By Steve McIntosh
A recent article in the Compass highlighted remarks I made with respect to immigration reform without the full context, leaving many readers with the impression that our goal is to increase the number of work permits to the detriment of our fellow Caymanians.
I understand how my comments created that perception, why they provoked a strong reaction in the community, and I sincerely apologise for not being more clear.
In the same Compass interview, I highlighted that developing Caymanians is the number one priority for Cayman Finance. I’m writing today to outline some of the initiatives we are pursuing to that end and some of the ways new government policies could help.
But most of all, I am writing to reassure our community that we are on their side.
A strong and growing economy
First, we should recognise that the Cayman Islands financial industry has served the country well since its founding in the 1960s. As recounted in Sir Vassel Johnson’s memoire ‘As I see it’, thanks in large part to the growing financial services industry, the country had virtually eliminated unemployment by the early 1970s.
Two-thirds of the employees in our financial services industry are Caymanian. But jobs are not the only way our financial industry serves our community.
Today, our GDP per capita is four times that of Barbados and 13 times greater than Jamaica, with one of the lowest unemployment rates in the region. While there is inequality, poverty and unemployment, thanks to our strong economy, we are much better placed to tackle those challenges than many of our Caribbean neighbours.
And while every sector has played a role in our economic success, no other industry today comes close to the bang for buck the country receives from our financial industry, which, although it constitutes only 7.5% of our population, directly contributes more than 50% of our government revenue.
Growing our financial services industry would increase government revenue and economic activity, create jobs for Caymanians in all sectors, strengthen our ability to solve the problems we face, and help return our nation’s finances to a position of health and resilience.
Enhancing job opportunities for Caymanians
At the same time, we must do more to ensure that as many financial services jobs as possible go to Caymanians.
To do so, we must look at the facts to understand the supply-and-demand factors at work, the challenges for Caymanians wishing to enter the industry, and devise initiatives to improve access for Caymanians. That is exactly what we’re doing.
Those efforts, led by Danielle Hennings, our associate director for community engagement, include our LEAD programme, the largest programme of its kind in Cayman, which offers Caymanian students entering their final year of education the chance to gain work experience through a paid summer internship with a Cayman Finance member firm. Over the 10 years of the programme, more than 400 Caymanian students will have taken part.
Many have said that we must begin preparing our Caymanian students earlier in their schooling. We agree. That’s why, last year, we created our Fundamentals of Financial Services workshop series for Year 9 students, which introduces some of the foundational concepts students need to understand the role our financial industry plays in the global economy. After a successful pilot, the programme, again led by Danielle Hennings, was delivered in seven of the local high schools in a variety of formats. Working with our schools, we plan to expand the programme to reach all our Year 9 students next year.
A major focus of our work is to improve the number of entry-level roles available for Caymanians. Too many returning graduates have struggled to find work. Over the coming month, we will be holding a series of roundtable discussions with our member firms and our recent graduates to better understand the barriers to creating entry level jobs and filling them.
A better way forward
The bottom line is that we do not need to choose between allowing the industry to grow and developing Caymanian talent, as some seem to wish. The best way to serve our community is to do both.
Financial services companies should be allowed, indeed encouraged, to grow. That will create more government revenue, economic activity and jobs that will ensure our continued prosperity as a nation for generations to come.
At the same time, we should ensure Caymanians have the opportunity to apply for and be hired into those jobs. The immigration system should provide strong protection against discrimination and disenfranchisement. This does not need to come, as it has for the last two decades, at the cost of growth, delay and frustration among employers.
We need to work with employers to ensure they are willing and able to create more entry-level jobs for Caymanians. And to ensure that Caymanian students are able to make informed choices about higher education and careers.
Finally, we should ensure that adequate funding is made available for Caymanians at all levels wishing to pursue education and training to avail of those opportunities and advance through the ranks to the very top of our industry.
We look forward to working with our new government to realise our mutual ambition to ensure that every Caymanian seeking to work in the financial services industry has the opportunity to do so.
Our mission at Cayman Finance is to enhance the success of our members, our clients and our community. This is not three separate missions, it is one.
Let’s end the divisive rhetoric. Let’s thrive together.
Steve McIntosh is CEO of Cayman Finance.
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Please work with them on responding to emails timely (24 hours or put a hold email), communication skills, a good work ethic and being active at work.
These skills would go a long way.