One of the important factors in understanding more about international business is for us to learn how to separate myth from fact. One of the best ways is to have a look at numbers related to international business.

Today we will look at a few pertinent sets of numbers related to international business.

First, let’s look at the total number of persons directly involved in international business throughout Bermuda. According to the statistics department, there were a total of 3,937 international business workers in Bermuda as of 2014. With the total workforce in Bermuda being 33,475, that would equate to more than ten per cent of our workforce directly involved in international business.

Second, with growing concern about Bermudians having a place at the table to participate fully in all that international business has to offer, we would need to drill down on the number of Bermudians in international business.

According to the statistics department, there are 2,131 Bermudians working in international business.

Looking at that from a percentage point of view, that would equate to roughly 54 per cent of international business workers being Bermudian. One of those interesting facts that many, including myself, never really knew. Another seven per cent of international business workers are spouses of Bermudians.

According to ABIC, Bermudians occupy positions in every facet of international business, inclusive of but not limited to:

• Receptionist

• IT specialist

• Actuaries

• Accountants

• Claims

• Human resources

• Communications

• Legal counsel

• Chief executive officer

• Chief financial officer

• Chief operational officer

• Chief underwriting officer

Hmm. Again, another interesting fact that most did not know is that there are Bermudians in the highest levels of management in several international firms. How many you ask?

Again, according to ABIC, Bermudians make up 37 per cent of the executive management, 42 per cent of the senior management, 52 per cent of middle management, and a further 63 per cent of technical staff.

With this knowledge, it is to be hoped that some inaccuracies and misconceptions that are out there would be dispelled; the primary misconception being that all guest workers work in international business.

Statistics show that 1,516 guest workers work in international business out of a total of more than 9,000 guest workers in Bermuda. Basically, only 17 per cent of guest workers are directly involved in international business.

The secondary misconception is that Bermudians are the minority in international business when clearly we are slightly more than half.

Let’s summarise like this:

• 3,937: the total number of persons directly working in international business

• 54 per cent (or 61 per cent, if we include spouses): the total percentage of Bermudians in international business

• More than one third of persons in C-suite positions are Bermudians

In the next part of this series, we will look at the industries that offer support services to international business. Thank you for taking the time to learn a bit more about our main economic pillar.