iknowho’s annual salary & market insights guide found a major shift for marketers when considering a new role, showing salary has overtaken workplace culture as the number one priority. iknowho also found a growing preference for workplaces that offer a source of community rather than just a space to complete tasks.
iknowho’s annual salary & market insights guide is a compilation of salary and market trends provided by data from over 430 respondents to the iknowho annual marketers survey and insights uncovered from hundreds of interviews between candidates and iknowho talent consultants over the past year.
“The supply & demand pendulum really shifted this year for senior marketers in response to the economic climate. Clients have their pick of top talent and are being more prescriptive on background and tenure. Generalist marketers are gaining more traction, with clients requesting a more wholistic 360 solution to build out their teams,” said Bec Godkin, senior talent partner.
“Across agency land, we have seen marginal increases in salary bands, but it has stabilised compared to the last few years,” said Sheryn Small, lead talent partner at iknowho. “With fewer opportunities available, candidates need to ensure they stand out from the competition. Agencies are looking for senior marketers who are hands-on, agile, have a breadth of experience, and most importantly, are strong commercially”.
Key findings from the guide include:
- Market update: The past 12 months have seen significant shifts in the job market due to challenging economic conditions, high interest rates, and increased cost of living. At the senior level, there is a high volume of available talent due to widespread redundancies in late 2023, leading to increased competition, with some senior candidates willing to take up to 15% pay cuts. At the junior to mid-end of the market it’s still talent tight, with the quest for quality candidates that meet budget limitations a key priority. As teams are becoming leaner due to budget constraints, there is a high demand for candidates strong in execution. Counter offers and promotion incentives are on the rise at this level with retention being a key focus. Piquing the interest of passive candidates at this level is substantially more successful when the salary is more competitive than market rates.
- Salary as a top priority: For the first time, salary has overtaken workplace culture as the number one priority for marketers when considering a new role. This shift reflects current economic conditions and the rising importance of financial security.
- Flexible working arrangements: Despite a general sentiment that employers are increasingly calling employees back to the office, flexible working options remain crucial for marketers. Only 20 per cent of respondents currently do not receive any flexible working arrangements, and 72 per cent indicated they would turn down a job offer without such options, though this is a decrease from 87 per cent last year.
- Evolving role of the office: Only 25 per cent of respondents value the office for productivity, preferring it for inspiration, collaboration, and social interactions. This indicates a growing preference for workplaces that offer more than just a space to complete tasks but also a community and source of creative energy.