ONS Salary Figures for Marketing Jobs - July 2023
2023 has been the year of the pinch: a year in which the public purse has been hit. The Office for National Statistics for July show inflationary increases in salaries. Here we share some of this and our view on what this means for you as a marketer that might be looking to increase your salary or looking at a move.
The macro environment & it's impact on marketing candidates:
Unless you have been hiding under a rock I am sure you're aware of the cost of living crisis plaguing the globe, but particularly the UK. With workers feeling the pinch we've seen trade unions negotiating pay rises for their workers, and private businesses have been increasing their salary offerings too. Today we've seen that the (ONS) released some intriguing figures regarding salaries, highlighting significant wage growth in the private sector. As someone with a background in economics, I have spent far too long trawling through ONS data
It's an obvious link: mortgage payment increases combined with the general cost of living can significantly impact an individual's financial stability and overall well-being. With inflation on the rise, it is essential to acknowledge its effects on salaries and purchasing power. While the ONS statistics provide valuable insights into the macroeconomic landscape, understanding the implications at a personal level is equally important.
Indicatively we've seen the increasing number of candidates emphasising the significance of money and the cost of living as a primary motivation for considering job changes. We've not seen this before at this scale. Many individuals anticipate that their current employers may not provide adequate salary boosts, if any at all, necessitating a move to improve their financial situation. This shift in employee priorities aligns with recent trends that indicate rising mortgage payments are becoming a more prominent factor in people's decision-making processes. Consequently, it is no surprise that candidates are reaching out and planning their relocation six months in advance—an atypical behaviour, on average, compared to the past.
Making a move in the current job market: if you find yourself contemplating a career move due to financial considerations, it's crucial to explore your options and make informed decisions. The current market is a mix one, the market conditions have an impact wider than simply salaries. We've seen redundancies and downsizing, typically in tech companies but it's not limited there. The market issues mentioned above has naturally hit consumer spending which has fed into overall business confidence which I would describe as tentatively navigating uncertainty.
So what does this mean for marketing jobs?
Navigating uncertainty can be a really uncomfortable process. Pain associated with uncertainty can be minimised when addressed. Our recommendation is that you access the forces impacting your situation i.e.
- Your level (& thus the availability & length it takes one to find and secure a role: c-suite roles might take 4-8 interviews compared to a 2nd/3rd jobber)
- Your skills & expertise - how in demand are you? Honestly
- Industry specific changes - are businesses hiring or firing on average in your market?
- What type of business do you work for? Is it marketing led (or not)? Is it's business model steady, or readily impacted by confidence or external factors?
When you've had a think about this you'll have an idea about some of the market forces impacting you personally. We believe this process to be important as it allows you to assess how much you can likely negotiate based on external factors, and likely competition. Candidates often ignore the impact of market conditions on salaries. Right after the COVID pandemic we saw an explosion in salaries where candidates were moving and sometimes doubling their salaries. This was due to increased demand.
The conditions described above suggest to us that demand has subsided, and as such making a decent move will take a bit more work than perhaps it would in other markets.
So, how to navigate this? Focus on what can you control
Your situation is specific but here's some headline tips for you - we often see that candidates will favour one or two tactics rather than really utilising all channels:
- Networking - as you progress throughout your career you will likely rely more and more on your network
- Job applications - a necessary beast: make sure you're signed up to good sites with job alerts etc
- Personal outreach - where appropriate it can be a really nice touch to follow up with job applications with targeted personal outreach
- Recruitment & headhunting network - personal relationships with recruiters will really help 1) giving you a view of the market in your skill-set & sector & 2) keep you in mind for specific opportunities, & 3) might be able to help you proactively too!
We could write blog series on all of these topics, so we're never going to be able to fully cover this in one post.
But if you are a candidate looking at your situation and wanting to improve it do get in touch
How we work at The Hidden Market:
We're specialists in commercial careers: think digital, marketing, sales, and product. We place professional candidates in a range of specialisms in professional marketing jobs in a variety of industries.
With professionals, essentially we are a strong recruitment partner for you, taking the time to truly understand what might interest you and to match you to roles on your skills. If you would like to find the best marketing roles then you can sign up here.
With brands essentially we’re an extension of your brand, connecting it to more passive talent. If you would like to learn more about how we can help you drive engagement with candidates and attract the best talent then get in touch with us - email@example.com or you can register a company account here.