Salaries in finance and IT jobs in Malta have increased by 5% over 12 months

Finance jobs in Malta have seen average salaries rise by 4.9%, according to polling company Misco Consulting’s annual survey on salaries and benefits.

According to the survey, there was an altogether 4.1% annual average increase in total remuneration packages.

Other increases included 3.9% for salaries in marketing, a significant 5% increase in IT jobs, 2.5% increase in customer service and 3.9% increase in maintenance and engineering jobs.

“Employers are increasing salaries not through increases in basic pay, which is guaranteed, but introducing a variable element tied to the performance of the individual. This provides employers with flexibility,” MISCO Consulting director Ritienne Xerri said.

Xerri said the study shows greater reliance on performance-related pay in the remuneration of employees.

MISCO also carried out its fourth annual survey on HR developments, in which respondents were asked what they consider to be the strategic objectives of the HR function in their organisation. Three elements – staff development, staff motivation and staff retention – each received around 75% of mentions.

“71% of respondents stated that they had more vacancies, while only 5% said they had no vacancies and another 5% said they had less vacancies. The balance of 19% stated that they had about the same number of vacancies as in the previous twelve months,” director Joanne Bondin said.

“On the other hand, the results seem to indicate a higher element of staff turnover as 80% of respondents stated that 75% or more of the vacancies were to replace staff leaving the company.”