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Why Cayman?

How is Technology Impacting the Global Workforce?


You don’t need us to tell you how technology impacts the global workforce. We know it. You know it. We all see it and bear witness to it every single day. Sixty years ago, mobile phones didn’t even exist, and now people spend up to six hours a day on them. Every year, trillions of dollars are spent on eCommerce stores, ad revenue, and everything from meditation apps to Netflix subscriptions.

Technology has changed the world. A better question would be, how does technology impacting the global workforce affect you. Or better yet, how does it benefit you? Let’s explore.

The Workplace is Changing
Over the last few years, and specifically since the COVID-19 pandemic, so many people have discovered the joys of remote working. Before, you had to commute to work and sit in an office, but now not so much. As long as you have a capable computer, tablet, or smartphone and a stable internet connection, you can work from literally anywhere in the world.

While that means curling up with our laptops on the sofa for many of us, this is just the tip of the iceberg as to what is possible. Any company can now hire and work with literally anyone from around the world, whether you’re hiring top talent for your business or you are the top talent being hired.

There’s also the freedom to literally live and work wherever you want. Do you want to work in the back of a converted minivan while you travel Europe? Go for it. Want to work on that report while sipping colorful drinks on the sun-soaked beaches of the Cayman Islands? It’s entirely possible, all thanks to modern technology.

What’s more, how businesses are run has changed forever. Now you can live in tax neutral countries, regardless of where your business operates, all while enjoying the benefits that come with immersing yourself in a new, exciting, and thriving culture, wherever it is you choose to live and work.

A Shift in Production Roles
The production industry has shifted dramatically with the evolution of technology, specifically when it comes to automation. Nowadays, instead of running a production or manufacturing line with an employee at every station, you can now run machines that entirely automate parts of the process, cutting down the need for low-level employees.

From a business standpoint, this means having the flexibility of operating in new, streamlined locations where smaller workforces are needed, a reduction in human error, and huge cost reductions when it comes to labor costs, allowing more resources to be spent on other areas of the business.

A Demand for Technological Knowledge
As technology grows, so does the demand for education in these areas. Think of things like employee training and basic tech understanding and how this will affect your business. There’s no point spending a large investment on new computer software and machines if your staff have no idea how to use it.

While it can be exciting to invest in new technologies, it’s crucial for all businesses to remember that a learning curve comes with it, which can take both time and willingness. There’s certainly a personal aspect, especially with employees who don’t like change. On a global scale, this increases the demand for a tech-savvy, educated, and computer-literate workforce.

Physical Changes in Physical Places
When we think of technology, we think of software, the internet, and all these virtual places, but it’s important to remember that virtual technology creates genuine changes in the physical world.
Take the Cayman Islands, for example. Once regarded as ‘The Island That Time Forgot’, this paradise is now one of the leading locations for being the home of modern businesses, cutting-edge tech firms, and some of the most prestigious finance companies in the world.

Even to this day, Cayman Enterprise City (CEC) is working in partnership with the University College of the Cayman Islands (UCCI) to provide more STEM learning opportunities for students, training the next generation of talent to work with some of the most innovative organisations in the world in fields like tech and biotech. 




Topics: Why Cayman?
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