Author: SME Chamber

In the ever-evolving business landscape, the success of your business hinges on the skills and adaptability of your workforce. In the midst of the ‘European Year of Skills’ there has never been a more opportune moment to focus on reskilling and upskilling of employees. While SMEs may have limited resources, there is a valuable avenue often overlooked: soft skills training.

Many SMEs allocate their training budgets predominantly to technical or job-specific training. While these are undoubtedly essential, the importance of soft skills should not be underestimated. Soft skills are needed to do the essential technical skill and in today’s fast-paced and dynamic world, the ability to adapt, communicate effectively, collaborate, and lead can set your business apart.

Investing in soft skills training is a strategic move that will maximise the potential of your training budget. The business environment is constantly evolving, with technological advancements, market shifts, and global challenges. Soft skills like adaptability and resilience are crucial for employees to navigate these changes successfully. Skills like effective communication and time management can improve your team’s productivity and efficiency by fostering a collaborative and inclusive workplace culture. Employees who can work well in teams are more likely to tackle complex challenges and innovate effectively. Hence, employees with strong interpersonal skills are better equipped to understand and meet customer needs, which can boost customer satisfaction and loyalty – the most important stakeholder of the business.

The added benefit to all of this is that investing in soft skills training shows your commitment to your employees’ personal and professional growth, which can improve retention rates and reduce hiring costs. Identifying the specific soft skills gaps within your workforce is essential and can be carried out by conducting surveys, performance evaluations, or employee feedback sessions.

The EU’s focus on skills this year means there are ample opportunities and resources available to SMEs for reskilling and upskilling. Many training institutions provide a wide range of courses covering soft skills such as communication, emotional intelligence, leadership, and adaptability. Training funds are also made available and easily accessible.

The success of businesses is closely tied to the skills and capabilities of its workforce. Therefore, business must make the most of training budgets by balancing technical training with soft skills development. This investment will pay off in terms of improved performance, employee satisfaction, and a stronger, more resilient business.

*Sponsored article by Misco Malta

The Malta Chamber of SMEs announced its Budget proposals for 2024. The Malta Chamber of SMEs Budget priorities for 2024 are:

The full set of proposals can be founder here: Malta Chamber of SMEs Budget Proposals 2024. 

The below is a summary of the main proposals presented: 

Our country is faced with what feel like insurmountable global challenges on which Malta has no control. In reality however there is a lot that Malta can do to directly and indirectly mitigate the impact of the waves reaching our shores. One example is the subsidy on the price of electricity that has spared Malta further inflationary pressures. The SME Chamber is putting forward proposals which are in line with Malta’s priorities as they aim to address our national challenges.

If we had to choose three segments we would surely start with inflation as a challenge which is afflicting both consumers and businesses. The SME Chamber is proposing a number of fiscal measures that will help improve affordability and the investment appetite, both of which have been dented by inflation, amongst other. Two of the proposals put forward are also listed in the PL Electoral manifesto, these are the widening of the tax brackets and reducing corporate tax.

The SME Chamber’s proposals are more aggressive given that, since the electoral promises, the global situation has deteriorated necessitating a greater degree of intervention. In terms of widening the tax bracket, the SME Chamber believes that the non-taxable income should go up to 14,000 as opposed to the current 10,000. In terms of corporate tax the SME Chamber feels that a business tax, which does not only alleviate the tax burden on the corporates is fairer. The reduction of 25% from the current 35% does not go far enough. The government should take the opportunity to reduce tax on local businesses also to diminish the unfairness with foreign businesses coming to Malta who effectively end up paying just 5% tax, improving the competitiveness of local enterprises. Other fiscal measures that address inflation is lowering VAT on essential goods and services as well as the removal of excise tax.

A second priority is the human resource crises that Malta is facing. Shortage of labour is driving up wages, yet the quality of our workforce has dwindled. Recruitment and retention is costing more than it has ever have. The SME Chamber is proposing tackling this problem with multiple interventions, including a secondment plan from public to private sector, joint stakeholder coordination to ameliorate the process of engaging TCNs, attractive retention programmes to be able to retain the right TCNs instead of them moving to other EU countries that offer more attractive conditions, as well as the restart of modern trade schools.

The SME Chamber is cognisant that Malta’s finances are under heavy pressure and therefore we are putting forward proposals that aim to help government spend more wisely. A reform in the public procurement system would lead to greater scrutiny of how public funds are being spent and that the best quality for the cheapest price is acquired. The way public procurement is currently being handled leaves much to be desired, direct orders, going way over budgets, poor planning and strategy are leading to tax payers’ money not being used adequately as it should be.

The Department of Industrial  and Employment Relations (DIER) is currently carrying out a study about the Wage Regulation Orders and would like to get the employers’ opinion about the current employment law framework.

We encourage to participate and express your opinion in the survey below:

https://forms.office.com/e/dvJWApKVKc

The survey is anonymous and will only take a few minutes to reply.

Thanking you in advance for your cooperation.

Awareness raising campaigns and one-to one meetings now available freely to members to support them in their ESG journey

The Malta Chamber of SMEs has today launched the Free Advisory services on Environmental, Social and Governance related initiatives aimed at SMEs wanting to transition towards the ESG goals. The service will be consist of awareness raising on the topic, events and also one to one dedicated meetings wishing start working on the topic or do more.

Although a number of businesses are interested to transition, smaller businesses might not always have the internal resources and knwledge to do it on their own. The Free ESG advisory services will contribute towards assisting these business, when it comes to resources and expertise.

The advisory meetings will be held together with WEAVE Consulting, a certified ESG Expert able to provide recommendations and bespoke guidance to businesses.

During the launch of this new service, Minister for the Environment, Energy and Enterprise Miriam Dalli noted that “this initiative confirms that all stakeholders are recognising the importance of their role in our country’s ecological and digital transition, for a more sustainable future.”

“Through this service, along with the support being provided by the Government, enterprises have the necessary tools to continue working for continued prosperity and for more sustainable investments in our country,” said Miriam Dalli.

Malta Chamber of SMEs CEO Abigial Agius Mamo said that ‘todays’ launch is a clear commitment by the SME Chamber to assisting SMEs in transitioning towards a more sustainable business model.’…’We are proud to add to the list of free advisory services to members, ESG advisory, a topic which goes hand in hand with our core principles and values as an organisation.

The European Commission has called for a just transition where nobody was left behind and the SME Chamber is doing its part to contribute to this ambitious target…’The SME Chamber is proud to partner up with WEAVE Consulting, an established company which has been offering these services for over 5 years with a proven track record.’

WEAVE Consulting Managing Director, Dr. Roberta Lepre said that this newly launched service will make it easier for SMEs to look into business opportunities available and identify key areas of improvement within their business. This will not only result in a more sustainable business model, but also make them more resilient to adapt to future regulatory requirements.

Malta Enterprise CEO, Mr Kurt Farrugia welcomed this initiative by the Chamber of SMEs: “The initiative compliments the recent ESG Grant scheme announced by Malta Enterprise and will instigate more environmental consciousness among businesses while improving management structures and help create more inclusive workplaces.

Through such initiatives we are pushing for the mainstreaming of ESG reporting.

Additionaly Malta Enterprise may also help on tangibile projects which improve a stronger environmental performance by industry including the Smart and Sustainable investment scheme which can assist with up to 100,000 euros per such projects and the Investment Aid for Energy efficiency projects”

Businesses wishing to make use of the Free ESG Advisory Service are encouraged to get in touch by sending an email on or call on 21232881 for further information.

Following the launch of the Malta Business Awards, over 400 applications were received. Following the applications deadline, the first phase of adjudication took place and on the 11th of September all shortlisted applicants were informed.

The finalists will be announced at the end of October and winners will be announced on during the final night on the 1st of December.

The Malta Business Awards are organised by the Malta Chamber of SMEs in collaboration with Malta Enterprise.

The 4 award categories are, Distinct Initiatives,Green Ambassadors, Celebrating Business & Business Innovation.

More informaton on www.maltabusinessawards.mt