Thursday, June 29, 2006

Kathleen Jackman BrightStaff President

The rollover policy is offering a very positive opportunity for one local firm, which is ready to cash in on the expertise that the seven-year work permit limit is forcing out of the country.

After many years of wooing professionals into the Cayman Islands to fill high-level financial positions, as the brain-drain starts here in the Cayman Islands, BrightStaff is now offering those who were once employed in high level posts here, opportunities in similar positions overseas in competitive jurisdictions to the Cayman Islands.

One of the leading recruitment agencies in Cayman, BrightStaff has found employment for hundreds of professionals from all over the world.

With changes to the Immigration Laws, work permit holders and their families are finding it difficult to make long-term plans to reside indefinitely in the Cayman Islands and BrightStaff said in a press release that it was expanding its services for financial professionals who are leaving the Island as a result of the seven-year rollover policy.

"Many professionals are considering leaving the Island as a result of the term restrictions set out in the rollover policy," said BrightStaff President Kathleen Jackman.

The rollover policy has compelled a number of qualified professionals with offshore experience to seek employment in other offshore and onshore jurisdictions, according to
Ms Jackman.

Those targeted have gained a wealth of knowledge in the offshore financial industry and affected by the new law, which states that work permit holders must quit after seven consecutive years.

BrightStaff said it has positions available at leading financial firms in Toronto, New York, London and Bermuda. 

The agency said that some employees were not fully aware of opportunities for applying for permanent residency so there was a need to identify career opportunities off the Island.
BrightStaff Quality Assurance Manager Cheryl Farquharson said Canada is becoming a land of opportunities for financial professionals.   

"The hedge fund industry in the Toronto area is growing rapidly and for Cayman's professionals wanting to repatriate to Canada, there are a variety of opportunities," she said.

She said that clients in Canada are looking out for skilled personnel who are willing to return home to work in the financial sector.

"Growth in the Canadian financial services industry combined with an increased need for those with offshore experience affords qualified Canadians returning home with some excellent job solutions," Ms Jackman said.

"Toronto clients are stressing their desire to specifically recruit individuals from the Cayman Islands who have gained valuable experience in the offshore hedge fund industry," she said.

BrightStaff is promising to assist its new clients with sifting through a range of international opportunities and identifying the best long-term career move rather than just the next job.

Sections of the business community have complained in many forums about the adverse effect the rollover policy is having on their operations, forcing the authorities to rethink their strategies.

The two-year-old rollover policy, according to the Government, is aimed at maintaining jobs for Caymanians in a wide variety of fields, including the financial sector.

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