Global recruitment and workforce solutions firm Hays has revealed that the majority of marketers can expect a bump in pay in the next financial year, with 87% of employers planning to increase marketing salaries in their next review. 71% of these employers plan to increase salaries by more than 3%.

The data lands as part of Hay's annual Salary Guide for FY24/25, which is based on a survey of over 15,000 employers and professionals, covering more than 1,250 roles across 27 different industries.

The report also reveals that 68% of employers have been forced to offer higher salaries than planned due to a skills shortage. This has resulted in 82% of marketing professionals either looking or planning to look for a new job in the next 12 months, with the rising cost of living being a top reason for leaving their current role. Other reasons include lack of promotional opportunities (57%), poor management style (61%), and commuting time (57%).

Hays CEO, Matthew Dickason, advised employers to consider the whole package when negotiating a new job or pay rise, including additional benefits and the company's ESG approach, DE&I strategies, flexible hybrid setups, and team culture. “The mismatch between what employees want and what employers are willing to offer will play out over the next year, with 54 per cent of employees being dissatisfied with their salaries and 74 per cent saying it doesn’t reflect their individual performance."

“There’s a trend of employees expecting higher salary increases over the past three reports with 66 per cent indicating they believed they would benefit financially from changing jobs in the next 12 months. However, we are also seeing an increase in the number of marketing professionals asking for a pay rise (68 per cent) up from 55 per cent last year," said Dickason.

Dickason also highlighted the impact of the skills shortage on salary negotiations. “We also saw a rise in marketing employers being forced to offer higher salaries in the past year due to the skills shortage with 21 per cent offering substantially higher salaries and 52 per cent offering nominally higher salaries."

Salary he said, was “undoubtedly the most critical factor in attracting, rewarding and retaining marketing professionals today", noting that 60% of employers were prepared to offer above the standard package to secure a candidate.

At the same time, Dickason warned professionals about overpricing themselves. “With skills in demand you still have bargaining power, but it’s important to avoid pricing yourself out of consideration. Yes, employers are investing in salary increases, but the commercial reality dictates that salary increases can only stretch so far,” he said.