MISCO study shows an av­er­age 4.9% increase in salaries

Malta Independent - - BUSINESS & FINANCE -

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 ad­vi­sory@mis­co­ma­lta.com or 2205 4551.

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