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The team at Alexander Daniels Offshore says that, after a challenging year, there are positive signs for the Island’s employment market in 2025
THE Channel Islands remain a dynamic and thriving employment landscape, providing various opportunities across a broad range of sectors.
Even with the uncertainty impacting the market over the past five years, both Guernsey and Jersey have continued to see key employment metrics rise.
In Guernsey, around 32,067 people are employed or self-employed – a steady 1% increase in employment figures year-on-year and a 1.8% growth rate since 2020. The island is home to 2,217 employers and the dominant sector in the jobs market is professional services, with 23.5% of jobs across the island in industries such as finance, legal and accounting.
But why is Guernsey so popular with professionals? Firstly, the island is home to a strong network of globally recognised companies, all attracted by the island’s extensive talent pool and pragmatic approach to business administration.
Secondly, the median salary is significantly higher than in the mainland UK. At the time of writing, the average Guernsey salary is £42,180, up 6.4% on last year.
When we combine these two factors, it’s easy to see why Guernsey is a top choice for professionals seeking competitive pay. Likewise, with unemployment sitting at just 0.8%, it’s also clear to see that there’s a strong candidate pool, although much of it can be classified as the “passive market”.
Jersey’s employment market is just as strong. Around 65,290 jobs were recorded in June 2024, a 0.8% increase on the previous year. While finance and legal services also lead the market in Jersey – accounting for nearly 21% of the workforce – we did see an increase in the number of private education and health services roles across the Island.
It helps that Jersey is home to around 690 private companies, meaning there is no shortage of opportunities in the professional services sector. This has directly contributed to Jersey’s impressive employment rate, with 81% of the working-age population in employment.
This level of competition in the market is also directly impacting compensation. In the year leading up to October 2024, salaries in Jersey rose by 7.2%. This means salary growth has now run ahead of the inflation rate for several months, suggesting the demand for good talent is growing and driving salaries up with it.
With diverse job markets, competitive salaries and leading professional services sectors, it’s not hard to see why the Channel Islands are an exciting destination, both for businesses and job seekers looking for their dream roles.
With this in mind, what can we expect in 2025?
A growing demand for specialised skills
The finance industry in the Channel Islands is seeing a huge surge in demand for professionals who have specialised expertise. As key areas such as financial analysis, regulatory compliance, risk management and anti-money laundering become priorities for companies across the Channel Islands, it is natural that employers are seeking individuals with these skill sets.
We are seeing the same thing in less mature industries, such as the fintech sector. This industry is rapidly evolving alongside advancements in blockchain technology and financial software development. As companies look to hire more individuals based on their adaptability, these evolving requirements also demonstrate how important it is for a business to cultivate a workforce that is ready to deliver traditional financial acumen with more experimental or progressive technological proficiency.
Competitive global market
The Channel Islands continues to face mounting competition from other jurisdictions looking to attract the larger financial services companies in the islands. Jersey is adopting a proactive approach by engaging directly with large investors, reinforcing its status as a leading international finance centre. That said, both islands are having to face the possibility of other countries offering more affordable or attractive environments for financial services firms.
We also need to recognise that the finance recruitment landscape in the Channel Islands is rapidly evolving. It will be important for both islands to address potential skill gaps as technology advances alongside adapting to the changing attitudes to work we’re seeing across the globe.
If they can rapidly adopt these new ways of thinking – while also focusing on education and innovation – both Guernsey and Jersey will be in a great place to remain a leader in the global financial services sector.
How are we supporting this change in mindset?
Here at AD Offshore, we recognise the part we have to play in supporting the evolution that Jersey and Guernsey are going through.
We regularly speak with industry leaders across the professional services space and the overriding consensus is that while 2024 was a challenging year, there are increasingly positive signs now that we are in 2025.
As always, we will be looking to do our part in driving innovation by working towards several new initiatives. It’s our mission to connect the very best talent with the right clients, ensuring we’re supporting the continued growth of the sector that both Guernsey and Jersey are recognised for.
Likewise, our adoption of AI to support our administration workflows shows that we – like many other businesses should be – are open to technology advancements and how they can help us provide a much more efficient service for our clients.
As always, AD Offshore will be ready to support businesses with talent acquisition, benchmarking and other core operational services whenever they need us.
For more information or to get in touch, visit alexanderdanielsoffshore.com.
