“The most valuable asset of a 21st-century institution, whether business or non-business, will be its knowledge workers and their productivity.” - Peter Drucker, 1999.
In order to acquire excellent talent, you need to make sure that the salary packages you are offering are in line with market expectations and trends. The salary tag of a job is crucial in recruiting new staff but also in retaining existing ones. Think of your employees as your most valuable assets, their efficiency and talent will determine the pace and growth of your company. They will provide your team with new knowledge, ideas and experience, adding overall value to the company.
Underpaying staff increases company costs and boosts turnover, which reflects poorly on a company and damages staff morale. On top of that, employing new staff costs time and money spent on recruiting, employing and training a new employee. The longer you retain someone, the better they understand the company system, norms and mission - creating a more productive environment with stronger bonds.
For your company to have a competitive edge, it is imperative to be proactive and keep up-to-date with your salary policies to make sure that they match or are a notch above the median market salary. A carefully constructed remuneration policy shows that you are committed to your team and this alone is a great incentive for staff.
It is a challenge to stay abreast with current salaries, and hiring an in-house compensation analyst to go through and analyse large volumes of salary data and employee demographics is very costly. This is why we recommend using salary benchmarking tools in order to have constant access to information such as remuneration by demographics including salary by company size. Enlisting a third party such as salariesinmalta.com will save you a lot of time and effort.
Salary benchmarking is vital for the success of an organisation since:
it will provide you with a breakdown of accurate and real remuneration data, which is updated almost every fortnight as more companies participate and their data is uploaded to our database;
it considers all aspects of compensation giving an accurate reflection on the complete salary package;
it will provide you with in-depth information on remuneration by demographics including salary by company size, gender and age.
Setting up the right remuneration package is essential. If you offer less than the market average, the consequences are obvious. We suggest paying median or upper quartile salaries, which may be identified by using salariesinmalta.com.
Understanding the market
Furthermore, when deciding how much to pay an employee you need to make sure that your salary budget is fine-tuned realistically.
What’s the return on your investment when hiring a new employee?
How much time will they save you?
To be able to do this, you need to have a considerable understanding of the market. Salariesinmalta.com has the solution, providing employers with real-time raw data on market salaries in Malta. Our database utilises market-enabled compensation models providing better intelligence for both companies and employees, transforming the once dark art of compensation into a data-driven science. This will further aid employers in recruiting the right candidates for their business, who have the skills and knowledge required to get the job done.
Salariesinmalta.com helps with sourcing top talent as it is a research-based system, providing participating companies with access to detailed information on remuneration packages for 201 job positions in Malta, from over 13,500 salary observations.
At salariesinmalta.com we recommend that employers are mindful about the salary benchmarking report they are using, since many salary surveys may not be handled or created by survey experts, resulting in unreliable or inaccurate data. Therefore, it is important to be aware of:
where that data is coming from;
how relevant that data is;
how up-to-date that data is, and;
salariesinmalta.com’s data is based on information supplied by real companies and real individuals, and clearly indicates the number of observations for each job posting and the number of companies contributing to it. All data submitted by individuals who are verified against a recent payslip whereas, data submitted by companies is verified through a series of meetings and reviews before it is uploaded and analysed alongside other datasets to corroborate its reliability.
Salariesinmalta.com looks at specific roles and their salary across different industries and how it is evolving in real-time. Data is crunched into different chunks, such as minimum, maximum, mean, median and percentiles so that employers and employees can make informed decisions when they are reviewing salaries or making a career-changing decision.
To further aid employers, salariesinmalta.com hosts the HR Network Series, a networking event held at different intervals throughout the year, which provides a platform for a strong community of human resources professionals to elaborate on different topics in order to redefine and reshape the HR vertical in Malta. These events are hosted by Analise Germani, Project Leader at salariesinmalta.com.
Participation in salariesinmalta.com is free until the end of 2019 following which nominal fees will be introduced as of January 2020.