Monte-Carlo Société des Bains de Mer (SBM), Monaco’s largest private employer, relies on a peak-season workforce of around 5,000 people to operate its network of luxury hotels, casinos, and restaurants. While the group’s financial success often takes the spotlight, its internal social model and employment policies also offer insight into how a company of this scale maintains operational standards and staff retention across its diverse operations.
Speaking during SBM’s annual financial presentation on Wednesday, Chairman and CEO Stéphane Valeri credited the company’s recent performance to its employees, highlighting the workload undertaken during major events like the Monaco Grand Prix. “They contribute every single day to ensuring that SBM remains synonymous with excellence in service and the art of living in Europe,” said Valeri.
The group has built a compensation structure that includes quarterly wage indexation and a variety of bonuses. Among these is a Grand Prix bonus, which in 2025 reached €420 for employees who worked at least four days during the event. A profit-sharing bonus, funded by the group’s overall performance, was approximately €1,800 gross per employee in the previous fiscal year and is expected to remain at that level this year.
SBM’s wage practices for lower-income employees also include additional measures. According to Valeri, many entry-level roles start at around €2,000 gross per month, above the legal minimum. In recognition of the high cost of living on the Côte d’Azur, SBM has introduced a supplementary social bonus: €500 for employees earning under €2,200 gross per month, and €250 for those earning between €2,200 and €2,500. These are scheduled to be paid alongside the profit-sharing bonus in October.
This brings the total bonus package for lower-wage employees to around €2,300 per year, excluding the company’s regular salary structure and the legally mandated 13th month salary.
“Some might say that our social model is a financial burden, but I see it as a strength,” said Valeri, who stated his intention to maintain and defend the company’s current approach.
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Photo credit: Cassandra Tanti, Monaco Life