An organisation’s most important resource is its people. Employment has changed rapidly in recent years, and attracting, retaining and developing talent is becoming the main challenge for organisations. Employers want great teams to lead their firms and roll out their international journeys, while employees expect authenticity and career progression and well-being. How do the two align?
All this and more are on the agenda for the latest episode from TradeMalta’s series ‘International Insights – Stories from the Real Economy’. In this episode, entitled ‘Struggle for Talent’, Dr Joe Schembri meets Dr Franco Valletta, Chief Culture Officer at international hotel group Corinthia and Prof Vince Cassar, organisational psychologist and an academic at the University of Malta. Both have worked with multiple organisations and studied how to find the best people and keep them motivated as firms grow beyond our shores.
Dr Valletta says that his role, as Chief Culture Officer, was developed to run parallel to the company’s growth internationally. Corinthia is present in 16 countries and employs people from different countries and cultures.
“We will be growing rapidly over the next two years – and we will be opening properties in New York, Bucharest, Brussels, Doha and Rome. One of our main concerns is how do we go about retaining the spirit that prevailed at Corinthia and kept us together as we grew internationally. The role of Chief Culture Officer was primarily created to safeguard and promote the culture of the company and ensure that present and future colleagues will continue to live the purpose and values that have been characteristic of the company to date.”
In order to attract talent, a company needs to have a clear purpose, that is articulated and used to attract talent. “It is equally important to have a clear set of values. These keep us together,” Dr Valletta adds.
What are the main people issues organisations face today?
“First we need to understand what we are talking about,” Prof Cassar says. “Talent can be divided into four: knowledge, skills, attitude and opportunities.”
Retention is also a significant issue.
“Three decades ago, if you presented a CV showing that you changed jobs every two years, employers would say you would not stick. Nowadays, it’s the other way round – and employers would say you don’t adapt if you haven’t changed job for 30 years.”
Equally important is understanding what motivates people today.
“Companies need to be clear as to what they stand for and what talent out there can expect from the company,” Dr Valletta says. “The younger generations nowadays also expect promises to be delivered and expect companies to be sensitive to sustainability. They are also after jobs that offer flexibility – and where work-life balance is important. They also show preference for quick career advancements – so an organisation needs to have the right development paths in place. They also need to form part of a community that is diverse and inclusive. Gone are the days where employees want superiors as bosses – they want more coaches and mentors.”
With regards to leadership, Dr Valletta says that traditionally, the turnover rate in the hospitality industry has always been high. “And so, you need to sow the seeds of leadership bottom-up, preferably. It’s important to identify potential leadership very early and invest in it.”
International Insights is organised with the support of strategic partners HSBC Bank Malta p.l.c. and powered by Studio Seven. Times of Malta is media partner. The series will be available on popular podcast platforms, TradeMalta’s YouTube channel and timesofmalta.com.