A recent study conducted by marketing recruitment consultancy, EMR, revealed that only 30% of marketing professionals are satisfied with their current remuneration package.
The study concluded that a few factors affect how remuneration packages are assessed.
- Salary increments. Forty per cent of respondents planning on staying in the same role expected a raise of less than 5% for 2014. A quarter of brand managers expressed dissatisfaction with their current remuneration levels making them the least content.
- Men vs Women. The men surveyed are expecting double of what their female counterparts are anticipating. Half of all the women in the study expect less than 5%.
- Size of the company. The smaller a company, the higher the expectation for large salary increments as it is perceived that a larger establishment will offer better benefits to employees. The majority of people surveyed working for companied with less than 50 employees expect an increase of between 6-10% of their salary compared to 1-5% for those working in companies with over 250 employees.
- Starting a new job. When marketing professionals start with a new company they expect to receive a raise in salary of around 17%
While intrinsic rewards have grown in importance, it is still key to ensure employers at least offer market rate to ensure employees are satisfied and do not look elsewhere.
Monica Bermeo, managing consultant and practice lead at EMR, commented: “There is often an increase in marketing candidates looking to move jobs directly after pay review time as a result of disappointment with their remuneration package. Ensuring employees are aware of other benefits available to them from the company can help counter some of this turnover.”