The Department of Enterprise has responded to the job cuts at software development company, Derivco.
DfE told Manx.News that is “aware that Derivco has initiated a restructure of its business operations as part of a broader global effort to streamline its activities”.
It added that “decisions which result in job losses are never welcome”.
While the exact number of roles to be cut remains unknown, sources say that “half of local staff on the island might face redundancy”.
Derivco employs around 140 people at its Douglas office.
Government Response
A spokesperson for the department told Manx.News: “The Department for Enterprise is aware that Derivco has initiated a restructure of its business operations as part of a broader global effort to streamline its activities, which may result in the displacement of a number of roles within their Isle of Man office.
“While decisions which result in job losses are never welcome, the Department acknowledges that this is a group-wide commercial decision affecting multiple jurisdictions and reflects the company adapting its operations in response to wider shifts across the technology landscape.
“The Department recognises that Derivco remains a significant employer on the Island, and through Digital Isle of Man is committed to supporting both Derivco and individuals affected during this transition.
“The island’s digital sector continues to show strength, with demand for digital skills remaining high across many areas of the economy. Therefore it is hoped that anyone ultimately impacted will be able to find alternative employment elsewhere in the island.”
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