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