Market insights and trends
The recruitment market is currently moving at a level we have not seen in decades. The first quarter is always a busy time for us here at Suzie Walker Executive Search but this quarter has already exceeded our expectations. New roles are coming through at an astonishing rate, supporting new strategies and post-pandemic growth.
We work closely with HR and Talent Acquisition teams to share knowledge and best practice, and we’re often asked similar questions. So, we thought it would be helpful to share frequently asked questions and responses to help you prepare for, and win, the talent you need.
What is the market like?
Frankly, it is a candidates’ market right now. There are more roles than candidates, which is driving up salaries in certain areas, notably in digital and performance marketing. We are seeing candidates in multiple active recruitment processes, so we are recommending that all clients expand their shortlists. An executive search firm would typically shortlist three to four candidates, but we are now shortlisting six and taking at least three through to the final stage of the process. Timings are crucial and we encourage clients to move efficiently through the interview process to prevent losing candidates along the way.
Where are the key supply and demand issues?
As digital opportunities expand and as consumer behaviour evolves, companies know that performance marketing will continue to significantly improve return on investment, so we are seeing the supply of digital and performance marketing roles increase but the pool of candidates has not grown in line with that increase. It is clear from the roles coming through that it is no longer enough for a Chief Marketing Officer or Marketing Director to just oversee a team of digital and performance marketers – it is now crucial for those leaders to be digitally-strong with the ability to strategically and creatively ‘disrupt’ in their sectors.
What are the current salary benchmarks?
We are seeing companies who offer salaries under £100k struggling to attract and retain talent. The following salary bands are expected by candidates applying for roles within FTSE 350 companies:
Head of Performance Marketing £100-130k
Marketing Director £150-180k
Chief Marketing Officer £250k +
What other changes are you seeing?
Employers are working hard on retention, with ‘buy backs’ on the increase; where employees are offered an increase in their financial remuneration to stay. Incentives to join firms are also on the increase, through one-off bonuses, longer-term incentives or shares. Impartially, we believe that investing in retention is crucial for companies to enhance the talent experience. For example, through technical and/or leadership development. The digital marketing skillset is an area in need of investment after reportedly experiencing a decline over the past two years, so recognised digital marketing courses with the Chartered Institute of Marketing and leadership courses with The Marketing Society or The Pipeline will benefit both employer and employee.
We hope this information is useful for securing the talent you need. If you’re looking to hire for interim or permanent senior leadership roles, get in touch to see how we can help you or connect with us/send a message on LinkedIn.
With warmest regards,
the Suzie Walker Executive Search team
Suzie Walker Executive Search is a firm of specialist headhunters with an expert team recruiting interim and permanent senior leaders for marketing, data, digital and tech roles in FTSE 350 and private equity-backed companies. Find out how we can support you by connecting with a Consultant below.
