Financial Services Marketing Salary & Market Report 2013 UK
Market summary Looking back on 2012 there were a number of historical events that without a doubt impacted the current environment. The issues suffered by the Eurozone and the will they / won t they concerns over Greece and Spain defaulting proved to be the catalyst. Financial nervousness was compounded with the Olympics, the Royal Wedding and back-to-back Bank holidays. A number of clients encouraged their staff to work remotely during the Olympics and the irony was that travelling across and into the City during this time was possibly the calmest and smoothest that the City had ever seen. The term recession has been used extensively over the past 24 months the discussions over single, double or triple dip still remain and are likely to be ongoing. As a consequence of the economic issues listed above, there was a large amount of wait and see in terms of making any decisions in regards to hiring; often to the frustration of line managers, candidates and recruiters. The average time to fill positions rose and there were a number of roles at all levels that were put on hold or pulled after the process had started. The impression given is that unless it was an essential hire the pressure was on for larger marketing teams to absorb any headcount losses. Short-term this would be considered a stop gap but longer-term will have a detrimental effect on the morale of any marketing team. A number of more experienced applicants are facing a protracted job search, while many have turned to contracting roles which appear to be in strong demand. Networking and existing contacts is proving effective for these candidates. The insurance sector seem to have weathered the storm and on the flip side the hedgefunds have had quite a poor year reflective in company performance and hiring demands with cuts in a number of these firms. On a more wealth/asset management industry specific topic there was some confusion of the implementation of RDR for 2013. Firms unsure of being compliant and a lack of clear guidelines from the FSA resulted in uncertainty and the next 6-9 months will be a pivotal time for the retail sector. Overall it seemed that while 2012 was a challenging year, the worst of the economic crisis is now behind us with the impression of cautious confidence being felt amongst firms. As marketing grows ever closer to each business, every expense needs to be justified and the technology now readily available to marketers is enabling them to be more commercially aware than they ever have been. Social media via LinkedIn, Twitter and Facebook have all been of interest but the large expense required to ensure it is done properly and the uncertainty of what that means has meant clients are using specialist agencies in these areas, rather than hiring permanent staff. This salary survey was compiled using information gathered through our online survey to marketing and HR teams across the FS sector and is intended as a guide (covering hedge funds to insurance) only. For more specific information on your sector please call Philip Quellyn-Roberts on +44 (0)20 7415 2840.
Respondent profile & company sector Our survey went to senior and heads of marketing/communications across the financial services spectrum, in addition to senior HR teams responsible for hiring. The breakdown can be seen in the chart below with the majority being made up from Asset management: 22% 21% 36% Asset Management / Wealth Management Corporate / Investment Banking Hedge Fund Other 7% 14% Insurance Company & team size During 2012: 50% of clients had seen growth in their marketing & communications team; 43% stayed the same; 7% decreased The results were pleasantly surprising as the general impression was that a number of marketing teams had shrunk. In our analysis it would seem that the majority of cuts in team size would have been made in 2011, with further cuts seeming unlikely at present. Salary changes for 2013 Growth in salaries for the majority of organisations will be relatively small. Unless there is a promotion or a significant increase in responsibilities then growth with the majority of organisations would be in line with inflation, with over 75% expecting to give between 1-3% increases. These figures are in line with the increases awarded over the past 12 months. 19% of respondents were expecting their pay level to remain flat at zero increase, while only 6% were expecting their companies to increase salaries by 4% or greater.
Looking forward to 2013 Hiring expectations on the perm side are predicted to be slow, with 65% expecting no significant growth and replacement only hires. Contract hires appear to be more positive with managers being more risk averse. Bonuses The majority of firms who responded to the survey will be paying bonuses in March (where due). Please see the graph below: This, from a recruitment point of view, tends to be an interesting time of year. One Head of Marketing indicated that they were stuck between a rock and a hard place with regards to bonuses. If they did not reward their staff they run the risk of losing team members, but if they did pay bonuses they fear a potential PR backlash from the public. There were some significant differences in firms that paid bonuses for example ranges at Senior Manager level varied from 5,000 to 30,000. Out of the firms that did pay bonuses the figures were between 20-25% of base salary with the expectations for 2013 being that bonuses would only be marginally higher than in 2012. Please note that this survey was completed before the EU announcements on limiting bonuses in financial services. This, at present, is unlikely to have a significant effect on Marketers bonuses due to the cap being 100% of base salary. Level Average Bonus 2011/2012 Director 43,000 45,000 Head of 30,000 30,000 Senior Managers 15,000 16,000 Managers 11,000 11,700 Senior Executives 6,900 7,000 Executives 4,200 4,200 Assistants 2,000 2,000 Expected Bonus 2012/2013
Non cash benefits & perks Nearly all the firms we interviewed offered the basic benefits of season ticket loan, pension, private medical insurance and life insurance. The least common were paid over-time and flexitime. Holidays for the majority (nearly 60%) fall into the 23-25 days plus Bank Holidays, while 7% of respondents received 29+ days. We have noticed from a number of candidates that the overall package is becoming more important in the decision making process. The pension offered can be a significant factor along with work-life balance; especially at the mid to senior level. There is a wide discrepancy in pensions on offer, ranging from 5% to 20%. If firms are having issues with bonuses either for financial or political reasons then a more creative approach should be taken in terms of work-life balance. Last year during the Olympics a number of firms encouraged remote working and on review it was a positive experience for employees and employers alike. A number of firms in professional services are further along in the process and find it works well in attracting and retaining staff. Carter Murray working in partnership with financial services organisations Carter Murray offers the financial services market a specialist marketing recruitment service. Building on the excellent understanding and relationships enjoyed in the financial services sector by our sister companies Taylor Root, Brewer Morris and Frazer Jones, Carter Murray understands banking and financial service requirements. Since our launch in 2000, we have successfully recruited Marketing & Business Development Directors, Managers and Executives for some of the biggest names in the marketplace, as well as SMEs and privately owned companies. At Carter Murray we like to work in a close and open partnership with our clients and pride ourselves on the quality of our service and knowledge of this highly specialised market. In addition to a full consulting service on recruitment strategy, job specifications, salaries and market conditions, we offer our clients the choice of file search, advertised selection and executive search to best match their requirements. Carter Murray is a member of The SR Group, a fully integrated company of specialist recruitment consultancies practising in the areas of human resources, legal and tax with offices in London, Dubai, Hong Kong, Singapore, Sydney and Melbourne.
Salaries Level Salary range Average salary Director 100,000-160,000 120,000 Head Of 75,000-120,000 95,000 Senior Managers (6+ years) Marketing 55,000-75,000 62,000 Product Development Manager 55,000-90,000 72,500 Internal Communications 50,000-80,000 58,000 PR / Corporate Communications 50,000-90,000 65,000 Events 55,000-85,000 60,000 RFP 55,000-75,000 65,000 Digital / Online 70,000-95,000 83,000 Managers (up to 6 years) Marketing 40,000-54,000 43,000 Product Development Manager 40,000-55,000 47,500 Internal Communications 40,000-52,000 46,000 PR / Corporate Communications 42,000-50,000 46,000 Events 40,000-50,000 42,000 RFP 45,000-55,000 50,000 Digital / Online 45,000-65,000 55,000 Senior Executives Marketing 32,000-50,000 36,000 Product Development Executive 30,000-45,000 42,500 PR / Communications 30,000-40,000 38,000 Events 30,000-35,000 33,000 RFP 32,000-45,000 40,000 Digital / Online 35,000-55,000 45,000 Executives Marketing 24,000-35,000 28,000 Product Development 26,000-36,000 32,000 PR / Communications 24,000-30,000 27,000 Events 24,000-30,000 28,000 RFP 25,000-32,000 28,500 Digital / Online 26,000-40,000 32,000 Assistants Marketing 22,000-28,000 25,000 PR / Communications 20,000-23,000 22,000 Events 20,000-25,000 23,000
Phil Quellyn-Roberts Senior Consultant For more information on Carter Murray or for more information on marketing recruitment please contact our office on + 44 (0) 20 7415 2840 Nick Root Partner nickroot@ Phil Quellyn-Roberts Senior Consultant - Financial Services pqr@ carter-murray @CarterMurrayCOM London 95 Queen Victoria Street London EC4V 4HN T: +44 (0)20 7415 2840 Dubai Suite 614, Liberty House DIFC PO Box 506739 T: +9714 448 7777 Sydney Level 12, 25 Bligh Street Sydney, NSW 2000 T: +61 (0)2 9236 9060 Carter Murray is a member of The SR Group