Seventy-six per cent of the world’s top entrepreneurs plan to increase the size of their workforce in the year ahead, compared with only 31 per cent of the CEOs of large corporates, according to the third EY Global Job Creation Survey.

Entrepreneurs plan to expand by an average of 19 per cent, largely driven by growing global demand for goods and services and technological advances.

When compared with CEOs of large corporates, entrepreneurs are taking a more active role in global job creation according to the recent EY study. Analysis suggests corporates’ reticence is driven by geopolitical concerns and cost-cutting pressure from activist shareholders.

In contrast, respondents to the Global Job Creation Survey say the main driver for hiring at home (selected by 88 per cent) is a desire to make the most of a growing market for goods and services – with 61 per cent of entrepreneurs confident in their home market’s prospects. The second biggest driver of employment is the improvements that technology and innovation have brought to companies.

Commenting on the survey, Anthony Doublet, EY assurance partner, said: “While Malta was spared the worst of the global recession, and job creation remained bolstered by financial services and gaming industries, it must be prepared for the challenge of recruitment from overseas as demand globally continues to grow.

“Growth is dependent on ensuring a pipeline of human resources, and while local talent is developed, the need to recruit overseas remains paramount.

“In this regard, Malta could consider processes to fast-track non-EU job applicants in certain fast-growth sectors such as financials services and IT.”

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