“Am I paid enough?” is undoubtedly one of the most-asked questions by employees across the globe. And it’s a fair question - after all, the average person spends a whopping 13 years of their lives at work, so it’s pretty important to feel that our employers rate us and that we are being rewarded for the time, dedication and value we bring to the business. But what exactly defines enough? People can be funny when it comes to talking about money, so it can be tricky to determine a benchmark figure. That’s why we’ve put together this blog highlighting the average salary for marketing agency roles in the UK as well as how to go about asking for a pay rise. Read on to find out more…
The marketing medians
Let’s kick things off by looking at the UK as a whole. According to the most recent Annual Survey of Hours and Earnings, the median annual income for full-time employees in the UK is £28,677, whilst Graduate Jobs states that the median starting salary for UK grads is between £19,000 and £22,000. How your earning potential fares as you become more experienced will depend on a lot of other things, including education, experience, the industry you work for and the type of company you work in. For example, the average UK salary in small companies of under 50 staff is £26,301 whereas those working in big corporations of 50,000+ can expect an average salary of more than £40,000.
Likewise, location also has a big impact on your earning potential, with Londoners commanding the highest monthly wages of £2,925 a month whereas Huddersfield workers take home the lowest monthly wage of £1,729. And despite it being 2018, gender still has a big impact on earnings too, with women’s salaries averaging at £25,369 and peaking at £27,972 in their thirties, whereas men have an average salary of £32,970 which keeps increasing well into their forties. In fact, about 78% of British companies pay men more than women, with men earning 18.4% more than women on average.
So how do the salaries for marketing agency roles stack up in comparison? Well, according to PayScale, the average marketing Account Manager earns between £26,000 and £32,000 per year, whereas Marketing Executives can expect to take home around £20,000-£25,000. As marketers progress and learn new skills over the course of their careers they are of course rewarded financially, with Senior Account Managers commanding an average salary of just over £35,000, whilst Account Directors usually earn upwards of £40,000.
How to negotiate a pay rise
There’s no doubt about it - feeling as if you're underpaid is really disheartening; in fact, it’s actually one of the top reasons why people leave their jobs. After all, how much you are paid is a true sign of your value to an organisation, and it’s only natural that feeling under-appreciated can negatively impact both your morale and your motivation. So if you don’t seem to be getting pay rises, haven’t had a performance review or raise in over a year, or just feel like your salary doesn’t fairly reflect what you bring to your agency, it might just be worth negotiating a pay rise.
Before you do anything, you need to do your research and see what other people are earning. Look at Salary Checker and have a look at relevant job boards to see what people are earning for similar marketing agency roles in your area, and if you feel comfortable doing so you could even ask your peers what they earn. Alternatively, talk to an experienced recruiter such as Stonor about your worth. They make judgement calls on salary every day and will easily be able to tell you the amount that you should be earning in relation to your roles and responsibilities. If you do decide to go ahead and ask for a pay rise, here’s some important things to do:
Remind yourself of your achievements - recapping your achievements and how you have excelled over the past year is a great way to boost your confidence ready for your meeting
Approach your manager - whether you want to email them to arrange a meeting or casually ask them if they have time for a chat, practice how you will start the conversation so you feel relaxed and ready
Do it in person - always make sure you meet with your manager face to face so you can make the most of your rapport, gauge their reaction to your suggestions and also negotiate with them in person
Give your reasons - make sure you come to the meeting armed with proof as to why you deserve a pay rise. How much have you brought to the business? What about any notable achievements that are worthy of a pay rise? Make sure you're completely prepared so you can put your case forward
Don’t feel deflated - if your request gets denied, don’t worry. Having the initial conversation has opened a dialogue and gives you the chance to work on any feedback you’re given so you can review the situation again in six to 12 months
If you would like to find out more about your current salary and whether you are being paid your worth, or if you’re interested in exploring new opportunities with other agencies, contact Stonor today - our expert team will be happy to help!