The pay gap between male and female marketers has reduced significantly in the last year.
That’s according to the latest Marketing Rewards survey by The Chartered Institute of Marketing.
The survey, conducted for The Institute by remuneration experts Croner Reward, shows that the largest difference is at director level where the pay gap has fallen to 10 per cent, down from 18.6 per cent last year.
At the same time, pay for female directors has risen by 18 per cent compared to last year, while one in four of the marketing directors who responded to the survey were women.
This correlates with an overall rise in female respondents, now 59 per cent compared to 51 per cent last year.
It suggests that women are now playing a significant role in marketing and are beginning to earn the rewards for doing so.
At all other levels, except Head of Marketing, the pay gap has reduced with both Senior Manager and Junior Manager levels earning equal pay.
Heads of Marketing however, have seen the gap widen from 2.1 per cent to 6.9 per cent.
Bonuses for marketers have dropped for all grades by an average of 25 per cent and fewer respondents said they had received a bonus this year.
In general, the higher the grade, the greater the likelihood of receiving a bonus and at a higher the value.
The survey findings show that 47 per cent of directors received a bonus averaging 18 per cent of their basic salary.
This is compared to 19 per cent of clerical grade marketers who received on average only 3 per cent of their basic salary as a bonus.
Nonetheless, marketing professionals feel better about their pay and promotion prospects than last year. More feel satisfied that they are paid the market average or above.
Only 9 per cent of respondents felt they were paid below the average, while 29 per cent felt they had no promotion prospects in their present company.
In 2006, 34 per cent felt there was no chance of progress without moving jobs.
Pay increases remain consistent with expectations, averaging 3.1 per cent across the profession, only 0.1 per cent higher than forecast in September 2006.
Directors received an average pay rise of 3.6 per cent and the forecast for them next year is 4 per cent. The forecast for the profession as a whole is 3.3 per cent.
Director of research and information at The Chartered Institute of Marketing, David Thorp, said, “It’s good that pay is moving closer towards equality but the findings would also suggest that marketers, whether male or female, are expected to work much harder for their bonuses and deliver measurable returns on investment.
“This makes it more important than ever for marketers to continue their professional development training to ensure they’re on top of issues and new marketing tactics as they emerge and develop – and to act as the differentiator in the challenging recruitment process.”
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