PwC and the Cayman Islands Society of Human Resource Professionals have begun the first Cayman Islands compensation and benefits survey.
The survey aims to provide detailed compensation information on employees working in banks, financial and professional services, law firms, insurance companies, and other sectors in the Cayman Islands.
PwC has been running a similar survey in the Bermuda market for 16 years, benchmarking 180 positions at 60 companies, representing over 3,000 employees across key industry sectors.
“We intend to provide the Cayman Islands with the same high-quality data and reporting as our industry leading Bermuda survey,” said Alistair McNeish, managing director, PwC Human Capital Consulting Ltd. “We are confident that the results will assist decision-makers and HR professionals to develop competitive policies that attract, motivate and retain the talent needed to support their business strategy.”
The survey will provide detailed information covering compensation information for each position benchmarked, industry-specific compensation information, benefits policies and market analysis.
Data is collected on annual base salary, bonus, housing, car and travel allowances, other cash compensation and incentives covering five sectors, including banks, financial services, law firms, insurance and captive insurance companies, and professional services and management companies.
Mr. McNeish will discuss the survey in more detail at a Cayman Islands Society of Human Resource Professionals breakfast on March 6 from 9 to 11 a.m. at the George Town Yacht Club.
“Companies in these sectors operate in a highly competitive environment where it is critical to have comprehensive data on how to reward, attract and retain the best talent,” Mr. McNeish said.
The deadline for data submission for the new Cayman Islands survey is April 30, with expected distribution by July. Participants supply their data to PwC on a confidential basis. The data processing and data retention all take place in Bermuda to protect and retain confidentiality.