Perit Xuereb said that it was the Chamber’s responsibility to look ahead and propose long-term policies for Malta’s economic future. “This means that the skills and talent of the human capital of the future are of central importance to The Chamber” Perit Xuereb said.
The Malta Chamber President noted how Artificial Intelligence was already present in many aspects of people’s lives, and was expected to continue characterising many decision-making processes which were typically of a mechanical or repetitive nature.
“With this paradigm shift, humans will be increasingly required to step up their creative skills to address new needs and development of processes”, Xuereb explained.
Perit Xuereb also mentioned the development of the ‘gig-economy’ mindset, whereby the labour market is increasingly wishing to be flexible and connected. “In today’s world, employment is becoming increasingly characterised by short-term contracts or freelance work as opposed to permanent jobs. Industries should take note of this prevailing form of employment as new generation employees and upcoming generations, are valuing the opportunities of technology and flexibility to align with expected quality of life standards as part of their employment relationships,” noted Xuereb. “Such changes will influence the resourcing of business and their operations and logistics. The faster we recognize this, the better prepared we will all be in a business re-engineering period of our economy”
Framing his comments within the Economic Vision ‘A Smart Sustainable Island’, which the Malta Chamber published earlier this year, the Chamber President said that creativity and the respect and support for talent were fundamental elements within this vision.
“We must lead and support our educators with the right mindset, sensitivity and resources, for them to be best placed to prepare talented and well-prepared human capital, equipped with the skills expected of the citizens of tomorrow” Perit Xuereb concluded.
The event was also addressed by Ms Fiona Captur, CEO for JAYE Malta Foundation and Ms Caroline Buhagiar Klass, Head of Human Resources and Corporate Sustainability for HSBC Malta.
HSBC Group’s first ever MySkills Festival was a week-long series of virtual events, interactive workshops and online resources, featuring insight from global business leaders and experts. The festival is also part of HSBC Group’s Future Skills initiative, which aims to connect people and assist them in boosting their professional development. The Group has, in fact, allocated US$80 million in funding to help one million people, including in Malta, by developing employment-related skills.