Marketing firms among the most tight fisted on pay

money-1760_640The UK advertising and marketing industry’s efforts to attract the finest minds appears at odds with the pay policy of the companies operating in the sector, with new figures exposing that marketing professionals are among the least likely to be offered a wage rise.

With claims that UK pay has fallen at its fastest rate on record, Forbes Advisor conducted a survey of 5,100 Brits to discover how many have considered asking for a pay rise due to the cost of living crisis, the dearth of talent and the Great Resignation.

The study reveals that only 3.2% of marketing professionals have been voluntarily offered a pay rise – among lowest of all industries – and while nearly three-quarters (72.6%) considered asking for a rise, only one in six (15.5%) actually plucked up the courage to do so.

Not that this was a resounding success either, as only just over a third (35.1%) who went cap in hand to their boss actually got a wage hike.

This is in sharp contrast to the tech industry, which is the best for offering staff rises, with 8.13% of employers handed an increase without having to ask.

As with marketing, three-quarters (76.9%) of employees considered asking for more money, although slightly more (19.1%) actually asked for one.

And this proved a fruitful mission, with 42.9% of these employees being awarded an increase.

Across all sectors surveyed, the highest number of respondents who said they had asked for more money were those aged between 35 and 44, with 75% banging on the boss’ door. Those aged over 54, were least likely to consider asking for an increase (69%).

Regionally, those living in the East Midlands were considering asking for a pay rise the most due to the cost of living crisis, on 76%, followed by those in Wales (73.9%), and those in the North East (73.4%).

Earlier this month, recruitment specialist Harnham reported that regional salary differences between London and the rest of the country have closed by up to 75% in the past year alone, signalling a huge shift for the industry and the wider business landscape.

In its 11th annual salary guide, which quizzed over 9,000 respondents, Harnham found many firms recruiting for data and analytics roles are paying high salaries to both entice and retain talent away from London companies.

Meanwhile, a separate report by online training specialist Simplilearn revealed data science professionals now command the highest salaries of any tech roles in the UK, with a 29% increase in demand year on year and a 344% increase since 2013, as more and more organisations wake up to the power of data insight.

The annual salary of a data scientist has now reached up to £120,000, making it the highest paying job role of 2022. For their bosses, chief data officers, annual pay can be as high as £323,000.

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