While chief executive positions as well as those in auditing, compliance and investment roles in the financial services sector saw no significant increase in salary packages, there seems to have been an increase of 11 per cent in salaries in insurance activities, according to Misco’s latest ‘Salaries and Benefits Report 2016 for the Financial Services Sector’.
This year’s edition covers 55 different positions across the sector’s different economic activities and analyses salaries and benefits for those working in accountancy and audit firms, banking and finance, insurances, investments and fund management companies.
Of these, 35 per cent employ up to 50 employees, 14 per cent employ between 51 and 150 staff and 51 per cent employ over 150.
To further ensure a more accurate outcome, Misco surveyed both Maltese and foreign companies. In fact, 38 per cent of the companies surveyed for this study were local ones whereas 62 per cent were foreign.
“A company or organisation’s remuneration package defines it. Consequently, remuneration patterns within a sector can define and impact a whole industry. This is the rationale behind Misco’s publishing of its annual salaries and benefits report covering a variety of sectors.
The highest paid position is that of a CEO with a mean total remuneration package of €132,520
“The remuneration packages established by companies will reflect how the company wants to position itself in terms of market position and competitiveness. This in turn will help attract the right talent,” said Maria Zahra from Misco, who coordinated this latest report.
“Besides job descriptions, performance management systems and job evaluation exercises, organisations should use important tools such as our periodic salaries and benefits reports when determining pay structures. These tools can guarantee transparent, realistic and achievable pay structures that are so important for any company’s competitive advantage when attracting talent,” added Ms Zahra.
Besides the top managerial positions such as CEOs, general managers, marketing and HR roles, the report includes positions ranging from insurance underwriters, claims handlers, surveyors, branch managers, customer care officials, senior auditors, account managers, IT developers and system administrators, credit controllers and compliance managers, company secretaries, fund administrators, accountants, traders, risk managers and more.
Besides basic salaries, the report also compares fringe benefits, which include among others, performance bonuses, car and fuel allowances, life and health insurance, communication and travel allowances.
The highest paid position is that of a chief executive officer with a mean total remuneration package of €132,520, followed by that of general manager with a mean total remuneration package of €104,150, and chief financial officer with a mean total remuneration package of €101,530.