Senior marketing salaries increase ahead of inflation

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by Samuel Pordengerg May 23, 2023 News
Senior marketing salaries increase ahead of inflation

Over the last year, inflation has risen, putting pressure on businesses as they struggle with increased costs and an economy where consumers are less willing to spend. Research shows that many businesses are increasing marketing salaries.

According to data shared exclusively with Marketing Week, most marketing roles are seeing increases in salaries.

Senior marketing managers had average salary increases that were almost 50% higher than inflation. The average salary for the role went up by 15.4% over the course of the year.

The average salary for a marketing director or head of marketing went up by 11.1% to £100,000 in April. The rate of inflation was higher than the previous one.

The salaries of various roles and sectors were analysed by the company.

Compared to their more senior counterparts, junior marketing managers saw their average salary grow at a slower rate.

Terry Payne says that organizations are willing to pay more for marketers with experience.

He says that more experienced candidates are commanding higher-percentage pay rises than those who are entering the jobs market at a lower level.

Recruiters have reported a shortage of suitable candidates. The Office for National Statistics reported more job vacancies than unemployed people for the first time. In the year since, the number of vacancies has decreased, but it still isn't easy for employers to find good candidates.

According to the Cancer Research executive director for fundraising and marketing, Philip Almond, some marketers have decided to retire early in the years since the swine flu epidemic.

It used to be an employer's market and now it's an employee's market because there are more options open to people than there are people to fill them

Employers may be incentivised to offer higher wages if there is more competition.

Content roles saw the largest percentage increases in salary between this year and last, while marketing directors were the best-paid out of the roles analysed. Content executive pay increased 17% in the year, while senior copywriters saw their pay increase by 20%.

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Junior copywriters saw the lowest salary increase. In the year 2023, it went up to over $50,000. Demand for skills in this area may be indicative of the gulf between senior and junior roles.

Content-focused roles were the most in demand by businesses, with 25.3% of marketers reporting hiring increases for content managers at their companies.

More than half of the people who responded to Marketing Week's Career and Salary Survey said they had gotten a salary increase in the next five years.

More than 80% of professional services firms give their employees a pay rise in the next five years. The average pay rise was between 4 and 6 percent.

The marketing industry is seeing higher salaries than other industries. Wage increases kept pace with inflation in the professional and scientific industry, according to the office for national statistics.