Misco Publishes 37th Annual Salaries & Benefits Report 2022/2023

Last Updated on Thursday, 13 October, 2022 at 1:29 pm by Andre Camilleri

‘Job-hoarding’ becoming more common among employers

  • Salaries see average increase of 4.2% in past year
  • Highest increase was of 6.3% for roles in Legal and Compliance

The employment market is challenging particularly when it comes to recruiting and retaining talent. So much so that employers may prefer to keep in employment those persons who may not be needed or may not have the required skills for the position they occupy, rather than risk not having enough staff  to operate with.

“This is what we term as ‘job-hoarding’, a relatively recent phenomenon but not a surprising one given employers, from practically every sector, keep finding it hard to source the right talent,” explains Joanne Bondin, director at Misco.

“While one would expect companies to cut down on expenses and recruiting amid a surging inflation and a very uncertain international economic and political situation, companies have not only continued to engage workers, but the shortage has made organisations increase salary packages, offer more benefits and go to extraordinary lengths to offer flexibility, which in turn could be bolstering inflation further,” she added.

Bondin was commenting in view of the publication by Misco of the 37th edition of its annual Salaries and Benefits Report.

Compiled on an annual basis, this year’s edition is based on a four-month-long research and as with past editions, the categories of jobs covered include management, executive, clerical and technical roles found in various companies operating in the local market.

This year’s edition also includes four new positions and the alignment of certain job roles to reflect the dynamics and the changes going on in the Maltese labour market, bringing the total number of positions covered to 131.

The report provides guidance to companies and HR practitioners as they determine their staff remuneration and to ensure their reward strategy is in line with their market position and with what the market is offering.

One of the main findings of this year’s report is an average increase of 4.2% in employee remuneration in the total remuneration packages surveyed. More specifically, an increase of 3.9% was observed in the salaries for roles in Finance, a 4.9% increase in the salaries for jobs in Sales and Marketing and a 5.5% increase in IT.

“Interestingly, the highest increase was of 6.3% for roles in Legal and Compliance. Possibly, the reason for this could be that these positions, having become more regulated, carry heavier responsibilities and hence require highly competent and professional individuals – roles that have increasingly become more difficult to source,” explains Bondin.

Another finding from this report is the decrease in the starting salary points for a number of roles, a decrease that may be attributed to the engagement of third country nationals who are joining the Maltese workforce.

On the other hand, an increase in job mobility has been noticed. This has given companies the opportunity to restructure their organisations, giving new or promoted employees a redesigned role at a lower package than the one given to previous role holders.

Benefits offered to employees have also seen some movement. Whereas there was an overall 9% decrease in incidence of Personal Accident Insurance and Life Insurance, these two benefits also registered a decrease in overall pay-out.

Incidence in health insurance and communications allowance has remained stable when compared to last year although there was a decrease in the average amount paid for communication allowance. This may be indicating that companies are currently benefiting from lower priced mobile packages than they did last year.

An increase of 4% in the incidence of other benefits being given has also been noticed which may indicate that organisations are focusing on providing other, maybe more innovative, or customised incentives to their employees.

Copies of the Misco Salaries and Benefits Report 2022/2023 may be ordered by sending an email on businessreports@miscomalta.com

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