Money talks: Marketers jump ship at sniff of a pay rise

Marketers might toil day and night to secure the loyalty of their customers but when it comes to their own fidelity they seem willing in to jump into bed with a new employer at the slightest sniff of a pay rise, with two-thirds (66%) of professionals considering switching jobs in the next 12 months.

So says a new study from global recruitment consultancy Carter Murray, based on a survey of over 10,000 marketing and sales professionals in the UKclaim. It s that this constant job-hopping could potentially cost the industry over £6bn, based on higher salaries, recruiter fees, interim replacement employees and reduced productivity.

But money talks, according to the study, with base salary remaining the most important primary factor for candidates moving jobs, cited by 47% of respondents.

Even so, hiring managers are hindered by a range of recruitment challenges when it comes to replacing employees or building their marketing teams – including budget and sign off (cited by 47% of respondents), shortage of (quality) candidates (32%), lack of time and resource for recruitment (26%) and internal recruitment processes (23%).

While three-fifths (59%) of marketers say they did receive some sort of salary increase over the past 12 months, these were not as sharp as the previous year. The financial services industry is a case in point, in 2022 they were offering some of the highest rises but these were slashed in half in 2023.

The report says the slowdown in salary increases can be put down to two main factors. Firstly, the market: last year due to a range of economic and commercial issues, all sectors saw a significant decrease in the number of roles. Many businesses restructured their teams, including making redundancies. When this happens, the candidates are no longer in a position of strength as there are more people available for fewer jobs, meaning employers aren’t pushed to increase salaries to entice talent to join them.

Secondly, the job market and salary expectations have stabilised since 2021/2022, when many candidates were awarded large salary increases to align with where they should have been after the pandemic.

The study also reveals that marketing professionals across all sectors are frequently changing jobs to achieve higher salary increases. Nearly two-fifths moved jobs in the past 12 months, with 39% of these candidates achieving salary increases of over 10% compared to just 22% of those who have stayed in the same job up to five years.

Yet unlike 2022 when quick hiring was a priority, companies have been patient to find a specific calibre of candidate. Even so, there are some hiring managers who are willing to go over the salary range advertised for the role for the right person, leading to salary increases for those recently changing jobs.

In fact, when it comes to the most important primary factor in seeking a new role, base salary tops the list for almost half of candidates (47%) as well as being a vital secondary factor for nearly a quarter (28%).

Especially in the face of market conditions, marketers want their employers to consider the cost of living during salary reviews and job moves. Employers are also increasingly willing to make counter-offers to retain their best talent.

Work-life balance and flexible working also remain crucial – chosen by 15% as their primary factor and 21% as their secondary factor. Only 6% of respondents chose location as their primary factor, which is not surprising due to the more remote nature of the new working model.

Meanwhile, it is becoming increasingly difficult for employers to justify replacing professionals that leave the business, let alone grow their department. Last year was generally a quieter one for talent acquisition across all sectors, with many businesses hoping to be able to rebuild their teams across 2024

Carter Murray partner Wendy Gray said: “Our research shows that businesses should use accurate salary benchmarking to ensure they’re offering appropriate and realistic salaries to candidates – and they should be able to adapt their ranges along with the market from year to year if they want to attract the talent they need.

Wendy Gray, Partner at Carter Murray, continues: “Businesses can best overcome these challenges by approaching recruitment agencies when they make the decision to hire – rather than later down the line – as they can provide guidance from the start. Many employers approach recruiters when looking for new candidates, but they’re also best placed to support businesses when retaining their existing talent.

“When looking at cutting costs, it’s typical for employers to try direct hiring through their internal recruitment and talent acquisition teams. But this can end up less successful and more expensive, spending valuable time and money on lengthy hiring processes and administrative recruitment activities.”