IT jobs see high­est salary in­crease, of 5%, over the last year An­nual av­er­age salaries up by 4.1%

The Malta Independent on Sunday - - BUSINESS & FINANCE -

IT jobs saw the high­est salary in­crease of 5.0% over the past 12 months ac­cord­ing to MISCO, which has just pub­lished 32nd ‘MISCO Salaries and Ben­e­fits Re­port’.

Over­all, there was a 4.1% in­crease in an­nual av­er­age to­tal re­mu­ner­a­tion pack­ages. The re­search in­di­cates that there was a 3.4% in­crease in the salaries of ad­min­is­tra­tive roles, 4.9% in­crease in the salaries of roles in Fi­nance, 3.9% in the salaries for jobs in Sales and Mar­ket­ing, 2.5% in­crease in Cus­tomer Ser­vice and 3.9% in­crease in Main­te­nance and En­gi­neer­ing jobs.

Com­ment­ing on the salary trends, Ri­ti­enne Xerri, Direc­tor of MISCO Con­sult­ing re­spon­si­ble for busi­ness ad­vi­sory ser­vices, said the study shows that there is a greater re­liance on per­for­mance re­lated pay in the re­mu­ner­a­tion of em­ploy­ees. “Em­ploy­ers are seek­ing to in­crease salaries not through in­creases in ba­sic pay which is guar­an­teed, but are in­tro­duc­ing a vari­able el­e­ment which is tied to the per­for­mance of the in­di­vid­ual. This pro­vides em­ploy­ers with flex­i­bil­ity,” Xerri added.

Em­ploy­ers view this re­port as the ref­er­ence re­port on com­pen­sa­tion re­search. Apart from pro­vid­ing in­for­ma­tion on salaries and re­lated ben­e­fits, it also in­cludes an anal­y­sis of re­cent de­vel­op­ment in the labour mar­ket as well as the re­sults of the fourth an­nual MISCO sur­vey on HR De­vel­op­ments in Malta.

Xerri said that “through this re­port MISCO aims to share its ex­per­tise gained over the past 34 years by pro­vid­ing ac­tion­able data, knowl­edge and in­sight to em­ploy­ers that en­ables them to at­tract, re­tain and en­gage tal­ented em­ploy­ees while achiev­ing their busi­ness ob­jec­tives.”

MISCO is con­scious of the need of em­ploy­ers to have in­for­ma­tion that is more fo­cused on their spe­cific re­quire­ments. In fact, the com­pany pub­lishes a num­ber of sec­tor spe­cific salary and ben­e­fits re­ports through­out the year and pro­vide com­pen­sa­tion bench­mark­ing re­ports to in­di­vid­ual or­gan­i­sa­tions fac­ing chal­lenges in keep­ing their best tal­ent and con­cerned about match­ing their pack­ages to those of­fered in the mar­ket.

“We sup­port this re­port through a range of con­sul­tancy ser­vices re­lated to or­gan­i­sa­tion struc­tur­ing, per­for­mance man­age­ment and com­pen­sa­tion pol­icy. These in­clude or­gan­i­sa­tional de­sign, de­vel­op­ment of po­si­tion de­scrip­tions, job eval­u­a­tion, de­vel­op­ment of a per­for­mance man­age­ment sys­tem and re­ward man­age­ment,” Xerri said.

As an in­te­gral part of the Salaries and Ben­e­fits Re­port 2017 – 2018, MISCO has also pre­sented the fourth an­nual sur­vey on HR De­vel­op­ments in Malta. It analy­ses the de­vel­op­ment of the HR func­tion in Malta and pro­vides an un­der­stand­ing of the key HR is­sues that com­pa­nies are fac­ing.

Re­spon­dents were asked what they con­sider the strate­gic ob­jec­tives of the HR func­tion in their or­gan­i­sa­tion. Three el­e­ments emerge as the key ob­jec­tives, namely staff de­vel­op­ment, staff mo­ti­va­tion and staff re­ten­tion. Each of these el­e­ments re­ceived around 75% of men­tions.

The chal­lenges faced in the re­cruit­ment of em­ploy­ees were best felt in the an­swer to the ques­tion as to whether re­spon­dents had more va­can­cies, less va­can­cies or just about the same num­ber of va­can­cies in the last 12 months when com­pared to the pre­vi­ous 12 months.

Joanne Bondin, the direc­tor re­spon­si­ble for se­lec­tion con­sul­tancy ac­tiv­i­ties at MISCO Con­sult­ing said: “71% of re­spon­dents stated that they had more va­can­cies, while only 5% said they had no va­can­cies and an­other 5% said they had fewer va­can­cies. The bal­ance of 19% stated they had about the same num­ber of va­can­cies as in the pre­vi­ous 12 months.

She added: “On the other hand, the re­sults seem to in­di­cate a higher el­e­ment of staff turnover as 80% of re­spon­dents said that 75% or more of the va­can­cies were to re­place staff leav­ing the com­pany.”

Com­ment­ing on the re­port and its find­ings, Ms Bondin and Ms Xerri said: “The re­port is the re­sult of ex­ten­sive re­search and anal­y­sis which groups to­gether the four main pil­lars of ac­tiv­ity at MISCO – HR Con­sul­tancy, Se­lec­tion Con­sul­tancy, Mar­ket­ing Re­search and Train­ing and De­vel­op­ment. Our ex­pe­ri­ence in the field of se­lec­tion con­sul­tancy ac­tiv­i­ties show that salaries to­day are just one com­po­nent of the HR strat­egy of a com­pany and this needs to be sup­ported by ap­pro­pri­ate train­ing and de­vel­op­ment ac­tiv­i­ties, mo­ti­va­tional ac­tiv­i­ties and cre­at­ing a work en­vi­ron­ment that is car­ing of the em­ploy­ees’ well-be­ing.”

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