40% of marketing departments increased headcount over the past year, according to the 2012-2013 Salary & Market Trend Report from specialist marketing recruiter, EMR.
Top-line report stats:
- 2 in 5 (40%) marketing departments increased headcount by at least one in the past year
- Increase in staff has caused bonus and salary pots to be stretched
- Marketing bonuses down on last year at £7,161 per employee
- £6.94bn total bonus pot for marketers in 2012
Despite the job increase being excellent news for the economy, it has negatively impacted on the bonuses paid to marketers this year with the overall bonus pot having to stretch further. The average bonus per employee now stands at 14% (£7,161) down from 15% in 2011. Total overall bonuses stand at £6.94bn across the UK’s 910,000 marketers.
The salary pot for senior marketers has also had to stretch further, and the increase in new roles further down the career ladder means the average salary has fallen from £55,317 in 2011 to £50,823 in 2012. The growing workforce means job security is high with 65% of the 1,625 senior marketers responding to the survey stating they feel secure in their job and a further 18% feeling neutral. Thirty seven per cent of marketers expect their department to increase headcount over the next year – with an additional 29,162 roles projected by the end of 2013.
Simon Bassett, managing director of EMR said: “Marketing is often seen as something of a canary for the rest of the economy. When tough times are forecast, marketing budgets are first to be cut. However the reverse is also true – when there is growth on the horizon, marketers are one of the first back on board as businesses look to beat the competition and expand their market share. While a bonus pot slightly down on last year might seem tough for marketing professionals, they can be comforted they’re in an industry focussed more on growth than survival.”
With expansion a particular focus for companies, many professional interim marketers are now being brought in to develop growth strategies. The main sector for interim hiring is the well remunerated finance and insurance industry where a fifth (22%) of marketing interims currently work. These high level experts command an average daily rate of £490, meaning interims have to work just 113 days to achieve the average permanent marketing professionals’ salary. This is equivalent to just 22 and a half weeks.
Simon Bassett said: “Many larger projects have been on hold while companies have been unsure about the economic situation. However, there appears to be optimism, and companies are keen to grow but want to retain flexibility in their workforce. They are therefore hiring the expertise of interim marketers whose role is to kick-start dormant growth strategies and work intensively for a short period of time to get projects off the ground. They are of course well remunerated for their flexibility and experience.”
The Value of Specialism
As well as increased hiring of specialist interims, businesses are also placing increasing value on highly qualified candidates. This is demonstrated by the fact that senior marketing professionals with a postgraduate degree are paid an average of over £9,000 more per year than their counterparts who only have an undergraduate degree. The average salary for postgraduate degree holders is £59,738, while for those with an undergraduate degree only, it is £50,538.
Simon Bassett continues: “This salary premium for postgrad marketers is both a blessing and a curse. University study has become so expensive that many marketers say they wouldn’t have considered it at today’s prices when they went to university. Therefore, firms risk missing out on the best talent if they place too much emphasis on a university education as they’ll be recruiting from a shrinking pool. However, those students that take the plunge and extend their studies to postgraduate level may find they earn up to £10,000 more per year than those who haven’t, quickly regaining the outlay on their education.”