Times do change. Five years ago we were talking about the need to address unemployment. The tables have turned and now we find ourselves talking about the need to address labour supply skills shortages and skills mismatch in light of Malta having the highest rate of job creation for new jobs registered among EU member states.
This was emphasised in the EY Attractiveness Survey, a survey that shed light on the skills in alignment within the workforce. The survey gave insight on where the government should focus its efforts to address this challenge in order for Malta to remain competitive among its peers and continue to attract investment.
Today, businesses are preparing for further expansion and technological developments. In view of this scenario, we have a situation where the demand continues to outstrip supply. In fact, 73 per cent of those who took part in the EY survey believe that developing the education sector and people’s skills is key.
This is a crucial point where the government must keep its finger on the pulse in terms of what the industry is looking for to maximise the opportunities for growth. As a government we have already rolled up our sleeves. Only recently, a significant agreement was signed between the Malta Information Technology Agency (MITA) and the University of Malta, which serves as a clear example of how stakeholders involved in the ICT industry can work together to concretely address the shortages within the industry.
The purpose of the two-year framework agreement between the university and the MITA is to establish a mutually beneficial collaboration that allows for a number of initiatives to take shape according to separate agreements between the parties.
The MITA will be helping by contributing to certain study units both on curriculum level as well as delivering lectures by industry experts so that the students will benefit from added relevant experience.
We are at a point where what is taught in educational institutions may not reflect the needs of the industry itself
Above all, the agreement is a result of continuous discussions with the industry, which expressed the challenges it is encountering when recruiting.
We are at a point where what is taught in educational institutions may not reflect the needs of the industry itself.
This is why the government feels the need to step in and address this, to ensure they are in alignment while merging student life and work life.
Previous placement programmes such as the student placement programme by the MITA proved to be successful, as it provided ICT students with hands-on experience in the industry. We intend to replicate that success in other sectors such as the financial services.
In fact, a similar placement programme aimed at post-secondary and university students will be provided next summer by the MFSA. In this way, we will encourage more students to pursue a career in financial services, a sector that will continue to experience growth levels.
Malta is entering a new age that is the common use of digital technology: a dynamic world that is constantly going through changes, and the only way to keep up with its fast pace is by anticipating it.
This is what we are doing as a government, we are a step ahead of our peers, and we are thinking of tomorrow’s generations.
We are preparing Malta for its future.
We want to remain globally competitive. We have paved the way for an ecosystem that is now envied by many, and now it is time to turn our attention to strengthening our own resources, namely turning labour supply into human capital – a key contributor to our country’s success.
Silvio Schembri is Parliamentary Secretary for Financial Services, Digital Economy and Innovation.