Time to Pull Together
1 July 2007
Time to pull together
By Angela Ferguson Consultant, OSA Recruitment
AS growth within the finance industry continues to flourish, the question of whether it will be able to sustain the high standards expected of a significant player in the offshore finance market is paramount.
Due to the local shortage of qualified staff, firms, as well as recruitment consultancies, are expanding their search for suitable candidates off island, not only in the UK but also in offshore jurisdictions such as the Middle East.
However this too brings problems with the lack of available long and short term housing licences together with the more recent announcement of the island’s population cap. Flexibility here is essential if the finance industry is to maintain this level of growth.
OSA Recruitment has opportunities at both junior executive to senior management levels. However there continues to be a wealth of job vacancies, but not enough applicants. With many organisations enjoying progressively successful finance years and executing greater incentives for many to remain where they are and service the new business, it proves that many employees are happy to stay put. This does not make it any easier for those looking to recruit.
The fund sector in particular has recently seen rapid growth and is in great need of more staff.
Encouraging students back to the island is something individual business as well as the States of Guernsey also needs to work on. It is this bank of bright individuals, full of knowledge and eager to grow and develop that needs to be nurtured. However, many students find it almost impossible due to the cost of renting or the first time buyers market.
Firms are also recognising the need to develop their own employees and are implementing sophisticated training programmes, mentoring and buddying systems as well as incentives and promotional opportunities to encourage career development which is excellent.
International firms with local offices are encouraging secondments across their jurisdictions which is also a great way of filling some of the gaps. Outsourcing of some of the services is also being adopted by firms therefore helping to relieve the manpower shortage.
Over the past 18 months OSA Recruitment has seen a significant number of start-up businesses referred from law and accountancy firms, particularly within the commercial sector. This is an extremely encouraging trend and it is hoped that these companies will become significant players in Guernsey over the next few years. However, once again finding staff to support them seems to be the most difficult part of the jigsaw puzzle. The availability of qualified and experienced professionals, and school leavers/graduates, is limited.
With this in mind it is great that so much new business is coming to the island, and more than ever before Guernsey is being considered a centre of excellence but only by working together to manage this growth will the island continue to prosper
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