Adland salaries are slipping. Here’s how to increase yours
Marketers have received a reality check this week, with a new industry guide revealing salaries paid across the industry.
The data revealed the sector is gradually returning to its pre-pandemic salary benchmark, and puffed-up remunerations caused by a talent shortage in the past few years are deflating.
Kahli Fenn, general manager of specialist recruitment agency iknowho that conducted the survey, said marketers can expect a bit more stagnation in salaries in the next 12 months.
“It’s very hard to have a crystal ball as to what things will be but, at the moment, we’re seeing clients being much more focused on effectiveness and efficiency in their hiring,” she told Mumbrella.
“What that will come down to is perhaps a lot of candidates on the market and not as many roles.”
Photo: Tim Gouw on Unsplash
What does this mean for marketers? For starters, those who already have a job will probably consider asking for a pay rise at their existing company before looking for another job.
And those armed with this latest data may now have additional motivation to see their salary rise to – or above – the industry standard.
However, asking for higher remuneration can be daunting – and should be done for the right reasons.
Mumbrella’s own Adam Lang, who has been the CEO of an ASX-listed company and now coaches other executive teams, said: “If you have a feeling that you’d like to talk about your remuneration with your boss or your company, you need to do it.
“It’s really about preparing how you’re going to do it, and not if you’re going to do it.”
For those who are thinking of asking the question, Lang suggested that they begin with the end in mind.
“Firstly, ask if you see yourself in the company in the long term. You might end up finding that you’re in complete balance in life, or you might find out that you want to be somewhere else.”
Secondly, Lang suggested the employee write a mini business case. “You get a wage, and the business gets the output back,” he said.
“Understand the company’s culture code – vision, mission, values, behaviours, and goals – and consider how your role can produce an output of higher value in harmony with those.”
Then, draw up a scoreboard for yourself. “ Have a good understanding of how you are performing against your current goals. Some people are really critical of themselves, some are not, everyone is different,” said Lang.
“But if you’re hitting those goals – you need to speak to your boss and get them onto the same page.”
And lastly, frame your communication. “Trust that it’s in a company’s interest to keep talented people,” said Lang. “Imagine you were receiving the request for a pay rise and the best ways you could be asked.”
Speaking of the purpose of the survey, Fenn said that it’s important for candidates to know their values.
“When you’re marketing or wanting a career in it, it’s great to know what the future looks like and where you can progress to. For example, if I stick to this rollout for a couple of years, I could be earning this much in the future. It’s really great to have that transparency.”
But for employers, Fenn said to not underestimate how much things like flexible working matter.
“There are shifting values and motivators of marketers.
“Our business is not just about helping people find marketing talent or getting people to find great marketing jobs. It’s also about imparting that knowledge to the community.”
The iknowho survey collected responses from 1,200 marketers in both agencies and client-side. The responses were compiled with data from over 700 interviews from 2023 facilitated by iknowho and insights from clients and partners to form the latest guide.
Salaries, pay rises, and what not to do will be the subject of today’s Mumbrellacast with Adam Lang and Michael Thompson. Follow the Mumbrellacast here to get the new episode.
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“Trust that it’s in a company’s interest to keep talented people”
Logic versus reality often differ. It’s hard to keep talented people when you don’t want to promote from within…
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1. It’s much more costly for a company to replace an employee than to retrain a new one. However, if you go too far above what they perceive you to be worth, they’ll likely grant you the raise then actively seek to replace you.
2. $5-10k in our business is nothing. You probably make more than that for them in overtime in a month.
3. Talk about career progression and what you can add first, money second. People who just ask for more money without adding value gripe managers to no end.
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