Start-up accelerator schemes as well as benefits to attract companies should be initiated in order to ensure new ideas and projects hit the market. Overall, if Malta becomes a start-up hub for Europe it will already attract brilliant minds to it. That demands real long-term programmes in specific industries.
for talent comes not without its consequences, and a worrying trend emerges which shows the bubble is about to burst.
According to a study conducted by the Central Bank of Malta in 2019, the exit rate of foreigners from the island is at a higher rate than observed in other similar economies. Te report estimates 45 per cent of foreigners who were engaged in the workforce left Malta after two years, and 25 per cent of foreigners left the same year as they joined. One major reason is the rise in living costs, such as rent.
Living costs were not the only factor determined to influence expats exit rate. Worries about future career prospects, low wage employment compared to other countries and securing a better future for their children were also among the top reasons.
Growth is highly dependent on the long-term prospect of the workforce and the industry itself, as everything we do impacts the future of the market and the country. Relying on one industry alone, which is estimated to account for 12 per cent of the national GDP in Malta, offers only limited growth.
One of the determining factors of productivity and growth has to do with the accumulation of human capital and knowledge over time, also called learning-by-doing. On site professional training and guidance, combined with learning- by-doing, gains valuable experience for the employee and raises overall productivity for the company.
Te lack of diversity in industries brings with it a tight cap on the type of talent that flows into Malta, and one determining factor for
innovation on a market level is the diversity of ideas and projects. Te more ideas entrepreneurs bring within the same market over time, the better that sector grows and learns.
So, what can we do now to ensure a better future for the Maltese economy?
Tere are no quick fixes and a real effort should be made by the authorities for the long-term future of the island. On one hand, the government and official authorities should come up with better subsidies and programmes for professional education and training for expats and local talent. Tis can ensure the knowledge stays in the market and lowers the turnover rate, giving better prospects for talent.
Start-up accelerator schemes as well as benefits to attract companies should be initiated in order to ensure new ideas and projects hit the market.
It takes just one big start-up breakthrough to create an entire wave of attraction for talent on the island. Overall, if Malta becomes a start-up hub for Europe it will already attract brilliant minds to it. Tat demands real long-term programmes in specific industries.
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