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A lot of the time, we’re asked by clients and candidates alike to compare and contrast salaries between Cayman and some of its main competitors. The CML team has kept our eyes on the recent 2011 IT figures, which indicate how the Cayman Islands compares in average median salary with San Francisco, Bermuda, New York and London. Here is what we have found.

How Does Cayman’s IT Industry Compare to its Global Rivals?

From research, the rise in available jobs in San Francisco has undoubtedly impacted salaries in Silicon Valley. However, as that is a separate entity in its own right, I have negated those figures as best as possible. Other factors play a significant role in this impact, such as; exchange rate conversion (i.e. from GBP to USD), taxation, cost of living and availability of resources.

We have kept our eyes open for changes in the global IT industry, and we can say that, like other countries, the Cayman Islands has its strengths, weaknesses, ups and downfalls. On the brighter side, there is a significant disparity between salaries here and worldwide. On further reflection, while Cayman remains a tax-free haven, salaries have become more competitive. To combat that, however, the cost of living would arguably be as high as the other offshore jurisdictions and countries, if not higher, except for Bermuda, which is commonly believed to be 15% more expensive.

Small Island on the Rise

The IT market in Bermuda is undoubtedly more extensive than its counterpart in Cayman. However, I don’t think this will be a long-term factor, given the infrastructure and technological advancements in the Cayman Islands. We may be a small island compared to big cities, but we are working on a daily basis to boost advancements!

We have also discovered that figures will also be inconsistent depending on each industry sector. For example, the hedge fund and financial industry in London and New York will be substantially higher than salaries in Cayman. As we know, A* talents reside in these areas, but the Cayman Islands are steadily rising as well.

Additionally, with contracting rates and the supply and demand of talent, there are no doubts that figures will be much higher. These locations are also more family-friendly, affecting the talent able to work. Bermuda, being restricted to a maximum of two children, and Cayman to a similar but lesser extent, are unable to attract such a wide range of experienced workers, as these people will tend to have families.

There is no simple, easy conclusion to be drawn, but we are excited to announce that the IT industry in the Cayman Islands is definitely beginning to bloom.

With Cayman’s IT industry on the rise, so are available jobs! Get in touch with an Information Technology Recruitment Expert at info@cml.ky. We would be happy to speak with you.

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