Knowing what you’re worth, getting what you’re worth starts right here
What is a marketing director worth? In 2014, the answer is £86,165, a whopping 14.4 per cent rise from last year. Marketers may be anxious that they are undervalued by the board but this pay rise suggests otherwise. The good news holds true for the rest of the department too – the average marketing salary overall has climbed £2,500 to £45,021 in the past 12 months.
These are not the only positive tidings from Marketing Week’s Salary and Career Survey 2014 in association with Ball & Hoolahan. The survey of more than 3,000 marketers – the largest in the industry – suggests that marketers are also making it into the executive suite. Forty five per cent of respondents say their business has a marketer in the boardroom.
It’s not all positive, however. Nearly two-thirds of marketers say they feel overwhelmed and under pressure. And despite the pay rise and seat in the boardroom, marketers are still insecure. More than half report that marketing is seen as a “cost” in their businesses, rather than a growth investment.
So what trends does this year’s survey offer to help you enhance your career?
1. Brush up your digital skills. The area where marketers feel they most lack knowledge is the fast-paced digital environment. Nearly a third want to know more about digital in general, with social media specifically following closely behind. Meanwhile, heads of digital enjoyed average pay rises of 6.7 per cent versus an average 3.7 per cent.
2. Choose an “unsexy” career. Fancy working in sport? Sounds pretty exciting to me, but marketers tell a different story. Sports marketers are the most stressed group out there while simultaneously being the lowest-paid client marketers. The utilities marketers who answered the survey may not be working with David Beckham or Usain Bolt but they claim to be less stressed than anyone else.
3. Be male. Alright, this one is probably beyond your control but the most depressing news of this year’s survey is that the gender pay gap is wider than ever. Male marketers are now on an average salary of £54,936 compared to women with just £39,675. Among the industry’s most senior marketers, the contrast between male and female pay is even more stark. Male marketing directors earn £94,016, while women take home £76,906.
While gender is fairly fixed, that doesn’t mean you can’t be proactive in finding a better paid marketing role. If you want to find out how your own salary compares to other marketers’, in terms of job title, sector, region and gender, go online, register and use our Salary Calculator.
Make sure this is the year you get that pay rise you deserve.
