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CMS Monaco: Changes in the world of work

by Sophie Marquet & Laurence Clapier
Labor shortage, emergence of new professions, employee expectations - when the job market
doesn't know which way to turn

Business sectors in crisis, the emergence employers to offer additional flexibility and a Company values at the heart of recruitment
of new professions with the rise of better work-life balance, given that 90% of the Finally, we are seeing an increase in the
artificial intelligence and the predicted employees of the private sector live outside importance of corporate commitments and
disappearance of certain jobs of Monaco. We are still very often contacted values as a criterion of choice for employees.
In 2023, we helped several companies in to set up teleworking. Some companies didn't Employers' commitments to environmental,
their restructuring projects, which had a seize the opportunity 8 years ago for various ethical and inclusive issues are at the heart
direct impact on their workforce. We also reasons, but it is no longer possible to avoid of employees' concerns in their job search.
noticed a significant need for assistance this subject. It is now a decisive factor in a CMS is fully aware of these changes and
in recruitment. Foreign companies who company’s attractiveness, and employees no committed to CSR to attract and retain young
need help relocating their employees to longer hesitate to make it a demand. Many talent. The introduction of a code of ethics or
Monaco often contact us, as finding skilled job applicants refuse to sign employment action plans contributing to carbon neutrality
people in some areas of activity that are contracts if the employer does not guarantee are all actions that employers can highlight in
still non-existent. Certain business sectors the teleworking. The effort to assure flexibility their recruitment process to set themselves
such as banking, gastronomy, construction is not entirely without risk for the companies apart from other companies. The world of
and digital technology are experiencing a (see article Cross-border teleworking: where employment is in a state of flux, with employees
shortage of labor, leads companies to call does the tax risk lie?). We often support and young professionals constantly looking
on service providers from other European employers in the legal implementation of for meaning, and the demands of different
and non-European markets. The rise of flexibility with available tools, but not without types of employees catgories becoming more
AI is forcing Monegasque companies to a certain difficulty, as we are not always in a stringent. Monaco will have to evolve rapidly
look for people possessing unprecedented position, given the legislative arsenal currently to meet these new expectations, particularly
skills who they can't necessarily find in the at our disposal, to satisfy certain requests. in terms of working hours and organization.
Principality. AI could create numerous job
opportunities, but in the short term we fear
the implementation of new restructurings
due to these technological changes.
Employers in the Principality will need to
invest in tools enabling them to increase
their attractiveness.

When employees' expectations are no longer
limited to attractive remuneration package
The level of remuneration and benefits offered
by Monegasque companies are still the main
criteria of choice for job applicants. However,
we note that employees are now focusing
on other considerations as well. Monaco
remains extremely attractive to employees,
even though flexibility in the workplace is
becoming a major issue in attracting young
talents.

High demand for flexibility
While teleworking, flexoffice or flextime are
offered to employees on the other side of
the border, Monegasque employers are still
constrained by strict regulations, particularly
in terms of working hours. Drafting an
employment contract tailored to the company's
needs as well as introducing teleworking for © CMS Monaco
employees who live in France and Italy enable Laurence Clapier (Counsel)

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