Economy boost from finance 'reflects growth in skilled jobs'

Thursday 10 October 2019

The recent growth in the local economy, which was mainly driven by the finance sector, is likely down to a rise in highly skilled jobs and a drive for excellence, a local recruitment specialist has said.

The comments came from Shelley Kendrick, Managing Director of recruitment firm Kendrick Rose, after recent figures showed Jersey's economy had grown by 1.8% to £4.7bn.

That increase was largely driven by the finance sector, which itself grew 2%.

In total, Financial services represented 39% of Jersey’s Gross Value Added (GVA) - a key measure of Jersey's economy - for 2018, with a growth in GVA of £39m.

Pictured: Shelley Kendrick, Managing Director.

In line with that growth, Ms Kendrick said her firm had noticed a rise in demand for highly skilled jobs within the finance sector.

“Financial services remain the prime driver for Jersey’s economy and this reflects the patterns we’re seeing in recruitment," Ms Kendrick commented. "Employers are looking for more and more highly skilled staff who will hit the ground running and perform their roles to a high standard. The drive for excellence has never been more apparent.

“It’s not simply seeing a growth in jobs in Financial Services but seeing a growth in higher level jobs that require better qualified and more experienced candidates. We do still see fabulous jobs in Financial Services at entry level, but even then, top employers are looking for top candidates who can use the new technology they are introducing to add more value."

Over the past five years GDP per head of population has increased by 1% in Jersey to £43,470 compared to a 7% rise in the UK and a 12% rise in Guernsey.

Labour productivity per full time worker in Jersey increased by 1% last year for Financial Services and dropped by 1% overall for jobs outside Financial Services, despite a 7% rise for Manufacturing, and a 5% rise for Hospitality.

“There has always been a gap between Financial Services and other sectors of Jersey’s economy, and the investment Financial Services firms are making in their technology and employees, means the gap may widen," Ms Kendrick added.

“The majority of salary growth we have seen for roles we’ve been recruiting for has been primarily in Financial Services. Firms are increasingly prepared to pay a little bit more if they are sure they’re getting a lot more – and for top candidates this is a competitive market.”