We must invest in human capital because every employee has the potential to add value to a company, says Gianfranco Capozzi from Erremme Recruitment.
Gianfranco CapozziHow has the local insurance sector changed and developed in recent years?
Over the last two decades the local insurance sector has gone through tremendous changes. While previously, Malta only had a few operators through agencies, today it is becoming a prime insurance centre with both local and foreign principals.
In recent years, we also saw a huge development in insurance broking, which has changed the sector completely also from a policyholder perspective. Yet while it gives the impression that it is developing to offer more personalised and flexible services, with the exception of big clients we still see single standardised policies indistinctly.
Regrettably, rules and regulations may be slowing down the sector’s development. One case in point is the restrictive use of technology and online services. This is mainly because the authorities wrongly interpret certain use of technology.
In the insurance sector, priority needs to be given to innovation which reflects new realities. Insurances should offer the best possible solutions to their clients by investigating the actual needs or the possible emergencies that people could incur. However complex the algorithm for predicting natural disasters and other misfortunes of various natures, insurance can guarantee a certain degree of serenity that whatever happens, it will be taken care of.
Therefore, the importance of having a tailor-made insurance policy that completely covers one’s own exigencies is not to be underestimated. In this regard, insurers are constantly trying to discover new classes of risk protection – however, one must tread with caution, as the need to be more innovative should never supersede the boundaries of insurability.
Laws and regulations have also given rise to new important sectors in Malta such as captive insurances. The laudable step tied with an advantageous tax regime has attracted some highly reputable companies to Malta. This has also helped in the development of the insurance management sector which is another profitable sector in Malta.
What job opportunities does the insurance sector provide?
The development of the local insurance sector has certainly created more job opportunities. Regrettably the education sector has not followed the market in the development of human capital and there is a shortage of resources in certain areas. Nowadays, certain areas in the market dictate the recruitment of people with the kind of specialisation that is not widely available in Malta. What is unfortunate is that the education system has not adapted to this need and over the last years the gap between demand andsupply has been widening.
Within this context, there are considerable opportunities for smart students who seek alternative qualifications. It is also an opportunity for recruitment agencies like ours who also focus on the international market.
Does the local education system prepare students to meet these opportunities?
As a company we try to maintain contact with local educational institutions, such as MCAST, the University of Malta and other private institutions. These are currently offering quality training programmes and are constantly developing and upgrading their courses to keep in line with the needs of the sector and the local labour market.
There are considerable opportunities for smart students who seek alternative qualifications
Regrettably, the education system does not seem to keep the momentum of the development of the sector. Furthermore, students often receive a strictly academic preparation and are not always equipped and ready to overcome the daily challenges that they face in the real world of work. By implementing new training strategies that allow students to gain job experience through apprenticeships and work phases, it would be possible to promote smoother school-to-work transitions.
How important is continuous development, and what benefits do employees and employers derive from continuous improvement?
We strongly believe in continuous professional education. Markets change and technologies improve – therefore, we must keep up with the dynamic world we live in. Furthermore by continuous learning we create more opportunities for ourselves and the companies we work for.
In the wake of the global economic crisis, the world has become plagued with instability and uncertainties. Gone are the days when one could entertain the idea of having a job for life. Moreover, working conditions can radically change from one day to another, especially with the growing popularity of short-term contracts, part-time employment and temping work.
However, not all is gloom and doom – these new realities can be viewed as an opportunity for growth, inciting individuals to continuously invest in their own advancement.
If the notion of a brilliant career was once thought to be climbing the corporate ladder within the same company, job mobility today has to be viewed at a 360-degree angle. People today can advance in their careers by acquiring internal promotions, but also by moving from one company to another, from one sector to another, and even from one country to another considering the opportunities that have risen from a borderless European Union.
For this reason, investing in one’s own personal development, enhancing employability and gaining new skills from every opportunity that comes along can give that competitive edge that allows one to excel above the rest. Employees who are constantly growing are to be considered as an asset to their employers as they can bring about great change and development to the company.
Should every business have a recruitment strategy in place?
A recruitment strategy is an integral part of the overall strategy of the business. In developing an organisation’s strategy, one must also identify the resources, qualities, skills and capabilities needed to implement such a strategy. If one is to meet such requirements, certainly one needs to think of the recruitment strategy and action plan. This must be complemented by a training strategy and a human resources strategy. Failure to do so is a recipe for failure.
In reality many businesses do have a recruitment strategy, even though not formalised. One of our aims when we meet our prospective clients is actually to understand this and, prior to going for recruitment, to develop such strategy with them even if we do not formally say so.
How does experience enhance an individual’s employability?
Life itself is a learning experience – therefore education knows no boundaries. This is why the resource of highest value is a learner’s experience. We cannot take experience for granted, but we need to acknowledge who the individual is, what they know and their interests. This is not only limited to mature individuals with many years of experience but also to young people who might not have experience but who nonetheless still have a lot to offer and, if given a chance, will be an investment for any organisation. Formal education accelerates the learning curve but certainly the university of life is of utmost importance.
What training opportunities does Erremme provide?
At Erremme, we have always considered human capital as the most important resource of our company, and of any other company for that matter. From junior clerks and customer care representatives to the highest levels of top management, every employee has the potential to add value to a company.
Thus we advocate the importance of lifelong learning and continuous professional development. Keeping in line with what we preach, we offer various training opportunities for both our employees and young students who are just starting out in the world of work.
For over a decade we have been providing students with on-the-job training by participating in schemes such as apprenticeships and international job experiences organised by Erasmus and Leonardo Lifelong Learning Programme.
We also encourage all our employees to invest in their future by sponsoring training opportunities with internationally accredited institutions, such as the Association of International Accountants and the University of London. Furthermore, our employees also have the opportunity to attend various courses organised by our strategic alliance with the Malta Institute of Management. Such courses include VAT compliance, corporate services and human resources.
Erremme is also currently working in partnership with Women in Management Limited on a new project sponsored through the European Social Fund. This project seeks to enhance the employability of women, especially women returnees who might have been absent from the labour market for a number of years. Our aim is to promote the participation of women in the labour market and encourage them to pursue career growth by seeking higher ranking positions and reaching promotions to top level management.
We do this by providing specialised training courses for women and also by sensitising employers with regards to the importance of creating a flexible working environment and hence establishing equal opportunities for all.