The sustained growth in finance sector jobs, as indicated by the latest Jersey Labour Market statistics reflects clear confidence in Jersey as a forward-thinking jurisdiction, according to Geoff Cook, CEO, Jersey Finance.
The report, published yesterday (April 10) by the States of Jersey, shows that employment in the finance sector increased by 230 jobs on an annual basis, and that total employment in this sector was the highest recorded for nine years.
While there were 50 fewer people working in the banking sector compared to the same time last year, the number of jobs in trust and company administration reached the highest level to date for that particular sector.
Geoff Cook commented: “These are clearly good figures for the finance industry and reflect the fact that there is strong demand for the kind of high quality expertise, knowledge and service firms here offer. That offers confidence to the international market that Jersey is a forward-thinking centre, but it’s also positive for the local community. The industry accounts for more than a fifth (22%) of total employment in Jersey, whilst, as our ‘Working Together for a Better Future’ document shows, for every ten jobs created in the finance industry, an equal amount are created elsewhere in the community.
“These figures chime with the feedback we’ve had from industry – a recent survey of firms forecast that 800 jobs will be created in the industry over the next five years, 83% being filled by local people. Looking forward, it is vital that we place a real focus on the training and skills required to fill these opportunities. The way our industry will stay afloat is through the skills and expertise of our young islanders, with 3,000 finding their first jobs in finance over the last decade. By allowing continued access to the best talent, be it home-grown or sourced off-island, we can ensure that the Jersey economy continues to grow in order to support our aging population.”