Misco publishes its Salaries and Benefits report
The recovery in growth of the Maltese economy has had a significant impact on this year’s increase in median remuneration packages.
It has been recorded that the median remuneration packages of positions surveyed have increased by an average of 4.5 per cent over the past year. During 2011, median remuneration packages increased by 3.1 per cent, while in 2010, they registered an increase of 2.6 per cent.
Data from Misco’s latest Salaries and Benefits Report 2012/2013 analyses remuneration patterns for personnel working in management, executive, clerical, technical and non-manual positions in various private, foreign-owned and government-controlled, service and manufacturing companies.
From research carried out this year, above-average increases were recorded in the majority of positions surveyed, particularly in remuneration packages of managerial grades.
This increase has been attributed by the growing popularity of performance-related pay schemes most commonly used for managers in private and public sector organisations.
“Companies constantly need to be aware of the bigger picture when valuing jobs relative to others, both within the organisation and externally,” explains Misco director Lawrence Zammit.
“This report, based on extensive research of salaries, has been compiled to provide guidance about remuneration packages of various categories of employees in the local market.
“The aim of this report is to provide companies with sufficient information to decide on any remuneration adjustments.
“The segmentation of information in the report also gives the end-user a better idea of the remuneration packages offered locally, permitting a more accurate positioning of the organisation within the local market,” added Mr Zammit.
The largest increases were recorded in the positions of project managers and HR managers where the median increased by 13 per cent and 11.9 per cent respectively.
Other increases were also recorded in the median remuneration packages of operations managers (11 per cent), quality assurance managers (7.9 per cent), sales managers (7.4 per cent) and marketing managers (seven per cent).
Further increases were also recorded in finance positions, particularly in the posts of finance managers, financial controllers and accountants, where the respective median remuneration package denoted an increase of 14.7 per cent, 6.4 per cent and 2.5 per cent.
Copies of the report may be obtained from Misco Consulting, Fino Buildings, Notabile Road, Mrieħel. For more information, call Susan Vella on 2122 0303 or 2205 4651/2 or via e-mail at [email protected].