In Professional Wealth Management’s first Spotlight Series on financial centres, Yuri Bender, editor-in-chief of PWM, part of the Financial Times, discusses recruitment and the importance of training.
Attracting finance and tech firms
Malta has gained a solid reputation as a prime European financial hub and following the UK’s vote to leave the EU, it is being considered by operators as a place where they can set up their business at a lower cost. Malta offers an optimal environment for such start-ups because it has a good mixture of IT and financial experts, which gives an extra boost for Fintech business to relocate here.
There are a lot of benefits for businesses based on the island and Malta’s success as a European hub has definitely created more work. Moreover, the island’s legislative and regulatory systems provide a solid yet flexible framework for business, making Malta more competitive with onshore jurisdictions.
Recruitment and training of staff
Malta has seen so much progress since it joined the EU and it is crucial that apart from attracting businesses, Malta must ensure that the right candidates are either present on the island or are attracted to relocate here. The industry would require a vast candidate list with the right set of skills and experience when considering relocating or setting up in Malta.
Looking back to five years ago, we had very few positions in a number of roles. However, as Malta started evolving, there has been an increase in positions like investment analysts, junior portfolio managers, portfolio managers and even CIOs. The number of candidates with the required skills has developed and grew substantially. However, sometimes companies still find it difficult to find the ideal employees and complement positions with people coming from overseas.
From a very young age individuals are encouraged to continue studying to obtain a degree and students have a number of internship opportunities from which they can gain as much work experience relevant to their area of studies. This will help them gain insight into their career paths before they graduate.
Most companies nowadays are investing more on training because they are discovering how important it is for employees to keep up-to-date with new technologies and procedures. Having a trained workforce means your employees are learning new skills that can improve production. An investment in your employees’ skills set is an investment to your company.
The Maltese government, also, has undertaken a number of initiatives to help parents work or continue further studies. Such measures have increased female employment and are contributing to the sustainability of a strong economy.
Future challenges
Malta might not be on the same level as other bigger European cities, yet, it has an opportunity to attract early-stage start-ups who want to work in a location that combines good weather, low operating costs and increasing government support.
Challenges will always remain. However, the Maltese have always risen to these challenges in the past and the issues were always addressed in a proper way. One thing companies have to keep in mind is that these challenges shouldn’t always be seen as threats but as opportunities to the Maltese island.
The full feature on Malta can be viewed on the PWM official website at http://www.pwmnet.com/Video . Published by the Financial Times, Professional Wealth Management specialises in analysing the growth strategies of private banks and the regional financial centres in which they operate.