Despite Malta having one of the lowest unemployment rates in the EU, the pandemic has certainly impacted the jobs market in different ways. Maltese businesses have needed to adapt to the changing environment – some of the most agile sectors have seen a surge in recruitment activity.
Trends and challenges
Businesses are focusing on survival and increasing their success, creating a higher demand for qualified and senior professionals, along with business-critical roles such as general managers. This is particularly true in the engineering, technology, insurance, Telco/internet provider, and banking sectors.
With 17% of Malta’s GDP typically generated by tourism, the country’s biggest challenge is the economic uncertainty being exacerbated by COVID-19 travel restrictions. Once these are lifted, Malta will be able to start renewing its growth in the worst-hit industries.
Recruitment, salaries and benefits
A recent survey by REED found that the biggest changes in recruitment involve candidate expectations – professionals are increasingly looking for remote and flexible working opportunities. While 60% of people said they were happy with their current salary, 42% of respondents said they did not receive any benefits from their organisations – this figure is significantly higher than in other countries surveyed.
When questioned on the benefits they wanted and the benefits they receive, respondents said performance bonuses were the most desirable, followed by health insurance, annual salary increments, and flexible working hours. Organisations must ensure that they are listening to their employees’ needs and adapting their benefits packages to retain and secure top talent.
Sales & Marketing
Recruitment in the sales and marketing industries has really picked up recently, with businesses hiring more professionals to help them through these economically tough times. Firms will be looking for candidates with experience, so professionals must do their research on the company before applying to ensure they are a good fit for the role.
Most average salaries for 2021 have risen – in line with professionals’ higher expectations. Marketing directors, for example, can expect an average of €75,000, an increase of €15,000 from last year. The average salary for sales executives has also risen, from €22,500 in 2020, to €25,500 this year.
Accountancy & Finance
The sector is now running smoothly remotely as businesses have found their footing after a brief slowdown in the market last year due to COVID-19.
Average salaries have grown in value over the past year within the accountancy and finance sectors. Fund accountant roles, for example, have gone up from an average of €23,000 last year, to €26,500 in 2021. Newly qualified accountant roles have seen significant growth, with salaries averaging €35,000, up from last year’s €27,500 average.
Professionals in this sector must be prepared to work their way up – most businesses hire internally rather than externally for managerial positions.
To find out more about the recruitment market in your sector, download our 2021 Malta Salary Guide now.