Last year's inflated salaries have flatlined according to media and marketing recruiters.
While industry punters critiqued the validity of the Salary & Market Insights Guide released this week from specialist marketing recruitment agency iknowho, the Guide shows that salaries have returned to normal.
Candidate shortages over the last three years saw salaries creep to unprecedented levels; the Guide shows that the industry has moved towards a gradual correction.
Jimmy Sutton, senior talent agent, marketing and analytics, at Aquent Australia, said salaries have flatlined since last year for a couple of reasons.
"The market has normalised since the end of covid and is no longer candidate-driven. This means that roles are more competitive and hiring managers have more options," Sutton said.
"Whilst all of this was happening, we were also hit with inflation issues. Hiring managers have either not had the headcount approval or enough budget to commit to senior and long-term hires.
"So, we're seeing more junior to mid weight requirements that are on a contract instead of perm."
The Guide is based on 550 face-to-face interviews with marketers to reveal a salary bands for marketing and advertising professionals. Reporting the following:
While salary is a key motivator, 87% of survey respondents would turn down a new job if it didn’t offer flexible working options.
Sutton agrees that attitudes to work-life balance have changed and flexibility has become non-negotiable.
"Budgets are tight and salaries have stagnated so offering hybrid working and flexible hours is an ideal solution for everyone," Sutton said.
And the most common flexible working option for both parties is a 3:2 model.
Simon Hadfield, executive partner at DMCG Global, told AdNews the survey is fundamentally accurate.
"A 3:2 model seems to be the norm but candidates need to be flexible on this as ultimately we are a service business and the best work comes out of collaborating closely with your core team (and clients)," Hadfield said.
"It’s a cliché, however the cost of living is really starting to bite, particularly in Sydney so I can understand why remuneration is so critical."
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.