The 2017 Salary and Market Insights Survey, published by Alternatives Group in association with the Marketing Institute, reveals that salaries in the marketing communications industry continue to increase and in some cases are back to those from the Celtic Tiger days.
The survey also reveals that some of the “newer” disciplines within marketing such as Data and Digital offer the most lucrative salaries. It also notes that the gender pay gap has narrowed at certain levels (and in particular roles) but there’s still much to do while business confidence remains positive, digital dominance continues, the phenomenon of the Gig Economy takes hold and the marketing function is evolving to embrace a diversity of data and digital talent.
On the downside, Brexit is viewed as a negative while, alarmingly and at a time when good people are hard to find, the survey identifies a ticking time bomb for Irish business as many respondents have given themselves a two-year countdown before moving jobs – something that’s likely to cause considerable upheaval for Ireland Inc. if not planned with foresight.
According to Charley Stoney, managing director of Alternatives Group: “The survey reflects the fact that, for many businesses it’s role reversal time. In the battle to recruit and retain talent they are now the ones selling themselves hard to current and potential employees because talent demand outstrips supply in many sectors.
“There’s also a degree of catch-up being played as companies seek to enhance their new technology, insights, data and digital skills. Of course, the gender pay gap remains a concern and one we’ll be monitoring closely,” she says.
“As a career, marketing has become even more lucrative and engaging as a long-term profession,” says Tom Trainor, chief executive, Marketing Institute of Ireland. “Now in its fourth year and with almost 1,200 respondents spread across small medium and large businesses, the survey represents 25 different marketing industry sectors. It provides insights into how this community of professionals thinks; their view of consumer and market sentiment; their strategic role, the evolving role of marketing and the skill sets required to future proof careers. It’s invaluable intelligence for every growing business.”
Some of the key findings show:
- 61% of all respondents received an increase in salary (up from 56% in 2016).
- The most lucrative roles are in Data (base salary Data Scientist €50,000, top salary Data Analytics / Head of €150,000) and Digital (base salary Digital/ Online executive €40,000, top salary Digital Director €160,000).
- The biggest earners are: Tech / IT Commercial / Sales / Marketing Manager in Tech / IT (€250,000); Retail Chief Marketing Officer (€250,000); Financial Services Communications Public Affairs Director (€250,000); Professional Business Services CEO / MD / Country Manager (€220,000); FMCG Marketing Director (€250,000)
- The gender pay gap narrows but disparity continues. Female respondents got lower salary increases than males – 42% got 5% or less vs. 36% males
- 61% of men got a bonus vs. 51% of their female counterparts
- The Top 4 widest percentage pay gaps between men and women are in the roles of: Proposition / Segment Head of (38% gap – male €187,500 vs. female €116,666), Communications Director (31% gap – male €157,083 vs. female €108,333, Data Analyst (22% gap – male €41,500 vs. female €32,500) and Sales / Marketing Executive (21% gap – male €47,500 vs. female €37,500)
- The Top 4 roles where women lead men in salary terms are: Account Executive (17% gap – female €32,045 vs. male €27,500), Marketing Manager (13% gap- female €65,813 vs. male €58,076) and Senior Marketing Executive (13% gap – female €44,673 vs. male €39,500)
- The gender pay gap has closed considerably at Director level compared to last year when a pay differential of 18% in favour of men was recorded whereas this year it has reduced on average to 3%. Nevertheless, it remains the case generally that female respondents are still slightly less rewarded than male respondents in terms of salaries and benefits and feel somewhat less secure and engaged.