Econostrum | Economic News in the Mediterranean

The employment sector and the amount of salaries remain very attractive in Monaco

Written by Frédéric Dubessy on Thursday, September 17th 2020 à 17:25 | Read 872 times

Monaco still has a very dynamic job market (photo: BL)
Monaco still has a very dynamic job market (photo: BL)
MONACO. In the fourth edition of its study on remuneration in Monaco, the specialized recruitment firm Hays (10,400 employees in 33 countries) shows that trends are on the rise in terms of recruitment and salary on the "Rocher". "Despite the confinement that has strongly impacted all sectors of activity, and the ongoing health crisis, the attractiveness of the Monegasque job market remains strong and should be maintained in the coming years. Indeed, Monaco has structural economic pillars, such as the financial sector, real estate and construction, which ensure a sustainable employment", comments Mehdi Betiche, head of the Hays office in Nice.

Analysing the thirteen main Monegasque sectors of activity, the head of the Hays office in Nice stresses that "the Principality is pursuing a resolutely forward-looking economic policy, with several technological projects or projects linked to sustainable development, which are important levers for the creation of future jobs".

The building and public works sector is being driven by the major projects currently underway - such as the offshore extension project and the future shopping center in the Fontvieille district - which will boost the job market at least until 2027. The only small snag raised by the study is the housing problems of these employees. "Although priority is given to local profiles, the shortage of qualified candidates in the construction industry is pushing employers to resort to a delocalized workforce," says the survey. They come from France, Italy and even Portugal. The most sought-after profiles are site managers (from 45 to 65 K€ gross annual salary excluding variable elements and benefits in kind), price study engineers (35 to 55 K€) and site foremen (35 to 55 K€).

Financial, banking and insurance services are still the pillars of the Monegasque economy

The development of digital transformation (cloud, cybersecurity, IOT environment - Internet of Things) is boosting IT-related professions (IT & Telecoms) in banking, insurance and engineering, with rising salaries (from €45K for an IT security manager). According to Hays, jobs in development or integration are better paid than those in infrastructure or support.

Other recruiting sectors, the pillars of the Monegasque economy are financial services, banking and insurance. The majority of the positions offered are related to replacements with top management offers starting at 60 K€ for SMEs and 80 K€ for international groups. The opening of new subsidiaries, particularly in Private Banking, offers positions as managers (from 80 K€) and portfolio managers (from 45/50 K€). In the insurance sector, new positions are also being created for companies already established in the Principality, mainly for claims managers (from 22 K€ at the beginning of their career).

Over its 2 km², the Principality of Monaco has 38,100 inhabitants and 57,867 employees (51% women and 49% men), including 53,091 in the private sector and 4,776 in the public sector. 62.9% of them are French, 15.3% Italian, 6.8% Portuguese, 1.9% Monegasque and 13.1% of other nationalities. The rate of salary charges varies from 13 to 15% and Monegasque pension rights start to be available from ten years of activity on the "Rocher".

Read the full Hays 2020 study on remuneration in Monaco


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