Report: Skills shortages drive marketing salaries up – CMO

Uncategorized

Latest Hays report shows more than 8 in 10 employers will be increasing marketing professional salaries off the back of the skills shortage
Marketing professional pay cheques are on the rise, with more than eight in 10 employers expecting to increase salaries in their next review.  
That’s one of the key findings of Hays’ new FY22-23 Marketing and Digital Salary Guide, released this week. The recruitment firm found 83 per cent of marketing employers will increase salaries in the next review, up from 58 per cent year-on-year. Nearly one in four (22 per cent) said they will award increases of 3 per cent or more. This contrast with 61 per cent who said increases will be under 3 per cent.  
And the driver for more bucks? Skills shortages. Over two-third of respondents (69 per cent) said they’re being forced to offer higher salaries than planned because of the skills shortage.  
Yet Hays also found marketing professional believe their performance and demand for their skills merits an increase greater than 3 per cent. In fact, only 31 per cent of marketers are satisfied with their current salaries, prompting this to become the top factor motivating 57 per cent of job searches. This scored ahead of promotional opportunities and poor management or culture.  
Hays found the skills shortage has made 53 per cent of marketing professionals more confident to ask for a pay rise. And over half (53 per cent) have already benefited from the skills shortage through a salary increase, new job or both.   
“Intense competition for skilled professionals will translate into gradual salary increases this coming financial year,” Hays Marketing and Digital regional director, Eliza Kirkby, commented. “Moving away from the salary stability stance of recent years, employers say the skills shortage is the reason increases are higher than planned. Already, 90 per cent are experiencing a skills shortage, and 82 per cent say it will impact the effective operation or growth plans of their organisation.”    
All this is fuelling a once-in-a-career market, Kirkby said. “Previously camouflaged by skilled migration, and further impacted by headcount growth, skills shortages have reached a level unmatched in our years in recruitment and sparked deliberate salary increases from employers,” she continued.  
“However, while both the value and extent of salary increases is rising, employees’ expectations are growing faster. In a job-rich, candidate-poor market, they feel more assured of their worth and have prioritised a pay rise. 

“In such a market, the number one question we’re asked by employers is how to stand out as their preferred candidate’s first choice.”  
To help, Hays pointed to a wider array of value-based benefits worth pursuing. For example, in its survey, the firm found 33 per cent of marketing employers have improved benefits and working practices to entice more staff. The top three sought by marketing professionals are more annual leave days, training and ongoing learning and development.  
More broadly, Hays found the top five marketing skills in demand right now are marketing management, product management, communications management, digital marketing management and ecommerce management.    
In addition, 65 per cent of marketing employers intend to increase permanent staff levels in FY22/23, while 46 per cent will increase their use of temporary and contract staff.  

CMO is running its first State of the CMO webinar on 15 June 2022 where we’ll be exploring the state of marketing leadership, skills and functional capabilities and more. Don’t miss this opportunity to gain unique insights into modern marketing leadership and hear from some of the leading brand chiefs locally and globally and register for this complimentary virtual event here.

Don’t miss out on the wealth of insight and content provided by CMO A/NZ and sign up to our weekly CMO Digest newsletters and information services here.  
You can also follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia’s Linkedin company page 
 
 
Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.
Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.
Tags: Haysmarketing careersleadershipmarketing managementmarketing leadership
CMO’s State of CX leadership survey is a new annual research initiative gauging the state …
Now in its sixth year, CMO's State of the CMO is an annual industry research …
CMO’s State of the CMO is an annual industry research initiative aimed at gauging how …
In the third and final episode of our 3-part CMO50 video series exploring modern marketing and why it’s become a matter of trust, we’re delighted to be joined by Telstra’s former CMO and now digital services and sales executive, Jeremy Nicholas, and Adobe VP Marketing Asia-Pacific and Japan, Duncan Egan.
More Videos
The consumer journey has been permanently changed by the blending of work and personal lives, yet many brands risk being caught on digital marketing autopilot
More Brand Posts
More Partner Zone
Such an informative case study. But I would like suggest you to add few more thing like how much cost we should spend in digital marketin…
Gary Wayne
I agree with you on many points. Your article is very helpful. Brand activation agency refers to a campaign, event, or interaction throu…
Romilly Izara
Facebook is the big platform and marketers are used to say Facebook will be catch 80% advertising market for its self. Once I was reading…
Gary Wayne
Yes you explained it very well. Ecommerce is the future and those who deny this truth will disappear from the surface of marketing groun…
Gary Wayne
All your works of yours are actually so very beautiful because they actually share so much knowledge with everyone present here. Best Com…
Nitin Karpe
Why is it there is no shortage of leadership development materials, yet outstanding leadership is so rare? Despite having access to so many leadership principles, tools, systems and processes, why is it so hard to develop and improve as a leader?
Author, leadership expert
As a nation united by sport, brands are beginning to learn money alone won’t talk without aligned values and action. If recent events with major leagues and their players have shown us anything, it’s the next generation of athletes are standing by what they believe in – and they won’t let their values be superseded by money.
Managing Director, Publicis Queensland
This is the 8th CMO50 list I have presented. And I’ve watched how the calibre of the submissions has risen, and seen nominations evolve in terms of quality, earnestness and candour.
Publisher and Editor, CMO
Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

About us | Contact us | Privacy Policy | Reprints | RSS
Copyright © 2022 IDG Communications, Inc. ABN 14 001 592 650. All rights reserved.
Reproduction in whole or in part in any form or medium without express written permission of IDG Communications, Inc. is prohibited.

source

Leave a Reply

Your email address will not be published. Required fields are marked *