Workforce Opportunities and Residency Cayman is calling for a targeted focus on education for specific industries while recommending government prepare public sector employees for the expected universal advancements in technology.
These recommendations were included in WORC’S job postings report for December 2023, which said local education programmes should be “industry-focused, time-based and adhere to global standards”.
One such industry is construction, with the report noting that this sector offered the most employment opportunities in 2023, leading local job postings by 22.3% on government’s Jobs Cayman portal.
This targeted emphasis will “ensure the most efficient use of resources and guarantee the highest return on investment”, according to the report.
“There should be increased public-private partnerships to address key bottlenecks such as the skills gap in the local labour market,” it added.
Last year, the construction industry accounted for the largest number of job postings, 4,727 out of a total of 20,180.
The accommodation and food service activities industry was second with 3,958, or 18.7%, of job advertisements, which was expected as the local hospitality sector ramped up operations in anticipation of higher volumes of visitors.
The administrative and support service activities sector accounted for 3,294, or 15.6%, of job openings.
Skilled labour demand
In addition, the month-by-month statistics show December recorded the fewest job postings for the year at 1,103.
Compared to 2022, however, the full-year numbers for 2023 increased from 19,793 advertisements to 20,180.
A deeper dive into the opportunities posted showed a demand for carpenters and joiners, which accounted for 1,058 job postings or 5% of all advertisements.
The second largest occupation in the last year was building construction labourers with 1,034 or 4.9% of the job postings.
When it came to the highest-earning jobs, dentists topped the list with an average annual salary of $186,269, followed by lawyers at $171,428, with managing directors and chief executives was next at $153,937.
Jobs requiring a doctoral degree paid an average annual salary of $118,859 in 2023, with those requiring master’s and bachelor’s degrees offering $97,639 and $75,431, respectively.
Higher education, better salary
The report pointed out that there is a direct positive correlation between required education and salary earned.
“Therefore, strategies geared towards supporting education and training should be advocated to increase productivity, raise earnings, enhance job stability and improve standard of living,” it said.
The report noted there needs to be collaboration with the Ministry of Education to bridge the gap between the needs and the supply of labour by sharing both local and global market information.
“This information will provide critical insight into the jobs and skills of the future and allow the Ministry of Education to intervene at an early stage to better inform and prepare students,” it said.
Experience was also key, with 36.3%, or 7,681, of the 21,180 job postings requiring more than five years in the related field.
When education level was included in the job advertisement, most postings, 56.3%, asked for a high school or equivalent qualification, followed by a bachelor’s degree at 16.1%.
As part of its recommendations to improve the prospects and quality of employment, and ultimately the standard of living, the report said that government, as “one of the largest employers in the economy, should continue… investing in learning and training on the job to prepare staff for the future of work…[which] will be… greater technology advancement, particularly with the increased adoption of artificial intelligence in business processes”.
The report concluded the public workforce “will need to be more ‘agile’ to adapt and thrive”.
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