Fidelity Group claim local staff inferior
Submitted by Anonymous on Fri, 06/29/2012 - 17:52
I read with interest and concern the recent comments attributed to Mr. Anwer Sunderji, Fidelity Group's chairman and chief executive officer as relayed in the Tribune news article found here. In this article, Mr. Sunderji is quoted as saying “We are finding that the quality of staff and cost of staff are far better or superior in Nassau than in the Cayman Islands”. He further went on to say “We know we're getting value in the Bahamas relative to other jurisdictions, so we want to move as many positions into the Bahamas as possible”.
This is offered as justification for the jobs he previously transferred from the Cayman Islands to that jurisdiction as well as his future intent to transfer further local jobs to the Bahamas.I am under no illusion when it comes to the global and competitive nature of businesses in our modern economy. We operate in a capitalist environment, which is profit centered and all things being equal --- Fidelity Group’s intention to consolidate back office functions are no different than those of many other large conglomerates.
However, all things are not equal. Fidelity is the only locally licensed class A banks in the Cayman Islands who is not required to pay their full annual bank license fee. In other words, our Government subsidizes them by agreeing to a lower fee on the basis that they are a small operation (relative to the other banks) and would find it difficult to pay.
In our current Cayman environment, we are faced with high unemployment which is consequently placing a strain on the scarce resources of our Government in order to provide relief through social assistance.
The Premier recently threatened to introduce increased taxes on our locally licensed liquor establishment in order to raise revenue and balance our Budget. How then, can it be conscionable, for Caymanians to continue paying higher taxes, so that this company can pay lower fees when such disdain and utter disrespect for Caymanians and the Cayman Islands is uttered in the national publication of one of our competing jurisdictions?
The cost of living and doing business in Cayman is indeed high --- a fact that seems to escape the Fidelity group when they set remuneration levels for their local staff. I offer, that based on the packages noted in publicly placed ads for jobs at this company, it is unlikely that they would be attracting the brightest or the best amongst my fellow Caymanians.
I further offer, that it is grossly unfair for this institution to continue to receive favorable dispensation from our people through lower fees which enables it to operate in our Islands when it’s Directors and Executives is clearly only focused on their bottom line and shows no reservations in terminating Caymanian jobs and setting up shop in another jurisdiction when it is in their best interest.
I believe that at the very least, a public apology should be offered to the local staff of the Fidelity Group and to the people of the Cayman Islands who has been stereotypically painted as being of an inferior quality and who does not provide value for money.
I further believe that absent such an apology, residents of the Cayman Islands doing business with the Fidelity Group may need to re-evaluate their business relationship with this group of Company and the Government may need to reconsider their position as it relates to lower fees for this Company.
Thank you for allowing me space in your publication to express my thoughts on this matter.
An insulted Caymanian.
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Comments
Insulted?
Fidelity is being open and honest, a rare circumstance. Instead of being insulted, which is a waste of time and effort, why are you not outraged at the terrible education system here? The high work permit fees and other taxes that make it expensive to do business? Your comments dont change the reality that the bank, like every other employer except perhaps our government, expects value for their money, including salaries. Its not a charity and if the Bahamas offers better staff and or less expensive staff, they will move as many positions as they can.
Why not propose solutions. If the gov wants to help a small bank that does hire a lot of staff locally, why not reduce their work permit fees instead of the overall licence fee. This would effectively reward them for hiring locally and tie their 'savings' to local employment levels.
Nobody cares if you're insulted, nor should they. Its a business in a competitve industry. If we want ANY jobs to remain in Cayman, we need to fix the problems that they have graciously and honestly identifed for us.
Ah Nassau is a crime ridden
Ah Nassau is a crime ridden spot anyways...not much future their...Nassau is not on my spot to relocate to even if offered a job..unless my job was smuggling drugs!
Oh well, this is not a good time to be in the Caribbean the ROW is looking much better now..time to relocate
Well said. Such ignorance on
Well said. Such ignorance on this island.
THERE, not THEIR ... Here is
THERE, not THEIR ...
Here is an explanation:
http://theoatmeal.com/comics/misspelling
So the Fidelity Group is just
So the Fidelity Group is just now learning what most other businesses (mostly Caymanian own) have known all along. And they have reacted like all the rest. Besides this poor insulted Caymanians feelings being hurt what is the problem? Does he just want a hug?
so what is the fuss
So your telling me that is is not obvious that Cayman work system is not a Joke. Tell me where else in the world can a high school leaver with little or no passes can even get an interveiw at a bank? What must be said is that just because someone said they are caymaninain that does not mean they are. look at all the establishments and tell me where are the caymaninans, Hospital, ?DER? Camana Bay? Police? Teachers?. A real Caymanain can identify there own, so this stupidness about caymaninans inferior could be true , because there is no caymanians left. all good ones are working good stable jobs or have there own business. Just because someone worked in a Bar, get married to Caymaninain and find another Job like being a teacher or Police or other jobs does not mean they are caymanian. Even the kids now a days are all diluted and do not know nothing about cayman. So next time you wnat to make a fight about the quality of employees in Cayman, blame it on the stupid restricted system, that we only end up here with all the rejects, all other nationalities that can get off this rock is gone or plan to leave. i say open up the work force and let the Cayman people face the real world, so that the people that are so called "married to caymanian" can get back to reality, they know that in there own countries they could never be so bold as to seek certain Jobs. So check the facts , I can be sure that in Bahamas they dont let any riff raff come into that country and playthat "i am caymanian" game. You are either qualified for a post or you are not.
"A real Caymanian can
"A real Caymanian can identify THERE own" you say. Yes - often by the spelling and grammar!
oh please! i've seen some
oh please! i've seen some shit english coming from expats and gotta shake my head. english mistakes are very common throughout the english epeaking world, hence the number of websites you find on the topic. :-P
Although most 6 year olds
Although most 6 year olds have mastered the capital letter . . .
You make it very difficult
You make it very difficult for one to legitimately defend Caymanians when this kind of nonsense is spewed and then you boastfully claim to be Caymanian?
What I'd like to know is
What I'd like to know is who posted this article? It reads like a grudge post from a disgruntled employee, trouble maker, or some sort.
As I read it "Fidelity" locally didn't say anything so stop dissing them. Do you want another employer of Caymanians to suffer? That's what the Bahamian newspaper seems to want! They WANT people to get worked up & cause problems for businesses so businesses have to relocate (to Bahamas). A while ago the press were in favour of Cayman & it upset Bermuda, which Cayman loved since we got businesses from there. Now the boot is on the other foot we scream & make demands to punish a business, which employs people here! Madness. And it is the people that are employed here that will suffer, not the big bosses in other countries. Employees, customers, the public.
The comments are upsetting, but don't shoot the messenger's company 'cos you don't like the message whether or not it was said (was it a misquote, as the press can do; they are in the job of selling stories not always reporting facts). If you take your business elsewhere do you think that helps the employees of the company? No, you are making it worse for them & further risking jobs. Complaining to the Chairman & the Group Board is a better solution if you Anonymous bloggers dare! Don't take things out on companies, whose employees try their best I am sure & work hard for their customers. Focus your efforts on the far bigger issues in Cayman like crime, mis-use of funds, destruction of the environment, and constantly whining bloggers.
I can't believe anyone is
I can't believe anyone is doubting Mr Sunderji's comment in the first paragraph. Those of us not blinded by the ezzardian "Caymanians are the best employees in the world" stupidness and knowing that it is getting harder to retain excellent foreign staff in our xenophobic, expensive environment are well aware he is correct, though not "politically correct". He's a businessman. Not a politician or someone wanting to kissass with Cayman. He will take his business where it is best appreciated and serviced. And that is not Cayman. Expect more of this, except in the thatch rope making industry.
lol
Ezzardian, i like it. I'll use that next time, Thanks.
Exdellent post, 18:11.
Exdellent post, 18:11.
Fair point, but I think the
Fair point, but I think the Author's point is that he can't expect to have the best of both worlds. He can't expect to pay lower fees than his competitors in the market here as a special favor by the Government to his institution while at the same time cutting jobs, transferring them to the Bahamas and stereotyping Caymanians in a negative light.
I for one will be bringing this to the attention of my MLA and ask that the fees that Fidelity pays for its license be reviewed in light of the position taken by their CEO
Actually, if he maintains
Actually, if he maintains that Caymanian staff are inferior and threatens to take his business elsewhere, the government of Cayman will need to work that much harder to keep him here.
Is it stereotyping if it is
Is it stereotyping if it is his direct business experience?
Fidelity's failure at
Fidelity's failure at diplomacy is by no means an indictment on the validity of their comment.
One must ask what is the benefit of having such an open immigration system if we still are unable to compete on the global stage as a result of a lack of suitable human resources. The sole reason to open our immigration system, allowing practically any qualified person with a job to live and work in Cayman, is to attract the "best and brightest". Obviously our policies have failed as there are better and brighter people in the Bahamas.
The second indictment is on the education system of the Cayman Islands. Twenty years ago we had 7 retail banks and 5 Caymanian bank managers who attended high school here. Today we have a similar number of retail banks and not one bank manager who attended high school here. While I doubt if spending 100 million dollars on new schools will fix that problem, I would love to be proven wrong.
We need to focus on better socialisation of our people where a positive attitude towards work and strong work ethics are the rule, not the exception. Strong socialisation and developing a culture of excellence will lead to an environment where education is held in higher regard and our workforce will strive for more knowledge. Finally, even with education and a positive work attitude it is up to the institution to support their staff and provide the employment opportunity and the necessary training. Together all of these components will make for a formidable workforce which will be the envy of the Bahamas and the world.
"...not one bank manager who
"...not one bank manager who attended high school here." You sure? Save your $100 million. The problem is fixed! Check with Zanda at CNB on Cayman Brac and ask her where she attended high school. Hmmm...? You just might be proven wrong.
You got LOTS of posters - and posers - on this forum but few with credible facts. Of course it is not often mentioned in Grand Cayman circles but obviously the quality of the work force on Cayman Brac is superior and Brackers are "the brightest and best" in a great many posts, both public and private, in all three islands.
Fidelity should have relocated to Cayman Brac!
You are only blowing hot air
You are only blowing hot air and steam.
Besides your nitpicking, what Chris said is absolutely true.
Perhaps the Work permit Board
Perhaps the Work permit Board could benefit from having a copy of these thoughts placed on file when it comes to business staffing plan.
I will be boycotting the next
I will be boycotting the next Business Outlook. The level of contempt that some of these individuals have whilst at the same time making a fortune off us is infuriating and plain ridiculous.
I expect a full apology and please don't insult us with any excuses about being misquoted.
We need to take control of our product by raising hell and hitting them where it hurts most - their pocket$$$
Enough of the disrespect and people taking us for idiots!!!
. It would seem that you did
. It would seem that you did hit them where it hurt and they moved their (sorry, your) product where it wouldn't. Only an idiot wouldn't see that coming.
"...taking us for
"...taking us for idiots!!!"
This is easy to do when you havve to deal with your so called "premier".
i had no idea that Fidelity
i had no idea that Fidelity wasnt paying its full licence fee. I wonder what was the basis for that decision given the number of other banks in the jurisdiction. Having said that, it is clear that the Chairman made a mistake in making that sort of a comment regarding a jurisdiction that his bank is still operating in. It was very illadvised. However we do need to stop and think twice about the overall message and picture. It is expensive to do business in Cayman and the financial industry remains key to government revenue. There is no point in Government killing the goose that lays the golden egg when it is clear that not only the usual players such are Guernsey and Ireland are desperately trying to compete for the business that we need to sustain us but now the rest of the Caribbean is also trying to get a piece of the pie. It is not helpful that government consistently looks to gain additional funding for its bloated budget from the industry. this is not the right time and austerity measures are necessary for government if we hope to survive. plotting to bring down the big firms is also selfish and short sighted (and i dont work for them btw). They have proven they can and will go where they want to save a buck or two and if they leave it will only hurt us.
Group's Chairman Should Apologize
It is one thing to consolidate operations for more operational efficiencies but when you publicly announce that "quality of staff are far better or superior in Nassau than in the Cayman Islands" you have not only insulted the people of the Cayman Islands but you have disserviced the Group that employs you and now run "reputational risk". Your position Mr. Chairman demands more ethics and accountability.
This is the same Bank that is boasting that it has booked millions of dollars worth of loans to Caymanians at exhorbitant rates of 19% that is putting them in even more financial difficulties.
A retraction is needed.
Nobody forced anyone to
Nobody forced anyone to borrow at that rate. Either the borrowers were risky and the rate reflected that or the borrowers could have shopped elsewhere for a better rate. Stop blaming the bank for borrowers greed.
Reply to "Nobody Forced Anyone"
While risk and rate are synonymous, borrowers' greed has nothing to do with the issue at hand. What do you think contributed to the world economic crisis? Lack of regulation and ethics. The housing crisis in the United States was a direct result of poor lending practices and greed. The people that have availed of these ridiculous 19% interest rate loans in all likelihood are struggling and needed assistance and should not be termed "greedy". The bank then can be termed greedy for taking advantage of these people in need.
The old saying "what goes around comes around" might prevail here as these high interest rate loans are unsecured so the default will be high and the bank in question will reap what they sow.
Debtors jails would help
Debtors jails would help bring down the cost of borrowing for us all.
Especially the Cayman
Especially the Cayman government.
So presumably you would want
So presumably you would want regulation to stop these loans at all in order to save the weakwilled taking out loans they shouldn't because they are too stupid to regulate their own lives sensibly?
Many thought it, few had the
Many thought it, few had the guts to say it, sorry if it hurts.
No apologies necessary from
No apologies necessary from you, but I tell you one thing, if they do not issue one, I for one will not be renewing my insurance policy with that Company. Any other Country and heads would roll for statements like this, but I guess because of the reserved nature of Caymanians, they feel they will simply roll over and take anything
Why say sorry for speaking
Why say sorry for speaking the truth?
because the truth hurts?
because the truth hurts?
That was a truly appalling
That was a truly appalling statement by Fidelity. Did they think no one outside Nassau would read it?
So a businessman speaks what
So a businessman speaks what he perceives to be the truth and you have a problem with that. How do you view the Premier of Cayman, acting in an official capacity ranting on about Donkey Faces? It seems to me that does far more to discredit Cayman!
I am Donkey Face!
Concise and effective.
Concise and effective.
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