MISCO has just published its second edition of its Salaries & Benefits Report 2015 for the Financial Services Sector. The report covers 58 different positions across the sector’s different economic activities and analyses salaries and benefits for those working in accountancy and audit firms, banking & finance, insurances, investments and fund management companies.
Of the 58 positions analysed in the report, 34 are new when compared to the first edition of the same report published in 2013. Of these, 33% employ up to 50 employees, 38% employ between 51 and 150 employees and 29% employ over 150 employees. To further ensure a more accurate outcome, MISCO surveyed both Maltese and foreign companies. In fact 67% of the companies surveyed for this study are local ones whereas and 33% are foreign.
Besides the top managerial positions such as CEO’s, General Managers, Marketing and HR roles, the report includes positions ranging from insurance underwriters, claims handlers, surveyors, branch managers, customer care officials, senior auditors, account managers, IT developers and system administrators to credit controllers and compliance managers, company secretaries, fund administrators, accountants, traders, risk managers and more.
Besides basic salaries, the report also compares fringe benefits which include amongst others performance bonuses, car and fuel allowances, academic allowance, life and health insurance, communication and travel allowances.
“Malta’s Financial Services Sector accounts for 14% of Malta’s GDP and as such, is one of the main pillars in Malta’s economy. Therefore, dedicating a report to this important industry was a natural move for MISCO,” states Maria Zahra from MISCO.
“Whilst this report is compiled with the aim of providing organisations with a picture of the current remuneration packages being offered to different job positions in the local market, organisations need to be aware of the bigger picture when valuing jobs relative to others, both within the organisation and externally. Having said that, external pay relativities should not be the primary driver over internal pay relativities and remuneration packages need to reflect the organisation’s internal salary structure which is achieved through an updated job description detailing the main duties and responsibilities for a person to successfully occupy a position,” explained Maria Zahra.
Maria Zahra also explained how remuneration packages also depend on the organisation’s turnover, value added and its position in the market.
“Establishing remuneration packages is based on certain considerations which the organisation makes. One of these could be that the supply in the market is high when compared to the demand for a particular category of skills. For this reason an organisation may decide to reduce the salary starting point since it is certain that the specific position will be filled. Italso depends on where the organisation wantsto position itself in the market. This is when organisations should seek to determine their pay structures by using important yardsticks such as job descriptions, performance management systems and job evaluation exercises,” added Maria Zahra.
Joseph Delia CEO at Stainless Steel Products Ltd has been utilizing other MISCO’s Salaries & Benefits Reports since 2013.
“I always refer to The MISCO Salaries & Benefits Report to ensure that our Company’s rates are competitive. The scientific rigour that is adopted by MISCO in the preparation of the Report gives me the required confidence to use it as the base upon which our company establishes and updates its reward structure. The macro overview of the development and movements of human capital in Malta’s economy is most helpful in putting our company’s remuneration structure in the context of the economy’s labour market.”
Graham C. Corbett, Operations Manager at HSBC Malta added “given the fierce competition for attracting and retaining key talent in the Contact Centre sector in Malta, the MISCO Salaries and Benefits Report has been a great tool in helping us gain valuable insight in how our compensation packages are positioned comparatively in the local market place. The reporting solutions offered by MISCO have added real credibility in how we align our overall reward strategy with reliable data points we can trust – something which we’ve never had before.”
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