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Compensation Review: Deputy Governor Highlights Importance of Public Officer Feedback
The ongoing Compensation Review in the British Virgin Islands has received significant attention as Deputy Governor Mr. David D. Archer, Jr. stresses the importance of feedback from Public Officers regarding their compensation. The third phase of the review, led by consultancy firm Pricewaterhouse Coopers (PwC), has recently concluded with the submission of a proposed “compensation philosophy” aimed at restructuring job positions within the Public Service.
The suggested approach, put forth by PwC, involves adopting the Industrial Classification of All Economic Activities (ISIC) system to organize job families, subfamilies, streams, stages, and levels. This updated classification system aims to address key concerns raised by Public Officers during the assessment phase, including expanding job scopes, disparities in roles and salaries, poor grading of technical positions, challenges in succession planning, and issues pertaining to Public Officers on the Sister Islands.
Deputy Governor Archer emphasizes the importance of recognizing the changing nature of job roles in the Public Service. He states, “Any time new things become part of your job, that is actually the best tagline as to why we are doing the Compensation Review.” The review aims to determine the value of each job and compare it to its value a decade ago.
Regarding the poor grading of technical positions, Mr. Archer acknowledges the need for proper recognition. He explains, “Over the years, there has been a professional track without the right recognition, for persons who bring the technical skills.” The Deputy Governor emphasizes the importance of rewarding technical experts for their proficiency and passion within their respective fields.
To address disparities in salaries and allowances, Deputy Governor Archer highlights the necessity of evaluating role profiles alongside the practical scope of work performed by Public Officers. He emphasizes the importance of consistency in allowances across the board.
The concerns surrounding Public Officers on the Sister Islands are also being addressed through various initiatives, including the Sister Islands Coordination Committee, the Sister Islands Programme, and digital transformation efforts.
The decline in the number of Public Officers over the past decade is another significant finding highlighted by Deputy Governor Archer. He explains, “Since the world economic crisis, we have been aggressively trying to get the right size of the Public Service, and you will see significant declines.” The aim is to create a leaner and more efficient public service through transformation and technology.
PwC’s compensation philosophy aligns with the Virgin Islands National Sustainable Development Plan and Public Service Transformation Framework. The firm drew inspiration from various international models, including those from the United Kingdom, Canada, Australia, Jamaica, Barbados, the Cayman Islands, and Mauritius.
As the Compensation Review enters its fourth phase, a draft and final Compensation Review Report will be created. This process will involve developing a compensation strategy, designing a comprehensive compensation plan and package, and adjusting the salary administration system to align with strategic objectives.
The Compensation Review project, valued at $302,103.00, is scheduled to conclude next month. Its goals include addressing remuneration disparities, supporting skilled and competent officers to enhance public service delivery, and implementing a Total Rewards Scheme to promote high performance.
Deputy Governor Mr. David D. Archer, Jr. reiterates the Government of the Virgin Islands’ commitment to effective human resources leadership and partnership in driving Public Service Excellence.
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British Virgin Islands Financial Services Commission Welcomes New Leadership
The British Virgin Islands Financial Services Commission (BVIFSC) has announced new appointments to its governing board, with Mr. Gerard St Clair Farara KC stepping in as Chairman and Ms. Patlian Johnson as Commissioner. The appointments, confirmed by the Ministry of Financial Services, Labour, and Trade, mark a new chapter for the commission as it seeks to strengthen the territory’s financial services sector.
Mr. Gerard St Clair Farara KC has been appointed to a three-year term as Chairman, effective August 1, 2024. A seasoned legal expert with a distinguished career, Farara currently serves as a Commercial Court Judge for the Eastern Caribbean Supreme Court and leads the litigation team at the BVI office of COLLAS CRILL, formerly Farara Kerins. Farara’s prominence in the legal community is further highlighted by his appointment as Queen’s Counsel in 1996, cementing his standing as a leading figure in the Virgin Islands Bar and the broader Eastern Caribbean.
Ms. Patlian Johnson will serve a one-year term as Commissioner, also beginning on August 1, 2024. Johnson, a Strategy and Policy Advisor with extensive experience, currently holds the position of National Coordinator for the UNDP Project Office. She brings an impressive academic background, including a Master of Science in Economics and Finance from the University of Bristol and a Bachelor of Science in Economics and Accounting with First Class Honours from the University of the West Indies, Cave Hill Campus.
The pair will replace outgoing Chairman Mr. Robin F. Gaul and Commissioner Mr. Melvin A. Turnbull, whose terms have concluded. Minister of Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE (AL), praised the new appointments, stating, “I am delighted to welcome Mr. Farara and Ms. Johnson to the BVIFSC Board of Commissioners. Their combined expertise will be invaluable as we continue to navigate the challenges and opportunities facing the financial services sector.”
Smith also expressed gratitude to the departing board members for their significant contributions to the growth and stability of the territory’s financial services industry. According to the Government Information Service (GIS), these appointments underscore the Virgin Islands’ commitment to maintaining a well-regulated and competitive financial services sector.
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