Penn bemoans outsourced financial services jobs
Eighth District Representative Marlon Penn has expressed concern over the shifting of traditional financial services roles to outsourced labour.
During a recent Opposition radio show, Penn highlighted the negative impact of this trend on the local economy, particularly the reduction in employment opportunities for locals who previously held these positions. According to Penn, the now-shrinking middle class in the territory today was built mainly through the Financial Services industry, where many high-paying jobs in the BVI originated.
“A lot of the corporate administrators and those key jobs were held by Virgin Islanders,” Penn said. “And we’re seeing a trend now, where those jobs are being outsourced from the BVI, where persons who had these opportunities now no longer have these opportunities.”
Downsizing
Penn, who worked in the financial services industry for 15 years, noted that these changes have led to a broader issue for the territory. For example, real estate owners in Road Town have seen a decline in demand for commercial space as businesses opt for smaller office setups. The downsizing of local operations has resulted in less revenue for local landlords and fewer job opportunities for Virgin Islanders.
“There were safeguards put in place to ensure that those persons who do business in the BVI made sure they hired people in the BVI to operate from within the BVI,” he said. “There seems to be a relaxing of the protocols where persons are now allowed to pretty much downsize to small spaces because they outsource most of the operations outside the Virgin Islands.”
Locals a relocating abroad
He further lamented that many young professionals who would have traditionally found work within the financial services industry are now considering relocating abroad for better prospects. “For the first time, people are saying, ‘Look, I can’t make it in my own country,’” Penn added, noting that some have already moved to places like the United Kingdom or the United States in search of better opportunities.
Penn expressed worry that the country was in a quandary because of poor leadership and inexperience, highlighting that opportunities for people are few and far between. “This is a government that doesn’t understand what’s happening on the ground and is failing to do what is necessary to move the people forward,” he added.
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you should look at H* from labor he is facilitating all this and its bad for us herein the bvi
The problem is that employers comparing employees in the BVI and overseas are seeing that they can hire better educated harder working employees with better English language skills at a much lower costs in India than they can find here.
There is no quick solution – our lack of investment in education for the last 25 years in particular has come back to haunt us. Parents who could afford to pay for their children to attend private schools and then into schools overseas, are now seeing that the money was well spent. Some of those children are staying overseas, and some are coming back to the better paying jobs in the BVI. Meanwhile, many children who were educated in the Government schools here and finding life very tough – especially those whose written English skills are wanting.
You reap what you sew!
Companies are just keeping enough office and staff to meet the requirement to personally submit corporate paperwork, thanks to Labour and Immigration making it so difficult for senior management to move here with family. Hence they stay home and manage remotely.
Close your borders and pay the price!!
Lack of government intervention may be seen as part of the problem but the people in the upper echelon of the BVI Financial Services Commission (starting with the CEO and the Minister for Financial Services)only want to have a close knit group of people who they view as people of status in the community to work in the commission and it has nothing to do with knowledge and experience
The sad reality is that the BVI CANNOT control global business. The major corporate entities here operating in the financial services space in the BVI are not headquartered in the BVI, they simply have a presence here. While they have to adhere to BVI laws/policies there is little that the Government can do in terms of their operations. Businesses are not in business to keep locals employed so the Government need to stop pandering and pretending. WE need to focus on EDUCATION/TRAINING of our people to equip them for the career opportunities that are available. This 90’s politics nonsense when we know better is tiring. STOP IT!
The BVI does not want foreigners to own property, own businesses or live here.
Are you surprised if they go to friendlier jurisdictions that want to attract business and grow their economies?
Reality check – everyone will leave the BVI unless you make it easier to live and work here!
btw this has been a theme of the last 30 years…
Then let them leave! Everyone is protecting their home so why can’t the BVI! Canada just implemented a set of new immigration laws making it even harder to live and work in Canada. You people just need to go back to your homes and stop chasing the U.S dollar. It so bad that when you don’t get it you turn bitter with you negative comments. If it’s so bad then go back to your country or origin! I mean it’s that simple! SMH ♀️
I respect the BVI and their immigration laws. It’s vital to have strict laws . Most of you don’t have a good interest at heart for the country anyway. You are just after the U.S DOLLARS!
To the Government, do not change you laws to accommodate no one who is itching for a passport and have no real interest in the country.
This is the problem! Protecting the BVI does NOT automatically mean shutting out everyone who is not from here. You sound very stupid and this is why we are in this mess today. Financial Services firms are globally owned, who the f**k is BVI to tell them who to hire and how many staff to have? Technology is taking over but we continue to pump money everywhere except for education/advancement, yet we should blame the corporatations? Just let them leave you say? MOST HAVE ALREADY LEFT which is why the economy is the way it is.
I think you missed the point. The Person said those who not not chasing the U.S dollar and a passport. Read to comprehend and not air your mouth. I don’t think they said anything about not letting anyone in the country . They are simply saying don’t let those in the country who only seeking U.S dollar and does not have an interest in developing the country . Please learn to read and comprehend. A major problem here in the BVI. No one reads to comprehend .. just love airing their mouths.
Very backward thinking, let them leave and run their businesses from more friendly places. In doing so they will build their support teams where they’re based which is exactly what Marlon is saying – we will lose the jobs in the BVI.
You clearly don’t understand how global business works. If we’re not welcoming to incoming businesses and workers, who in turn will build jobs in the BVI, they will do it elsewhere and we will lose out. Strups
Again. Learn to read and comprehend and not just air your mouth for speaking sake. All the person is saying be careful who you let into the country. Not those who only seek the U.S dollar and a passport. Let in people who generally have the best interest in the country. Not those who only come for a passport and the dollar. .. and I couldn’t agree more.
Unfortunately, the poor quality of your written English is exactly what puts foreign owned companies from hiring you.
I must confess, I was unaware that the U.S. dollar—of which you speak so glowingly and which you claim everyone envies—had solely become the property of the British Virgin Islands. No doubt the U.S. Department of Printing and Engraving will be stunned to learn of this development.
better own land and eat humble pie than be surrounded by invaders with toxic cultures
you realize that the finance industry pays for 60% of the islands income? That’s a lot of humble pie you are going to be putting into your fat face..
That’s not true the labour department has more than 10,000 work permit requests and getting more every day. Government has no imagination and prefer to process work permits for a fee rather than get off their butt and bring business to invest and hire BVIslanders.
NOBODY IS LOOKING OUT FOR US
BVI is no longer a desirable place to live.
Roads have gone to shit, crime is up and it is nearly impossible to set-up a business or own property.
The BVI government still believes everyone wants to live here regardless of living conditions..
Most foreigners prefer to live in the UK and run their BVI business from there, including payer higher taxes.
Unless the BVI gets itself organized, the decline will continue!
Very good Penn. Outsourcing needs to be outlawed. They are denying jobs to locals because they want to outsource for cheaper staff. This country should be importing and retaining the revenues it generates from financial services. Not exporting its revenues due to outsourcing. This needs to be outlawed immediately.
So when these entities decide to close up shop then where will the BVIslanders work?
They are here now and BVIslandrs still not getting work and a lot of us are more than capable
so nobody is going to talk about that trust company upstairs clover’s that just sent home 15 of their employees few days ago to outsource the work to two other countries? BVI is in serious trouble….
What are Marlon’s plans to move the Territory forward. Every day we continue to hear what is going wrong but never anything meaningful about going forward.
The TRUTH here is Andrew and The VIP f**ked up this country during COVID by not letting people return to the BVI for work. So now, they have found ways to outsource and work remotely, deal with it!
With the climate changing around Compliance, the level of knowledge and qualifications for expertise in the industry is constantly growing and changing. The financial services sector cannot afford to hire persons that are not qualified to fill the positions. Simply put, where locals are desirous to secure positions in the industry, they must be willing to become qualified, as a minor slip in duty can be the detriment of the jurisdiction’s reputation and operation as a whole. If locals are not willing to do the studies, gain the necessary qualifications and do the work to be suitable for the positions, the trust companies will source where the pool of qualified persons exists. We have to get out of this mind state that solely because you are local, you are entitle to be given a position in a company. Too many of us want to jump into a CEO seat without never first being a receptionist. We dont live in the 50s and 60s anymore, times have changed, the market is competitive, if you want to be in the race you have to make yourself a viable asset.
Your comments are laughable. I have over 24 years of experience in Financial Services. I am a BVIslander. I have trained in the channel Island, USA world Bank and at what was formerly FSA and I can tell you the work I have seen out there during my time makes the work done in the BVI look like work in a kindergarten operation. A lot of expats come her some of which have very little qualifications and or experience and have to rely on BVIslanders who have been working themselves up the ranks in order to get their work done. On the other hand there are also a number of BVIslanders with experience and qualifications more that what their bosses have. Nevertheless the situation is what it is. The reality is because we have a financial services industry that is built strictly on filings documents as its prime function there is very little real work done here as compared to cayman, Bermuda, guernsey and Jersey. Banking, insurance, investments is far superior in those countries which do not focus on the paper pushing exercise just registering companies that we covet so much in the BVI.
Your very poor written English, as demonstrated by your post, is the reason that many employers in the BVI will not hire you. You are lucky that you current employer does not fire you.
I just moved back home after spending thousands of dollars for my education. A Degree and various certificates. When I came home and work in my field, which is filled with UK nationals, I am being told I don’t have enough qualifications, I have to take lower positions. The same ones then go to labor and bring in a friend with a high school certificate to work above me that have no knowledge or experience and then tell the government there are no qualified locals to fill the job. They bring in there own skin color and the government do not look into this. Now I have offers from the UK and the USA, paying me what I was asking for here, giving me the position I asked for and you want me to stay in BVI? Stop letting these white folks run this country because you will have no locals left.
To Turth.
You sound like a republican xenophobic and are likely unemployable due to personal delusions.
What you don’t realize is that the BVI only does well economically when the Republicans party is in office. Here is a lesson for you when democrats are in the world is in a recession and when the republicans are in capitalism takes over and businesses flourish worldwide. Secondly you have no right to knock down that gentleman for his comments he said he has qualification as a BVIslander yet they still wanted to get someone else to come in on a work permit to do the work why the don’t train him. I am a qualified professional with worldwide training and nearly 30 years experience and a BVIslader and I know what he is talking about
You don’t sound like you have the education that you claim to have. Otherwise, your mind may be slightly more open.
Unless you in a situation you cannot speak on it. Some people like to talk with no evidence. Unless you know someone in a situation you also cannot talk about it. Do your research before you put your mouth in thing.
Some of the responses here shows how deep in s**t we are! The Government CANNOT force a global business to do anything that’s not beneficial to their business. What Government needs to do is strike the right balance with facilitating business and ensuring local involvement in the opportunities being offered. If we had proper labour laws in place we wouldn’t be here with this situation. Everything here takes far too long and businesses are sick of it. COVID showed that we could do almost anything from at home or abroad so more and more businesses are realizing they do not have to put up with the labour department and immigration department rubbish. Nobody is saying to give every outsider Belonger Status or Residency Status. What should happen is a smoother process for doing business inclusive of multi-year permits for certain professions. The aim is to attract quality persons to live/work here and contribute to further employment for the locals. This nasty attitude about “Let them leave!” is what we are dealing with now because MOST HAVE LEFT. Drive around and ask why the restaurants and bars are so empty.
Your scenario, “Truth”, is at the crux of the problem, Virgin Islanders face.
YES, we know, that foreign owned corporations, will, want to hire foreigners. AND, they are right for wanting to do so.
However, as a good corporate citizen, doing business in these Virgin Islands, Virgin Islanders, should be, at the sign of initial employment, having the first choice of picks, for the job!
AND, we’re not seeing that!
It appears to me, that there is truly a level of hatred, for Virgin Islanders, being employed in this industry!
Of course, Virgin Islanders, are unqualified; they “LACK”- flaxen-colored hair, and skin;flaxen aesthetics; flaxen manner of speech, and dress; a flaxen attitude towards life, relational developments, and gastronomical delights;
AND, they “lack”, flaxen attitudes regarding the joys of life, and the people they choose t to spend their available time with!
ALL, of the above mentioned, are the true reasons Virgin Islanders, will nevaaaa qualify in these types, of spaces!!
WE NEED, responsible legislations, that protect, Virgin Islanders’ interests, with regards to employment!
VIP, YUUUUUU,have been armed, with the problems!!!!
GO FORTH, and present solutions,to these vexing issues!
@WOW Hi Mr. Know it all its off season and that’s why the restaurants are empty.
The level of RUBBISH from someone who aspires to be the Premier of this Territory!!!!!
This is not rubbish at all.You must be one of the expats they are blogging about above. Marlon is spot on on this one. When BVIslanders wake up to that reality, it will be too late for them and their children. No joke. This govt has no clue how many BVIslanders have relocated and continue to relocate. Unemployment rate for BVI was recently reported at 6 per cent. That is twice as high as it should be in order to be considered in the acceptable range.
Every qualified local in the BVI with a positive attitude/proper work ethic has a good job or own their own businesses, sometimes both. Do not debate me!
it seems like the canary from the yello site is playing a bully on BVI NEWS site with racial and narcissistic bloggings on this better new site ( JEALOUSY ) is one of his motive . Di we own the US $ ? and if a person honestly work for their money and pay yheir fair share of taxes, , he seems
to want to dictate on how they should spend it , why don’t you get those employers who is taking out taxes and not paying their fair share of taxes for decades now – in both parties , instead of using the RACISM CARD TO create distraction and friction , stay on your racist yello site . U are a trouble make , now we see why you love the WIG – U ARE A REAL DRAMA QUEEN
Not sure what hes referring to here. Its not just financial services outsourcing. Any company can benefit from hiring externally for admin rolls and any job that can be done remotely. This violates no rules currently on the books here.