The COVID-19 pandemic has resulted in job losses, a change in working patterns, and an increase in the need for flexible and remote working in the sector. The past 12 months have been a challenge for anyone working in the industry, and with more talented professionals available on the market, businesses need to offer the right packages to secure and retain the best talent.
As part of the Reed 2021 Marketing & Creative Salary Guide, a snap survey of marketing, media and creative professionals highlighted the following aspects that could help you create a winning, loyal team…
- 58% are happy with the salary they receive – this is important when looking to retain professionals, as those who are not happy may be at risk of ‘jumping ship’.
- Therefore, 42% are not so happy with their salary – if you cannot offer salary or benefit satisfaction then your staff are at risk of becoming disgruntled. Check in regularly with your team, and if you find they are looking for a pay rise for a legitimate reason, but you do not have the funds to offer them any more money, then consider offering additional benefits. This could be another day’s holiday, remote working or flexible working hours.
- 3% feel they earn more than they should earn – a rarity perhaps, but that is why benchmarking is vital. You do not want to overpay your team members, or underpay them for that matter. Make sure your team feel challenged - feeling like they do not do ‘enough work’ for their pay could also lead to job dissatisfaction.
- 19% believe they do so much more than their job role – having team members who are able to turn their hands to multiple marketing tasks is great, but make sure you are not taking advantage. The work-life balance and wellbeing of all staff members needs to be a top priority to ensure they remain committed to you and your company.
- 23% are waiting for a pay rise – annual increments are a great way of overcoming this, or a performance bonus structure. Whatever you do, do not keep talented professionals that you do not want to let go waiting, as they will start looking for better pay elsewhere.
- 5% have seen their peers get a pay rise while their salary has stayed the same. If staff are lacking in the right skills to receive a pay rise, consider paying for them to upskill themselves, as investing in someone can have the same effect as offering more money. Try to treat everyone equally and explain the reasoning for any actions.
- 56% receive healthcare insurance and only 39% want it – do not just presume what benefits your staff want – ask them. Everyone is likely to want different things, so consider flexible benefits packages to keep as many people as happy as possible.
- Three quarters can currently work remotely – the marketing and creative industry has been very forward-thinking in this area. Most creative types need the team communication and idea generation opportunities working face-to-face can bring, but also quiet concentration time. The COVID-19 pandemic has led to a rise in remote working that will likely be here to stay, so embrace the change and offer your team a flexible working approach, or you could deter your most talented individuals.
- 60% want an increase in paid holiday – remember keeping your workforce happy will help you attract talent as well as retain it. Look at offering more holiday as an incentive in return for length of service. Or if you have a ‘celebration’ as an organisation, reward your staff with a day off – small gestures can really go a long way.
- 48% would like to receive some form of performance bonus – incentivising work with realistic KPIs can have fantastic results. Give your team something to achieve or aspire to - motivation and productivity will increase.
- 28% are seeking a better work-life balance. Keep an eye on your team, check they are not working too much overtime and are not run down or overloaded with work. A good balance is needed to keep any workforce healthy, happy and productive.
For more information on the marketing and creative industry, what you should be paying your team and the benefits you should be offering, or what you should be earning and the benefits you could be receiving, download a free copy of the guide Reed Marketing & Creative 2021 Salary Guide now.