as a car and accommodation) in their salary package cannot be paid less than CI$4.50 per hour.
Finding a Job Despite a growing population, there are still many employment opportunities available in the Cayman Islands. In fact in August 2021 the leading financial services recruitment agencies told Cayman Resident that it is currently a candidate-driven market and that those with qualifications and experience in the financial services field, especially in compliance, are readily snapped up. Another change in the market is that companies no longer have to advertise jobs in the local newspapers in order to secure a work permit, although they do have to advertise the job for two weeks on the JobsCayman website (part of WORC) and therefore all jobs that are advertised in the local newspaper can be considered genuine job vacancies. This is a time of amazing opportunity for Caymanians in the financial services field as they are highly sought after and in much demand. Although there are 26,967 work permits in issue as of August 2021, these jobs have filled a genuine need and cross the span of everything from gardener to a managing director at a bank. Another effective way to look for work in Cayman, whether local
CAREER IS MORE THAN A JOB.
Financial Services Professionals Cayman is one of the world’s top ten financial centres, and the field of regulatory compliance is vital to the success of the jurisdiction. As the regulatory requirements for businesses increase, so do the resources needed to ensure that teams of experts are in place to monitor and uphold the standards required. From annual FATCA and CRS reporting to ongoing KYC work and AML investigations, the job market for compliance in the Cayman Islands holds a vast array of diversity and breadth at all levels. With some of the largest financial services organisations residing in the Cayman Islands, coupled with some of the strictest regulations within the industry, there is a lot of need for qualified detailfocused staff with compliance experience. For more senior positions, relevant offshore experience and the ACAMS qualification is highly regarded in the jurisdiction. Many positions also exist for professionally qualified accountants, particularly those with investment, funds or insurance industry experience (but this is by no means essential). The Cayman Islands recognises most Commonwealth and international accounting designations. Many accounting positions are filled via recruitment agencies and job seekers would be wise to consider registering with a Cayman Islands-based recruitment agency that has an in-depth understanding of the local marketplace. They will be able to advise you on the prospects and appropriate salary for someone with your experience and qualifications. Many of the largest financial services employers on the Island find their professional staff through recruitment agencies. However, if you are interested in working for one particular employer, it would be more advisable to approach
It's a lifestyle. steppingstonesrecruitment.com
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Overtime & Weekend Hours As is the case in most leading jurisdictions around the world, many companies expect their employees to work beyond the normal eight-hour workday. Conversely, standard Human Resource (HR) practices may vary from country to country. Before taking a job, familiarise yourself with the work culture. Ask your prospective employer’s HR professional whether overtime pay is provided or time in lieu. Again, knowledge of the Labour Act will assist you in determining what is legal in the Cayman Islands from an employment law standpoint. Check the Department of Labour and Pensions’ website: www.dlp. gov.ky for more information. The Cayman Islands Society for HR Professionals (www. cishrp.ky) is also a great resource.
or expat, is to register with an employment agency as they are often tasked with finding suitable candidates. Another option to investigate is whether your business could set up a branch within Cayman Enterprise City and you then work here. See page 66 for more information.
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