Department of Economic Development to create new posts to support growth in the Island’s economy

| February 11, 2013 | 0 Comments

The Department of Economic Development has submitted an Order for the February sitting of Tynwald seeking approval to create a small number of new posts to support growth in the Island’s economy. Subject to Tynwald approval, 3 such posts will be created immediately, namely a Head of e-Gaming and two new Business Development Managers specialising in Financial Services. The Department requires individuals with proven experience in the private sector. It needs the flexibility to recruit outside of Civil Service constraints and without the normal long-term liabilities associated with Civil Servants such as a pension.

The Minister for Economic Development John Shimmin MHK commented:

‘I believe it is vital that the Isle of Man vigorously pursues opportunities to grow our economy and create jobs as a key element of our strategy to balance Government’s budget as well as create opportunities for our people. To do this effectively, my Department needs a small number of individuals with specific skills and experience from the private sector. This Order will give my Department the flexibility we need to recruit such individuals.

‘My Department is working closely with the local private sector to support and grow our economy. From my meetings with industry leaders, I know that there is very strong support for the planned roles in e-Gaming and Financial Services. I am confident that the right individuals can pay for themselves several times over in economic growth and new income for Government. Such additional income is particularly vital as Government strives to balance its budget while minimising cuts in services and increases in taxes and charges. My Department has made internal savings such that these posts can be funded within the existing budget. As a result, I hope Tynwald will also support my Department and vote for this Order.’

The Isle of Man is seen as a world leading centre of excellence for e-gaming, which currently accounts for around 8% of the Island’s National Income. The Department has worked with the private sector to develop a new strategy for e-gaming which shows it offers excellent potential for further growth in our economy, jobs and Government income. The new Head of e-Gaming will lead the implementation of this strategy.

Financial Services – which include banking, insurance, funds management and fiduciary services –remain the key export-earning sectors of the Isle of Man’s economy, accounting for 34% of the Island’s National Income. There are good opportunities to pursue growth in both new products and new international markets, helping to maintain local businesses and jobs. The 2 new Business Development Managers will play a key role in helping to maximise the potential from these opportunities. One will specialise in Retail Financial Services and one in Corporate Financial Services.

These new posts are being funded from internal savings. The Department has conducted a review in recent months such that a number of managerial, administrative and regulatory roles have been removed. The changes are being implemented through retirements and redeployments in order to minimise the impact on the individuals as well as to minimise the cost to the taxpayer.

The Minister for Economic Development concluded:

‘At this uncertain time, both my Department and the Island’s economy need to be resilient and adaptive to the opportunities and challenges we are facing. I have an excellent team of staff and Political Members who have responded well to the necessary organisational changes. I look forward to recruiting individuals to these 3 new key roles who also have a ‘can-do’ attitude’.

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Category: Economy, Finance & Business

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