Bermuda's Job Market

 

 

Below you will find year by year snapshots of how the job market in Bermuda has been faring. You can compare the figures and get to understand rise/decline of average income in the island, rate of unemployment etc over the years. 

 

Update February 2017: It has been announced by the Finance minister that for the first time since 2008, number of jobs in Bermuda increased year on year from 33,319 in 2015 to 33,375 in 2016, although a meager 0.2 percent. Worth noting that non-Bermudian jobs increased by 158 posts while Bermudian jobs reduced by 75 posts making a small net increase. 

 

Update June 2016: Bermuda's Department of Statistics produced its annual employment survey report showing that in 2015 the total number of jobs fell short of 2014 fractionally (33,319 vs. 33,475). The average income (i.e. median gross) of an employee in 2015 was $63,657 compared to $63,897 in 2014. 

 

Update January 2016: According to the final report from Labor Force Survey of Bermuda, the unemployment in the island in 2015 was 7% compared to 9% in 2014 and 6% in 2013. Total employed in 2015 was 33,680 (declined by 37 compared to previous year) while total unemployed in the island was 2,348. Average hours worked per week was 38 hours, with average annual income of $63,271. Below is a comparative analysis from 2015 up to 2012. 

 

 

Source: Labor Force Survey, Jan 2016 

Note that in the above chart which was published as part of Labor Force Survey, the survey results have been re-weighted by Department of Statistics based on projected population in the island. In the earlier reports, 2010 census data was used for weighting the survey results. So there is a change in results shown for earlier years as well. 

 

Update July 2015: A recently released survey by Bermuda's Department of Statistics shows that in 2014, jobs in International Business rose by 4%. However Financial Sector jobs declined by 12%, while there is a rise in Education, Health and Social Work sector as well as Real Estate and Renting Services Sector. But compared to 2013, there has been decline of jobs in 13 out of the 16 economic sectors in 2014. 

 

Update January 2015: Recently released Labor Force Survey (LFS) results show that total employment in Bermuda declined in 2014 to 35,478 compared to 35,989 in 2013. Unemployment rate increased to 9% from 7% last year. Average annual income in 2014 declined by 3% to $60,559. 

 

Update January 2014: The Labor Force Survey report released recently shows that out of the total labor force in Bermuda, 35,989 were employed while 2,569 were unemployed in 2013. Bermuda's unemployment rate in 2013 was 7%. However this is 1% improvement compared to 2012 when the unemployment rate was 8%. The average gross earning per person in 2013 was $62,211 compared to $58,698 in the previous year. 

 

Update April 2013: The recently released Employment Survey in the island shows that 2012 was the fourth consecutive year when the job market, i.e. the number of jobs in Bermuda declined. Number of jobs fell from 37,399 in 2011 to 35,443 in 2012. The worst affected sectors are Construction, Retail Trade and Business Service. Bermudians lost 4% while non-Bermudians lost 10% jobs compared to previous year. 

 

Update October 2012: The figures released by 2012 Labor Force Survey Executive Report shows that overall unemployment in Bermuda in 2012 has risen to 8% compared to 6% in 2010. 

 

Update 2012: Department of Statistics in Bermuda released the Labor Market Index (LMI) report. As per the report, in 2011 there were a total of 37,399 job holders compared to 40,213 in 2008. The average annual gross earning in 2011 is $59,364 which shows an increasing trend over the previous years. 

 

Update 2011: The economy has been harsh on the People of Bermuda. A study showed that around 3,000 jobs have been lost between 2009 and January 2011. The most affected sectors are telecommunications, construction, international business and retail. The age bracket between 55-64 have been most impacted. Despite such figures, the insurance and reinsurance sectors are offering average annual salaries ranging to $200,000 per annum even in such economic conditions. Additionally the 22 major companies in the insurance/reinsurance sector have pumped in close to $1 billion into Bermuda's local economy. This sector employs about 1,700 people out of which 34% are non-Bermudians or expats. 

 

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1) Jobs in Bermuda 

 

Visitors' Reviews and Comments     Calvina (March 2012)  Good Day Raj, Was quite surprised to stumble across your site when I Googled, "where can I find a job in Bermuda." I am glad to hear you enjoy the island of Bermuda so much. Your article was fine and I would as a local like to express my views on Bermuda and the job market through my eyes.    I am employed at present which is a blessing, it took me two years to get a job. Maybe I was applying for the wrong jobs or my skill set did not suit the position.  My present job does not require my office or administrative skills. We have been told to get a better education, to develop ourselves but would you want to better yourself if you have not made it in the industry you studied? There have been cases were Bermudians have been blocked from a position but as the saying goes, "If it is for you to have you will have it."     And there are other cases were the expat and local both alike have not been treated fairly.  I do not believe in being idle when it comes to the search for employment that better suits my skill set. To be thankful for having a job is one thing and to get totally satisfied in a stale situation is another. I guess what some become frustrated in is the fact that they like myself in some cases had been bypassed regardless of skill, experience and education.    I am not one of the Bermudians that are or were bitter that people come in from overseas to do our jobs. Let's be honest there are some that we do not have the skill set of specialized training in and on the flip side there are others that we can do if given the proper training and opportunities for.    Over the past few years I think we have gotten a bit stern with the fact that a certificate is needed for everything. This is both a good and bad thing for some Bermudians, please allow me to explain. There is a number of us (Bermudians) that do have the skills, experience and knowledge to do some of the jobs within an industry.     There have been times and this has happened to me and it becomes discouraging to both young and seasoned Bermudians that have been overlooked for a position because they do not possess a certificate stating they have excelled in an area. Only to come to work one day and find out after they have worked hard in a profession to be successful there name been put forward for a promotion to find out days later that we have been blocked or in worse case scenario to find out that someone else has been hired for the position in which they have to train someone else to do the job.    I have seen many things within both the private and public sectors that play on this.  I know of a case were the person had no experience in the industry and was given a position because of a degree. A degree that was in another industry but a degree just the same. A Bermudian had to train the person in all facets of the job.    As I stated I am not mad that others come here to work, opportunities are meant to be seized. Bermudians are international and set up shop all over the world. In another light there are some jobs in which apprentices can be taken on but then there are Bermudians who do not want to teach their craft or knowledge. That is one thing I do not understand in certain jobs.    I work in a job that provides minimum wage now. This is totally not my field or forte. I used to provide support to administrators and other professionals. Went school to be trained to be an Administrative Assistant but have spent years trying to become one. I figured at first I will build on my skill set by temping in various sectors just so I could gain experience being.     I was told by employers at that time that I had no experience so I did so. I did this with the hopes that some day I would become an Administrative Assistant.  I am more annoyed that I spent years working towards a profession that didn't happen. Even when applying for lesser skilled jobs I was told I had too much experience and vice versa. The richest thing I have been told was that I should work as an Administrative Assistant because I have a lot of experience in Admin Support. All I could say was, "WOW."     This type of typical Bermudian attitude has pushed many Bermudians out of there chosen field of study and into others long before the recession even started. For this reason some Bermudians have moved overseas as they feel that island they call home has nothing for them. Which is sad.    I really feel this is a time to reinvent ourselves and to become skilled. It is also a time in which we have to be honest about what we can and can't do. Most Bermudians took for granted that the job market would always be good and never looked out of the box looking for other things (recreation, volunteer services or just anything of leisure that may have interested them) that may be a good field to go in.     We really need to look into as Bermudians what the island needs. There are tons of people becoming lawyers, accountants and other business professionals that the island does not need unless they specialize.     There are certain industries that do not fail and always need people. Some of these professions can be done at home while others may require an office or space to do them in. This had been a failure of our own.    One of the main reasons why we bring in expats and require a degree for everything right now is because some not all go the extra mile to specialize. Take the insurance industry for instance, a Bermudian may go to either the Insurance Institute or Bermuda College and get a degree. Some may work for the industry already and will benefit by working towards their degree, others may be making themselves open to the market if a job comes up being they are unemployed.     Now lets take a look at the expat... they get a degree in Marine Insurance, so they figure why not take up courses to find out how to tie knots and the mechanics of a boat. This is what is in some cases the determining factor in employment in a field. A successful self motivated person finds other ways to make themselves an asset to a company and the field they are in. It doesn't stop at getting a degree in marine insurance, one keeps looking for ways to become an expert in that field.    I was at one time interviewed for a government job and was told by the interviewer that I did not know the structure of the government and that my expertise was in the private sector and that I would do better looking for a job there. To me that was a low blow. Even tried for a job in the hotel industry and was told it was not a good go for me because I did not have experience in the hospitality industry.    So, if I am not given a chance in the hospitality industry how can I not be a good fit. For the most part sales, finance and insurance institutions have been were I have temped and been fully employed. I like many other Bermudians have been crossed trained so some of the skills can be used in other industries.     I have worked as a Receptionist which has multi lines that connect both abroad and locally so why couldn't or wouldn't I be able to work as a Front Desk Receptionist. Oh I know why I don't have two years experience in a hotel. You see some of these guidelines are keeping people that are great workers out of work. Even dishwashing positions require a certain amount of experience, but how are you supposed to get experience if you can't get a toe let alone a foot in the door.    There is so much concentration being given on what one don't have instead of playing on the skills one does have and giving the opportunity to be trained on the job for those who could be otherwise great candidates for the company. Many of good people have been bypassed due to this.    Now I think I went on enough. Kind of vented because I feel there are many Bermudians that are skilled but may be given the blind eye due to the degree card.    P.S. If given employment in a field one studied, is skilled, has experience without degree and in some cases take a chance on someone who has passion and true interest one might find new hope to get a degree and study towards one.

 

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