SCOTIABANK & TRUST (CAYMAN) LTD.: ISSUES RELATED TO LABOUR MIX, CAPITAL, AND GOVERNMENTAL INTERVENTION
Scotiabank & Trust (Cayman) Ltd. is the Caymanian subsidiary of Scotiabank, which is headquartered in Canada. This paper reviews issues affecting the operation of Scotiabank & Trust (Cayman) Ltd., as those issues relate to (a) labour mix, (b) capital, and (c) governmental intervention.
Scotiabank & Trust (Cayman) Ltd. requires a labour mix that includes (a) financial professionals (asset management, banking, currency exchange specialists, and others), (b) information technology (IT) personnel qualified in a variety of specialties, and (c) clerical personnel who are computer-literate and finance-literate (Bergman, 2005). The labour pool in the Cayman Islands includes people with the qualifications required by Scotiabank & Trust (Cayman) Ltd.; however, this labour pool is stretched thin, as there are in excess of 600 financial institutions located in the Cayman Islands who are competing for these workers (McKeon, 2004).
Both the growth in demand for appropriately skilled and qualified labour and the incorporate of technological innovations into the operations of the Scotiabank & Trust (Cayman) Ltd. hold the potential to create serious future problems for the bank within the context of (a) access to necessary labour resources and (b) labour factor costs (Sloman and Sutcliffe, 2004).
The potential labour shortages in the Cayman Islands likely will not strengthen the potential for employee unionisation, as the tight labour market will require employers to offer salary and benefit inducements to attract labour. While Scotiabank & Trust (Cayman) Ltd. has implanted a training programme to develop labour skills to meet future demand, this action alone likely will not be sufficient, as new financial institutions continue to locate in the Cayman Islands (McKeon, 2004).
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