Marketers might seem like a resilient bunch but scratch beneath the surface and you will find a profession in crisis, with diversity and inclusion efforts stalling and fears over burnout, budget cuts and new technology rife.
So says new research from the Chartered Institute of Marketing (CIM), which highlights a raft of major issues keeping marketers up at night.
The Impact of Marketing report reveals that 44% of marketers say their team has not become more diverse within the last 12 months, while the rest (56%) indicated that they felt that progress had been made on diversity and within their teams.
Some respondents reported seeing a greater diversity of ethnicities (28%), genders (12%), and ages (11%) when compared to 12 months ago. The industry also saw marginal progress on neurodiversity (3%) and physical disability representation (2%).
Even so, the pace of change within the industry is having an impact on the wellbeing of marketers, with more than half (56%) admitting they feared burning out in their current role, especially younger professionals. In fact, three-fifths (59%) of 25- to 34-year-olds indicated they were worried about experiencing burnout, compared to just 38% of 45- to 54-year-olds. This suggests that those in entry and mid-level roles are experiencing the brunt of the stress at work, which managers should be mindful of, the CIM states.
The research also indicated that wages have not seen significant growth over the last 12 months with around a fifth of those surveyed (18%) reporting their salaries had stayed the same and just over a third (36%) having seen modest increases between 1% and 5%.
As well as diversity and burnout worries, marketing professionals report a number of other issues that are of concern as we reach the halfway point of 2024. First and foremost is the prospect of another year of turbulent economic times, as three-fifths (59%) say they are concerned that brands are spending less due to external financial pressures. In an increasingly globalised world, a stagnant or shrinking UK economy has wider repercussions for British marketers. Half (49%) are worried that the growth of the marketing industry in Britain will be surpassed by its international competitors.
Alongside these concerns is the rise of artificial intelligence and how it might impact marketers’ ability to progress in their careers. Half (52%) are concerned that the new tools will overshadow parts of their job and hamper their personal development. Most (61%) believe they have the skill to adjust to the new technologies, but almost two-thirds (65%) believe AI is being introduced too quickly.
With so many challenges faced by marketers, there has been a heightened focus on protecting employees’ mental health. Three-quarters (74%) of marketers believe their employers now take mental health more seriously than they did before the pandemic hit in March 2020. That focus is yielding results too, as more than half (57%) say that their company’s mental health initiatives have had a positive impact on their wellbeing.
One factor that is taking its toll is the prominence of hybrid and remote working. Two-fifths (39%) of respondents agree that working from home has negatively affected their team’s creativity. Collaborative environments have productivity gains and benefits for employee health and wellbeing. Some 70% believe that face-to-face interactions boost their output, while a similar proportion (71%) say that working in person positively impacts mental health. Despite these gains, 59% report that it is now normal to not meet new team members at all.
CIM director of marketing and communications Mark Scott said: “As we continue to operate in challenging times, it’s great to see the importance being placed on people and the well-being of individuals by organisations. The research confirms that this ultimately drives better business outcomes as well as benefiting individuals.
“Team retention will continue to be a challenge for businesses in the second half of 2024. The cost of living crisis and inflationary pressure will undoubtedly require many of us to tighten our belts. Marketing leaders must continue to prioritise the well-being of their teams in order to keep hold of great talent.
“Marketing has a huge responsibility to drive diversity and inclusion. While it’s encouraging to see that some marketers feel progress has been made on ED&I initiatives, there is still more to be done to see improvements across the board. Defining what good looks like in this area should be high on the agenda for every marketing leader.”
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