An increasingly competitive field, the financial services sector relies on the quality of professionals triggering demand for experts concentrating on ever more specific areas of business. Meanwhile, changing client requirements are developing new opportunities for specialisation among professionals, a report by MISCO on salaries and benefits within the financial services sector reveals.
Recent market developments in Malta have continued to bring about an increase in salaries in this sector, MISCO notes.
“These roles have expanded and become more complex due to the development of new responsibilities, leading to the creation of more specialised and regulated functions which in turn had an impact on remuneration packages.”
This is one of the most salient points that emerges from MISCO’s recently launched Salaries and Benefits Report, which tracks the latest compensation trends in the Maltese financial services landscape and provides an up-to-date understanding across different functions.
The report is also intended to be used as a guide for organisations as they design an appropriate remuneration framework.
“The financial services sector has shown resilience during the pandemic, but an uncertain global climate led companies to revisit their compensation strategies and seek a new balance between market competitiveness and retention of employees.”
As a highly regulated space involving several activities, financial services are typically a dynamic sector. The last years, however, have been especially fluid with the introduction of new regulations and compliance requirements in Malta and other key jurisdictions which are serviced by local organisations. Such changes are not likely to abate, as Malta has been placed under increased monitoring by the Financial Action Task Force, a global body fighting money laundering and the financing of terrorism.
“Financial Services touch every other activity in the economy and the rapid fluctuations experienced across industries in recent months have impacted salary structures and benefit schemes within the sector directly,” explains Joanne Bondin, MISCO Director. “The Salaries and Benefits Report observes a trend towards further specialisation in professions as players prepare for the years to come.”
The full MISCO Salaries and Benefits report for the Financial Services sector is available for order. Kindly address your inquiries to [email protected]
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