Over a third of marketers not receiving cost of living support
Half of marketers also believe their business is not doing enough to support them as the inflation crisis bites.
More than a third (36.1%) of marketers work for a company that does not offer employees any cost of living support, according to Marketing Week’s exclusive 2023 Career and Salary Survey.
The survey of more than 3,000 marketers finds half of the sample (50.6%) say their business is not doing enough to support staff grappling with rising inflation.
Marketers working for large organisations (250 employees and over) are slightly less likely (39.6%) than their SME peers (33.2%) to receive any support from their employer. This figure rises to 40.9% for marketers working in companies mixing B2B and B2C functions, dropping to 35.5% for B2B marketers and 31.6% for B2C marketers.
When support is being offered, the most common approach taken by brands is to provide greater flexible working options (27.2%), followed by a one-off pay increase (23.7%). Marketers are also being offered general advice on saving money (18.8%), pensions/financial advice (14.7%) and help with travel expenses (10.4%).
To make marketing the solution in a recession pay close attention to the numbers
Marketers working in smaller businesses are more likely to be offered greater flexible working options (32.5%) than a one-off pay increase (22.7%). The reverse is true of their counterparts in larger corporates, who are more likely to receive a one-off bump to their pay (25.2%) than greater access to flexible working (20.2%).
Marketers in large businesses also appear more disappointed by the level of cost of living support being offered by their employer. When asked if their company is doing enough to support them during the cost crisis, over half of marketers (58.3%) in corporates said no, compared to 44.9% of those working for SME brands.
Insufficient support
Younger marketers, who if logic follows will likely be working in more junior roles, are more likely to feel the level of support being provided by their employer is not up to scratch.
Well over half of Gen Z marketers (57.8%) believe their company is not doing enough to support them during the cost of living crisis, compared to 51.6% of millennials and 41.2% of Gen X.
The survey suggests female marketers are more disappointed by the level of support on offer (55.1%) than their male peers (42.5%).
The same is true of marketers who identify as coming from a working-class background (55.4%). This opinion is shared by 52.1% of marketers from middle-class backgrounds and 41% of their peers who identify as coming from an upper-middle/upper-class background.
When the data is cut according to ethnicity, the survey finds almost half of white marketers (49.7%) – who make up 84% of the total sample – believe their employer is not doing enough to support them with the cost of living.
This number dips slightly among marketers from mixed/multiple ethnic groups (46.4%), but increases among marketers from black, African Caribbean and black British groups (51.6%), and Asian/British Asian marketers (64.7%).
B2B marketers appear happier with the level of support currently on offer (43.3%) than their peers working in B2C (50.9%) and companies mixing B2B and B2C (58.6%).
As inflation hits record levels and with a worsening downturn predicted following the UK’s fall into recession, some brands are attempting to show support for employees. However, as the Career and Salary Survey reveals, businesses in general are falling well below employee expectations as the cost of living crisis rumbles on.
Over the coming weeks Marketing Week will be publishing a series of exclusive news stories and features from our 2023 Career and Salary Survey, including exploring skills gaps, examining the industry’s hiring intentions and analysing of the state of marketing salaries.
