BANKING
TRAVEL
LEGAL
ROBOTS CAN’T DO IT ALL
LONDON CALLING
FOLLOW THE PIPA
The changing face of the banking workforce
Bermudian lawyers-in-training
Safeguarding employees’ information
P. 5
P. 15
P. 18
September 2019 | RG BUSINESS
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CONTENTS
COVER STORY 26
TOP TEN EMPLOYERS Congratulations to this year’s Top Ten Employers for being named the best places to work, learn and excel in Bermuda!
DEPARTMENTS 5
BANKING Robots can’t do it all The changing face of the banking workforce
BY JONATHAN KENT
16 REAL ESTATE Is a real estate career right for you? Pros and cons of working in a key Bermuda industry
BY SUSAN THOMPSON
7
RECRUITMENT Youth appeal Attracting the best young talent
BY ANNABEL COOPER
9
RECRUITMENT Empowering staff through a collaborative approach
18 LEGAL Follow the PIPA Safeguarding employees’ personal information
BY JULIANA SNELLING AND OLGA RANKIN
20 FINANCE
How to achieve and accomplish company objectives
Bermuda labour no longer immune
BY KELLIANNE SMITH
Facing a new destiny
BY NATHAN KOWALSKI
11 CONSULTANCY Perfecting performance Getting the best out of staff
BY ANNABEL COOPER
12 TOP TREADS Toyota Rush BY IAN HIND
15 TRAVEL
23 TECH Demystifying fintech Free courses for Bermuda’s newest industry
BY STACEE SMITH
24 ACCOUNTING Pathway to IB career success Accounting knowledge helps with C-suite ambitions
BY STACEE SMITH
London calling Bermudian lawyers-in-training get opportunities abroad with Kennedys
SEPTEMBER 2019 RG BUSINESS
3
BUSINESSSPOTLIGHT MAGSBDA
READ:
rgmags.com
Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies
Publications & Product Development Manager Carlene Spencer-Darrell Creative Director Nikeisha Burrows Marketing Manager Shane Mora
AUTHOR: REID HOFFMAN As the co-founder of LinkedIn, Reid Hoffman knows a thing or two about launching and building a start-up to become a household name. In Blitzscaling, he looks at how companies like Facebook, Airbnb and Amazon have quickly dominated their markets. The “secret sauce”, in Hoffman’s view, is to raise capital aggressively and make rapid progress a top priority, to move so quickly that would-be rivals are marginalised. If you need verification that Hoffman knows his subject, the foreword is by Bill Gates.
CONTRIBUTORS Jonathan Kent Annabel Cooper Kellianne Smith Ian Hind Susan Thompson Juliana Snelling Olga Rankin Nathan Kowalski Stacee Smith
ADVERTISING SALES & ADMINISTRATION sales@royalgazette.com
Acting Chief Photographer Akil Simmons Photo Journalist Blaire Simmons
Advertising Solutions Specialist Shawn-Nae Cann Advertising Solutions Specialist Andre Bolotenko Advertising Solutions Specialist Marguerita Carter Administrative Sales Support Margaret Mitchell
Social Media Manager Stephanie Lee Senior Digital Graphic Designer Terrina Nolan Web Developer & Template Manager Joseph To
ART & DESIGN
BUSINESS
RGMAGS.COM
Senior Digital Chief Executive Officer Graphic Designer Jonathan Howes Terrina Nolan Chief Financial Officer Senior Cameron Poland Graphic Designer Commercial Director Christina White Michael Grier Senior Graphic Designer PUBLISHED BY Byron Muhammad The Bermuda Press [Holdings] Ltd. Graphic Designer Zaire Quenette-Lowe PHOTOGRAPHY PRINTED BY Bermuda Press Ltd.
RG Mags Bda is a series of Feature & Supplement products provided by The Royal Gazette.
Established 1828; Incorporating The Colonist and Daily News (Established 1866). Member of the Newspaper Association of America. The Royal Gazette Ltd, a subsidiary company of Bermuda Press (Holdings) Ltd. BPH incorporated in Bermuda, publishers and printers of The Royal Gazette. The Royal Gazette Ltd’s Electronic Edition is published daily at www. royalgazette.com
CHALLENGE:
World Rugby Classic
NOVEMBER 2-9 This hugely popular annual event, to be staged at the National Sports Centre’s North Field, brings in some of rugby’s best-known names. This year, the tournament will feature veterans’ teams from Ireland, Britain, France, South Africa, Argentina, Italy, the United States and Canada. The weeklong event, a fixture on the corporate networking and sporting calendars, is in its 31st year. The Classic Pumas will aiming to defend the title they won in style last year.
NETWORK:
Convergence 2019
OCTOBER 9-11 Insurance-linked securities is a booming business on the island and Convergence is the biggest get-together of the year for the industry. Organisers ILS Bermuda believe that it sets itself apart from traditional conferences, by bringing together key players in the alternative reinsurance, capital markets and ILS marketplace for networking and education sessions at the Hamilton Princess. Speakers this year include Kevin O’Donnell, CEO of RenaissanceRe, Gabriel Vecchi, professor of Princeton University’s Department of Geosciences, and Timothy Hall, a Nasa research scientist.
BANKING
“
In Bermuda, jobs have been shed in recent years at all the three major retail banks, Butterfield, HSBC Bermuda and Clarien.
Robots can’t do it all Changing face of the banking workforce BY JONATHAN KENT Financial services have undergone dramatic change over the past decade and the pace of change only looks set to accelerate. Consumers have become used to doing their banking online and in recent years the arrival of mobile banking apps for smart phones has made our financial lives even more convenient. But the growing role of technology has not worked out so well for those working in banks, as some roles are becoming obsolete. In Bermuda, jobs have been shed in recent years at all the three major retail banks, Butterfield, HSBC Bermuda and Clarien. Butterfield is the only one of the three to publicly declare the size of its Bermuda workforce on a regular basis. At the end of 2008, Butterfield had 803 staff based on the island, according
to the bank’s annual report. This number had fallen to 572 by the end of last year, according to a regulatory filing with the SEC, representing a decline of 29 per cent in the space of a decade. This is an ongoing global trend. Job losses or reassignments will impact 1.3 million bank workers in the US alone by 2030, according to a report from market research firm IHS Markit in April this year. Roles the report identifies as being most at risk
include customer-service reps, financial managers, and compliance and loan officers. Big banks are already using artificial intelligence to mimic bank employees, automate processes and preempt problems, according to a 2018 report from Business Insider Intelligence. So what type of jobs will bank employees be doing in the years to come? The technical skills to work with cutting-edge technology will be helpful. Some existing employees are likely to be offered retraining to take on more digitally-focused roles. Skills like coding and app development are already in demand. Cybersecurity is a critical issue, so those with the knowhow to stay one step ahead of the hackers will also be highly valued by banks. Data from LinkedIn Talent shows that at Goldman Sachs, the ten fastest-growing skills listed by employees are computer science-related, while at Bank of America, the first five fastest-growing skills are programming languages. However, the experience of Bermuda banks may be a little different, given how much smaller the market is and how human relationships can count for more in a close-knit community.
Indeed, fintech adoption has been slower in Bermuda than in many places in the world, according to Chris Maiato, EY partner and leader of the firm’s Bermuda, Bahamas, BVI and Cayman Islands advisory practice. “Bermuda is aligned with global trends in payments and online transfers, but we don’t have financial planning or insurance services — however, some are looking at that,” Mr Maiato told The Royal Gazette. Websites like Rocket mortgages and LendingTree allow consumers to borrow money online without even speaking to another human. Almost anything purely transactional is digital already or is going to be soon. While the desire for ever-increasing digital convenience is prevalent among younger consumers, some, especially older generations, may still prefer doing their business on a more personal level. This will especially apply to more complex areas where they may be multiple options, such as investment advice, and in dealing with customers when the technology malfunctions. So it’s a safe bet that banks will still need some real people too, for the time being at least. SEPTEMBER 2019 RG BUSINESS
5
RECRUITMENT
Youth appeal
with socially and ethically responsible business practices. “In addition to being paid fairly, they want to work for an organisation where doing things in the community will have an impact,” she said, adding that people are asking questions about a company’s diversity and inclusion practices. BY ANNABEL COOPER Trey Sanders, global HR manager at LOM Financial Group, said they had recently changed As the baby boomer generation retires, we look at what the tone of their recruitment adverts and company handbooks companies in Bermuda should be doing to attract the to make them chattier and less best young talent. formal, writing instead in the way people speak. According to the November 2018 Ms Taylor points out that the “Having an engaging tone and Labour Force Survey Report, younger generation is not necmaking young people feel valued there are 10,050 people aged 55 essarily more tech-savvy than will intensify their employee and over currently employed in their older counterparts because experience,” he said. Bermuda and, says Malika Tayeveryone, regardless of age, uses “Globally, LOM are now prilor, a Partner at Expertise, this so much technology in their marily recruiting on social media “huge bubble of baby boomers daily lives, but the difference is and being transparent about are set to retire over the next in how they communicate and the salary range on offer on the five to eight years”. What therewhat they expect from a compaadverts. fore can companies do to make ny they work for. “We are one of the only themselves attractive to the It’s “telephone versus Snapcompanies to do this in Bermuyounger generation of potential chat, Facebook versus Instada, Cayman and the Bahamas. employees who could fill this gram, this is where we’re seeing Younger people appreciate this vacuum? the generational gap. How they full transparency and we are see“This young, tech-savvy communicate, not how they do ing more job applications from generation is truly, in almost their jobs,” she said. them as well.” every way, different,” said Kelly Ms Taylor said that when Mr Sanders added that youngFrancis, president of Perfortrying to attract young dynamic er employees enjoy facilitating mance Solutions Ltd. She extalent, understanding social social events: “LOM recently plained that communication has media is vital. “Using social had a day out for our Bermuda changed, their experiences have media as a platform to attract employees researching and changed and their resumes have talent is by far the best way to understanding the conservation changed. “It’s being prepared attract millennial talent,” she being done on Trunk Island and for how different they are so you says. “Facebook, LinkedIn and specifically work in protecting can employ them in a space they Instagram.” the Bermuda Cahow. The staff recognise.” Ms Taylor also said that while enjoyed the experience and The baby boomer generation everybody is looking for fair appreciated the opportunity.” is currently aged between 55 and competitive compensation, The younger generation wants and 75. Next comes generation the generation coming into the “to do a great job and be socially X, who are 40 to 54 and then it’s workforce are also interested in and ethically conscious”, Ms the millennial generation who being employed by companies are 25 to 39. Taylor said.
Attracting the best young talent
af smith_soho_RG business.indd 1
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RECRUITMENT
Empowering staff through a collaborative approach
Working together to achieve company objectives BY KELLIANNE SMITH, HEAD OF GLOBAL HR & ORGANISATIONAL DEVELOPMENT, THE ARGUS GROUP At Argus, our strategic priorities include creating business solutions that reinforce our brand position, “Our Interest is You”, which serves to benefit our clients, our community and, importantly, our colleagues. Our corporate core values, ethos and policies ensure that inclusion, diversity and equality are woven into the fabric of our organisation. This culture of openness has created an environment where our staff are encouraged to showcase their unique skills and abilities in order to make meaningful contributions to our overall operations. Argus has achieved this by completing a company-wide transition from applying top down, silo-driven strategies to a more inclusive approach of setting and achieving business objectives through collaboration across all layers of our organisation. We know that our people are our greatest investment and we make a concerted effort to allow every level of staff member to participate in aspects of strategic
and business planning. The result is a proactive and dedicated team who have a voice, are unafraid to challenge approaches, suggest fresh ideas, and encourage us to remain agile. Our senior leadership team and colleagues partner in business development, creating a strong synergy that allows us to achieve our stated goals and objectives. Specifically, we have achieved this by: • Transitioning from a “topdown” planning approach to a collaborative group-wide process that includes management, colleagues and our clients • Opening direct channels of communication with senior leadership
• Remaining transparent with our actions and results • Strengthening leadership effectiveness, training and development, and overall employee engagement • Recognising the importance of individuals’ roles in any successes • Acknowledging the positive impact that colleagues have made as a team in stabilising and strengthening the company • Increasing participation and exposure across all levels with strategic and business planning workshops With silos lifted, information is shared throughout the company through our open-door policy that provides for regular communication meetings, company-wide Town Halls and focus groups. In addition, Argus CEO, Alison Hill hosts monthly ‘Fireside Chats’ where small groups of staff members attend an intimate lunch and are encouraged to ask any question and provide feedback, ensuring staff remain aware of other teams’ projects and our current objectives and strategies. It is inspiring to witness the energy, enthusiasm and commitment in colleagues who are keen to suggest better ways to improve their work environment and the client experience by focusing on positive business outcomes. The entire team is fully aware of how corporate and business units link and our transition from depart-
“
Our collaborative approach has encouraged strong cultural alignment across Argus that ensures transparency and trust
ment silo objectives to group objectives has proven successful. At Argus, every colleague is made to feel engaged and empowered. Our intention is to remain an employer of choice in all our operating jurisdictions, which we measure each year by setting goals of less than 10% unplanned attrition and retaining 80% or above in our employee engagement survey scores. We are proud to report that in 2018 we surpassed these goals and continue to thrive. This is a true testament to the passion and determination of the entire Argus team. Our collaborative approach has encouraged strong cultural alignment across Argus that ensures transparency and trust and that our colleagues are always reminded of the value they bring. SEPTEMBER 2019 RG BUSINESS
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Relationships, not policies.
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CONSULTANCY
Perfecting performance Getting the best out of staff BY ANNABEL COOPER How many of us are familiar with the process of trying to remember our achievements for the previous year while also attempting to list impressive goals for the year ahead, before waiting nervously outside the boss’s door for that dreaded corporate ritual — the annual performance review? “I think that every single cycle starts with tremendous potential and the majority ends in a lack of execution,” Kelly Francis, founder and president of Performance Solutions Ltd, said. “There’s a very thin line between a useless check box exercise and something constructive with tangibles that can be acted upon. “There’s so many areas where it can fall down and nothing is done. The problem is the lack of use of the information. Either employees or managers haven’t communicated all year long. No one should come out of a review session surprised by the content unless they are pleasantly surprised.” Instead, Ms Francis believes the “big, annual summit meeting” should be broken down into
more regular, real-time meetings. “I think it would be more relevant, actionable and reasonable if shorter reviews were done more regularly,” she said. “Around three times a year, or two at a minimum. Transparency and engagement are the two things that keep the employment ship sailing smoothly.” It is this more regular, real-time feedback that seems to be the method of choice among more forward-thinking companies, along with extra support and training to help employees reach their goals. This approach particularly resonates with the millennial generation. According to a research report published by Adobe, close to two thirds of millennials said they would switch jobs to a company with no formal performance
review if pay and job level were the same. LaKea Dill, talent manager at Deloitte Bermuda, explained that her firm has moved away from the traditional evaluation process and adopted instead the “Deloitte Global Performance Experience”, which is used in 98 per cent of the company’s offices around the world. Its objective is to accelerate performance not just manage it. “Performance management processes need to provide continuous engagement that ultimately treats employees as consumers,” she said. “By removing the traditional annual employee evaluation process, it uses data-driven metrics that are created by flexible goals and frequent, real-time interactions, coaching and performance feedback.” Ms Dill also points to external research showing that 83 per cent of millennials are actively engaged when they believe their organisation fosters an inclusive culture. The Deloitte process involves frequent, future-focused “checkins”, which are conversations between team members and their direct supervisors to discuss near-term work and provide “real-time feedback”. Deloitte Bermuda also provides Career Coaching sessions, has a “performance snapshot tool”, which is a team leader’s first-hand assessment of a team member’s performance at the current point in time, and takes “pulse surveys”, which are short engagement surveys designed to give the team leader insight into how the team is feeling about a project, the work, and their environment. “Once we better understand our strengths and weaknesses we are more likely to succeed. When we have a sense of purpose and feel that we are making an impact that matters, loyalty and a strong work ethic is a natural result,” Ms Dill said.
TOP TREADS
Toyota Rush BY IAN HIND Worldwide, the SUV and compact SUV markets continue to grow at the expense of the traditional saloon car. In fact, I believe the compact SUV, whether it be diesel, gas, hybrid or electric powered, will become the dominant sector. And so just about every manufacturer in the world from BMW to Bentley now offers an SUV in its lineup. Toyota rushed out (sorry, I just had to write that) the third generation Rush in early 2018 in Indonesia and the Philippines. It’s built exclusively for the Asian and Caribbean market, is nearly identical to the Daihatsu Terios and shares the same platform and engine as the Toyota Avanza. There are some minor upgrades to the 2019 model. You get a lot of metal, plastic, rubber, cloth and leather for your money. At 4,435mm long and 1,695mm wide, this compact SUV just fits in the maximum allow able length and width for private cars in Bermuda. Additionally, low overhangs at the front and rear mean cabin space is maximised. Thus, the Toyota Rush can accommodate three rows of seating. And it looks big. It has a commanding appearance that is reminiscent of the larger SUVs that are not available in Bermu
da. Strong character lines and bulges around the rear wheels and front of the bonnet/hood lend it a sporty look with a rugged appeal. Inside, the cabin feels spacious, with plenty of legroom and headroom for the front passenger and driver; likewise for the middle row passengers. Unless you are very tall and or large, you can even sit comfortably in the third row, with some headroom, and room for your feet under the seats in front. For cargo hauling, the second and third row seat backrests fold down providing a flat load space. The third row can also be folded forward to create even more rear load space. And if you like your coffee on the go, you’re well accommodated with three cup/bottle holders between the front seats, two in each front door, two in each rear door and one on either side of the third row of seats.
Thirteen in total! The view of the instrument panel is uncluttered by the steering wheel and, in this digital age, there is plenty of info on display including the usual speedometer and tachometer plus a fuel efficiency gauge. The 1.5-litre engine is naturally aspirated (i.e. not turbocharged) producing a maximum 77kW (103hp) delivered through a 4-speed automatic gearbox, which is okay, but with a driver and six passengers, the Rush is not going to be the swiftest in the stable. Even with just the driver, it didn’t exactly rush (sorry) up Barker’s Hill when pushed. I highly recommend that Toyota consider turbocharging the engine. It’s the way many vehicles of its size and class have gone in order to produce more power, improved fuel consumption and lower emissions from smaller engines. Nevertheless, the drive was
The drive was smooth, the ride firm, with minimal roll on bends, even with this big empty box.
smooth, the ride firm, verging on stiff, with minimal roll on bends, even with this big empty box. The firm ride is no doubt a factor of driving with no passengers. Seven up, the stiffness will give way to a softer ride. In Bermuda, we have two models to choose from. Both
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are licence Class H, with the XF starting at $44,900 and the slightly more up-market RG from $48,700. Both models have all the usual bells and whistles plus 16in alloy wheels, hill-start assist control, vehicle stability control, rear-view camera and sensors, LED headlamps, automatic a/c with rear a/c in the roof, radio/
USB/Apple Car Play and Android and 12V/60W accessory sockets everywhere. The RG model also comes with electric fold-in mirrors, leather steering wheel, 17in alloy wheels, smart entry and auto headlight setting. To check out the Toyota Rush and maybe schedule a test drive, contact Bermuda Motors on Church Street.
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Images and messaging for Perfect Day at CocoCay reflect current design concepts and may inculude artistic renderings. All destination features and experiences, and related delivert timing for these features, are currently in development and are subject to change without notice. Perfect Day and CocoCay are trademarks of Royal Caribbean Cruises Ltd. Ships’ registry: The Bahamas. 19067253 • 03/21/2019 Images and messaging for Perfect Day at CocoCay reflect current design concepts and may inculude artistic renderings. All destination features and experiences, and related delivert timing for these features, are
TRAVEL
Bermudian trainee solicitors Katherine Freisenbruch and Alex Cooper, right, pictured with Mark Chudleigh, managing partner of Kennedys Bermuda
London calling
Bermudian lawyers-in-training get opportunities abroad with Kennedys Gaining experience overseas is a great way for young Bermudian professionals to advance their careers. Young Bermudians with global law firm Kennedys have been discovering opportunities abroad since the firm opened its office on the island in association with Bermuda firm, Kennedys Chudleigh in October 2017. Kennedys, which has its origins in the London insurance market, has expanded to 37 offices in 22 countries with an emphasis on supporting the re/insurance industry. On joining Kennedys, Mark Chudleigh, Bermuda office head, was keen to explore with his new partners opportunities for providing training for Bermudian law graduates at Kennedys’ overseas offices. As a Bermudian who trained and worked as a
lawyer in London for 18 years before returning to the island, Mr Chudleigh knows the value of such opportunities. “While Bermuda has some excellent law firms, it can be difficult to provide well-rounded legal training in commercial law in Bermuda, as the firms tend to be relatively small and lack the training infrastructure and range of opportunities for hands-on experience that a large London firm can provide,” Mr Chudleigh said. As a consequence, he believes, relatively few Bermudians are able to rise through the ranks of Bermuda commercial law firms. This, he says, leads to firms having to look abroad to recruit lawyers who have gained the
necessary experience in major financial centres like London. Less than two years on, three Bermudians, Katherine Freisenbruch, Alex Cooper and William Finnerty, are training with Kennedys in London and a fourth, Jonathan Marion, will join them next year. Bermudian law graduate, Michael Cabot, has joined Kennedys’ London office as a legal assistant in its financial institutions and political risk division. At the conclusion of their twoyear training with Kennedys, the graduates will be eligible for admission as solicitors in England and Wales as well as barristers and attorneys admitted to the Bermuda Bar. Ms Freisenbruch, who joined the London office in 2018, was attracted to Kennedys for its insurance pedigree and global reach, citing its presence in locations such as London, Hong Kong and New York as well as Bermuda. She said: “The advantages of a London training include access to a wide variety of specialty teams spanning areas such as casualty coverage, financial lines and political risk, professional indemnity and medical malpractice. You gain invaluable experience of the London insurance market, under the shadow of Lloyd’s, and a chance to develop key client relationships with secondment opportunities.” Mr Finnerty, who joined Kennedys in London in July, agrees that there can be an advantage to gaining London legal training and experience before returning to practice in Bermuda. He said: “Kennedys places great importance on supportiveness, approachability and work-life balance. After speaking with trainees during open days and the assessment process, and hearing their positive experiences of the firm, I was convinced Kennedys would be a good fit for me.” During his time with Kennedys in London, Mr Cabot, has seen the scale of the office’s commercial and litigation work. He praises Bermuda’s success as an international financial centre,
“
Bermuda is also a winner as hopefully they will return and contribute as members of Bermuda’s legal community, whether in private practice or from in-house positions
but values the broad range of work and exposure to different practice areas in London at this early stage of his career. Such is the success of Kennedys’ Bermudian trainee programme that the firm is now inviting applications for a sixth aspiring Bermudian lawyer, with a two-year London training contract available from September 2021. The firm will also consider Bermudians with US bar admissions for positions with its New York office. “I see this as a win-win-win situation,” Mr Chudleigh said. “The Bermudian law graduate receives quality London training, we will have opportunities to have bright, experienced and well-trained Bermudian lawyers join us in Bermuda in the future and Kennedys London is able to recruit high quality law graduates who are attracted to the firm’s strong Bermuda and insurance industry connections. “Bermuda is also a winner as hopefully they will return and contribute as members of Bermuda’s legal community, whether in private practice or from in-house positions.” SEPTEMBER 2019 RG BUSINESS
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Is a real estate career right for you? Pros and cons of working in a key Bermuda industry BY SUSAN THOMPSON When someone thinks of real estate, they naturally think of working as a real estate agent, but there are other careers in real estate as well …. appraisers and property managers for instance.
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In Bermuda to qualify as an appraiser you need to be RICS (Royal Institution of Chartered Surveyors) certified which requires an undergraduate degree or postgraduate degree, joining a firm as a trainee surveyor, getting experience and taking your APC (Assessment of Professional Competence) structured training. You don’t need a college degree to become a real estate agent or property manager, although education is typically helpful in any career you pursue. Starting out, you’ll have to pass a government-set exam that is offered monthly at the Bermuda College. The exam itself can be challenging, so make sure you study. Imagine working in a flexible career where you can set your own schedule with annual earning potential of $100,000plus. There are so many reasons to choose real estate as your career. But there are always two sides to every story, and a real estate career is no
different. At first, your cashflow direction will be mostly out. You will need a good cell phone data plan, reliable transportation and funds for marketing yourself. Most new real estate agents need a nest egg to begin their careers. Getting your first sale to come in will take some time, and it will likely be a couple months or more before you get paid. Depending on the market you cover and existing relationships you can farm, it can be a feast or famine situation. Having a flexible schedule in real estate means you have to be flexible to the customer/client’s needs. In real estate, you tend to work when everyone else is not and that includes weekends. You aren’t going to become a top agent at a top real estate company immediately. You really have to pay your dues, and prove that you have what it takes to be successful, which can take years.
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When it is all said and done, a job in real estate is not easy, it is a lot of hard work, but it can be fulfilling
As a realtor, you will be taking on a lot of jobs and wearing many different hats. This means that your work is never going to get boring. The job involves showing property, negotiating terms, working with attorneys and bankers, holding open houses, marketing yourself, following up and lots of networking. It also involves doing whatever it takes to make the sale. Some agents have scrubbed floors, cut lawns, painted, moved furniture, planted flowers and the list goes on. Because of the nature of the business, agents get very involved with customers and clients to the point that they sometimes become lifelong friends. Real estate can also be extremely emotional as we are dealing with people’s home and finances and the reason for selling is not always a happy one. When it is all said and done, a job in real estate is not easy, it is a lot of hard work, but it can be fulfilling and the people that work in this industry love it. If you have been considering a career in real estate, don’t believe what you have seen on TV, do some research on the topic the same as you would with any career move.
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RG Business Mag Half Page Sep 2019-3.ai 1 8/21/2019 12:01:11 PM
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LEGAL
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PIPA will allow Bermuda to apply for EU “adequacy” status, which allows data to flow freely to and from a non-EU country
Follow the PIPA Safeguarding employees’ personal information BY JULIANA SNELLING AND OLGA RANKIN Protecting private records from exposure has always been important, but the advancement of digital technology has exacerbated the need to guard against the misuse of personal information, or data. Perils include identity theft, phishing scams, cybercriminal activities, fraudulent credit card and banking charges, and any number of other threats. In response, Bermuda has adopted data protection legislation, the Personal Information Protection Act 2016. The majority of PIPA has not yet come into force, but employers are advised to prepare to comply in anticipation of its expected commencement in the near future. PIPA is particularly important for employers because everyday
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RG BUSINESS SEPTEMBER 2019
business operations necessitate the processing of personal information relating to employees, clients and professional contacts for purposes that include recruitment, administration, AML/ATF compliance, background checks, government surveys, health insurance, sick leave monitoring, billing and payroll, etc. PIPA is designed to control the way businesses collect, store and process personal information. “Personal information” relates to any detail identifying a person by reference to certain attributes,
such as name and address, date of birth and other identifiers. PIPA offers stronger protections for “sensitive personal information” covering, for example, origin, race, gender, sexual orientation, family status, physical or mental disability, religious beliefs, political opinions, trade union membership, biometrics or genetics, etc. Such information may only be obtained if the nature of the employment justifies it but may never be used without the person’s consent or to discriminate in any way. Employers must use personal data in a lawful and fair manner and put in place security safeguards to protect it against loss, unauthorised access, disclosure or destruction. They must ensure that it is accurate and current and not kept for longer than is necessary. They must also appoint their own Privacy Officer to ensure compliance. PIPA itself will be overseen by the new office of the Privacy Commissioner who will have power, inter alia, to conduct investigations and issue warnings. Employers must also publish a “privacy notice” containing the organisation’s data practices and policies, including the purpose for which the data was collected and the name of the Privacy
Officer. The criminal penalty for non-compliance is severe - a fine of up to $25,000 or two years’ imprisonment, or both, while the penalty for an organisation is a fine of up to $250,000. Where a Bermuda entity transfers personal data overseas for a third party’s use, the Bermuda entity will remain responsible for compliance with PIPA. This is of vital importance for multinational employers who routinely exchange personal data about their staff across national borders. The implementation of PIPA will allow Bermuda to apply for EU “adequacy” status, which allows data to flow freely to and from a non-EU country without the latter having to implement costly safeguards. Offshore jurisdictions already enjoying this status include Jersey and the Isle of Man. More fundamentally, the commencement of PIPA will help bring Bermuda closer into line with international data protection standards, thereby enhancing our island’s reputation as a place that will not tolerate the abuse or misuse of data concerning its people. Juliana Snelling is director of Canterbury Law Ltd and her colleague Olga Rankin is an associate attorney.
FINANCE
Facing a new destiny Changing face of Bermuda’s labour market BY NATHAN KOWALSKI The last few decades have been tough for labour. Shifting macroeconomic forces have tilted the economic playing field toward capital and created a much more difficult environment for real wage growth and opportunities. According to US Federal Reserve data, corporate pre-tax profits have grown from 5 per cent to about 9 per cent of US GDP since the late 1990s, while wages have
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RG BUSINESS SEPTEMBER 2019
shrunk from 46 per cent to about 43 per cent. There are many reasons for this shift and here are a few to consider:
• Low interest rates and cheap capital have enabled zombie companies to perpetuate and frustrate productivity growth and the efficient allocation of capital. Lower productivity limits wage growth. • The scalability and automation of jobs through technology has created job destruction and shifted the nature of work for many industries, which has left those affected with little to no bargaining power when it comes to jobs. The mix of jobs is shifting, and the speed of this change is accelerating. • Partially due to regulation and network effects, a winner-takes-all market has developed in some industries that has fostered monopolies or oligopolies, who can stifle competition and control pricing. This lack
of competition can prevent a more free-market based job market full of options for workers within these industries. This does not look like it will improve over the medium term either. The recent OECD report on the future of work highlights the following: • 14 per cent of jobs could disappear from automation in next 15 to 20 years • 32 per cent of jobs are likely to change radically due to automation • One in seven workers are self-employed, one in nine on temporary contracts • Six out of ten workers lack basic IT skills • Union membership has fallen by almost half in three decades These are very real issues and risks for Bermuda and may, in
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If not arrested and changed, the declining and aging population will increasingly become a drag on economic growth into the future as the labour force shrinks.
fact, be the most important things to consider. You cannot, of course, benefit from labour law changes like the minimum wage if there is no wage to be had. But when it comes to labour in Bermuda it is not only the global macro environment to consider. A lot has to do with demographics.
Demographics are destiny It is said that “demographics are destiny” and this is certainly a theme that figures into our economic assessment of Bermuda and one that we have discussed many times in the past. By now, no one on this island should be surprised that Bermuda is facing an unprecedented wave of aging, or a “grey tsunami”, as the baby boom generation - defined as people born between 1946 and 1964 - moves to the end of their productive careers. The magnitude of this shift will create numerous issues, including pressure on entitlement programmes and weak economic growth. A report by the Department of Statistics show the population of Bermuda has been decimat-
ed by the loss of thousands of expatriates and emigration of some Bermudians. The report suggests the average annual population growth rate in Bermuda will be negative from 2016 to 2026. Bermuda suffers from a “denominator problem” – its obligations continue to rise while this amount is getting divided among fewer and fewer people. In general, a reduction in population brings less demand for goods and services as well as pockets of excess supply. Many businesses demand a certain population size to remain viable. This only gets more worrisome when you look at the composition of the Bermudian population. Major intergenerational change in Bermuda is just getting started. This will require the consideration of social shifts when one ponders economic analysis in the future. If not arrested and changed, the declining and aging population will increasingly become a drag on economic growth as the labour force shrinks. To alleviate this, Bermuda needs to focus on bringing its youth back by creating more entry-level jobs. It also needs to focus on polices to encourage generational fairness. Policy changes should focus on reducing the younger generation’s burden of escalating liabilities (shifting the cost to those more responsible if possible) and a focus on lowering living costs which can disproportionately affect the island’s youth. It also needs to be serious on developing a comprehensive immigration plan. Nathan Kowalski - CPA, CA, CFA, CIM, FCSI is the Chief Financial Officer of Anchor Investment Management Ltd. and can be contacted at nkowalski@anchor.bm
TECH
Demystifying fintech Free courses for Bermuda’s newest industry BY STACEE SMITH With the arrival of companies such as Circle, Omega One and Diamond Standard, Bermuda’s fintech ambitions are already starting to become reality. As Wayne Smith, head of the Bermuda Government’s Fintech Business Unit, has said, Bermuda has the potential to become known as “FinTech Island” in a similar sense to which Davos, Switzerland is synonymous with the World Economic Forum. The Bermuda Government is urging Bermudians to prepare themselves to join this budding new industry by participating in various free training programmes available through the Fintech Business Unit. In January this year the Unit launched phase one of its Fintech Education Programme, with over 800 courses offered and a total of 308 participants. Mr Smith said interest was growing and participants included university students, those seeking new skills to compliment their current roles and others who were in between jobs. “The courses represent basic to intermediate level knowledge of the industry as a whole and deep dives into specific segments like blockchain or P2P lending,” Mr Smith said. “There’s also a course focused on start-up development for those interested in launching their own business. For those unbanked, the topics range from the basics of financial literacy, savings and investing to an introductory guide to fintech apps.” As a result of a partnership with San Francisco’s prestigious FinTech School, phase two of the Fintech Education Programme saw the introduction of flexible
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We envision a Bermuda where everyone has an equal chance to learn, earn and build wealth, regardless of their background or circumstances.
online courses - now accessible through to December 31, 2019 and in-person seminars offered by individuals such as FinTech School CEO Amilcar Chavarria. Certificates are provided as physical evidence of training, guidance is offered to assist those interested in starting a career in fintech and the courses qualify for continued professional education credits.
Ashton Bell and Wayne Smith Ashton Bell, 25, is a recent graduate of London’s Richmond University and a fintech enthusiast, who thoroughly enjoyed the two-day FinTech School seminar that he attended locally. A budding entrepreneur, Mr Bell said the experience, including the opportunity to interact with experts such as Mr Chavarria, taught him that “there’s a lot of potential for Bermuda and young entrepreneurs like myself in the fintech market”. He emphasised “the importance of going to these seminars and putting yourself out there because you might get the opportunity to meet someone else who will help you out with your dreams”. Mr Bell is an example of this, as it was at the seminar where he met a member of ConnecTech and was offered the chance to participate in a one-week programming course. However, for some the idea of fintech conjures intimidating thoughts of complex technological processes and overwhelming jargon, but Mr Smith and Mr Bell stress that there’s nothing to fear. “Fintech is not that complicated, it has been around for a long time,” said Mr Smith, who explained that the first generation of fintech was the introduction of the ATM in the 1960s, followed by card services in the 1980s and then online banking. “I tell people all the time to think of it like the internet of 2019. You don’t ask yourself how the internet works, you just know
that it does work and you know what you can do with it.” Individuals with various skills and backgrounds will be needed to make the local industry a success. “Through fintech Bermudians can have an interesting career, a better job, develop their own business and build wealth,” Mr Smith said. “We envision a Bermuda where everyone has an equal chance to learn, earn and build wealth, regardless of their background or circumstances. “Bermudians have always been innovative, evidenced by our history in building the Bermuda sloop and the fitted dinghy, and by how we built the tourism and international business industries. We are doing the same thing now with fintech.” The growth in this sector is expected to diversify the economy, introduce a new revenue stream, and reduce national debt, Mr Smith explained. He added: “As a result of our efforts, to date 87 companies have been incorporated in Bermuda, seven companies have established offices in Bermuda, 12 work permits have been approved for key stakeholders to start building their businesses and seven Bermudians are employed so far. We expect these numbers to increase in the coming months and years.” Stay tuned for Bermuda Tech Week on October 14 to 18 and visit www.fintech.bm for more information, including a glossary of terms and course details. SEPTEMBER 2019 RG BUSINESS
23
ACCOUNTING
Pathway to IB career success Accounting knowledge helps with C-suite ambitions BY STACEE SMITH Roland “Andy” Burrows
International business has long been the main pillar of Bermuda’s economy. But what is best pathway to take for those aiming to work in the sector? Many believe that a grounding in accounting can lay the foundation for a C-suite career. Roland “Andy” Burrows, chief executive officer of the Bermuda Business Development Agency, and Laura Taylor, president and chief financial officer of Nephila Capital, explain why. At the BDA Mr Burrows supports the social development and economic growth of Bermuda by working to create direct investment into the island. He enjoys this role, which also allows him to work with a committed team of executives who cover all pillars of the economy, and interact with both local and international investors and business executives. Mr Burrows previously served as chief investment officer at the Bermuda Tourism Authority for four years, for ten years before that he worked in senior roles at HSBC, including head of Commercial Banking and chief credit officer. He attributes much of his success to the foundation he received as a result of his bachelor’s degree in accounting at Georgia State University. “While I never qualified as an accountant, my accounting degree was a solid base for my career as a banker and an investment professional,” Mr Burrows said. “The ability to understand,
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RG BUSINESS SEPTEMBER 2019
review and analyse projects, business plans and investment proposals was made easier due to my degree. “Being able to analyse the pros and cons of strategic plans, especially the costs and benefits,” was a valuable asset, he said. “Every decision has financial consequences and being able to understand the consequences upfront is critical to success. C-suiters are making decisions every day that are based on financial capabilities, so being financially astute is a must.” Mr Burrows believes “accounting is a solid base for any career as it touches almost all disciplines. I would encourage anyone to consider accounting as it will be useful in both your personal and professional life.” Reflecting on her career, Ms Taylor, who runs the portfolio management group at Nephila Capital, said: “What motivates me is doing things that not only have I not done before, but things that I haven’t seen done before – whether it’s inefficiencies in the market or internal inefficiencies.” She joined the company 15 years ago as chief operations officer, and went on to develop Nephila’s compliance programme and insurance strategy, followed by a period running their technology group.
Upon receiving a bachelor’s degree in international business from the University of Victoria and obtaining the Canadian Chartered Accountant and US Certified Public Accountant designations, Ms Talyor spent four years working with KPMG’s Alternative Investments and Banking group, while also obtaining her Certified Financial Analyst qualification. Both her background in accounting and auditing have assisted her greatly throughout her career. “With audit you get exposure to a variety of different businesses and see how they operate, and even at a very junior level you have the opportunity to speak with people at all levels of the organisation. At a very young age I was able to sit in the room of the CEO, CFO or other C-suite officers, and learn about their business strategy.” Ms Taylor added: “If you can read financial statements and understand financial statement notes, it gives you great insight into the workings of a company.” For those interested in following a similar career path Ms Taylor said: “I didn’t focus on achieving certain titles or climbing a ladder of any kind, I just focused on: ‘Where could I learn the most? Where could I help the company grow the most? And where could I add the most value?’ So I think if you focus on that you’ll be successful in whatever career you pick.”
Laura Taylor
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I just focused on: Where could I learn the most? Where could I help the company grow the most?
She added: “Follow your intuition, go with your gut. If you’re looking outside yourself for too much guidance you can end up misaligned with your greatest interests and talents.”
TOP TEN
arey Olsen Bermuda Ltd took top honours at the first attempt, making a perfect debut in the eleventh edition of the RG Business Top Ten Employers Awards, presented by PwC. The international law firm’s success marked the second successive year that a first-time entrant topped the rankings after professional-services firm Frontier Financial Services pulled it off in 2018. Frontier scored well again, placing third. FedEx Express, the most successful employer in the history of the Top Ten, placed second for the second year running, to add to the company’s four first places. There was one notable first for 2019: the first educational establishment to make the standings, as Warwick Academy claimed sixth place. The school was one of four newcom-
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RG BUSINESS SEPTEMBER 2019
ers to the Top Ten this year, along with re/ insurance companies Lancashire Insurance Ltd and Athene Holdings Ltd, and top-ranked Carey Olsen. FedEx, another former winner Bacardi, and Fireminds, cemented their status as great employers by making the grade once again, while Frontier, ABS and Horseshoe Group, built on their debut success of 2018 with a second successive Top Ten ranking. The survey is based on the views of employees, with the data processed by Global Research, a leading quantitative research firm who partnered with the magazine on this project for a ninth year. Professional-services firm PwC Bermuda provided generous sponsorship for an eighth consecutive year. Arthur Wightman, PwC Bermuda leader,
said: “PwC congratulates this year’s winners for setting a high standard for what Bermuda’s employers can achieve. We commend each of the Top Ten Employers for leading the way in creating a workplace culture where their people can perform at their best. “At PwC we believe in empowering our people to find a sustainable balance between work, well-being and personal growth. Each of our winners should feel proud of their success in this area and of their outstanding employee benefits, career growth opportunities and corporate responsibility initiatives. “We are pleased to continue our support and sponsorship of these prestigious annual awards, and we are delighted that this year saw a record number of entries representing a wide range of industries and services.”
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BF&M BREAST CANCER AWARENESS WALK 6:00 p.m. Wednesday, October 16, 2019 Barr’s Bay Park Please note that registration is online only this year. Visit racedayworld.com to sign up for the walk.
Registration fee is $30 which includes a free walk pack (while supplies last). Late registration fee on October 16, at Barr’s Bay Park, is $35.
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Bermuda Cancer and Health Centre – Friday, October 4, 4:00 - 6:00 p.m. – Saturday, October 5, 9:00 - 11:30 a.m. – Saturday, October 12, 9:00 - 11:30 a.m. Barr’s Bay Park – Day of the walk, October 16, 12:00 - 5:00 p.m.
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www.chc.bm All funds raised support our Equal Access Fund and our Prevention and Early Detection Programmes.
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Carey Olsen Law
FOUNDED
2018
EMPLOYEES MALE/FEMALE RATIO
72% • 28%
25
BERMUDIAN/ NON-BERMUDIAN RATIO
48% • 52%
STAFF TURNOVER (2018)
4%
Carey Olsen Bermuda Ltd has been in existence for little more than 18 months – but already it is making its mark both as a new player on the local legal scene and as an employer.
their views on how the business can improve and describe a fostering of team spirit. Staff also have opportunities to work from home and the firm provides fresh fruit for the team.
Michael Hanson set up the firm, which serves as the Bermudian operation of an international law firm, with offices in British Virgin Islands, Cayman Islands, Guernsey, Jersey, Cape Town, Hong Kong, London and Singapore.
A commitment to career development comes straight from the top. As one employee said: “As a junior person in the firm, I requested to sit in the managing director’s office for training purposes as I would like to specialise in his chosen field. Without hesitation, the next week, I was moved into his office and it has been one of the most rewarding parts of my career.”
It has topped the rankings at the first attempt in the Top Ten Employers survey, a notable achievement for a rapidly expanding enterprise that Mr Hanson has set up with the aim of creating a culture of excellence with a team of talented, hard-working staff. Carey Olsen has built up a team of 14 lawyers, eight of whom are Bermudian, in a staff of 25.
Next year, the firm intends to launch a pupil programme that will pair senior lawyers with law student graduates to enable them to get the experience needed to be called to the Bermuda Bar. Carey Olsen also has a summer student programme to give law students work-shadowing opportunities.
Employees speak of feeling valued, of being encouraged to give
WHAT THE
EMPLOYEES HAD TO SAY
“They value staff, value diversity, value com-
“Everyone is made to feel valued what-
“We are encouraged to speak up and
mitment, compensate people by reference to
ever level, whether you are at the top or
recommend ways to improve or expand
their effort and skill and are open and honest
down the bottom of the organisational
the business.”
with employees.”
chart.”
SEPTEMBER 2019 RG BUSINESS
29
2
FedEx Express Logistics - Courier Services
FOUNDED
1987
EMPLOYEES MALE/FEMALE RATIO
90% • 10%
28
BERMUDIAN/ NON-BERMUDIAN RATIO
53% • 47%
STAFF TURNOVER (2018)
0%
FedEx Express built on its unmatched record in the Top Ten Employers awards by repeating the second-place ranking it achieved last year. The four-time Top Ten winner has an employee-centric approach, followed by FedEx in the 220 countries around the world that the logistics and courier services giant operates. It all stems from the “people-service-profits” philosophy espoused by Fred Smith, the founder, chairman and CEO of a corporation with a market capitalisation of about $40 billion. Making employees an integral part of the decision-making process is based on the idea that “when people are placed first they will provide the highest possible service and profits will follow”. Some of the comments of the Bermudian operation’s staff suggest that the company is true to its expressed ideals. One employee said: “FedEx is such an amazing place to work. Over the years, I have received an abundance of training both locally and abroad
which has aided tremendously in my professional development. In turn, I have been given the humbling opportunity to be in the position to be a key contributor to the development and growth of our employees to aid them in their paths of meeting their career goals and aspirations.” FedEx holds “performance development discussions” to focus on “what the employee needs, and how the manager can support, to raise their performance to the next level”. Managers undergo performance reviews with the aim of ensuring that their efforts are focused on strategic corporate goals. The company is committed to safety in the workplace and has a safety committee of employees to help identify and address potentially dangerous conditions. Among its charitable activities, FedEx supported the Red Cross Walk and Run and donated $5,000 to the Red Cross.
WHAT THE
EMPLOYEES HAD TO SAY
30
“We have a manager that does not micro-
“We have a such a wonderful, diverse
manage, as we are allowed to do our tasks to
team with decades of experience.”
the best of our abilities.”
RG BUSINESS SEPTEMBER 2019
“We are all like one big family company.”
3
Frontier Financial Services Professional Services
FOUNDED
2000
EMPLOYEES MALE/FEMALE RATIO
33% • 67%
40
BERMUDIAN/ NON-BERMUDIAN RATIO
52% • 48%
STAFF TURNOVER (2018)
29%
Frontier Financial Services produced a strong third-place showing to follow up a perfect debut last year when the firm topped the Top Ten Employers rankings at the first time of asking. The professional-services firm, based in offices in Wessex House, at 45 Reid Street, has expanded its staff from 35 to 40 over the past year. Not a company to sit on its laurels, Frontier said: “The exposure from participating in the Top Ten Employers for the first time last year has helped us attract top talent, but completing the survey also helped us identify and address areas we felt we could improve upon.” For a top employer, Frontier has a relatively high turnover rate of 29 per cent. But this appears to be more to do with the excellence of the firm’s service than the desire of employees to leave, as nine of the 11 staff who departed were consultants hired directly by Frontier’s clients.
Frontier offers expertise in a range of areas including recruitment, accounting, immigration requirements and compliance. It offers many financial incentives for staff to excel. Managers can earn a cash bonus based upon individual and company performance, while recruiters can earn a performance-based bonus. All employees are eligible for staff referral bonuses, while secondment staff can earn extra for exceeding billable hours targets. The firm purchased all staff health-monitoring FitBit devices to encourage commitment to staying healthy and also staged a health and wellness seminar with BF&M, its health insurance provider. Frontier added: “We strive to be viewed as a fair and honest company to work for and do business with and our reputation is very important to us. We provide fair and competitive compensation and benefits to all employees, along with career advancement potential.”
WHAT THE
EMPLOYEES HAD TO SAY
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“Company culture is huge -- I would say
“Great place to work. Management
“Company is run by a great group of
engagement at Frontier is second to none.”
stands behind their staff. Great benefits.
guys, who are passionate about finding
Management looks out for you.”
employees the best suited secondment.”
RG BUSINESS SEPTEMBER 2019
4 ABS Ltd
Accounting – Bookkeeping - Consulting Services
FOUNDED
1988
EMPLOYEES MALE/FEMALE RATIO
96% • 4%
24
BERMUDIAN/ NON-BERMUDIAN RATIO
8% • 92%
STAFF TURNOVER (2018)
12%
Employees of ABS Ltd tend to stick around. Fifteen of the accounting, bookkeeping and consulting services provider’s staff have been with the firm for more than a decade. That is a testament to how well the company treats its employees, as is ABS’s rise to fourth place in the Top Ten Employers rankings from sixth last year. While most companies’ mission statement will focus on things like being the best in their industry or providing exceptional customer service, ABS unabashedly puts its employees first, drawing on the logical idea that happy staff will perform well for clients. The mission statement reads: “To provide opportunity and assistance to as many Bermudian staff as possible to further their accounting and bookkeeping careers while enjoying a well paid, satisfying and rewarding job in a pleasant and friendly work envi-
ronment while helping the company to generate an above average return for its shareholders.” The business is dominated by women, who make up 92 per cent of the staff, and Bermudians, who make up 96 per cent. Staff can earn discretionary, performance-related annual bonuses of up to 6 per cent of annual salary, while some small, additional interim bonuses can be paid for exceptional service. “Nobody received less than 3 per cent of salary as a bonus last year,” ABS said. ABS is also financially supportive of its staff in other ways. Not only will the company pay for continuing education at Bermuda College and for staff wishing to pursue formal accounting qualifications, but it has also lent more than $150,000 to various employees with financial difficulties over the years, sometimes writing off loans of up to $10,000 when staff were genuinely unable to repay.
WHAT THE
EMPLOYEES HAD TO SAY
34
“We are a family, we treating each
“This is the first employer/direct manager
“Many employees of ABS Ltd have worked here
other with respect sharing the good
that says ‘thank you’ very often at the end
for ten to 20 years. I do not know why anyone
times and the bad times”.
of the day or a completed project”.
would even look for other employment”.
RG BUSINESS SEPTEMBER 2019
5 Horseshoe Group
Insurance Management – Fund Administration – Corporate Services
FOUNDED
2005
EMPLOYEES MALE/FEMALE RATIO
58% • 42%
43
BERMUDIAN/ NON-BERMUDIAN RATIO
32% • 68%
STAFF TURNOVER (2018)
16%
Horseshoe Group improved on its Top Ten Employers debut position of ninth last year to place fifth this time around. The thriving firm has successfully fostered a friendly office culture, while achieving success and growth in the flourishing insurance-linked securities industry and expanding into fund management and corporate services. This year, Horseshoe hit a new milestone of $31 billion in assets under administration, an impressive level for a company of its size, and growth that has required the firm to keep hiring, while looking after the talent it already has. The company claims: “Horseshoe is a very happy and motivating workplace. It has a family feel and it has been successful maintaining that family culture despite its continued growth. Employees are empowered through a culture of teamwork and collaboration, leadership, professional and personal training, open communication and social engagements.” Hoseshoe takes pride in reporting minimal internal conflict and adds
WHAT THE
EMPLOYEES HAD TO SAY
that Andre Perez, founder and CEO, is “big on the open-door policy”. “The company fosters a culture of teamwork, collaboration, trust, friendships and unconditional support for each other,” Horseshoe said. “Issues, when they arise, are acknowledged and rectified immediately, leaving no room for conflict.” Horseshoe’s performance appraisal system, its basis for awarding bonuses, comprises two elements, with 40 per cent of the rating based on competencies and 60 per cent on objectives and accountability for the current performance cycle. The group encourages its staff to earn insurance, reinsurance and accounting designations, by offering scholarships and financial support to employees looking to pursue education for professional advancement. Horseshoe and its staff get involved in charitable activities including Meals on Wheels, the Breast Cancer Awareness Walk, the Bermuda Rowing Association and Triple Challenge.
“When the entire world talks about diversity
“My employer appreciates that employ-
“At Horseshoe, we can readily see the
and promoting women Horseshoe is already
ees have a personal life and is flexible
impact that our individual roles have to
ahead of the chart.”
about having children temporarily at
the overall success of the organisation.”
work or working remotely from home.”
SEPTEMBER 2019 RG BUSINESS
35
6 Warwick Academy Education
FOUNDED
1662
EMPLOYEES MALE/FEMALE RATIO
N/A
119
BERMUDIAN/ NON-BERMUDIAN RATIO
N/A
STAFF TURNOVER (2018)
N/A
Warwick Academy is the first school to make the grade as one of Bermuda’s Top Ten Employers and also, at 357 years of age, is certainly the oldest organisation to participate in the survey! While the school regards its approximately 830 students as its most precious resource, the staff also feel like they are treasured, judging by Warwick Academy’s stellar performance in the survey. David Horan, the principal, wants the school to nurture leadership. He said: “We need to keep building on these relationships empowering the various stakeholders within our family. We believe that excellence is developed when the right people have the right relationships guided by the right leadership. “We encourage leadership at every level of the school and believe that leaders must be visible, in touch with what is happening in all areas and serve the school through action.” Employees’ comments in the survey suggest that this vision is
more than just talk, with many mentions of a family atmosphere, teamwork and openness. One employee said: “Schools often have a multitude of problems. Running a school effectively is a major operation, with so many different facets and stakeholders to recognise and appease. “This is an ongoing juggling act, and Warwick Academy keeps lines of communication open, welcomes staff, parent and student opinions, and tries to balance their responsibility between all stakeholders, while maintaining an atmosphere that is conducive to a sense of worth in teachers and staff.” Another employee described Warwick Academy as “an awesome, progressive place to work for anyone serious about working in an environment that promotes teamwork, personal growth, and leadership opportunities”. And another staff member talks of a senior management that is open to new ideas.
WHAT THE
EMPLOYEES HAD TO SAY
36
“Continuous opportunities for training and
“In 14 years there hasn’t been a day
“Teamwork is excellent in my depart-
betterment are provided, with mentors and
that I haven’t wanted to be at work.”
ment. Over the years, I have developed
overseas trainers to introduce experiences for
strong bonds and friendships that are
staff and clients.”
unbreakable.”
RG BUSINESS SEPTEMBER 2019
7 Bacardi
Consumer Packaged Goods – Beverage Alcohol
FOUNDED
1862
EMPLOYEES MALE/FEMALE RATIO
76% • 24%
58
BERMUDIAN/ NON-BERMUDIAN RATIO
33% • 67%
STAFF TURNOVER (2018)
7%
Bacardi keeps proving itself as one of Bermuda’s Top Ten Employers year after year, this time placing seventh to follow on from last year’s third and 2017’s sixth.
Financial incentives at Bacardi include an annual incentive plan for all staff, based half and half on the company’s financial results and individual performance.
Despite being a world leader in the alcoholic beverage industry, Bacardi remains a family business. That culture extends to its employees, to whom the company affectionately refers as “primos”, the Spanish word for cousins.
Bacardi gauges performance in a less formal way then most through a system known as “Let’s Talk”. Staff and managers have regular discussions – at least once a quarter – to discuss commitments to be made for the next 90 days. “The formality of an annual performance appraisal has been eliminated and replaced with these deliberate, meaningful conversations,” Bacardi explained.
Mahesh Madhavan, who became the company’s chief executive officer in October 2017, has set out a plan to make the next decade “the best ten years yet” with the overarching goal being to profitably double the business by fiscal year 2030. He is challenging all Bacardi employees to play their part in making this reality. In its comments for the employer section of the survey, Bacardi said the company had “a long-term focus to build on our cultural pillars of being fearless, being a family and having a founder’s mentality. This is critical for our company and our primos (employees).”
WHAT THE
EMPLOYEES HAD TO SAY
The company helps out with the cost of external gym membership, up to $1,500 per year, and also offers financial support for child care, with amounts varying according to the child’s age. Bacardi also has a mentoring programme called Women in Leadership/Global Reflections and supports scholarships through $30,000 in annual contributions to the ABIC Education Awards.
“Going to work is not a task it’s a privilege.
“Having worked for Bacardi for 30
“It’s a very diverse culture globally and
We have a great team that work hard and
years, there is no doubt that I have
celebrates that diversity of age, culture,
play hard.”
placed my career in the hands of a
geography, gender.”
company worth every minute of the time and effort I have input.”
SEPTEMBER 2019 RG BUSINESS
37
8 Lancashire Insurance Reinsurance
FOUNDED
2005
EMPLOYEES MALE/FEMALE RATIO
47% • 53%
45
BERMUDIAN/ NON-BERMUDIAN RATIO
49% • 51%
STAFF TURNOVER (2018)
20%
Perhaps one of the reasons that Lancashire Insurance managed to place eighth in its first Top Ten Employers ranking is that the company sees its team as much more than just a group of employees.
annual food drive, the Windreach facility, the Bermuda Zoological Society and Toys for Tots, as well as the Salvation Army’s Anonymous Santa.
As Lancashire remarked in its comments for the employer’s portion of the survey: “This company is a family, we embrace all and are flexible to ensure that our staff needs are met mentally, physically and with regards to their home lives.”
The company actively nurtures local talent through the Lancashire Graduate Development Programme, through which one Bermudian is hired each year and sent to the group’s UK office for a two-year placement.
The employees seem to share that view, judging by their comments in the survey. One said: “Working at Lancashire is a joy. There’s room for growth and learning, people are genuinely nice, people work well as teams, and senior management do what they can to ensure employees are healthy and happy.”
Lancashire gives its staff incentives for going the extra mile, with its discretionary bonus pool for all employees. Each year, all staff are also awarded restricted shares, which vest and are available after three years.
This caring attitude is reflected in the company’s charitable activities, which include monthly staff raffle donations to different charities, as well as support for Relay For Life, the Eliza Dolittle
WHAT THE
EMPLOYEES HAD TO SAY
Lancashire employees have little excuse for getting out of shape: the company offers external gym membership worth up to $1,200 a year, as well as use of an in-house gym.
“Our company is extremely generous and in
“I work with a great bunch of people
“Feels like family here, I believe that
turn our employees are very generous when it
who treat you like an adult. Also I never
each of us are important to the man-
comes to supporting various charities.”
heard ‘that is not in my job role so I
agement.”
won’t do it.”
SEPTEMBER 2019 RG BUSINESS
39
9 Fireminds Information Technology
FOUNDED
2001
EMPLOYEES MALE/FEMALE RATIO
23% • 77%
60
BERMUDIAN/ NON-BERMUDIAN RATIO
88% • 22%
STAFF TURNOVER (2018)
1%
Fireminds made the ranks of the Top Ten Employers for a fourth successive year, placing ninth to follow on from last year’s eighth, as well as the third and fourth places the firm achieved in 2015 and 2017. The IT company has expanded though organic growth as well as merger and acquisition activity. Its payroll has grown from 36 employees to 60 since last year’s survey. In August, Fireminds announced its events solutions company Premier Tickets had merged with advertising agency AAC. Fireminds has set itself up to be very responsive to customers’ needs. Among its successful projects have been building and operating the ticketing system for the Bermuda-hosted 2017 America’s Cup and the Bermuda Government’s online census portal. The company, which received a multi-million-dollar investment from American partner ATN International in 2017, serves clients in Bermuda, the Caribbean, Latin America and North America.
Innovation is the name of the game for Fireminds and the nurturing of such a creative culture requires a smart and engaged workforce. It does its bit to nurture young talent, with a high school interns programme that invites students to work on software development projects once a week, while middle-school students are invited to shadow employees annually. Fireminds also hires talented university graduates, with degrees in computer science or software development, to undergo an intense, two-year programme in its graduate internship. The company also supports the Ewan Sampson Scholarship Trust. Charitable efforts are focused on three particular areas: technology and youth; performing arts and youth; and job creation. This is reflected by Fireminds’ regular sponsorship of the Technology Leadership Forum, the Bermuda Festival and the Bermuda Film Festival.
WHAT THE
EMPLOYEES HAD TO SAY
40
“Very strong focus on community and devel-
“I have the flexibility to do my job with-
“We are innovative and the environ-
oping Bermudian talent.”
out micromanaging.”
ment fosters this forward thinking.”
RG BUSINESS SEPTEMBER 2019
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10 Athene Holdings Life Reinsurer
FOUNDED
2008
EMPLOYEES MALE/FEMALE RATIO
47% • 53%
51
BERMUDIAN/ NON-BERMUDIAN RATIO
55% • 45%
STAFF TURNOVER (2018)
20%
Athene Holdings made a successful debut, earning a place in the Top Ten Employers at the first attempt. The life reinsurer is one of the fastest-growing companies in a booming part of Bermuda’s flagship international insurance industry and it appreciates the value of developing its employees. In its comments for the Top Ten survey, the company said: “Athene is a great company to work for and we have learned that it is important to offer entry level positions giving an employee opportunity and room to grow.” Having an engaged team of employees is the only way that Athene can fulfil its mission statement, which reads: “To never settle, to look for opportunities where others don’t, and commitment and discipline to make things happen. Driven to do more.” There are many financial incentives for staff. Athene awards performance bonuses annually, gives referral bonuses for new hires,
WHAT THE
EMPLOYEES HAD TO SAY
42
provided they stay with the company at least six months, offers “attitude of gratitude” awards of between 2 per cent and 10 per cent of annual salary, and on-the-spot gift card awards of up to $250. In addition, Athene encourages employees to own a piece of the company by allowing them to buy up to $25,000 worth of shares per year at 85 per cent of market value. Athene also offers external gym membership to employees and a $500 annual wellness stipend. Fun is also part of Athene culture with the company having a slow-pitch softball team and a social committee containing no members of senior management. The company proactively nurtures fresh talent, invites interns to work in several departments, mentors students through a work study programme partnership with Bermuda College, and offers financial help to students through the BFIS Athene Scholarship.
“You are allowed to be a parent and still
“Like any environment where there are
“In the past year alone the chari-
climb the corporate ladder and be respected
people conflicts arise, however they are
ty committee of the company have
as a major contributor to the organisation.”
handled professionally and turned into
contributed over $30,000 to charitable
learning opportunities.”
efforts.”
RG BUSINESS SEPTEMBER 2019