RESEARCH NEWS: Gender pay gaps widening
The pay gap between male and female marketers at director level has grown by 10 per cent since 2012, according to the latest Marketing Rewards Salary Survey published by The Charted Institute of Marketing.
Meanwhile, 38 per cent of public sector marketers reported a pay freeze, but over three quarters (81 per cent) of private sector marketers enjoyed a pay rise averaging three per cent.
Plus, over 41 per cent of directors received a bonus, in contrast to 37 per cent last year, and over a third (40 per cent) of heads of marketing typically received a bonus averaging £9,000, compared with 44 per cent last year. Despite the proportion of senior and middle marketing managers who received a bonus in 2013 remaining the same as the previous year, the value of bonuses has risen. The Charted Institute of Marketing say this suggests that the contribution of marketers to the bottom line is increasingly valued by their organisations.
However, significant differences between public and private sector marketers were reported in their promotion prospects and job security. Private sector marketers, a feeling of job insecurity was reported by almost twice as many marketers in the public sector than any other. This sector reported the highest proportion of marketing professionals seeking to move job (44 per cent).
Despite these differences, the study shows positive attitudes across the industry. Over three-quarters (78 per cent) of marketers feel their pay is in line with or above the market, and nine out of 10 reported fair to excellent job satisfaction, with 76 per cent feeling they have at least some promotion prospects.
Thomas Brown, associate director, research and insights at The Chartered Institute of Marketing said: “Of concern is the widening of the gender pay gap at director-level, particularly given the improvements we’d seen last year. We know that there are still challenges we have to overcome to ensure that any marketer – regardless of gender – has an equal opportunity to reach the very top of our profession, but we urge organisations to ensure that they are remunerated fairly when they get there.”