Misco’s recent ‘Salaries and Benefit Report’ shows there was a 4.9 per cent rise in annual average salaries in Malta. The highest increases in were for the posts of business development manager, operations manager in the services sector and ICT manager. Minimal salary changes were noted in the posts of managing director, administration manager, production manager, warehouse manager and engineering manager.
The 31st edition of the report features 85 positions including some new positions, such as that of assistant financial controller, sales executive, sales representative, compliance/anti-money laundering officer, logistics manager, head of stores, maintenance manager, research and development specialist and maintenance supervisor.
Misco director Lawrence Zammit said that in a challenging marketplace, effective and competitive remuneration is a key priority. Employers need to ensure their reward policies and practices are both practical and relevant to today’s labour market. As such, having access to robust and up-to-date market information is essential. In fact, Mr Zammit said that Misco compiles such reports to provide guidance on the pay ranges to be attached to grades or bands when designing a pay structure.
The study shows there was 3.8 per cent rise in finance-related positions and 5.7 per cent in HR-related positions. Marketing-related positions registered a 2.1 per cent increase.
Mr Zammit said “Misco is conscious of employers’ need to have information that is more focused on their specific requirements. For this reason we also publish sector specific salaries and benefits reports and provide compensation benchmarking reports to individual organisations facing challenges in keeping their best talent and concerned with matching their packages to those offered in the market.”
He added that this report, like the other sectorial ones, are important tools that give a company’s senior management the necessary information upon which they can take informed decisions to ensure that pay will attract and retain the people the organisation needs.
Mr Zammit added that Misco strongly believes that salaries are just one component of the HR strategy of an organisation and needs to be supported by appropriate training and development activities, motivational activities and creating a work environment that is caring of employees’ wellbeing.
To buy a copy of the report, e-mail Maria Zahra on advisory@miscomalta.com or call 22054 551.