In today’s interconnected world, the hunt for talent has surpassed geographical boundaries. While Malta may be a small island nation in the Mediterranean, its businesses are increasingly looking beyond its shores to source the right talent. The globalisation of the workforce has opened up exciting opportunities for local companies to tap into the global marketplace for talent acquisition.
Sourcing talent from a global marketplace is reshaping the employment landscape in Malta which, with its flourishing tech, finance, and gaming sectors, has positioned itself as a European hub for innovation and business growth. However, the limited local talent pool has made it essential for businesses to cast a wider net when searching for skilled professionals. This is where the concept of sourcing talent from a global marketplace comes into play.
Globalisation and talent acquisition
The globalisation of talent acquisition has been facilitated by several key factors. The first is technology, which has enabled remote work and international collaboration. The COVID-19 pandemic further accelerated this trend, forcing companies worldwide to adopt remote work practices. This newfound flexibility opened the doors to a vast global talent pool.
Secondly, the rise of online job platforms and freelance marketplaces has made it easier for Maltese businesses to connect with talent from around the world. Platforms like LinkedIn have become invaluable tools for finding the right talent, regardless of location.
Diverse skill sets and expertise
One of the primary benefits of sourcing talent globally is the access to diverse skill sets and expertise. Local businesses in Malta are now able to tap into a rich and varied pool of professionals with experience in various industries and markets. This diversity can lead to innovative solutions, fresh perspectives, and enhanced competitiveness.
For instance, a Maltese tech startup looking to develop cutting-edge software might find the perfect software engineer in Eastern Europe with a track record of developing similar products for global clients.
Mitigating skill shortages
Malta, like many other countries, faces skill shortages in certain sectors. Sourcing talent globally can help bridge these gaps. In fields where local expertise is limited, such as artificial intelligence or blockchain technology, businesses in Malta can look to countries where these industries are thriving. By hiring experts from external regions, local companies can access the knowledge and skills needed to stay competitive.
Language advantage
Malta’s strategic location in the Mediterranean has given it a unique advantage – multilingualism. Many Maltese citizens are proficient in English, Maltese, and at least one other language. This linguistic versatility opens doors to talent from across Europe, the Middle East, and North Africa. Companies can find employees who can communicate with clients and partners in their native languages, enhancing business relationships and expanding market reach.
Challenges and considerations
While sourcing talent from a global marketplace offers many advantages, it also presents challenges that Maltese businesses must address. Cultural differences, time zone disparity, and legal complexities can complicate the hiring process. It’s crucial for companies to have a solid strategy in place, including clear communication channels and compliance with international employment laws.
One significant challenge has been integrating international talent into the local workforce and society. Language barriers, cultural differences, and work permit regulations have presented hurdles that both employers and employees have had to overcome. To address these issues, one may invest in language training programs and cultural integration initiatives. These efforts not only help newcomers feel more at home but also promote a sense of unity among the local and international workforce.
Additionally, fostering a sense of belonging and inclusion among globally sourced talent is essential. Companies should make efforts to integrate remote employees into their organizational culture and provide opportunities for them to connect with their local counterparts, even if only virtually.
The future of talent acquisition in Malta
As we move further into the 21st century, the trend of sourcing talent globally is expected to continue evolving. The use of artificial intelligence and data analytics in talent acquisition will become more prevalent, helping companies in Malta identify the most suitable candidates efficiently.
Furthermore, the rise of remote work and flexible employment arrangements will reshape the workforce. Maltese companies may increasingly opt for a hybrid model, allowing employees to work both on-site and remotely, giving them access to the best talent, regardless of their location.
Sourcing talent from a global marketplace is no longer a luxury but a necessity for businesses in Malta. Embracing this trend enables local companies to access diverse skill sets, mitigate skill shortages, and tap into linguistic advantages. While challenges exist, with careful planning and a commitment to inclusion, Malta can harness the power of global talent to fuel its economic growth and innovation in the years to come. The world is our talent pool, and the possibilities are boundless.
Victoria Meli is VP of Global HR Operations & Compensation at Finaro and vice president of the FHRD.