Up Front
Slowdown ForcesLayoff
A decline in the Cayman Island's economy- which may have started as far back as the beginning of 2000,because of the population's 'wait and see' attitude with regardsto the elections and the OECD/FATA regulations - now has somecompanies, large and small, retrenching workers.
This unprecedented trend started when Cable& Wireless laid off 26 employees just a few weeks ago; nowCayman Net News has learnt that the Chrisse Memorial Hospital,Hadsphaltic International, Kirkconnell Service Star and theirSupermarket and other businesses have laid off a numberof employees.
"We have laid off a significant numberof employees. We will hope to rehire them as soon as the Companyhas the work, which we expect in the summer months," saidCameron Graham, Managing Director of building contractors - HadsphalticInternational.
Mr. Graham went on to say that this was"the lowest staffing levels the Company has had in the lastfour or five years."
Reports show that almost every sector ofCayman's economy is down, from restaurant spending to supermarkets.Financiers told Cayman Net News that it could be attributedto several factors: "People feel as if they have no securityand this, coupled with the downslide in the United States economyhas people more than a little worried."
Additionally, the fact that some major constructionsproject have been put on hold, has also contributed negativelyon the economy. The initial delay in the start of some approvedhotel projects, the final phase at the George Town Hospital'sMental Health and Geriatric Unit, single family and apartmentunits development seems to have contributed to the existing slump.
Mr. Graham said, "I believe, too, thatonce people start getting some level of confidence in the newGovernment, we should start to see a real take off."
Judy Ebanks, the Human Resource managerfor the Chrisse Tomlinson Memorial Hospital said that while theyhad retrenched six employees mostly nurses they fully expectedto be rehiring them in the near future.
"We are not being promoted by somelocal doctors. So we are hiring a full compliment of doctors onstaff; a full time cardiologist, a male and female pediatrician,psychiatrist and oncologist, plus several visiting specialistssuch as Ear Nose and Throat and an anesthesiologist/pain managementspecialist.
Cayman Net Newsalso spoke with Mr. Mike Adams, the acting CEO of Cayman Airwaysin response to rumours surrounding the carrier suggesting thatthere could be retrenchment of as many as 60 employees in thenear future.
"We are not laying off any staff atthis time," said Mr. Adam.