This week, TradeMalta will be launching the third episode from the 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.
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?
Dr Valletta starts by explaining the difference between the role of a Chief Culture Officer and the traditional HR role.
“The role grew out of the fact that 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.”
And what are the main challenges that Corinthia faces?
“I would say it is attracting talent to the hospitality industry, especially so after the pandemic,” Dr Valletta says. “It’s not easy to attract talent – so purpose and values play a critical role, especially in attracting younger generations.
“Retaining talent is another challenge – gone are the days when an employee comes on board with a long-term tenure in mind. Retaining is a challenge for employers, who must appreciate and understands what motivates young people.”
Prof Cassar agrees that retaining talent is becoming a major issue. “I don’t think people will be in your company for 20, 30, 40 years. People move on. But it’s important that they move on with positive vibes.”
Organisations also need to actively contribute towards the development of their employees in order to retain talent.
“It doesn’t happen miraculously,” Prof Cassar says. “You really need to invest in this – in various forms. Unfortunately, some employers see people development as a cost – but, in reality, it is a long-term investment.”
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.