We're often asked why there seems to be so many unique career opportunities on such a small Island. The answer is actually fairly simple... the amount of business going on in Bermuda is really quite disproportionate to it's size.
Bermuda is home to more than 10,000 international businesses. The majority of these are in the financial services sector, which accounts for roughly 60% of Bermuda's Gross National Product. Bermuda is one of the worlds leading centers in the insurance and reinsurance industry, right next to London, England and New York. There are nearly 1,300 captive insurers located in Bermuda, with more arriving every year. In addition to insurance, Bermuda is home to a fairly large number of offshore hedge funds and private investment holding companies.
While by nature these companies require a variety of qualified staff from the financial industry, these offices are also heavy Information Technology users which generates a high demand for IT products and services on the Island. The need for IT therefore results in a high demand for a range of qualified IT Professionals in Bermuda.
Why don't they just staff these jobs locally?
Well, they do hire locally whenever possible and normally exhaust local resources before even starting to looking offshore. Employers recruit from abroad when they have been unable to identify a suitable candidate on the Island. This can be due to a combination of factors including both a low unemployment rate and a need for fairly specialized skill sets that may not be as abundant on the Island. In order to have a work permit issued by the Bermudian Government, local Employers need to provide evidence that they have made a true effort to hire locally. Work permits are only approved when it can be demonstrated that there were no locally qualified applicants available or interested in the position.
Ultimately there are a greater number of open positions than the available candidate pool can sustain. Therefore many employers in Bermuda are forced to look offshore in order to staff their critical staffing requirements.
Bermuda boasts a range of incredibly unique career opportunities along with a sub-tropical climate and an exceptional lifestyle - an attractive mix for those interested in exploring international employment. With such a large expatriate population (nearly 8,000 work permit holders on an Island with a population of 65,000) you'll be sure to meet an interesting mix of professionals from around the globe who have chosen to advance their career and experience a truly unique way of life in Bermuda.
Author: Jason Squires