Salaries increase by 3% in a year

Salaries in Malta rose by a three percent average over the past 12 months, the latest figures by MISCO show.

MISCO is a knowledge-based independent consulting firm.

Data published in the Salaries and Benefits Report 2018/2019 reveals a stable increase in salaries across most positions.

The annual report by MISCO analyses remuneration packages offered to more than 100 positions. The sharpest rise was registered in IT roles at five percent; while salaries for positions in Sales and Marketing, and Finance went up by three-and-a-half percent and three percent, respectively. Maintenance and Engineering jobs registered an increase of one percent.

“Employers are finding it increasingly challenging to plan their remuneration allocations in the dynamic labour market we have,” said Joanne Bondin, MISCO Director of Advisory Services. “The Salaries and Benefits Report provides clarity by taking an insightful snapshot of remuneration offered across comparable sectors.”

The research investigates a breadth of job classifications including management, executive, clerical and technical roles categorized by their sector in private, foreign-owned and government controlled, as well as service and manufacturing companies.

“This edition makes a thorough assessment of 110 positions which have been carefully aligned to reflect trends in the market,” said Joanne Bondin, making the Salaries and Benefits Report the most comprehensive and up-to-date analysis of the market.

Apart from accurate data to benchmark and inform reward strategies, the Salaries and Benefits Report publishes insightful findings from a far-reaching survey of the Human Resources environment in Malta.

Salary demands is the major challenge faced by companies in terms of HR, the study reveals. Human Resource professionals also indicate that there is a shortage of experienced staff in the market, while concerns about the lack of job applications almost doubled within the one-year period. The difficulty in attracting talent with the required experience coupled with demands for higher salaries are the biggest challenges facing Human Resources departments.

Staff retention, in fact, emerges as a main function of HR professionals today, with almost seven out of every 10 respondents highlighting it as their highest priority. Other major objectives for HR management are employee engagement and motivation, and employee development.