Whilst chief executive’s positions as well as positions in auditing, compliance and investment roles within the financial services sector saw no significant increase in salaries’ packages, there seems to have been an increase of 11% in salaries within insurance activities.
This is one of the main highlights in MISCO’s 3rd edition of its Salaries & Benefits Report 2016 for the Financial Services sector.
This year’s edition covers 55 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 these, 35% employ up to 50 employees, 14% employ between 51 and 150 employees and 51% employ over 150 employees. To further ensure a more accurate outcome, MISCO surveyed both Maltese and foreign companies. In fact 38% of the companies surveyed for this study are local ones whereas 62% are foreign.
“A company or organisation’s remuneration package defines it. Consequently, remuneration patterns within a sector can define and impact a whole industry. This is the rationale behind MISCO’s publishing of its annual Salaries & Benefits report covering a variety of sectors. The remuneration packages established by companies will reflect how the company wants to position itself in terms of market position and competitiveness. This in turn will help attract the right talent,” explains Maria Zahra from MISCO, who coordinated this latest report.
“Besides job descriptions, performance management systems and job evaluation exercises, organisations should use important tools such as our periodic Salaries & Benefits Reports when determining pay structures. Only these tools can guarantee transparent, realistic and achievable pay structures that are so important for any company’s competitive advantage when attracting talent,” added Maria Zahra.
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, life and health insurance, communication and travel allowances.
The highest paid position is that of a Chief Executive Officer with a mean total remuneration package of €132,520, followed by that of General Manager with a mean total remuneration package of €104,150 and Chief Financial Officer with a mean total remuneration package of €101,530.