The Malta Chamber of SMEs was honoured to welcome H.E. Ambassador of the Republic of Turkey to Malta Mr Erdenix Sen, to its head office. Greeting the Ambassador was President Mr. Abela, Deputy President Mr. Fenech, and CEO Ms. Agius Mamo.
The meeting discussed potential for business collaboration between Malta and Turkey and the work that can be undertaken to support this and increase trade between these countries countries which already enjoy close relations.
It’s essential to document contract breaches in writing to protect your rights and ensure clarity in legal matters. Whether it’s a breach of employment contracts, service agreements, or business deals, written documentation strengthens your position and provides a clear record of obligations.
Join us in advocating for Employment Law rights in Malta by becoming a member of the SME Chamber. Supported by the Norway Grant 2014-2021 through the Social Dialogue and Decent Work Programme, our campaign aims to raise awareness and promote fair employment practices.
Take a proactive step towards change and empowerment. Join the SME Chamber to access valuable resources, legal insights, and networking opportunities. Together, let’s foster a more informed and equitable work environment in Malta.
Join us today at https://sme-chamber-mt.odoo.com/register-form. Make a difference and be part of shaping a better future for businesses and workers alike.
The greatest reassurance of this Budget is that the energy subsidy will remain for as long as necessary. This offers basic but very important assurance.
The SME Chamber notes that in the Budget speech there was no emphasis or new incentives on how to SMEs can be strengthened.
Another important topic was the plan to renew the economy and it seems that the Government wants to attract economic growth from high-end sectors. Targeting high-value adding sectors is important. At the same time however we are forgetting the absolute majority of the businesses that contribute towards the Maltese economy.
It is therefore more important to see that our country’s small and medium-sized businesses are incentivised to renew and modernise to be future proof.
The SME Chamber will therefore continue to work to address this gap and give priority to Maltese SMEs.
The Malta Chamber of SMEs earlier today published the results of the SME Barometer (Q3 2023) Survey conducted amongst a total of 423 businesses (50.35% – Micro, 33.80% – Small, 13.95% – Medium and 1.9% – Large.
When asked what are the topmost important issues concerning their businesses, the data reveals the major concerns and challenges faced by businesses in Malta are categorised by the number of employees. In general, and across the board, the most pressing issues across all Business sizes are Employee Shortage (41.10%), Increase in Inflation (30.2%) and Unfair Competition (21.04%).
The primary contributors to business concerns when it comes to the national situation, across all sectors continues to be the lack of good governance (37.10%) and the increase in inflation (32.86%). These challenges have remained consistent from the previous quarter (Q2 2023), affirming their sustained importance and concern.
The Q3 SME Barometer introduced new choices, in particular on the perceived level of corruption (37.35%) and the nation’s overpopulation (27.4%) and concerns on the quality of life (14.89%). These new choices also scored high, which continues to underpin the survey results with the evolving issues highlighted during this quarter.
Abigail Agius Mamo said that ‘The businesses overall sentiment continues to show that Businesses are feeling uncomfortable with the direction they are seeing Malta heading towards (79.90%). This shows that businesses in general are not happy with the direction the country is heading to and a need for change in direction is imminent’.
The data shows that overall businesses’ sentiment continued to shift when compared with Q2, 2023. The change is a significant one, being it of 16% from Q2 to Q3.
Businesses, regardless of their size, are still facing considerable uncertainty when it comes to making investment decisions for the next year (54% – Unsure).
Finally, businesses were asked what the main contributors are leading to inflation, in general, businesses believe that the main factors leading to inflation are mainly due to Employee wage and salary costs (56%). This includes the cost of recruitment, employee turnover and actual salaries.
Misco Director Mr. Lawrence Zammit noted that Employee wage and salary costs cannot be disregarded, and any foreseen increases need to be complimented with an increase in productivity, this is to avoid wage inflation and ensure sustainability.
Mr. Paul Abela said that the country is at cross-roads and it is clear that a change in economic direction is imminently needed. He hopes that next Mondays’ budget will tackle these issues and address them directly.
The SME Barometer survey is a collaborative effort between the SME Chamber and MISCO.
In the dynamic landscape of human resources, maintaining a competitive edge in the job market is essential. Companies eager to attract, retain, and motivate their talent must possess a comprehensive understanding of industry compensation trends. Salary benchmarking tools help business leaders in accomplishing this as they are invaluable instruments that offer numerous advantages to organisations, enabling them to make informed decisions regarding employee compensation.
One of the primary advantages of using a salary benchmarking tool is gaining a competitive advantage. Staying informed about current salary trends in your industry is vital for your organisation to remain competitive in the talent market. A compensation strategy based on well-founded information ensures that your company can attract and retain the best talent, giving you a distinct edge in the competitive Maltese labour market.
Moreover, salary benchmarking tools provide access to a treasure trove of real-time, accurate data on salary and benefits information. This data empowers HR professionals and business leaders to make informed decisions about employee compensation and it reduces the guesswork and subjectivity that often accompany compensation decisions, ensuring that pay rates are fair and competitive.
To attract top talent, you must offer competitive salaries. Salary benchmarking tools help you identify the appropriate salary range for a given position, making your job offers more enticing to prospective employees. This can significantly enhance your recruitment efforts and help you stand out as an employer of choice.
Having said this, retaining top talent is as crucial as attracting it. Employees who feel they are fairly compensated are more likely to remain with their current employer. Salary benchmarking tools allow you to review and adjust compensation packages to ensure that your existing employees are compensated fairly, reducing turnover and the associated costs.
In addition to comparing your salaries with industry standards, these tools provide valuable insights into market trends. You can assess whether your organization is aligned with industry practices or if it is falling behind. This knowledge empowers you to make proactive changes and adjustments to stay competitive. On the other hand, making data-driven decisions about compensation can lead to cost savings in the long run. Instead of overcompensating employees, you can allocate resources more efficiently, directing them toward areas that have a more substantial impact on your business’s growth and success.
Salary benchmarking tools have become indispensable for modern HR professionals and organizations. They offer a number of benefits, from enhancing your competitive advantage to supporting data-driven decision making, attracting top talent, and retaining existing employees. With the assistance of these tools, you can fine-tune your compensation strategies to align with industry standards and your organizational goals, all while promoting fairness and compliance. In today’s fast-paced business environment, using a salary benchmarking tool is not just an option; it is a strategic imperative for success. The insights provided by these tools empower organizations to make decisions that are not only equitable but also propelling them towards success in the talent market.
*Sponsored article by Misco Malta
The Malta Business Registry would like to advise that a new deposit box has been installed on premises specifically at the garage entrance, on Vendome Lane.
The box is intended to accept clients documents and will be open from Monday to Friday between 8 AM and 6 PM. The box will be closed at all other hours.
To access the deposit box, please follow the signs from the main building entrance.
Please note that while the deposit box will still be open during the times mentioned in this communication, any documents deposited after 2:30 pm will be stamped with the next business day’s date and will be considered to have arrived on the next business day.
The MBR appreciates your cooperation in using this new deposit box. MBR said that their intention is to make it easier and more convenient for clients to submit their documents.
If you have any questions or concerns, please do not hesitate to contact MBR at 2258 2300 or .
The Chamber of Engineers in collaboration with the Energy & Water Agency is pleased to inform you of the recent launch of the 22nd Edition of the Malta Engineering Excellence Awards (MEEAs). The MEEAs 2023 are sponsored by APC by Schneider Electric and the event will be held on 24th November 2023 at The Malta Chamber of Commerce. The call for for nominations for the below award categories is now open!
The Industrial Excellence Award is directed towards organisations or companies or individual/s who have demonstrated excellence in their engineering work. This can be done through the accomplishment of challenging projects, introduction or use of recognized standards, research and development and engineering of new products.
MEEA 2023 – Industrial Excellence Guidelines & Form
The Energy & Water Sustainable Award is open to private enterprises that have implemented projects to make a significant impact on their energy and/or water consumption. Apart from the prestige of winning the award, the winning enterprise will be issued with a voucher of €4,000 from Energy & Water Agency to claim against ‘Capacity Building in Sustainability’ for its employees. A tree planting activity will also be sponsored for the three top placed enterprises.
Sustainability Award Application | Sustainability Award Guidelines
The Chamber of Engineers encourages organisations and enterprises to present relevant nominations for these awards to showcase solid level projects and efforts in sustainability.
The Malta Chamber of SMEs met with MEP candidate Mr. Peter Agius to discuss Malta’s role within the European Union, with a specific focus on the European Parliament, as well as the current challenges and opportunities.
The SME Chamber was represented by Deputy President Philip Fenech, Member Mr. Tonio Camilleri, and EU Affairs Executive Jamie Tanti.”
