Central London’s marketing managers are the poorest paid in the country but the financial rewards for promotion are great, a new report has found.
Marketing managers in the heart of the capital receive wages which are 13.5 per cent below the national average, according to marketing recruiter EMR’s salary survey and market trend report. Central London’s marketing managers receive an average salary of £34,600, the survey said, well below the best paid workers at this level in East Anglia, who earn £45,400 or 31 per cent more.
The survey suggests managers may be better off looking for work on the outskirts of London and in the South East. The best paid managers can be found in Greater London, while employers in the South East pay an average of £10,000-a-year more than those in central London for marketing managers.
However, working the rewards for promotion in central London’s marketing industry are great. Head of level positions are best paid in central London, while workers at this level in Greater London and Scotland are the next highest paid. Average salaries for director level positions are highest in Greater and central London, the report found.
The findings of the report suggest the ‘London weighting’ salary allowance system is now uncommon in the marketing industry, making significant regional variations in wages rare, especially at the senior end of the business.
EMR managing director Simon Bassett said: “At first glance, the news that managers in the City have the lowest salaries in the country is astonishing. London is a magnet for graduates wanting to get into the creative professions and as a result, there’s huge competition for roles all the way up to manager level with employers able to secure talented professionals for lower salaries.
“The popularity of the capital means younger professionals are demanding pay hikes to leave and this has pushed average salaries in all regions of the UK to a higher level. In entry and middle level positions there is an inverse London weighting in the marketing industry. The good news for London’s marketers is that people rise to manager level relatively quickly in the capital – and once they’ve passed that level, it’s a different story.”
EMR compiled the report after receiving responses from 2,722 marketing and communications professionals.