Meeting the Hiring Challenges for Financial Managers (can be also known as Full Time Manager or Directors) in Vanuatu (applicable to those companies seeking Securities Dealer authorization in Vanuatu by the VFSC – Vanuatu Financial Services Commission)

In the picturesque setting of Vanuatu, businesses seeking financial managers (aka Full Time Managers) face a unique set of challenges. Recently, a broker company in Vanuatu embarked on a search for a full-time manager, uncovering some key insights into hiring in this island nation.

The job requirements were clear: the ideal candidate would be a resident of Vanuatu with at least 2 years of experience in financial services (ideally – 5 years of experience), strong management and communication skills, proficiency in English, and a good grasp of financial markets and regulations. However, finding suitable candidates proved to be tougher than expected. Only about 15%of applicants met all the criteria. Not surprising, provided that Vanuatu has a population of 326 thousand people, and there are 70 Securities Dealer (as of May 2024), not including other financial companies – all competing for the local talent.

One major hurdle was the disparity between candidate salary expectations and local economic realities. While the average monthly salary in Vanuatu is in the range of 67,000 – 95,000 VUV(approximately 610 – 830 USD), many candidates asked for 4,000 to 5,000 USD per month. This mismatch makes it challenging for employers to find the right balance or understand the justification of such a high salary. Low supply, high demand plays a vital role here.

Additionally, employers need to navigate the Vanuatu National Provident Fund (VNPF).This involves registering with VNPF, obtaining an employer registration number,and ensuring that employees earning at least VT 3,000 contribute to the VNPF. Contributions to VNPF amount to 8% of the employee's salary, split equally between the employer and the employee, adding to the financial burden that sometimes the Employer is not willing to take provided the higher-than-average salary packages offered to local personnel.

In essence, hiring financial managers in Vanuatu requires careful consideration of salary expectations and compliance with both the VFSC and VNPF regulations. By addressing these challenges strategically, businesses can build a strong workforce to drive Vanuatu's financial sector forward and be compliant with the requirements of the VFSC.

As a helpful tool that you can cross check when searching for such a candidate, apart from contacting our team for support is –

Job Description

The role of a Manager is one requiring high levels of adaptability in the workplace and requires the ability to familiarize yourself with all aspects of the business and obtain a deep understanding of business driving factors. Given its wide scope, the below job description should therefore be viewed as a general guideline and may not necessarily indicate the exact scope of the managers day to day activities.

Manager General Responsibilities:

·      Manage and oversee all financial operations and activities within the company.

·      Ensure compliance with regulatory requirements set forth by the Vanuatu Financial Services Commission (VFSC) for Securities Dealers.

·      Develop and implement financial strategies to support business objectives and growth initiatives.

·      Monitor financial performance and provide regular reports to senior management.

·      Lead and mentor a team of financial professionals, fostering a culture of excellence and accountability.

·      Maintain a strong understanding offinancial markets, including online trading, Forex, leveraged investment,commodities, cryptocurrencies, stocks, indices, P&L, balance sheet, etc.

·      Stay updated on industry trends,regulations, and best practices to ensure compliance and competitive advantage.

·      Collaborate with other departments to streamline processes and optimize financial performance.

·      Handle any financial-related inquiries or issues from clients or regulatory authorities.

Manager GeneralRequirements:

·      Residing in Vanuatu or willing to relocate and become a resident upon assuming the role.

·      Minimum of 2 years of experience in the financial services sector, preferably in regulated companies.

·      Proven management and communication skills, with the ability to lead and motivate a team effectively.

·      Proficient in written and spoken English.

·      Strong understanding of financial market sand instruments.

·      Familiarity with VFSC regulations applicable to Securities Dealers.

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