Why You’re Probably Not As Underpaid As You Might Think

Why You’re Probably Not As Underpaid As You Might Think

We work in media. We do it for love not money, right? Although with the New Year you’re probably thinking “better job/more money” as a 2016 resolution.

B&T Magazine
Posted by B&T Magazine

And if B&T’s recent salary survey (published in the October-November edition) is to be believed then 57 per cent of you said “I could do with a bit more” and a third of you replied “I’m grossly underpaid”.

However, a new survey – admittedly out of the US – says that media jobs have some of the fastest growing wages of any industry.

According to a study by international consulting group McKinsey using U.S. Bureau of Labour Statistics, salaries in media grew over four per cent from the period 1997-2014. That made it the second fastest growing salary group behind oil and gas workers.

Again, the stats have a clear US-bias and it’s not actually clear what “media” jobs actually cover.

According to the study, these careers were the best for salary growth

  • Oil and gas – five per cent
  • Media – 4.2 per cent
  • Professional services – four per cent
  • Chemicals and pharmaceuticals – 3.8 per cent
  • Utilities – three per cent

The five worst careers for wages growth according to the study were:

  • Agriculture – one per cent
  • Retail – 1.3 per cent
  • Hospitality – 1.8 per cent
  • Entertainment and recreation – 1.9 per cent
  • Construction – two per cent

The top five findings of the B&T salary survey found:

  • Most in the industry said strategy and senior management was the best paid position in Australia’s Adland landscape
  • The average salary was $60-$90,000
  • Some 48 per cent of respondents believed men were paid more than women. However, 52 per cent said they didn’t believe that was true or simply didn’t know
  • Fifty five per cent agreed there was a talent shortage in media in Australia
  • Only 39 per cent of respondents said they were happy in the current role