Since Malta adhered to the European Union, its economy increased rapidly due to foreign investments. The country has put a lot of hard work into promoting its services and succeeded to become one of the main service centers in the Mediterranean area. Malta depends on international enterprises that have opened subsidiaries in order to enhance its economy. In order to accommodate foreign companies, Malta provides one of the cheapest and well-trained workforces in Europe.
Qualities of the Maltese workforce
The workforce in Malta has two important qualities: high education and flexibility. It is well known that a good education translates into high productivity. To ensure the quality of education it suffices to say that Malta has more university graduates than other countries. Colleges work together with the prestigious University of Malta to bring modern teaching techniques in order to assure an exceptional education.
The Maltese workforce is one the most skilled in Europe. Companies hold in high regard the Maltese population for doing a great work at half the price of workforce in the rest of the European continent and North America. Surveys have named Malta’s workforce to be one of the most flexible in Europe, because Maltese people are able to adapt very quickly to new technology and market requirements.
The Maltese labor force is also multilingual, 88% of the Maltese population speaking English fluently, 66% of them speaking Italian fluently and 17% being French speakers. But the Maltese also speak other languages such a: German, Spanish and Russian.
Labor costs in Malta
The Maltese labor force not only competes with other countries in terms of abilities, but also when it comes to costs. Calculating the salaries, productivity and working hours, the labor costs in Malta are 30% lower than in other European countries. If you count in social security and employment taxes, that are also cheaper than in most European countries, the Maltese workforce will be 50% cheaper than other EU states’ workforces.
The main sectors Maltese workforce concentrates on are: the IT&C, software development, back office services, call center services and accounting services.