1 week Ago By Bernews8
Minister of Economy and Labour Jason Hayward addressed members of Sandys Rotary Club and “shared information on Bermuda’s job market in 2024 and the Government’s strategies to strengthen the workforce.” A spokesperson said, “Minister Hayward spoke about the following: Good evening, members of Sandys Rotary Club. Thank you for welcoming me today.
It’s a pleasure to address such a distinguished group dedicated to serving our community. It is an honor to be here with you today to discuss an issue central to Bermuda’s future—our labour workforce, and the strategies we are implementing to strengthen it for the years ahead. As many of you would know, Bermuda’s workforce faces both unique challenges and opportunities.
We have a highly skilled and educated workforce, but we are not without concerns, particularly when it comes to demographic trends. One of the most pressing issues we face is our aging population. The data shows that as our population grows older, the proportion of working-age Bermudians is shrinking.
This trend is not just a statistic; it’s a critical challenge for the sustainability of our workforce. An aging workforce has a direct impact on our labour market. Fewer young people entering the workforce creates gaps in key industries, puts pressure on our pension system, and increases the demand for healthcare services.
Moreover, it means fewer people are available to drive productivity and growth, creating challenges in sustaining economic progress. Retaining local talent is crucial for Bermuda’s economic resilience and cultural continuity. A strong local workforce is vital not only for economic stability, but also for nurturing community ties and preserving the unique cultural identity of Bermuda.
Our consultation on retaining the local workforce highlights that investing in the development of Bermudians creates a sustainable pipeline of skilled workers, helping to mitigate the brain drain by providing career advancement opportunities. Local businesses must create inclusive workplaces, offer competitive salaries, and support professional development to ensure that young Bermudians see a future for themselves here. By prioritizing local talent, we can build a vibrant economy that benefits all Bermudians and secures a prosperous future for our island.
As we strive to retain local talent, it is equally important for us as a government to prioritize attracting young Bermudians back to the island. It is crucial that we make a concerted effort to bring our young people home. Many of our young professionals seek opportunities abroad, and while gaining international experience is invaluable, we must ensure that Bermuda remains a place where they see a future for themselves and their families.
Retaining our local workforce is not just about job creation; it’s about building a sustainable economy that is both resilient and competitive on the global stage. As a government, we recognize the necessity of filling workforce gaps with international workers in highly specialized fields; however, we firmly believe that this approach should not serve as a long-term solution. Our focus must be on developing and empowering our local workforce to ensure sustainable employment for Bermudians.
Our goal is to ensure that Bermudians are empowered and skilled to take on roles across all sectors of our economy, whether in traditional industries like hospitality or in emerging sectors like technology and renewable energy. In response to these workforce challenges, the Government of Bermuda has developed the Economic Development Strategy, which focuses on six key priorities. Today, I want to highlight Strategic Priority 5: People.
Strategic Priority 5 is about ensuring that Bermuda has a skilled local workforce capable of meeting the demands of a changing economy. The very essence of this priority lies in the commitment to workforce development, which is designed to equip individuals with skills and tools necessary to remain competitive. By investing in workforce initiatives, we enhance talent for employers while providing cost-effective upskilling opportunities for employees, creating mutual benefits for all parties involved.
This initiative aims to enhance the local economy by keeping Bermudians competitive, fostering a high-quality workforce that attracts businesses, and improving local economic participation. The National Workforce Development Strategy sets a strategic plan to align resources, establish clear priorities, and connect individuals with job opportunities. Additionally, our Youth Employment Strategy focuses on empowering Bermudians aged 18-26 through educational and job readiness initiatives to combat unemployment.
We’ve recognized that collaboration with industry stakeholders is crucial for aligning workforce efforts with market needs and creating career pathways while ensuring access to training. By partnering with the private sector to develop internships, apprenticeships, and on-the-job training programs, we are aiming to provide Bermudians with direct access to opportunities in emerging industries. This approach not only enhances skill development but also fosters a more robust local workforce prepared to meet the demands of a changing economy.
Some of you will know that we have moved to ensure comprehensive support is provided through the implementation of Personal Employment Plans. Personal Employment Plans serve as individualized roadmaps for individuals seeking sustainable employment. These plans include tailored goals, actionable steps, and necessary resources to help participants navigate their career journeys effectively.
By offering one-on-one support, we empower individuals to identify their strengths and aspirations while addressing barriers to employment. This personalized approach not only increases the likelihood of job retention but also fosters a sense of ownership over one’s career path. In tandem with these plans, the establishment of the National Certification and Apprenticeship Board is pivotal in creating a structured framework for skills development in Bermuda.
This board will oversee the development and implementation of apprenticeship programs and national certifications, ensuring that Bermudians receive the training needed to excel in various industries. By promoting vocational training and aligning it with the needs of the job market, we are cultivating a workforce equipped with the relevant skills that employers demand. Together, these initiatives reflect our commitment to investing in our people and creating a robust pipeline of qualified talent that meets the needs of our economy.
They also signify a broader vision of workforce development, where every Bermudian has the opportunity to thrive and contribute meaningfully to their community. As we move forward, we will continue to engage with industry partners and stakeholders to refine these programs and ensure that they remain responsive to the evolving landscape of work. Now, let me provide a brief update on the 2024 job market.
The most recent data shows that Bermuda’s labour market has been steadily recovering from the effects of the COVID-19 pandemic. We recently shared the Bermuda Job Market Employment Briefs 2024, and I was pleased to report that the number of filled jobs increased by 952 between 2022 and 2023, reaching 32,866. However, despite this 3% increase, we remain 1,512 jobs below pre-pandemic levels, which underscores the ongoing need for proactive labour policies.
Here are some key highlights from our job market: These job numbers are encouraging, but the Government remains focused on ensuring Bermudians are at the center of our economic growth. Our policies are designed to create not just more jobs, but better jobs—roles that are well-paying, sustainable, and offer long-term career growth for the Bermudian people. We recognize the importance of equipping Bermudians with the skills necessary to compete in a global economy, which is why our labour strategy includes: The government is also working with employers to ensure labour laws protect the rights of workers while encouraging fair wages and working conditions.
We are committed to fostering a labour market that not only reflects economic growth but also equity and fairness for all Bermudians. In conclusion, our focus on workforce development is not just about economic growth—it’s about securing a prosperous future for all Bermudians. As we move forward with the Economic Development Strategy, we will continue to prioritize Bermudian talent, ensuring that our people are equipped to seize new opportunities and contribute meaningfully to the economy.
Thank you for your attention, and I look forward to your questions and the continued partnership of organizations like the Sandys Rotary Club as we work together to build a stronger, more resilient Bermuda for all. :.
