Eight Companies Receive ‘Job Makers’ Concessions

I wish to provide an update on the processing of incentive for job maker applications.

You will remember that the Job Makers Act was introduced to keep Bermudians working, spur job creation and economic growth.

“Our plan is to promote job creation in a wide range of business segments, including insurance, fund management, trusts business, technology and tourism. Further, this builds on the Government’s commitment to supporting business growth, expanding opportunities and creating jobs in all key sectors,”

Since the legislation became operational, eight companies have successfully applied for and been awarded concessions. We are also aware of at least three other companies that are currently preparing their applications for submission. Of the eight companies, seven have applied for their executives to be granted exemptions from requiring work permits.

The Act has proven to be very flexible and allows the Government to provide concessions to both small and large companies; and to reward those companies that have been in Bermuda for the long haul as well as providing incentives to new businesses.

The common thread through all the successful applicants is the commitment they have to recruiting, developing and promoting their Bermudian staff. Each of the companies that we have considered also has a global presence.

However each has stated that they are committed to remain in Bermuda for the long haul; some even intend to increase their presence in Bermuda. This clearly demonstrates their long-term commitment to Bermuda and their faith in Bermuda and Bermudians.

Below is profiles of some of those companies that have successfully applied for the Incentives:

Company A:

• Employs a total of 127 Bermudians out of a total of 181 staff
• The company’s senior management is 32% Bermudian; and its middle management is 75% Bermudian
• Has a Graduate Trainee Program which offers a two year graduate training program to Bermudians interested in pursuing a career in underwriting with professional and personal development opportunities while gaining practical work experience.
• Provides entry level positions for underwriting and actuarial positions
• Makes a significant investment in the development of students through Scholarships and Education awards and summer internship and student employment programs
• Fully reimburses employees for educational expenses incurred while completing courses at Bermuda College and four-year licensed, accredited, degree-awarding educational institutions and for over forty company-approved professional certifications and designation programs.
• Has also developed an Underwriter Training Program
• Has a mentorship program that targets Bermudians with high potential

Company B

• Employs 44 Bermudians out of a total of 62 staff
• Hires Bermudians at all levels of the company including: Analytics, Compliance/Enterprise Risk, Finance, Information Technology; and Underwriting
• Fills all of their entry level roles with Bermudians
• Has committed significant funding to training and development of their staff;
• Provides internships for Bermudian students during school breaks and in work study release in the areas of finance, underwriting, Human Resource and Information Technology.
• Mentors students by providing them with a learning environment as well as the opportunity to gain real world knowledge about the reinsurance industry

Company C

• Employs 44 Bermudians out of a total of 66 staff
• Hires Bermudians at all levels of the company including specifically 12 Bermudians in either senior management or other positions which they view as critical within their organisation, such as the General Counsel, Head of Human Resources, Treasurer and Head of Finance Operations, Senior Reinsurance Buyer, Head of Business Development, Financial Controller, Reinsurance Accounts Manager.
• Fills all 22 entry level jobs and the next level of 10 supervisory positions with Bermudians
• Has a Learning and Development Policy in support of their commitment to training and developing employees. In addition, they extend on-the-job training to all of their employees and offer educational assistance to individuals who wish to pursue further job-related qualifications independently
• Believes that they have an obligation to exposing Bermudian students to the opportunities that exist in the international insurance and reinsurance arena in Bermuda. To this end during the summers they endeavour to employ students in meaningful work activities.

Company D

• Employs 82 Bermudians out of a total of 149 staff
• Hires Bermudians at all levels including at the Executive Vice President level.
• Has a proven track record of encouraging and developing Bermudian talent and hiring Bermudians into entry level positions. Since inception they have hired Bermudians directly out of high school or university and Bermudians under the age of 25 for entry level roles. Of the Bermudians hired directly out of high school or university, two now hold Senior Vice President and Vice President positions; one is a qualified actuary and another is a qualified lawyer.
• Promotes Bermudians on an annual basis to reward their strong work ethic, enthusiasm and reward good performance. In 2008 Bermudians represented 68% of all promotions; 2009, 58%; 2010; 59%; 2011, 79% of all promotions.
• Produces individual development plans as a key component of their Talent Development Strategy and over the years they have supported their Bermudian employees to ensure that they are able to continually upgrade their current skills and learn new ones. They are presently sponsoring 15 Bermudians to attain certifications in various disciplines. They are also supporting 6 Bermudian employees as they work towards Associates and Undergraduate degrees. Additionally as they look to develop future leaders, they are currently sponsoring individual coaching for 15 of their talented Bermudian leaders.
• Promotes international exposure to develop high potential talent and routinely look for opportunities to provide high value learning opportunities through on the job training. Over the years they have created and supported assignments to develop Bermudians internationally. At present there are 9 Bermudian employees on short and long term assignments in their overseas offices.
• Provides, on an annual basis, seasonal internship opportunities for Bermudian student interns. The program is designed to provide a meaningful development experience for each intern. Their interns are typically comprised of Bermudian applicants looking to further their knowledge about the insurance industry and/or related disciplines. The student intern program continues to evolve and includes; mentoring, networking opportunities and exposure to a broad array of projects and business professionals within the group.

These profiles are indicative of all the companies that have successfully applied and have demonstrated their commitment (1) to employ Bermudians; (2) to develop and promote Bermudians (3) their commitment to our students that will become the future workforce.

There is also an independent rigorous review of each application to ensure companies meet the standards required by the Act including ensuring that they exercise fair employment practices.

We check with the Departments of Immigration; Labour and Training; the Human Rights Commission, the Bermuda Monetary Authority and the Registrar of Companies. Every Department has cooperated in processing these applications in a timely fashion and the process has been refined so that some applications are now being processed in three to four weeks.

“The speed in which these applications were processed demonstrates Government’s commitment to fostering an environment that is business friendly and welcoming to existing and new business development where a substantive outcome is the hiring and (re)training of Bermudian workers.”

I wish to acknowledge and thank Assistant Cabinet Secretary Ms. Azhar for the work she has done in that regard to establish the template. Also Ministers Minors and Perinchief and their respective Permanent Secretaries, Telemaque and Whitter have responded with a fast turnaround time once they receive my recommendation for approval of the exemptions.

“The announcement of success with this first round of applicants marks another step in the Government’s commitment to help create jobs and economic opportunities across the island.”

The global recession has taken a toll on countries around the world, including Bermuda. Bermudians continue to struggle. We know that we have much left to do.

But we have made a start. We passed the Job Makers Act to reward companies that keep Bermudians employed.
We have to continue to do more and our top priority is to get more Bermudians back to work. We have introduced economic empowerment zones in the east and west. We are fostering strategic partnering with the private sector to implement the Job Corps programme to target young people. We understand the importance of developing Bermudian talent for Bermudian jobs.

In these tough times it is our duty to stand strong with the most vulnerable in our society- the youth, the elderly and working families. Only by working together can Bermuda recover and prosper once again.

I will now take your questions.

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