Average salaries in Malta grew by 4.2% in 2023, driven by organisations enhancing compensation to retain talent, according to misco’s 11th HR Developments Survey. Sector-specific growth included 6% in Legal and Compliance, 5.2% in IT, 3.8% in Sales and Marketing, and 3.7% in Finance.
Conducted in collaboration with the Malta Employers Association, the survey highlighted rising vacancies and competition for talent, prompting 50% of companies to expand employee benefits. Subsidised meals, life insurance, childcare services, training sponsorships, and gym memberships emerged as the most popular perks.
HR’s focus on retention has intensified, with 75% of companies prioritising it—up 5% from 2023. However, challenges persist: 63% lack structured management development programmes, while budget and time constraints hinder training efforts.
The survey revealed that 43% of businesses reported an increase in vacancies, 25% of which were for technical roles. Despite 61% investing in talent attraction, only 35% measure employee engagement annually, while 30% do not measure it at all.
Presenting the findings, misco’s Nadine Cilia noted that salary demands remain HR’s biggest challenge, alongside budget cuts, resource shortages, and a lack of appreciation for HR roles. Staff turnover continues to be driven by better remuneration offered elsewhere, cited by 46% of respondents.
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