Salary has overtaken workplace culture as the number one priority for marketers when considering a new role, marketing recruitment agency iknowho's annual Salary & Market Insights Guide reveals.
This shift reflects current economic conditions and the rising importance of financial security in the past 12 months, the guide of over 430 respondents finds.
At the senior level, there is a high volume of available talent due to widespread redundancies in late 2023, leading to increased competition, with some senior candidates willing to take up to 15% pay cuts.
At the junior to mid-end of the market it’s still talent tight, with the quest for quality candidates that meet budget limitations a key priority.
As teams are becoming leaner due to budget constraints, there is a high demand for candidates strong in execution.
Counter offers and promotion incentives are on the rise at this level with retention being a key focus. Piquing the interest of passive candidates at this level is substantially more successful when the salary is more competitive than market rates.
iknowho senior talent partner Bec Godkin said supply and demand really shifted this year for senior marketers in response to the economic climate.
"Clients have their pick of top talent and are being more prescriptive on background and tenure," Godkin said.
"Generalist marketers are gaining more traction, with clients requesting a more wholistic 360 solution to build out their teams.”
Despite this, iknowho lead talent partner Sheryn Small said agency land has seen a seen marginal increases in salary bands, with 50% of respondents receiving a pay increase in the last 12 months for doing the same job.
"But it has stabilised compared to the last few years," Small said.
"With fewer opportunities available, candidates need to ensure they stand out from the competition. Agencies are looking for senior marketers who are hands-on, agile, have a breadth of experience, and most importantly, are strong commercially."
iknowho senior talent partner Riza Karis said at the junior to mid-level agency patch, it’s still a very tight and competitive market.
"There’s a need for affordable do-ers in this tight economy," Karis said.
"The biggest change from last year from a hiring perspective, being the hesitancy from agencies to consider candidates on working holiday visas or requiring sponsorship.
"To attract the best talent in the market, I recommend being flexible in approach, consider more senior candidates on a part-time basis if budget is a driving factor, and where possible, be open to overseas talent and sponsorship as this raises the talent bar."
Flexible work
Despite a general sentiment that employers are increasingly calling employees back to the office, flexible working options remain crucial for marketers.
Only 20% of respondents currently do not receive any flexible working arrangements, and 72% indicated they would turn down a job offer without such options, though this is a decrease from 87% last year.
Only 25% of respondents value the office for productivity, preferring it for inspiration, collaboration, and social interactions.
This indicates a growing preference for workplaces that offer more than just a space to complete tasks but also a community and source of creative energy.
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.