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

Why You’re Probably Not As Underpaid As You Might Think
B&T Magazine
By B&T Magazine



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.

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

 

 




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