Issue link: https://maltatoday.uberflip.com/i/368911
maltatoday, SUNDAY, 24 AUGUST 2014 News 9 MIRIAM DALLI ONE study after the other have all con- firmed that the mega-bucks lie in the finan- cial services sector. Figuratively speaking, the ones taking home wheelbarrows full of money are the chief executive officers, the chief financial officers and the directors. The harsh truth is that the mega-bucks lie in the financial services sector. But you shouldn't despair because, luckily, there are well-paid jobs even for the middle manag- ers. Ok, so maybe your bank account won't register €100,000 at the end of the year – but you could end up earning anything between €35,000 and €60,000, depending on your years of experience and industry. Compare that with Malta's average salary – approximately €16,000 – and you have a definite incentive to draw your interest. The requirements? Recognised qualifica- tions or specialisations and skills. MaltaToday sought the professional ad- vice of Anton Buttigieg, operations director at Business Leaders Malta whose research- ers have come up with salariesinmalta.com, a website comparing salaries and benefits offered in Malta. Instead of going for the top 10 salaries in Malta, MaltaToday is focusing on the top 10 salaries for middle management roles – roles which allow employees to climb up the career ladder. According to Buttigieg, the sectors which pay the highest salaries for middle managers are finance and legal, information technol- ogy, engineering, pharmaceutical and sales and marketing. By way of example, individuals with spe- cialisation in funds, aviation and marine, in finance and legal and those with spe- cialisation or ability to programme in more than one language command higher salaries. "Individuals having skills, recog- nised qualifications or specialisa- tion in these areas are very much in demand in the labour market and can earn median salaries which range anywhere from €35,000 to €60,000 depending on years of ex- perience, industry and level of spe- cialisation," Buttigieg says. Total remuneration is defined as gross annual basic salary plus cash and non-cash benefits, such as health insurance, car and fuel allowances, mobile and internet al- lowance and more. Senior managers, such as CEOs and chief officers, would typically command even higher salaries: "However these roles are unique. The professional background, spe- cialisation in a particular field, cou- pled with years of experience and other important attributes such as leadership, management and nego- tiating skills would be determining factors in order to be considered for such high profile jobs." Obviously, he adds, there are in- dividuals within the roles [see ta- ble] who are earning less than the median value and those who are earning more than the median. The value of one's salary depends on a number of variables includ- ing – among others – size and turnover of the organisation, accountability of the role, qualifications and so forth. The reality in Malta is that employers in these industries are finding it hard to em- ploy Maltese, for lack of skills, and have resorted to bringing workers from abroad who satisfy their job requirements. The skills mismatch, as it has been dubbed, has also been acknowledged by the government, aware that it is causing a problem to indus- tries which have invested in Malta. "There is a shortage of skilled and profes- sional people across the board in these in- dustries," Buttigieg confirms, adding that nowadays, it has become common for local companies to recruit foreign employees to make up for a skilled labour shortage. The Business Leaders Malta online remu- neration service report covers a range of positions from senior man- agement to administra- tive levels in various functions within diverse industries. As a study, it confirms what we have known all along: individuals with no skills or no specific skills set are at a disadvantage in such a competitive and skills-oriented mar- ket. "These individuals sometimes end up earning less than the national average sal- ary," Buttigieg says. BLM's remuneration survey can be ac- cessed at www.salariesinmalta.com. The da- tabase currently has more than 80 job roles. The data set is made of more than 6,000 in- dividual data points. Download the MaltaToday App now Top 10 salaries for middle management roles Role Median salary Financial Controller €58,500 Senior Engineering Manager €58,000 Marketing Manager €42,500 Finance Manager €41,500 IT Network Manager €41,500 IT Team Lead €41,000 Engineering Manager €38,500 Sales Manager €38,000 Human Resources Manager €37,000 IT Manager €36,500 After a well-paid job? Get your calculator and lab-coat on