MISCO has just published the first edition of its Salaries & Benefits Report for the Fast-moving consumer goods (FMCG) sector. This report, which is another first for MISCO but also for Malta, focuses on three key employment areas within the FMCG sector namely Sales, Marketing and Operations and includes 26 positions.
The sample on which this report is based, is made up of importers, distributors as well as manufacturing firms. It includes the basic, variable (performance bonuses and/or sales commission) and total remuneration packages for all 26 positions included in the report. It also includes a breakdown of the employee benefits being offered in each position.
“Since this report is the first of its type in Malta, we cannot really refer to correlations on how this sector operates and performs in terms of increases or decreases in salaries. Nonetheless, it is a good start and a very valuable starting point for all those employers operating in this sector in Malta,” explains Maria Zahra from MISCO who led the compilation of this report.
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.
MISCO’s Salaries & Benefits Report for the FMCG sector provides guidance on the pay ranges to be attached to grades or bands when designing a pay structure, supports a market pricing approach to valuing jobs and helps companies make informed decisions about remuneration packages to ensure they can attract and retain the best people for their organisation.
“Having access to robust and up-to-date market information is essential so that employers, HR managers and other operators get a clear picture of how people in this sector are being remunerated. This helps them retain or improve their status and become better and more attractive employers,” added Maria Zahra.
In Sales, Head of Sales or Sales Managers are the highest paid where the mean stands at around €41,970. In Marketing, Senior Brand Managers have the highest mean of remuneration at around €44,210 followed by Marketing Managers with a mean of €32,300. In Operations, Financial Controllers top the list with a mean of €52,610 followed by Operations Manager with a mean remuneration of €48,490.
An interesting aspect in this report is that allowances for company cars and fuel are the most expensive benefits followed by communication allowances and health benefits which are the least expensive. Taking a Senior Brand Manager position, the allowance for a company car and fuel currently stands in the region of €3,632, communication allowance stands at €645 and health insurance at €285. Other benefits amount to an average of €1620.
Other positions covered by this report include Sales Executives, Sales Clerks and Sales Reps, Junior Brand Managers, Graphic Designers, Merchandisers, Office Assistants, Messengers. Accounts Clerks, Supply Chain Managers, Warehouse Managers and Delivery Persons amongst others.
“Establishing remuneration packages depends on where the organisation wants to be positioned in its market. The main factors that will determine this include getting the right talent for the job, the traditional pay posture of the organisation, the organisational culture and performance levels required. MISCO will always encourage organisations to carry out such an exercise when determining their pay structures by using important yardsticks such as job descriptions, performance management systems and job evaluation exercises,” concluded Maria Zahra.
Contact Maria Zahra on email@example.com for more information.