Maltese businesses are increasingly “recognising that talent needs to be retained and protected,” according to HSBC Malta’s Head of Commercial Banking Joyce Grech.

In comments accompanying a report by HSBC, that businesses across the world are set to “battle for talent” as hiring plans fuel growth ambitions, she recognised that preserving this talent would be “no mean task.”

As such, “companies will need to adopt a novel approach to attracting and retaining employees, as they seek to achieve their growth ambitions over the coming months.”

It comes as a global survey by the bank found that businesses are on hiring sprees as they “look to unlock future growth opportunities.”

HSBC’s latest ‘Navigator’ research polled over 2,100 business leaders from 10 global markets and found that companies expect their workforces to increase by an average of 13 per cent in the next 12 months, with 42 per cent of businesses planning to increase headcount by 20 per cent or more.

The vast majority of businesses (70 per cent) plan to increase headcount, while just 12 per cent plan reductions, according to the survey – which can be expected to further intensify competition to attract talent.

Companies will also be looking at alternative methods to obtain talent, including by investing in their workforce or training existing staff, according to Ms Grech, though hiring fresh talent will also remain important.

The research also shows that staff retention is being prioritised, the Head of Commercial Banking commented that this will “require leaders to take action and react to the demands of the workforce beyond financial incentives, while placing a stronger emphasis on wellbeing and work-life balance.”

Other notable findings of the global survey are that US businesses are planning to grow their workforces in Europe by 21 per cent, Indian businesses by 30 per cent, and Chinese by 39 per cent.

Advertising and communications businesses were found to be targeting the largest growth in their workforces, with nearly nine in ten (87 per cent) planning to hire, and over half (53 per cent) planning headcount increases of 30 per cent or more.

This compares to just 54 per cent of logistics/transportation businesses targeting increases, and 60 per cent in retail.