Misco report shows 3% average increase in financial services salaries

There was an average increase of 3% in the basic gross salaries of all positions in the financial services sector. While there was a 1% increase in the salaries of jobs in finance, the market experienced a 4% increase in the median basic gross salary of legal and compliance jobs. The highest increase was registered in the C-Suite positions, with a 6% increase in the median basic gross salary. This information derives from the fourth edition of the Misco Salaries and Benefits report for the Financial Services Sector.

This report provides organisations with a broad spectrum of the current local financial services sector (accountancy and audit firms, banks, insurance and investment firms) with the aim of providing organisations with sufficient information to decide on any remuneration adjustments.

Joanne Bondin, Misco’s director for HR Selection Consultancy services said that “the sector has evolved into being one of the key drivers to our economy. This evolution resulted in a number of job opportunities. Even the sector has gone through an evolution. This evolution led to a number of specific skills needs and specialisation. This, together with a surge in demand for talent has also spurred job mobility and different challenges for talent retention”.

Ritienne Xerri, director for Business Advisory Services 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. Therefore, having access to robust and upto-date market information is essential.”

Those who tapped in the information and the knowledge this report provides also confirmed this. Senior management at RCI Insurance described this report as extremely useful as it provided them with all the relevant data required. “Misco’s financial services report was very specific to my domain of activity, very detailed and useful,” said a spokesman for the insurance company.

Misco’s managing director, Lawrence Zammit said that: “The financial services sector contin- ues to make a very positive contribution to the Maltese economy. The contribution of finance and insurance activities to the gross value added of the whole Maltese economy has risen to 6.9% during 2016. There are also other activities that are part of the financial services sector. However, we need to ensure that this sector is sustainable in the long run and not price ourselves out of the market. Therefore, there is a great need for businesses operating in this sector to have a compensation policy that ensures such sustainability. The report is an important tool for these businesses in designing their compensation policy.” For more information on how to get access to this report, contact Misco advisory service on +356 2205 4651 / 3; email: advisory@miscomalta.com