Global War for Talent

Article published December 4. 2008 01:10PMIsland in a 'global war for talent' says BEC study By Alex Wright
The number of Bermudians filling jobs in the domestic market will not be enough to sustain the Island's economic prosperity over the next two decades.
That was the stark message from the Bermuda Employers' Council (BEC) survey entitled 'The Shift: An Examination of Employment Trends in Bermuda', which reveals there is an impending labour market shortage due to a falling birth rate and a low projected population growth for the country in the next 20 years.
The study, which was carried out in June 2008 and presented to delegates at the BEC's Annual General Meeting held at the Fairmont Hamilton Princess hotel yesterday, also shows a shift to a more knowledge-based economy which has created additional pressures on the private sector to secure the level of skilled resources needed to sustain and grow their businesses.
Allied to this there is already some evidence of offshoring jobs to other jurisdictions due to the shortage of certain skilled workers in Bermuda, a trend which is set to continue and accelerate in the future as worldwide demand for talented employees increases.
The report found that even at modest growth rates in the economy of one percent per year, the projected rise in the amount of jobs will lead to an inevitable drop in the percentage of Bermudians in the total workforce, with the percentage of working black Bermudians expected to decline to less than half the workforce over time.
"Even conservative economic growth will lead to a higher demand for workers than Bermuda can produce domestically," it read.
"Public policy must recognise this and should focus on efforts to maximise the employment opportunities for all Bermudians, with strong emphasis on training and education to prepare future generations, especially for the higher level knowledge-based job opportunities that are being created."
The survey called on employers to think about repatriating Bermudians working overseas, while it said Government's "disproportionate employment" of available Bermudians should also be considered given the negative impact it has on the availability of Bermudians in the private sector in a bid to mitigate the need to import additional workers.
"Bermuda is faced with a significant dilemma: the need to maximise the job opportunities for its citizens, balanced with the need for continued economic growth that is insufficient to meet economic growth even at modest levels," the report continued.
"Government policy really must recognise and focus on this reality and develop strategies that will prepare the next generation of Bermudian workers with the necessary skills and education to take full advantage of an increasingly sophisticated job market.
"At the same time Government must recognise that it is a global war for talent that is becoming more competitive with each passing day and work hard to ensure that Bermuda remains a place of choice for those willing to relocate to the Island to help build the country's long-term prosperity."
The report concluded that the reality of a growing economy and the need for more workers than the Island can produce was that Bermudians were increasingly likely to be a minority group in a range of occupations and professions, dating back to 1994 and set to continue.
It said Government needed to ensure that Bermudians are well-prepared to take on the highest level of employment and the most desirable jobs in the economy, using a long-term strategy focusing on training and education to maximise job opportunities for Bermudians.
"Bermuda's economy has outgrown Bermuda's domestic workforce and both the country and its citizens must adjust to this reality if economic prosperity is to continue," it said.