Over the last year, the Channel Islands – and in particular Jersey – have become a focal point for professionals seeking new challenges and better job opportunities.
After the challenges of the pandemic, Jersey has flourished thanks to an influx of overseas talent and a robust job market supporting domestic professionals.
Here at AD Offshore, we’re at the forefront of this sector, witnessing first-hand the growing popularity of the island and how the local recruitment landscape is changing.
Below we explore some of the trends that are driving this incredible growth and where the market might go in 2024.
Exceptional Talent Pool
A key driver of Jersey’s increasingly successful job market is the strength of its workforce. As of 2023, there were 65,000 jobs in the Jersey economy with the financial and legal services sectors making up 21% of those positions.
This combination of a small but highly concentrated workforce, combined with higher salaries and world-class businesses that demand a certain level of experience and skill, means the market is highly competitive and extremely effective.
Naturally, having these factors in play means that as the workforce grows, the benchmark for talent only grows with it.
Increasingly, we’re also seeing more overseas talent entering the market, which naturally leads to businesses expanding (or entering the market) and the breadth of available roles rising.
Higher Salary Ceiling
Although Jersey naturally has a higher cost of living than the mainland UK, it also offers significantly higher salaries with higher ceilings.
The median salary in the UK currently sits at £34,963 according to Statista. Now compare that with Jersey, which has a median salary of £60,600.
As you’d imagine, this is attracting plenty of high-quality talent that is naturally lifting the benchmark of the entire professional sector.
Beautiful Surroundings
The natural beauty that Jersey can offer – especially when we consider the career opportunities also available – means that mainly mainland cities cannot compete.
For professionals who want to advance up the career ladder amongst stunning coastlines and surrounding countryside, Jersey has it all.
Similarly, Jersey’s property market is filled with stunning properties that offer plenty of character and have steadily risen in price over the last decade. As an example, two-bedroom properties in Jersey have increased in value by 74% since 2010.
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Hub of Desirable Business Sectors
While the island itself is relatively small, the size and strength of its key business sectors – namely finance, legal and banking – is a key driver in its thriving jobs market.
The financial services sector accounts for 37.5% of the island’s job market and boasts exceptional links with global financial businesses, contributing nearly 40% of the island’s total GVA.
While not as large, the legal sector on the island is also incredibly strong and often draws talent from the mainland thanks to the opportunities, salaries and potential for advancement that Jersey can offer.
It’s these highly desirable fields – combined with the strength of the talent available in the workforce – that are helping the job market thrive.
Tax Benefits
Despite being well-documented, the tax benefits that Jersey offers professionals cannot be understated.
The minimum personal tax is 20% and there are exemption thresholds plus a marginal rate of tax to protect lower-income residents. There is no capital gains tax or inheritance tax in Jersey.
This is a huge draw for many people who want to build a career in one of Jersey’s many prominent professional sectors and is a key part of Jersey’s continued rise in popularity.
Global Connectivity
Despite being relatively small, Jersey has exceptional connections with the global economy thanks to the strength of its finance and legal sectors. This means that Jersey’s professional workforce can easily take advantage of these global connections whilst flourishing in the tight-knit professional network on the island.
The finance sector in Jersey is particularly strong, which has resulted in key links with global markets and world-class businesses – a truly unique feature for an island of its size.
Quality of Life
A major draw of Jersey and the Channel Islands in general is the quality of life they offer. With beautiful, unspoilt surroundings and clean sea air, Jersey is an environment that larger mainland cities can’t replicate.
Jersey offers an ideal balance for working professionals – boasting international business connections and a relaxed way of life in a secure location.
With exceptional restaurants, bars and shopping sitting side-by-side with key global businesses, it has something to offer everyone.