Malta businesses need to respond now to prepare for massive changes to the HR challenges they will face to recruit and retain talented employees during this decade. That’s the message from pension experts at STM Malta Pension Services Limited, who are highlighting the future impact of massive demographic changes.
Managing director Deborah Schembri said that talent retention has always been essential for any successful business, but it’s going to be even more important in this decade and beyond because as the proportion of the economically active age group shrinks, it’s going to make it increasingly difficult to replace talented employees who leave.
Schembri added: “By 2060, almost 30 per cent of EU residents will be over 65, and there’s strong evidence to suggest that Malta’s population will follow a similar trend. Government will not be able to afford to offer more generous state pensions, so the current and next generations of employees are likely to have major concerns about how to fund their retirement.
By 2060, almost 30 per cent of EU residents will be over 65
“In a jobs market where the relative value of skilled workers will increase, it’s inevitable that employees will be drawn to employers who they view as being a trusted partner – a partner who works with the employee to ensure they can feel confident about their financial future. In that context, pensions and other employee benefits will be a powerful magnet to attract workers with the skills to give businesses a competitive edge.”
The company’s pension experts are helping businesses on the island to stay ahead of the curve by using the STM Malta Occupational Retirement Pension Scheme which offers a simple, cost-effective solution that can be tailored to suit the needs of businesses large or small, and their employees.
STM Malta Pension Services Limited employs over 50 staff on the island. The business is part of STM Group plc, a multi-jurisdictional financial services group listed on the London Stock Exchange’s AIM market.