Hire in Malta
Malta is an island nation located in the Mediterranean Sea. The economy of Malta is very advanced for an island. It is a beautiful place with lively destinations, perfect for tourism. Fisheries and tourism industries are booming in this nation. These two industries drive the economy. Malta is recovering from the hit of the pandemic.
The job opportunities in Malta have risen in the past decade. Individuals around the world have started to recognize the excellent market of Malta. The rate of inflation in Malta has gone up ever since the pandemic, and it will take a couple of years to get it down as before or even below.
Overview of Malta
Malta is a multifunctional island. It has a strong foothold in the fisheries industry. Being surrounded by water on all sides, Malta has exquisite ports and beaches. Trade in Malta has been very lively. The majority of the economy of the nation is generated by keeping trade relations with numerous countries. Along with trade and fishing, Malta has its hands in gaming businesses, credit-card issuing banking licenses, aircraft and ship registrations, and fund administrations.
Total population – 514,564
GDP – the US $15.134 billion (€ 12.68 billion)
Malta has an advanced economy. It has a purchasing power parity of $22.802 billion (€ 19.10 billion) with a per capita income of $48,246 (€ 40,410.85). The nominal GDP of Malta is $15.134 billion (€ 12.68 billion), and the per capita income is $32,021 (€ 26,820.79). A major part of the economy of Malta comes from foreign trade.
Malta has a huge reserve of limestone. It is a commodity that contributes greatly to the economy of the nation. The Suez Canal near Malta boosts trade and fisheries activities, along with tourism. The Malta Financial Services Authority takes part in most financial businesses of the nation and oversees the private sector.
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A brief glimpse of the industries
- The transportation sector has built inland as well as outland transportation facilities for public use and foreign as well as local trade. The transportation sector accounts for a major contribution to the GDP of Malta. There are ports, harbors, highways, aerial landing pads, and airports built all over the nation.
- The tourism sector of Malta is a major revenue-generating sector. Malta has over 1.6 million tourists every year. The number of tourists in Malta exceeds the number of residents. That number has dramatically decreased in the last year due to the travel restrictions imposed on account of coronavirus.
- Malta has had large commercial banks in practice since the 19th century. The finance sector of Malta is well equipped to handle complex relations. Opportunities are always open in the finance sector of Malta. Being an advanced economy, the finance sector of Malta must be strong.
Cost of living in Malta
Malta has witnessed a rise in the cost of living over the past decade. It is a developing nation that offers a good quality of life to the best of its capability. The increasing interest of recent graduates and new job practitioners in Malta has contributed to the increasing cost of living. Some cities offer a very affordable cost of living, while to live in some cities, one must have a hefty paycheck.
Cost of Renting
The cost of renting in Malta is higher than in most countries with a similar economy. An individual can rent a house in the city center for an average of US $1073.83 (€ 900). The cost of rent changes according to the location and the area of the housing facility. It also depends on the availability of amenities in and around the housing facility.
Cost of living depending upon your location
Every city in Malta is famous for its unique strength. The job opportunities, style of living, quality of life, and most importantly, the cost of living depends upon the location. Malta is under the radar of many budding individuals for relocation.
- Cities categorized as Tier 1 cities are metropolitan cities like Città Pinto, Città Hompesch, etc.
- Cities categorized as Tier 2 cities are upcoming centers like Città Beland, Città Ferdinand, etc.
- Cities categorized as Tier 3 cities are locations with notable growth potential like Città Vittoriosa, Città Cospicua, etc.
The following table suggests the average cost of living in respective cities of Malta –
The sectors in Malta that are expecting to hire in 2023 are –
Top skills in Malta
Malta has various sectors running in its market. This demands multidisciplinary, skilled individuals. Malta looks for manufacturers, technicians, programmers, and many such experts to grab opportunities in its market. Cloud specialization, software expertise, and front-end development are some of the technical skills that Malta is eager to have in its sectors.
Major skills and areas which have witnessed a recent growth rate
Top skills city-wise occupation-wise
Every city in Malta has a specialty. A specialty that raises job opportunities. The rate of hiring depends on the location and the demand of that location. The seaside cities have different workforce needs than the inland cities. Thus, the top skills in Malta can be determined based on the location of the city.
The cost of hiring is a mandatory facet for every employer. The process of hiring requires the allocation of resources. This allocation is done on following aspects –
- Advertisement of the opportunity
- Time required in the process
- Selection of an ideal candidate
- Onboarding process
Salary structure for various roles
Average annual salaries of various sectors in Malta have been listed in the table below –
Employment laws in Malta
The employment laws in Malta are formed based on the social, personal, political, economic, environmental, and other such rights of the people involved. The laws are framed by the Employment and Industrial Relations Act. Some of the aspects under consideration are –
- Rates of wages
- Hours of work
- Paid holidays
- Notice periods
- Period of probation
The employment relationships in Malta are governed by the regulations laid out by –
- The employment contract
- Legislation (Primary and Secondary)
- Public Service Management Code (PSMC)
- Collective agreements of the hiring enterprise
Malta Remote Hiring Trends 2023
High Demand Jobs in Malta in 2023
Within Malta, the workforce is spread across several industries. That being said, some of the top industries in the country are tourism, financial services, manufacturing, and IT services. Companies in these industries may find success hiring employees in Malta.
Not only are these the largest industries, but they also have some of the highest in-demand jobs:
- Financial service experts
- Hotel management
- Pharmacy technicians
- Blockchain developers
- IT specialists
- iGaming experts
Growth in Hiring Activity
Malta's employment rate reached a new peak in the last quarter of 2022. Also unemployment rate reduced in the first quarter of 2023 from 3.2% to 2.9%.. This trend is expected to continue through 2030.
Malta is also a popular destination for digital nomads from all across the globe. Because of this trend, foreign worker hiring has jumped from 9,500 in 2009 to 77,825 in 2021. At the end of 2021, Malta established a new Nomad Residence Permit that allows all non-European remote workers to live and work in Malta, too.
Top Global Employers in Malta
Companies across the world are increasingly hiring employees and contractors in Malta. Some of them include -
How Can Skuad Help You with Hiring in Malta?
If you are looking to conduct a recruitment process in Malta, you ought to be aware of the various rules and regulations that are in place. Moreover, you must spend considerable time and resources as well. With Skuad, all your worries regarding the recruitment processes are taken care of. With its unified employment platform, Skuad is adept at handling all your requirements. Connect with Skuad to know more.