What is the recruitment market like at the moment?
As you know, it is a candidates’ market right now but, significantly, we are seeing a surge in marketing roles. There are simply more roles than candidates, which is driving up salaries in certain areas, notably in digital and performance marketing specialisms. We are seeing candidates in multiple active recruitment processes, with companies competing to secure talent right through to the final stages, 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 and decisively 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 not growing in line with that increase. A concern is that training and development of the digital marketing skillset has slowed in recent years. However, it is also 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. This digital marketing skills gap at these highest levels of the marketing team must be addressed to ensure that companies are strategically harnessing marketing technologies, using budgets effectively and making the most of the talent they have. 

What is performance marketing?
Performance marketing is a specialism where digital marketers only pay when a specific action occurs within a campaign, such as clicks or conversions. In recent years, there has been concern that the ability to sell using online advertising is in decline but a new report by econometrics firm, Magic Numbers, shows a very different story. In fact, return on investment (ROI) is reportedly back to 2005 levels. Reportedly, for every £1 spent online, companies can expect a return of £3.80, and the optimum share of marketing budget to spend online is between 40-50%. It is no surprise that we are therefore seeing a rapid increase in the number of new performance marketing roles in the market, as companies look to harness this powerful talent. 

How can we hold on to talent?
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, however, retaining performance marketing talent through learning and development is the first place to start in this highly competitive market. While there will always be financial incentives, holding on to talent for longer can be achieved through mutually beneficial learning and development opportunities.  

As mentioned, the digital marketing skillset is an area in need of investment after reportedly experiencing a decline over the past two years. For performance marketers, the need to adapt quickly as platforms become more sophisticated is key. Plus, a more mature use of online media will support the upward trend in ROI into the future. Learning opportunities through respected course providers like the Chartered Institute of Marketing and The Marketing Society and/or leadership courses with organisations like The Pipeline will support the retention of performance marketing talent and ensure it continues to thrive, benefiting both the employer and employee. 

How can we support those in Chief Marketing Officer and Marketing Director roles?
The online media mix is still unsettled as new platforms launch, established platforms develop or decline and entirely new, relatively unchartered, opportunities arise – the metaverse, for example. The need to embrace change, while keeping a firm grip on marketing fundamentals, is essential for companies to thrive online. As mentioned, we know that it’s no longer enough for Chief Marketing Officers and Marketing Directors to oversee a specialist team who focus on these activities with little knowledge of the specialism themselves. To ensure strategic success, these key roles must embrace change through their own learning and development. A key reason for this is: consumer habits will continue to change. To fully understand these habits, one must experience the platforms they use and how they are using them. 

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 can we do to attract talent?
In a recent global conversation on this topic, a panel made up of leaders from The Marketing Society, Google, The Hershey Company and BrainLabs talked about the importance of the ‘talent experience’. From the earliest stages of interview and induction, there are ways to ensure that talent is both acquired and retained. 

The key points of advice where: 

• Companies having honest conversations with candidates to fully understand their motivations are winning the talent e.g. will an entrepreneurial spirit have room to flourish? 

• Employers must be clear about expectations before the chance of promotion within the company. 
• Company culture is hugely important to ensure that talent feel like part of the company – not just doing a job. 

While the job title, salary and bonuses will always incentivise candidates, the motivations listed above will ensure the best outcome for both candidates and companies. 

We hope this information is useful for securing the talent you need. 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. If you’re looking to hire for interim or permanent senior leadership roles, please get in touch to see how we can help you or connect with us/send a message on LinkedIn.