The Department for Enterprise announced earlier this year that it is investing a further two million pounds into its targeted employee relocation initiative to encourage employers in target, export sectors to bring new staff to the Isle of Man.
The Employee Relocation Incentive provides employers funding of up to 20% towards an employee’s first year net salary, capped at £10,000 per position. The incentive is to encourage employers in target sectors to bring staff to the Isle of Man and is primarily aimed at businesses that have a new position which they are unable to fill with a local employee.
This incentive, piloted over the last eighteen months has been hugely effective so far, helping local businesses apply for assistance linked to over 200 employee relocations to the Isle of Man, which will contribute to the Island’s economy.
The assistance is available to a range of businesses and sectors, including:
Financial and Professional Services:
- Fund Management
- Management of Ships, Yachts and/or Aircraft
- Legal and Accounting
- Specialist Construction (only Quantity Surveyors and Architects)
- Other Financial Services
- Import Substitution
- Information and Communication Technology (ICT)
The targeted initiative helps local employers find additional, skilled workers and ensure they find continued growth and success in the Isle of Man.
Some businesses have used the incentive to assist with finding suitable candidates, others to engage with recruitment agencies, whilst many have used it to support candidates with relocation costs. The incentive can also be used to reach out to the Manx Diaspora around the world to encourage their return home.
Anthony O'Mahony, Chief Financial Officer at J5 International who recently accessed the Employee Relocation Incentive, commented:
“The Department for Enterprise helped us secure the relocation of an employee from our Cape Town Office. We were unable to fill the position locally and needed the experience and knowledge of this software developer to be based here on Island. The Employee Relocation Incentive helped J5 International support the employee with relocation costs and enabled us to retain this talent internally. We are currently in the process of accessing the Scheme for another employee relocation”.
This incentive is relatively simple and not intended to take away opportunities from local workers, but is instead put in place to grow the Island’s workforce where local employees are unavailable. The incentive is positive for the tax payer by increasing national insurance and income tax receipts generated by the new employees.
To see if your business is eligible for the Employee Relocation Incentive, please contact the Department for Enterprise Team at email@example.com or call 01624 682367.
For more information visit www.iomdfenterprise.im/relocation