Professional bodies continue to be seen as the most reliable source of salary data, followed by recruitment consultants and peers. Line managers and HR teams are deemed no more reliable than the office grapevine.
Average salaries for the PM Forum benchmark – UK marketing managers at non-global law firms – reduced by 2.2% (from £48.8k to £47.7k) in the past year. 87% of marketers are entitled to either paid leave (82%), paid overtime (8%) or paid volunteer time (26%). 91% have their base salary reviewed annually.
What do marketers think about their remuneration? 40% believe themselves to be paid less than their peers with only 6% feeling that they are paid more. This is of course a statistical impossibility…
A fascinating insight was shared by a veteran law firm marketing manager: “Having carried out a significant amount of recruitment this year, the senior BD team and HR have analysed the salaries we pay in comparison to the market and for the level of role and experience wanted and expected. What we have found is that, although they are in line with industry benchmarks, salaries at each level haven’t moved much over the past ten years – eg. my salary as an advisor 13 years ago was £34k and this year we have been recruiting junior executives at £30k to £35k, however I had six years’ experience at that stage and the people I am recruiting have less than two. Therefore salary brackets seem to remain quite stagnant, however the level of experience at each level is diminishing. This is leading to lost skills within the team and people not being able to adequately resolve problems or carry out projects effectively because they just don’t have the experience. This does mean that at a senior level with 20 years’ experience in the industry, I am frequently pulled into work and projects I shouldn’t be, to fire fight or be a problem solver instead of being proactive and strategic. I believe if we (and the comparable market) paid more at each level we could demand more experience and people would be willing to put in the necessary time to gain this experience. One recent example which demonstrates this perfectly is an assistant who left the team 12 months ago earning £26k, she had two years’ experience and has subsequently carried out a contract role for eight months and then secured a management role earning £50k. A manager with less than three year’s industry experience, no strategic exposure and no people management skills is shocking.”
Benefits and bonuses
Although 99% of marketers receive benefits and 61% a bonus, commission or profit share, benefits and bonuses are worth less than 10% of base salary for all but a handful. 35% consider their firm’s bonus system to be either ineffective or very ineffective at encouraging the type of behaviour sought by management.
Most firms use self-assessment forms to collect data for reviews with previous objectives and job-based capabilities being the main inputs. Only 63% of line managers are seen as effective at agreeing objectives, with 26% seen as poor at discussing career development or linking remuneration to outcomes. Formal performance reviews are mostly six-monthly or annual; informal feedback is mostly monthly. Marketers would prefer more frequent reviews.
Marketers were also asked to rank the most important aspects of the review process: