Latest Recruiter Study Finds 93% Of Aussie Marketers In Line For A 2023 Pay Rise
An overwhelming 93 per cent of employers plan to increase marketing salaries in their next review, according to recruitment and workforce solutions specialists Hays.
The FY23-24 Hays Salary Guide, released today and based on a survey of over 14,000 employers and professionals, found 62 per cent of employers plan to increase salaries above three per cent.
“The year of the raise”
“We’re calling this the year of the raise, where the promise of higher salaries reflects the intensity of the skills shortage in today’s jobs market,” says Kian Myers, business director of Hays.
“This year, both the number and value of increases will rise, continuing the upwards trajectory we first noted in last year’s Hays Salary Guide.
“Despite the increased salary boost, employer and employee expectations in marketing still fail to align. Many marketing professionals feel undervalued and underpaid. They feel their current salary doesn’t reflect their individual performance.”
According to Hays, there are four key factors motivating employers to increase salaries in their next review:
1. Competition amid a growing skills gap crisis: Many employers have offered higher salaries than planned to attract marketing professionals in response to the skills shortage – 26 per cent ‘substantially higher’ and 42 per cent ‘nominally higher’.
“Many employers find that the pipeline of skilled marketing professionals doesn’t meet their needs,” says Kian. “As candidate supply continues to tighten, employers face increased pressure to proactively attract and retain talented employees.”
2. The ripple effect of falling real wages: 76 per cent of employers and employees combined say it’s reasonable to expect pay rises to keep up with inflation.
“Employers are sensitive to the hidden cost of falling real wages on employee engagement, mental health and wellbeing, morale and job satisfaction,” he said. “While few employers can match inflationary pressures, they are stretching their salary increase budget as far as they can to support their staff.”
3. The impact of pay transparency: Many employers are transparent with employees about how salary levels and increases are set to improve fairness and build trust – 20 per cent are transparent with all employees and 23 per cent with select employees.
“We expect these figures to rise in the months ahead, with the abolition of pay secrecy in Australia prompting more employers to audit salaries, scrutinise disparities and make adjustments when required to ensure fair and equal pay,” said Myers.
4. ‘The great ask’: This year, 55 per cent of professionals plan to ask for a pay rise.
“Employees still feel they have bargaining power and are more confident to negotiate for better pay,” he said.
Advice for employers
“The recruitment and salary intentions of employers are notable this financial year,” said Myers. “The overall trend suggests that many believe investing in their workforce, such as through salary increases, headcount expansions (see below) and up-skilling, is key to success.
“To stand out in the race for talent, also review the benefits you offer. Consider what else you can offer to attract and retain talent, such as opportunities for growth, wellbeing days, additional annual leave, improved recognition, work-life balance or a more positive work environment.”
Advice for professionals
“With skills in demand you still have bargaining power, but it’s important to temper it to avoid pricing yourself out of consideration,” noted Myers. “Yes, employers are investing in salary increases, but margins remain tight. The commercial reality dictates that salary increases can only stretch so far.
“Consider the whole package when you negotiate a new job or your next pay rise. Benefits can go a long way to bridging a possible financial expectation gap, so think about what you’d really value and what could make a difference to your life and career long-term.”
Other key findings
· Employers invest in their marketing headcount: Employers intend to increase their permanent (40%) and temporary or contract (27 per cent) marketing headcount in the next 12 months.
· Staff loyalty yet to return: Just 42 per cent of marketing professionals unquestionably intend to remain with their current employer beyond FY23/24, with another 34 per cent unsure whether they will remain.
· Top factors driving turnover: Of those intending to or considering changing jobs, an uncompetitive salary is the top reason, followed by a lack of promotional opportunities and the rising cost of living.
· The impact of benefits: Salary is undoubtedly the most critical factor in attracting, rewarding and retaining marketing professionals today, but employers recognise that benefits also play a significant role. The top three benefits employers are offering this year are training, ongoing learning and development and career progression opportunities.
· Employees’ top career priorities: Marketing professionals will prioritise a pay rise, being able to work flexibly and learning or developing digital skills in the next 12 months.
Please login with linkedin to comment
Hays salary guideLatest News
Enjoy A Hahn Solo… And May The Fourth Be With You
This May the fourth Hahn will celebrate alongside Star Wars fans rewarding their passion via a giant Hahn travelling solo through the sky. It’s the one day of the year when all sci-fi fans rejoice and giggle to themselves and Hahn in partnership with Thinkerbell, UM and Affinity is celebrating with an out of this […]
DMARGE Founder Unveils Creator-Led Social Media Agency Feedstar
New creator-led social media agency Feedstar to be aimed directly at Gen Zs. Well, they'd hardly want print, would they?
TV Ratings (02/05/2024): A total of 1,753,000 Aussies Witness Port Adelaide’s Defeat
Seven's AFL numbers almost double that of the NRL last night. The NRL still easily winning for ruptured ACLs.
Hotglue Cashes In With La Trobe Financial Digital Media Account
Hotglue staffers learning their cashflows from their collaterals today after nabbing La Trobe Financial's digital media.
M&C Saatchi’s Sydney Creative Lead Exits
B&T's stopping short of calling it a revolving door at M&C at the present, but there's definitely heat on the hinges.
Taylor Swift’s Music Re-Enters TikTok As Universal Pens Landmark Deal
Yes, B&T may have spent 152 hours failing to get Taylor Swift tickets, but, as you'll read here, it's all behind us now.
HAVAS Red launches inaugural Influencer White Paper
Havas Red has debuted its first influencer white paper. Unless you print it out in colour, of course.
Two Sides Global Campaign Reports Increasing Greenwashing As Organisations Focus On Sustainability
New report confirms greenwashing's on the rise. Apparently Mars' 'work, rest & play' claims also under investigation.
Aruga Launches New HQ & Changed Ownership Structure
PR agency Aruga proves Brisbane is 'so hot right now'. So hot in fact, Adelaide's had to go on anti-anxiety meds.
Delicious & American Express Partner To Launch Month Out 2024 In Sydney
Cost of living got you eating noodles prepared in the two-minute style? Why not live vicariously through this.
Aussie Ad Market Continues Decline In March
The belt-tightening in adland shows signs of a turnaround soon. Bar the belt-loosening at the all-you-can-eat buffet.
VMA Focuses On Skills And Training For Members
If there was a post-COVID hangover (bar the anti-vax ranters) it was the rise in skills shortages. Here's another one.
Nearly 90% Of Consumers Want Transparency About AI Images, Finds Getty Images Report
Study finds consumers want transparency around AI images. Couldn't care less about photoshopped magazine covers.
The National Breast Cancer Foundation Partners With VML To Boost Funds
Anyone else feel we've exhausted the office morning tea for cancer? B&T proposes the office moonshine still instead.
Perry ‘Pez’ Lazaris Named New National Hit Network Announcer
Why is it mandatory for the media to only publish the nicknames of people in radio & underworld crime figures?
Before Adland: Garry Dawson’s Journey From Teacher To Marketer
Here, the Hopeful Monsters marketer talks his shift from the classroom to the room wherever marketers congregate.
Scott Cam Urges Tradies To Prioritise Sun Protection
The Block host promoting sun protection to tradies. Also, don't try getting into the RSL after 6pm wearing high viz.
PubMatic Study: Advertising On Retail Media Is 50% More Effective Than Social Media
New study finds retail media 50% more effective than social. B&T says two-for-one Tim Tams trumps the lot.
From MOWING to life GROWING: Jim Penman launches ‘Life Coaching’ services
Can't decide on getting the hedges trimmed or finding a deeper meaning to life? You're in luck with this new venture.
Budweiser Brazil Turns Songs That Name Drop The Iconic Brand Into Spotify Ads
It's strange that Budweiser never found a market among beer-swilling Aussies. Then again, neither did the fluffy duck.
Effie Worldwide Strengthens Board With 6 New Members
B&T hopes everyone's wearing their Maseur sandals at the Effies, as it's standing room only at the next board meeting.
Special Enlist A Penguin Named Nigel In Latest Energy Campaign For Contact
Special unveils Nigel the penguin in work for energy provider Contact. Apparently Percy the peacock was booked.
Anya Taylor-Joy, Chris Hemsworth & George Miller Ignite Sydney For Epic Mad Max Launch
The Mad Max film franchise is Australia's cinematic gift to the world. That & Chris Hemsworth's near perfect cheekbones.
IAS Launches First-To-Market Integration With Roblox To Provide 3D Immersive Measurement
Always thought you could do with better 3D immersive measurement? Happy days are ahead here.
Fast And Furious: Top Gear Australia Launch Thrilled Motorheads, Car Entusiasts And Guests
B&T is still no closer to knowing who the new Stig is, except that she is a woman and a ridiculously fast.
TV Ratings (02/05/2024): Seven’s The 1% Club Wins The Night
The 1% club did not live up to its name when it comes to TV ratings last night.
TRA Welcomes Raft Of New Hires; Bolstering Expertise Across Markets
Insights and research agency TRA announces slew of new hires. Still no news on the return of marble wash denim, however.
CX Lavender Hires Boston Consulting Group’s Kim Verbrugghe as Chief Strategy Officer
CX Lavender announces new strategy hire and channels 'acoustic folk act at local RSL' for the publicity pic.
Opinion: Community standards, will they be the death of us?
This columnist is talking community standards. Sadly not those people who put dogs in trolleys in supermarkets.
Tegel gets heads bobbing with new free-range chicken platform
Sure, there's a lot of moral considerations when buying a chook. Yet, not as baffling as buying eggs or canned tuna.
Study: 66% of Aussie men believe masculinity is under attack
Two-thirds of Aussie blokes say masculinity's under attack. That said, sales of Solo lemon drink appear robust.
‘Equal Writes’: Canyon reveals new campaign and refreshed brand for women and non-binary writers
As this brand redesign again proves, nothing beats black on white. Well, white on black in this instance.
Icon Agency bolsters consumer and integrated offer with major hires
Icon Agency unveils new recruits. As press photo confirms office moustache competition now a lay-down misère.
Clemenger launches agricultural graduate program
Has Farmer Wants A Wife triggered an interest in dagging & hay balers? This grads program may resonate.
Levi’s Appoint UM As Global Media Agency For $217m Account
Levi's are the jeans for rockstars, models & the cool kids. Although that's not stopped dads from ruining their image.
QMS Nabs Sean Rigby From oOh!media
Things set to get spicy at the next Outdoor Media Association dinner and dance as a rival gets poached.