A new salary survey, the annual Marketing Week Career and Salary Survey, was released this week.
What does it tell us about marketing salaries? Are you being paid enough?
Exploring Marketers’ pay
The research surveyed 4,415 marketers working across industry.
It shows that those in consumer electronics are highest paid, with an average salary of £63,949. FMCG (£58,324) is second, with the automotive industry (£57,597) third.
The financial sector comes in ninth place, with average pay of £52,158. Professional services is 14th with an average salary of £48,912.
Marketers working for charities earn the least, with an average salary of £42.014. The full list of salaries by sector is shown on the Marketing Week website.
This compares to a B2B Marketing Salary Survey we reported on in August last year, which showed that the overall B2B average salary was £52,080.
Men and generalists paid more
The findings show that men earn an average of £54,487 across all sectors, compared to women, whose average salary is significantly lower at £41,587. In last year’s B2B Survey, the disparity was even more pronounced, with the average male salary £60,935 against an average female salary of £46,204.
Someone working in ‘general marketing’ earns an average of £46,215, versus £42,902 for a digital specialist.
The survey also splits out pay across job roles:
Marketing Assistant £23,594
Marketing Executive £26,539
Senior Marketing Executive £31,767
Junior Marketing Manager £35,276
Marketing Manager £42,503
Senior Marketing Manager £56,585
Owner or Partner £72,727
Director or Vice President £94,745
Board Director £117,700
What matters to Marketers?
The vast majority (85.1%) of Marketers prefer to have a high base salary, but fewer benefits. Just 22.7% would rather have a lower base salary with significant benefits.
Equality is important – and nearly as important to men, for whom inequality currently works in their favour – than to women. Receiving fair financial rewards is very important to 68.3% of female Marketers and 66.2% of male ones.
When it comes to the delivery of this, though, only 8.3% of female Marketers and 10.9% of males believe their employers are currently very good at delivering fair financial rewards.
Similarly, while adequate performance review structures are very important to 33.5% of female Marketers and 27% of males, just 9.9% of women and 7.5% of men think that their company is very good at delivering on this.
Career development, flexibility and inclusivity
Aside from salaries, the research explored career advancement, diversity and inclusion, and flexibility and career breaks.
Marketing Week believes the survey shows that marketers ‘face a career trade-off – better training and job security in big firms or influence and impact at small ones’.
Marketing professionals believe that smaller firms ‘get’ their role more than larger ones. The number who say marketing is ‘completely understood’ is highest in companies of one to nine people (49.5%) and lowest in organisations of 250 people or more (30.9%).
A more direct and transparent link between marketing activity and the company’s performance in smaller firms may be one reason for this; another may be the clearly defined roles, in contrast to large corporates, where there may be many Marketers (to the outside eye) doing very similar roles.
Career advancement is also thought to be better supported in smaller firms; 55.5% of those in companies of 1-9 people think that career development is managed ‘fairly well’ or ‘very well’, higher than in any other size cohort.
When it comes to flexible working, the number of Marketers stating a preference for flexibility seems out of line with current working practices.
90.1% say flexible working is very important or important, up from 87% in 2018.
However, less than half (46.4%) of Marketers are able to take advantage of flexible working, although this is a slight rise from 42.6% in 2018. 37.7% of marketers have actually worked flexibly in the last year.
Diversity and inclusion
The findings of the survey on diversity and inclusion look at the representation of various groups – among them those from different religions, LGBT Marketers, single parents and older people – in organisations of different sizes and sectors.
Again, smaller organisations compared favourably to their corporate counterparts. Marketing Week reports:
‘The statistics clearly show that small companies are delivering best on every measure of diversity from representation of single parents and older people to inclusion of the LGBTQ+ community.
By contrast larger businesses, according to the opinions of the more than 4,000 marketers surveyed, are less likely to deliver the kind of inclusivity expected in 2018.’
The ever-changing world of marketing
The full survey findings make interesting reading; you can read them here.
The landscape for marketers is ever-changing. Our free whitepaper, The changing role of the financial services marketing manager examines these changes and explores strategies you can employ to address them. You can download a free copy here.
Nothing in this document should be treated as an authoritative statement of the law. Action should not be taken as a result of this document alone. We make no warranty and accept no responsibility for consequences arising from relying on this document.