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As more US companies are beginning to outsource work to other countries, other countries are improving their prospects for hosting American corporations. Jamaica, the third-largest island in the Caribbean, is no exception.
Jamaica is mostly known for its large tourism industry, but the island’s shipping and freight services are also a growing part of the local economy. This article will look at everything you need to know about the human capital potential of the Jamaican Islands.
SERVIAP can help with your global expansion needs. Contact us today to learn how you can expand your business with PEO in Jamaica.
Tech Graduates & Workforce
In an effort to encourage a broader understanding of technology, the Jamaican government put forth several initiatives to use technology more broadly in the culture.
- E-learning: This strategy is used in elementary schools, with most students learning directly on laptops.
- Science and Technology month: This month is celebrated on the island in November by the Scientific Research Council and seeks to increase awareness for these disciplines and stir up cultural interest in these subjects.
- WiFi hotspots: Through government intervention, hotspots are being added to smaller communities so that they may have the benefits of broad access to the internet.
Additionally, the workforce in Jamaica is formidable, with 62.8% of the population employed this year. The country’s unemployment rate sits at an impressively low 9%.
Key Sectors for Local Activity in Jamaica
Jamaica’s largest industry by far is the hospitality industry. Tourism and related services make up more than half of the island’s annual income. However, hospitality operates at the whims of tourism, and often, Jamaican citizens encounter a fluctuating demand for workers.
The Jamaican government is working hard to position the island as an important shipping hub. Jamaica has many docks that currently operate as ports for large cargo ships, and this industry is growing rapidly. Historically, Jamaica has worked in the import/export trade with other countries, such as the US, Venezuela, and China.
Key Sectors for Outsourcing
Jamaica would be an ideal location to outsource any shipping, freight, or logistic services. The cargo sector in Jamaica is a large and competitive market on every corner of the island. As freight and shipping are profitable industries on the island, much of the workforce has some measure of experience working with them.
You can feel confident in outsourcing any cargo or freight-related services to Jamaica. Other large industries on the island include agriculture, mining, and textile manufacturing. However, tourism remains the largest employer and income provider by a significant margin.
The first language of most Jamaican people is Jamaican Patois, but English is generally taught in schools as part of the curriculum. They are English speakers, but keep in mind any complications that could arise from their understanding of English as a second language.
Jamaican wages are lower than US companies might expect, with the average monthly salary being about 96,400 Jamaican dollars. This amount translates to roughly $623 USD, which is considerably lower than the US minimum wage of approximately $900 per month.
This salary includes any housing, transportation, or other benefits Jamaican workers can expect from employers. Additionally, the average wages depend on the work being done, so the average salaries will be based on what business or services you choose to outsource.
Prominent Cities for Business
Jamaica has two large cities that are fitting for any business needs. These locations are:
- Montego Bay: A site where tourists gather and experience Jamaican culture, this city is an ideal choice for a business center. Many outsourced business operations are located in Montego Bay.
- Kingston: The Jamaican capital and the island’s largest city. Kingston is widely considered to be the best place to support business interests.
Jamaica hosts many businesses in these two cities, and most outsourced companies will find a home there.
Turnover rates in Jamaica are typically lower than that of the US due partly to the lack of competitive offers from other jobs. Well-paying, consistent work is considered highly valuable to the Jamaican population, and workers would not easily give up those jobs.
As of three years ago, Jamaican employment was at an all-time high. If the trend continues, steady work should see lower turnover rates than previous years and other outsourcing markets.
Is Jamaica Right for Your Business?
SERVIAP is a leading Professional Employer Organization (PEO) ready to help your business expand operations throughout the Western Hemisphere. PEO is a model of co-employment, where we assume total responsibility for your talent, allowing you to focus on the strategic activities of your organization. Contact us today to learn more about how you can expand your business in Jamaica.