MISCO study shows an average 4.9% increase in salaries
MISCO’s recent Salaries and Benefit Report shows that there was a 4.9 per cent increase in the annual average salaries in Malta. The highest increases in average salaries were noted for the posts of business development manager, operations manager (in the services sector) and ICT manager. Minimal changes in the average salary were noted in the posts of managing director, administration manager, production manager, warehouse manager and engineering manager.
The 31st edition of “The MISCO’s Salaries and Benefit Report” features 85 positions, compared to last year’s 79, and carries a number of new positions, including that of assistant financial controller, sales executive, sales representative, compliance / antimoney laundering officer, logistics manager, head of stores, maintenance manager, research and development specialist and maintenance supervisor.
MISCO’s 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 that there was 3.8 per cent increase in financerelated positions and a 5.7 per cent in HR-related positions. Marketing-Related positions registered a 2.1 per cent increase.
Mr Zammit said that “MISCO is conscious of the need of employers to have information that is more focused on their specific requirements. For this reason we also publish a number of sector specific salaries and benefits reports throughout the year 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.”
In fact, he continued, this report like the other sectorial ones, are important tools which give the company’s senior management the necessary information on which one 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 cares about the employees’ wellbeing.
To purchase a copy of this report, please contact Maria Zahra on email@example.com or 2205 4551.