Senior marketing salaries increase ahead of inflation

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Inflation has surged over the last year, putting pressure on businesses as they struggle with increased costs and an economy where consumers are less willing to spend. Despite these financial challenges, research suggests that many businesses are increasing marketing salaries ahead of inflation.

Data from recruitment agency Aspire shared exclusively with Marketing Week, suggests that for most marketing roles, salaries are increasing ahead of inflation.

In pure-play marketing roles, senior marketing managers led the way, with average salary increases that were almost 50% higher than the rate of inflation. Between April 2022 and April 2023, the average salary for the role increased 15.4% across the year, from £65,000 in 2022 to £75,000 in 2023.

For marketing directors or heads of marketing, the average salary had increased by 11.1% to £100,000 in April 2023. Again, outpacing the rate of inflation.

Aspire, which specialises in the marketing and digital media sectors, analysed salaries across various roles and sectors based on vacancies registered between April 2022 and April 2023.

Junior marketing managers saw significant average salary growth of 9.1% between 2022 and 2023; however, unlike their more senior counterparts this rate does not keep up with that of inflation.

Organisations are prepared to pay more for experienced marketers with the requisite skills says Aspire global managing director Terry Payne.

“As employers compete for skilled marketers we’re also seeing higher rates of pay at the senior end of the spectrum; more experienced candidates are commanding higher-percentage pay rises than those who are entering the jobs market at a lower level,” he says.

Since the pandemic, recruiters have reported a shortage of suitable candidates to fill roles. Indeed, in May 2022 the Office for National Statistics (ONS) reported more job vacancies across the UK than unemployed people for the first time. While the number of vacancies has decreased in the year…

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