Malta, the Mediterranean archipelago renowned for its idyllic landscapes, rich history, and vibrant culture, has also emerged as a thriving hub for various industries, attracting professionals from across the globe. As the demand for skilled labour continues to rise, understanding the current salary landscape is crucial for both employers and employees.
The Malta salary survey provides valuable insights into the average salaries across various job sectors and experience levels, offering a comprehensive overview of the current compensation landscape in the country.
Key Findings of the Malta Salary Survey 2023
- The average monthly basic salary of employees in Malta for the first quarter of 2023 was estimated at €1,848.
- The average annual basic salary varied from €2,995 among managers to €1,189 among elementary occupations.
- IT professionals command some of the highest salaries in Malta, with software developers earning an average annual salary of €45,000 and IT managers earning an average of €45,000.
- Finance professionals also enjoy competitive salaries, with Fully qualified Accountants earning an average annual salary of €45,000 and financial managers earning an average of €60,000.
- Salaries in Malta tend to increase with experience, with senior professionals typically earning significantly more than their junior counterparts.
Industry-Specific Salary Benchmarks
Here’s a glimpse into the salary ranges for selected industries:
- Technology: Software Developers (€35,000 – €60,000), IT Technicians (€25,000 – €35,000), Head of IT / CTO €80,000 – €120,000)
- Finance: Accountants – part qualified (€28,000 – €37,000), Financial Controllers (€60,000 – €80,000), Chief Financial Controllers (€90,000 – €120,000)
- Legal: Legal Assistants (€22,000 – €32,000), Legal Counsel (Warranted) (€30,000 – €50,000), Head of Legal (€65,000 – €85,000)
Factors Influencing Salaries in Malta
Several factors contribute to the variation in salaries across different job sectors and experience levels in Malta. These include:
- Skillset and Qualifications: The demand for specific skills and qualifications significantly impacts salaries. Professionals with in-demand skills and relevant certifications typically command higher compensation.
- Industry: Salaries vary considerably across different industries, with some sectors, such as IT and finance, offering higher average salaries than others.
- Experience: Experience plays a significant role in determining salaries. Professionals with more years of experience typically earn higher compensation than their less experienced counterparts.
- Location: Salaries may also vary depending on the location within Malta. Professionals working in major cities, such as Sliema and St. Julian’s, may command higher salaries than those working in less populated areas.
Importance of Accurate Salary Benchmarking
In today’s competitive job market, accurate salary benchmarking is essential for both employers and employees. Employers can use salary benchmarks to ensure they are offering competitive compensation packages that attract and retain top talent. Employees can use salary benchmarks to assess their current compensation and negotiate for fair pay.
To learn more about our salary benchmarking service and how it can benefit your business, contact GRS Recruitment today. We are committed to providing our clients with the expertise and resources they need to make informed decisions about employee compensation.
Visit our website to learn more about our salary benchmarking service and how we can help you navigate the ever-evolving compensation landscape.