Employees in the marketing industry seem to be curbing their salary expectations this year, despite only 35% claiming they are satisfied with their current remuneration package.
According to a new report by EMR, 40% of those who indicated they will be staying in their jobs this year are expecting salary increments of less than 5%. Brand managers were also found to be the least satisfied bunch, with 25% reporting salary dissatisfaction and 14% expecting no pay increments in 2014.
The report, which survey 6,000 global marketing, digital and communications professionals, also found men are expecting double the salary increase of women; 50% of women are expecting increments of less than 5%, compared to 29% of men.
Cash remains king for those in the marketing sector, as a higher salary was identified as one of the top five drivers for jumping ship. Therefore, the report urged employers to “manage the pay review process delicately to ensure staff dissatisfaction doesn’t result in staff turnover”.
“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,” Monica Bermeo, managing consultant and practice lead at EMR, said.
“Ensuring employees are aware of other benefits available to them from the company can help counter some of this turnover.”
EMR also found marketing professionals from smaller companies, or those with less than 50 employees, are expecting larger increments this year compared to those in bigger organisations.
A majority of marketers in smaller companies are expecting an increase of between 6% and 10%, compared to 1% to 5% of those working in organisations with more than 250 employees.
The report said this may be a result of smaller companies offering fewer benefits than the larger ones, therefore increasing salary expectations of employees.