Life in the Cayman Islands offers an opportunity to enjoy market leading packages alongside a 0% income tax environment. More often than not you will need to consider the entirety of a package which will likely be made up of a basic salary, bonus opportunities, commission, health insurance, additional vacation days and many other unique and enhanced benefits packages.
Things to consider before negotiating a package in the Cayman Islands are an in depth view of the market rate for not only the responsibilities that the role entails, but the level of experience you have in comparison with other candidates in the market place. Ensure you do your research on the local market before initiating any negotiations on a potential offer of employment. It is important to ensure that you do not sell yourself short in accepting an initial offer, but to ensure you are pitching your expectations within a realistic and reasonable banding.
When considering how to go about a salary negotiation it is important to be as up front as possible from the beginning of the process, and to make all parties aware of any changes in expectations throughout the interview process. When faced with an offer negotiation it is important to approach this discussion at an appropriate time, with an open mind to negotiating not only the base salary but other components of the overall package that can be enhanced. Always take time to consider an offer, and have a clear idea of what your end goal is to enable you to know when to accept an offer and when to be prepared to walk away.
SteppingStones is a highly established agency on Island with extensive experience in the local market, recruiting across a variety of industries and specialties. If you are looking for advice and guidance on not only your job search, but your current package and market trends, please do not hesitate to get in touch. We are well placed to offer advice on candidates who already have on Island experience, who are looking to explore their next opportunity, alongside candidates looking to get an insight in to relocating to the Cayman Islands and what their potential opportunities might offer.
Always remember what has motivated you to search for a role in the first place and consider the entire offering. It might not always come down to monetary value, but actually the non tangible benefits your future employer offers. Remember career progression, opportunity for continued development, company culture and a number of other factors are also highly important motivators to step in to a new opportunity.
Please don’t hesitate to get in touch with one of our recruiters for a confidential and open conversation regarding the job market in the Cayman Islands.