MISCO has recently compiled its Salaries and Benefits Report for 2003. Over the past 12 months, average remuneration packages have increased by 2.6 per cent.
This increase in remuneration packages is identical to the increase recorded last year, yet it falls short of the 3.4 per cent growth recorded in 2001.
The difficult international and local business environment, the referendum on EU membership and the subsequent national election have depressed any potential improvement in the number of employment opportunities that would have stimulated the employment market.
The same factors that are influencing the demand for labour also influence the supply side. Due the uncertainty and negative outlook, workers are more cautious when changing jobs and therefore job retention has become a characteristic of these last years.
Overall, this inhibits the positive multiplier effect produced when a vacancy created is filled, which in turn spins new vacancies elsewhere.
From research done this year, above average increases were recorded in the remuneration packages of a number of positions. The largest increases were recorded in the remuneration packages of marketing managers, sales managers and sales representatives.
These positions have been experiencing above average increases over the past three years and probably this highlights the increased value companies are giving to these positions.
As usual, the change in the remuneration packages of engineers and technicians has also been greater than the median increase recorded this year. These above-average increases are almost certainly due to the low supply and high demand for such personnel.
The remuneration packages of general managers and managing directors have increased by 3.1 per cent, yet this also follows a well established trend.
This increase may be pinpointed to a scarcity of good personnel who are able to perform effectively in such difficult market conditions.
The growth in the remuneration packages of personnel working within the IT sector is very contained, with IT managers and analysts and programmers experiencing below-average increases in their remuneration packages. The value of fringe benefits has stabilised with an overall average increase of just 1.7 per cent.
Based on quality research and extensive knowledge acquired through Misco's involvement in human resources consultancy, this report is aimed at providing companies with a reliable, realistic and up-to-date picture of the current remuneration packages paid to various categories of personnel.
More information can be obtained by contacting Misco on 2122-0303 or e-mail: info@miscomalta.com.