The Department of Economic Development says it hopes to gain competitive advantage in attracting new business, as a result of winning Investors in People gold status.

The DED had to satisfy assessors on 165 different criteria to win the accolade, which aims to help organisations transform their performance through investing in their own people.

Reduced costs and wastage and improved customer satisfaction are described as the practical benefits of achieving the badge.

Political member Laurence Skelly said staff at the department endured big upheavals and several relocations during the DED's first ten months of existence - but despite this, assessors witnessed 'significant' progress in their performance.

DED becomes one of five organisations in the island to win IIP gold status.