Hire in Bahamas
The Commonwealth of The Bahamas, also known as the Bahamas, is the most amazing country to relocate to. This group of islands and islets has the perfect weather that most people love. The Bahamas is an important attraction for several reasons, which makes numerous job opportunities available in the nation. Working in the Bahamas is a dream for many. With excellent development in the tourism, technology and education sectors, the Bahamas has become a prime location for job seekers.
Overview of Bahamas
Out of 184,000 (estimated) total labour force in the Bahamas, 50% work in the tourism sector. The Bahamas stands to be one of the richest countries in America. The prevalent tourism sector makes the Bahamas a desirable location to work. The Bahamas has a very high Human Development Index (HDI), which translates to an incredible quality of life. The dominant tourism sector and offshore finance are what drives the economy of this nation.
Total population – 385,637
GDP – US $12.803 billion (12.84 billion BSD)
Economic Overview
The Bahamas has a stable economy. It is one the richest countries not only in America but also in the world. The PPP GDP of the Bahamas is US $12.803 billion (12.84 billion BSD) with a per capita income of US $34,102 (34,192.95 BSD). The Bahamas is one of the few countries whose PPP GDP is almost as same as the nominal GDP. The nominal GDP of the Bahamas is US $12.612 billion (12.65 billion BSD). Thus, the per capita income turns out to be US $33,494 (33,583.33 BSD).
Market size
There is no doubt in the fact that the tourism sector drives the market of the Bahamas. Other contributing sectors are finance, agriculture, trade and manufacturing. There is not a wide variety in the Bahamian market. Most of the job opportunities lie in the tourism sector.
A brief glimpse of the industries
- The Bahamas attracts over 5.8 million tourists each year. The tourism sector was greatly affected by the pandemic of COVID-19. As it is the major revenue-generating sector in the country, the economy of the Bahamas took a great dent. It is estimated that it will take years for the Bahamas to recover from this loss.
- Offshore finances are the second most revenue-generating sector of the Bahamas. It contributes around 17% to the national economy. There are more than 400 banks in the Bahamas that handle inshore as well as offshore finances. The country does not incorporate income taxes, wealth taxes, corporate taxes and capital gain taxes into its economy.
Cost of living in the Bahamas
Living in the Bahamas can be quite expensive. This is a major tourist destination. Being one of the richest countries in America, the cost of living in the Bahamas is high. But the quality of life offered in this nation is excellent. There is no earthly leisure you cannot enjoy in the Bahamas.
| Category
|
Area of expense
|
Estimated cost
|
Range
|
| Utilities
|
Electricity, Water, Heating, Internet services, Prepaid mobile tariff
|
US $265.41 (265.40 BSD)
|
US $150 to US $500 (150 BSD to 500 BSD)
|
| Rental rates
|
Apartment (1 room) in city and outside city,
Apartment (2-3 rooms) In the city and outside the city.
|
US $709.37 (709.37 BSD)
US $1,891.57 (1,891.57 BSD)
|
US $550 to US $1,100 (550 BSD to 1,100 BSD)
US $1,000 to US $3,200 (1,000 BSD to 3,200 BSD)
|
| Transportation Cost
|
One way ticket local transport, Taxi tariff, Gasoline.
|
US $47.50 (47.50 BSD)
|
US $40 to US $65.22 (40 BSD to 65.22 BSD)
|
| Food and Beverage
|
Grocery, Vegetables, Meat and Poultry
|
US $324.84 (324.84 BSD)
|
US $250 to US $500 (250 BSD to 500 BSD)
|
| Salaries and Financing
|
Average monthly net salary
Interest rates
|
US $1,850.73 (1,850.73 BSD)
6.77%
|
US $1,400 to US $10,000 (1,400 BSD to 10,000 BSD)
4.15% to 10.00%
|
Cost of Renting
The cost of renting in the Bahamas depends on the area of your house/apartment. Larger area accounts to higher rent. The availability of amenities in and around your house is also a contributing factor to the cost of renting in the Bahamas.
Cost of living depending upon your location
The cost of living changes depending on your location. You will find that: -
- Tier 1 cities such as Nassau, Freeport, etc., have the highest cost of living.
- Tier 2 cities such as West End, Cooperstown, Marsh Harbour, etc., have medium costs of living.
- Tier 3 cities such as Dunmore Town, Rock Sound, Arthur's Town, etc., have the least cost of living
Mentioned below are details regarding the cost of living in the leading Tier 1 and Tier 2 cities of the Bahamas.
| Cities
|
(Cost of living)
|
(Cost of living)
|
| Nassau
|
1,170.26 BSD
|
US $1,170.26
|
| Freeport
|
1,111.90 BSD
|
US $1,111.90
|
| West End
|
1036.26 BSD
|
US $1036.26
|
The top sectors that are expected to hire in 2024 in the Bahamas are: -
| S. No
|
Top Industries looking to hire
|
|
1.
|
Tourism
|
|
2.
|
Banking
|
|
3.
|
Cement
|
|
4.
|
Oil refining
|
|
5.
|
Transhipment
|
|
6.
|
Pharmaceuticals
|
|
7.
|
Agriculture
|
|
8.
|
Production
|
|
9.
|
Residential services
|
|
10.
|
Healthcare
|
Top skills in the Bahamas
The Bahamas majorly hires in the tourism sector. That is why hospitality is a major requirement for a job in the Bahamas. It has been observed that there is an imbalance of soft skills in the Bahamas. That is why this nation focuses on hiring individuals with excellent soft skills from foreign nations.
Major skills and areas which have witnessed a recent growth rate
- Manufacturing
- Mining
- Agriculture
- Tourism
- Education
Top skills city-wise occupation-wise
Every city in the Bahamas has a speciality. The job opportunities in that city depend on the major requirements and industries in that sector. Individuals skilled in finance are required in the financial centres of the nation. Each city has different calls for different skill requirements.
Hiring Cost
The hiring cost is an important expenditure for any organization. The hiring cost is determined before sending out a notification for any available position. The following facets are covered in the hiring cost –
- Advertisement
- Interview
- Investment of time
- Training
Salary structure for various roles
The table below highlights the average salaries that are offered to employees in the Bahamas according to different sectors: -
| Business Sector
|
Average Annual Salary
|
| Education and Training
|
US $49,600 (49,600 BSD)
|
| Wholesale Trade
|
US $51,000 (51,000 BSD)
|
| Transport, Postal, Warehousing
|
US $50,664 (50,664 BSD)
|
| Accommodation, Cafes and Restaurants
|
US $60,800 (60,800 BSD)
|
| Retail Trade
|
US $51,000 (51,000 BSD)
|
| Other Services
|
US $45,000 (45,000 BSD)
|
| Professional, Scientific and Technical Services
|
US $62,600 (62,600 BSD)
|
| Financial and Insurance Services
|
US $36,200 (36,200 BSD)
|
| Information Media and Telecommunications
|
US $62,100 (62,100 BSD)
|
| Construction
|
US $65,709 (65,709 BSD)
|
| Manufacturing
|
US $31,900 (31,900 BSD)
|
| Rental, Hiring and Real Estate Services
|
US $65,000 (65,000 BSD)
|
| Arts and Recreation Services
|
US $15,300 (15,300 BSD)
|
| Electricity, Gas, Water and Waste Services
|
US $27,000 (27,000 BSD)
|
| Administrative and Support Services
|
US $13,000 (13,000 BSD)
|
| Health Care and Social Assistance
|
US $67,000 (67,000 BSD)
|
| Public Administration and Safety
|
US $9,840 (9,840 BSD)
|
| Mining
|
US $42,100 (42,100 BSD)
|
Employment laws in the Bahamas
The employment market in the Bahamas is governed by various government rules and regulations that have clearly defined instructions on the,
- Standard hours of work
- Day off
- Overtime payment
- Sick leave
- Annual vacation
The laws and regulations that govern the employment relationships in the Bahamas are based upon,
- The Employment Act
- The Ministry
- The Government of The Bahamas
How Can Skuad Help You with Hiring in the Bahamas?
Conducting recruitment processes in the Bahamas is a cumbersome task as several guidelines have to be kept in mind. Hence, you end up spending a considerable amount of money and time. With Skuad, all your steps associated with your recruitment process in the Bahamas are taken care of. With experienced consultants in the industry, Skuad ensures seamless hiring processes for you. Connect with Skuad Experts to know more.
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