September 29, 2011Dear Sir,We should welcome Premier Cox’s initiatives to introduce ten-year work permits and a new category of long term residency for job creators as moves in the right direction but realise more needs to be done to reverse the dissipation of talent from Bermuda and regain the momentum that was pushing Bermuda to the forefront of world insurance.We should seek to be the hub of the best talent in the insurance world. In order to do this, Bermuda insurers must be able to attract both the talented young and experienced professionals. The work permit programme must be quick and responsive to the addition of qualified expat employees into the Bermuda market. The system must be seen to be objective in its criteria for approval, not subject to preferential treatment for friends of the administration and slow tracking for others. The best talent will always seek opportunities where their advancement is not limited by environmental restrictions.Perhaps there should be a high-income fast track work permit based on a simple salary criteria — say any employee being paid in excess of say $300,000 is fast tracked. The assumption would be that any employee worth this salary would be in possession of exceptional skills which would thus be unlikely to displace a Bermudian and their income and spending would create an immediate benefit to the Bermuda economy. Government coffers would be in receipt of $42k/yr in payroll tax. The employee would likely be paying substantial rent to a Bermudian landlord, hiring Bermudian service workers and sending his children to schools at his own expense. The employer would be in need of Bermudian support staff to assist the employee.Similarly there could be an explicit understanding that work permits would be automatically renewed for anyone being paid in excess of this threshold. Talent coming to Bermuda must be able to see Bermuda as a place to base a career and not just a short term assignment in an attractive climate. If an expatriate knows that by succeeding to a successful salary threshold they are ensured they can continue in Bermuda, the young and competitive may be enticed to come.Effort should be made to make Bermuda more enticing to the families of these key workers. There has been a noticeable trend toward senior executives making Bermuda a Monday to Thursday afternoon home — leaving their wives, children and their spending abroad. Perhaps this is due to uncertainty on the term of their engagement in Bermuda. Perhaps the spouses or children have not been made to feel welcome due to the constant focus on race in politics. Perhaps it is due to the apparent two child limit on work permit holders. If government is concerned by the cost of education, restrict the permit holder from using the public school system. Bermuda needs these bright people and the other bright people they will attract. If they are made welcome, they are likely to contribute to society, fund charities and generally float the boat.Bermuda is in a bit of a slow spell at the moment. It was here in the early ‘90s with Tourism in decline and labour unrest but was able to climb out of it with the help of international business, in particular the spectacular growth of the reinsurance industry and for a period of time the offshore investment management industry.Tourism has been in a constant decline for 20 years for competitive reasons exacerbated by poor labour attitudes, weak management and ineffective promotion. While it’s important that our hotels remain attractive to international business travellers and professional groups, depleting limited energy and resources chasing a memory is not likely to get Bermuda moving.Energy should be spent on supporting and improving the environment where Bermuda has recently been competitive and appears to be falling behind — international business and particularly the insurance industry. In the past 20 years Bermuda has attracted some of the best talent in the world of insurance. This appears to have stalled and the small number of new arrivals are being offset by some significant departures.This must be reversed. Bermuda should seek to be the nexus of the world insurance industry — the home of innovation and the “must be” location for new companies. Insurance jobs are the lifeblood of Bermuda. Add a few hundred of these high income positions in Bermuda and there are a similar number of now vacant houses rented. Restaurant seats are filled. Hotels have a chance at achieving critical mass. Support jobs and opportunities for Bermudians to learn competitive skills follow. The deficit returns to a surplus. This is investing in the future of Bermuda without increasing spending.Fish where the fish are (and while they are still here).INTERESTED OBSERVERWarwick