has the 161st economy according to nominal GDP (Gross Domestic Product). The economy is heavily ruled by the service sector with the lion's share of 71.5% and then followed by the industrial sector and agricultural sector with 1.9% percent. The service sector employs 79% of the total labor force, whereas the industrial sector employs around 19.1%.
Total Population - 0.10 million
GDP – US $5.94 billion (FY 20)
The Cayman Islands has a mixed economic system and heavily depends on the tourism and finance sectors. The GDP rate has been increased by 1.9% in 2020 and has reached a US $5.94 billion valuation. It is expected to increase in the coming years. The unemployment rate of the territory has increased to 8.3% in 2020 due to pandemic related restrictions and is now expected to decrease to 6.60 % in 2021.
The Cayman Islands is the major international finance centre. The economy of the territory is highly boosted by the two main sectors: international finance and tourism sectors. These sectors represent 50-60 % of the country's GDP. The economic development in the country has increased and will continue to increase in the coming years. The other industries are real estate sales, the luxury market, and local enterprises.
A Brief glimpse of the industries
- Financial Services is one of the most prominent industries in the territory. It is the fifth-largest banking centre in the world, with 158 banks. The Cayman Islands is also the second-largest captive domicile in the world. The sector provides 36% of the employment in the territory. There are wide openings for job seekers in this industry.
- Tourism is one of the major industries in the territory, contributing to 70% of the country's GDP. Scuba diving, duty-free shopping and unspoiled beaches are some of the main attractions for tourists. The luxury market seems to flourish in the territory due to the visitors. This industry is one of the pillars of the Cayman Islands economy.
- Other major industries include real estate sales and development sectors, local enterprises, luxury markets, etc. There are opportunities in the job market.
Cost of living in the Cayman Islands
The cost of living in the Cayman Islands is more expensive than in the United States or the United Kingdom. Most of the commodities in the territory are imported, which is the primary reason for the high cost of living. The cost of renting is also higher compared to other countries. The following table depicts the average cost of living in the Cayman Islands in 2021.
Cost of Renting
The cost of renting in the Cayman Islands may vary depending upon factors like location, lifestyle, and house size. A one-bedroom apartment may cost around US $2,014, and a three-bedroom apartment may cost around US $4,461. The rate may increase if you are looking for apartments inside the city with more facilities.
Top skills in the Cayman Islands
Cayman Island is a land rich in employment possibilities. An experienced expat can easily get good job opportunities. The Cayman Islands hires people with good hard skills and soft skills. From architects to quantity surveyors, there are many job opportunities in the territory and welcomes excellent and enthusiastic expats.
Major skills and areas which have witnessed a recent growth rate
- Banking and Finance
- Public Relation
- Science and technology
Top skills city-wise occupation-wise
- George Town: It is the largest city and the capital of the Cayman Islands. It is the financial hub of the territory. The main industry that contributes to the economy is the financial service industry. It provides 40% of the government revenues and gives employment to 40% of people. The city consists of many major law firms like Ogier and Maples and Calder and accounting firms like KPMG and Ernst & Young.
- Cayman Brac: It is an island that is a part of the Cayman Islands. The local economy is concentrated on municipal government, tourism, and local enterprises. Tourism is one of the major sectors that contribute to revenue. Local enterprises also flourish on the island.
Recruitment can be a cumbersome process. The hiring cost for an employee recruitment process depends upon a variety of factors, and the employer should be able to meet the expenses of the whole recruitment process. Some of the factors involved in the hiring process are:
- Orientation costs
- Interview process
- Boarding expenses
- Time involved in the whole recruitment process
Salary structure for various roles
The variety of job profiles available in the Cayman Islands, along with the expected average salaries, are mentioned below:
Employment Laws in the Cayman Islands
The employment system in the Cayman Islands is regulated by the Labor Law of the territory. Various factors like the wage, working hours and others depend upon different industries. Cayman Islands Labor Law regulates the following aspects:
- Minimum wage; severance pay
- Working hours
- Employee protection
- Paid and unpaid leave; maternity leave
- Security law
How Can Skuad Help You with Hiring in the Cayman Islands?
When it comes to hiring the best talent in the Cayman Islands, you must avail the services of experts. The employment sector of the economy is regulated by several authorities, and employers must fulfil all the specified guidelines. Skuad offers a comprehensive solution for all your hiring requirements with the expertise of seasoned consultants. Connect with Skuad Experts to know more.