2024

AnnualPay&

HiringReport

3SearchAnnualPay&HiringReport2024

SummaryfromourCo-founder

CharlieRawstron

Our2024reportisourmostcomprehensiveyet.We've

compiledrecruitmentdatafrom2023,marketinsightsfromourspecialistconsultantsandmarketingleaders,and

sentimentsfromover1,200respondentstooursurvey.

Thesurveyfocusedonfourtopics:

>Payandhiring>Workingpolicies

>Diversity,equityandinclusion

>Adoptionofartificialintelligence

ThisreportexploresthedatafromourPayandHiring

questions,withdetailedanalysisoftheothertopicstobesharedinfurtherreportsavailableonourwebsite.

Theresponseshavebeenencouraging,witha

largelypositiveoutlookfortheyear.Forinstance,64%ofsurveyedhiringmanagersplantogrowtheirteamsin2024,whichindicatesanincreasedlevelofconfidencefromseniordecisionmakers.

Ourresearchhasalsorevealedthathiringwon’tbeasstraightforwardin2024.Whilstpayisstillatoppriorityformany,it’sfarmorecommonfor

candidatestoconsiderthewholepackageonofferratherthansoleymakingdecisionsonsalary.

Inthisreport,wedelveintocandidates’

motivations,sothatyoucandevelopeffectiveattractionandretentionstrategies.

02

3SearchAnnualPay&HiringReport2024

03

Contents

04

Keytakeaways

15

Hiringtrendsin2024

05

Respondentprofile

18

Talentattractionin2024

07

Payoverview

25

Retentionin2024

10

Recruitmentmarketin2023

29

Salaryguidelines

3SearchAnnualPay&HiringReport2024

04

Keytakeaways

>Pay

45%

Reviewyourpaystructures

45%ofemployeeslefttheirrole

forbetterpay,and16%will

prioritisepaythisyear

>Attraction

64%

Hirequicklytogetaheadofyourcompetition

64%ofemployersplantohirein2024

>Retention

67%

Areyouremployeeshappy?

67%ofemployeessaytheywilllookforanewjobthisyear

3SearchRespondentprofile

05

Respondentprofile

Wesurveyedover1,200professionalsatalllevels

acrossMarketing,Digital,Communications,Product

management,Ecommerce,DesignandBid

management.44%ofrespondentswerelinemanagers.

Wealsoaskedover100businessleaderstheirviewsonpay,theimpactofthe2023economyintheirhiringstrategies,andpredictionsfor2024.

Sectors:

Technology

Retail,Luxury&Fashion FinancialServicesProfessionalServices Media&Telecoms BusinessServicesOther

Travel,Leisure&Entertainment

FMCG

Healthcare Subscription/D2CUtilities/ManufacturingPublicSector/NFP

18%17%17%

12%10%

10%

8%

7%5%

5%4%4%

23%

3SearchRespondentprofile

Businesssize:Gender:Region:

21%

Small(1-50)

23%

Medium(51-250)

56%

Large(251+)

Male(42%)Female(56%)

Midlands(8%)

London(61%)

r

Scotland(1%)

North(8%)

South(20%)

Seniority:

4%

Consultant

18%

Entry-level

35%

Manager

20%

Headof

11%

Director

5%

06

VP/C-suite

3SearchPayoverview

07

Payoverview

Salarycontinuestobethemostimportantfactorfor

candidatessearchingforanewrolein2024

(page18)

.

Giventheinflationwesawthroughoutthepasttwoyears,it’sunsurprisingthatcandidatesarecontinuingtoprioritisepayaboveallelse.

Withinourmarketingrespondents,12%wereinC-suiterolesandearningover￡150,000.

Thefinancialservices,technologyandprofessionalservicesindustriesarethetoppayingsectors,withasimilarnumberofrespondentsearningthehigherbracketsofpay.

Theaveragerespondenttooursurveyearns￡50,000-￡69,999

Toppayingspecialisms:Toppayingsectors:

MarketingEcommerceProduct

i￡110K>I￡130K>i￡150K+

10%6%12%

13%10%5%

10%10%10%

ProfessionalServicesFinancialServicesTechnology

i￡110K>i￡130K>i￡150K+

10%10%10%

7%8%7%

8%5%8%

3SearchPayoverview

08

Averageearningsbyseniority

C-Suite(CMO/CDO/VP)

15%12%19%42%

￡70K￡90K￡110K￡130K￡150K

Director

18%20%23%18%17%

￡50K￡70K￡90K￡110K￡130K￡150K

Headof

21%34%24%

￡30K￡50K￡70K￡90K￡110K￡130K

Manager

34%40%17%

￡30K￡50K￡70K￡90K￡110K

Executive

16%

69%

13%

￡0K

￡30K

￡50K￡70K

*Consultant

17%33%29%7%

￡0K￡30K￡50K￡70K￡90K￡150K

*SalarybracketsfortheConsultantjobtitlevarygreatly,asthetitlesitsatdifferentsenioritiesindifferentbusinesses.

3SearchPayoverview

09

Bonuses

Itwasmorecommontoreceiveabonusinthe

FMCG*(51%),subscriptionanddirect-to-consumer(49%)andfinancialservices(48%)industries.

“Thelackofinvestmentandprofitabilityinthetechnologysectormeantthatbonuseswererarein2023,”saysKatieScott,Associateoftechnologymarketingrecruitment,“Ifyou

didreceiveabonus,itwasprobablylowerthanexpected.”

0-4%

42%

5-9%

10-19%

20%+

receiveda

Bonus

bonusin2023

percentage

increase

Other

*38%ofFMCGrespondentswereinmoreseniorpositions,wherethey’remorelikelytoreceivebonuses.

3SearchRecruitmentmarketin2023

10

Recruitment

marketin2023

“Atthebeginningoftheyear,wewere

forecastingarecession,”remindsJaemienSerrano,

Manageroffinancialservicesrecruitmentat3Search,

“So,inordertomitigatethedamagethatwouldhave

beencaused,businessesmaderedundancies,especiallyatamoreseniorlevel.”

Ourdatashowsthattherewasasignificantnumberofvacanciesatthestartof2023.Atthetime,therewasapositiveoutlookfortheyear,withmanyclaimingthatwewouldseeareturnto“normal”hiringlevels.

WebegantoseeadownturnattheendofQ1,however.

OnMarch10th,2023,SiliconValleyBankcollapsed.Thishadatremendousimpactonbanksandeconomies

acrosstheglobe.Combinethiseventwiththepredictedrecessionandcompanieswereforcedtocutbackon

existingstaffandfuturehiring.

ThisisevidentinthenumberofredunanciesmadeandthelevelofhiringsentimentinQ2of2023.

Q2isusuallyabusyhiringperiod.WithbonusesbeingpaidinApril,it’sacommontimeforemployeestostartjob

hunting,soitwasunusualtoseeadropinhiringinApril.

Whilehiringcertainlyslowed,it’simportanttorecognisethatnoteveryindustryreactedinthesameway.

Accordingtoourdata,only25%ofbusinessesadopteda

hiringfreezealtogether.

Thisstrategywasmost

44%

ofredundancies

wereHeadof

andabove

commonintheFinancial

Services(36%),Media&

Telecommunications(33%),

ProfessionalServices(28%)andTechnology(28%)industries.

3SearchRecruitmentmarketin2023

*Databasedonopenvacanciespermonth11

Jobflowin2023

Jan‘23

Theusualspikeinrecruitment

happenedinJanuary,asbusinessespreparedforanormalyearofhiring.

Apr‘23

FollowingthebankscrashinMarch,hiringwassurprisinglylowinApril.Thisiswhencandidatesusuallyenterthemarket.

Oct‘23

Hiringincreasesagainasinflationratesfallandtheeconomysettles;companiesfeelmoreconfidenttohireagain.

Dec‘23

Althoughlow,Decemberisnormallyaquiethiringperiodduetothefestivebreaks.Thisisonly11%lowerthanDecember2022whenoptimismwashighfor2023.

Dec’22Jan‘23FebMarAprMayJunJulAugSepOctNovDec

3SearchRecruitmentmarketin2023

12

Howemployersresponded

60%ofemployerssurveyedsaidtheyadaptedtalentstrategiesinordertomitigatethedamageofthecost-of-livingcrisisanda

potentialrecession.

39%

29%

25%

17%

10%

7%

3%

HiredfewerheadsthanplannedMaderedundancies

Adoptedahiringfreeze

IncreasedpayforselectemployeesAppliedblanketpayincrease

Paidaone-offbonus

Other

3SearchRecruitmentmarketin2023

13

Improvingmarketconditions

Wedidseesignsofmarketgrowththroughouttheyear,however,whichweexpecttocontinueinto2024:

MovementreturnedinQ4

>Contractorsinhighdemand

MovementreturnedinQ4,2023

OurdatarevealsthatthenumberofbusinessesactivelyhiringincreasedagaininOctober.Withinflation

continuingtofallandtheeconomyonaclearroadto

recovery,businesseswereinabetterpositiontocommittoanincreaseinspendandhire.

“Towardstheendof2023,businessesrealised

theyhadmorebudgetavailabletohirethantheyfirstthought,”saysDavidBremner,Managerofbids

andproposalsrecruitment,“Organisationsarefarmoreoptimisticabout2024.They’reseeingmoreopportunitiesinthemarketandrequireamorerobustbidsteamto

efficientlydeliveronthem.”

AugSepOctNov

3SearchRecruitmentmarketin2023

Partner,3SearchExecutive

RowanFisk

Contractorsinhighdemand

Limitedhiringbudgetsledtoahighdemandforconsultantsandinterimtalentthroughout2023.3SearchExecutivePartner,

RowanFisk,toldMarketingWeekinJulythatmanybusinesseswereengaginginterimtalenttoovercometheserestrictionsandsecureseniorsupport.

“TheappetiteforFractionalCMOshasincreased

massively.”Wehaveseenthistrendacrossthemarket,withagrowingdemandforFractionalChiefMarketingOfficersaswellasEcommerceConsultants.

Thistalentstrategywasadoptedbyarangeoforganisations.Fromthosethatmaderedundanciestogrowingstart-upswhostruggledforfundingin2023.Eachstillneededtoinvestin

marketingandthisoptionallowedcompaniestosecureseniorsupportwithlowerbudgets.

Thistrendwasseenacrossthemarket.ResearchintheKPMGandREC’sUKReportonJobsshowsthat“demandfor

14

temporaryworkerscontinuedtoincreaseacrosstheprivatesectorattheendof2023.”

3SearchHiringtrendsin2024

15

Hiringtrendsin2024

Whileit’sdifficulttosayhowlongrecoverywilltake,growthissettocontinuethroughout2024.

SimonWolfson,CEOofBritishretailerNext,wasquotedintheEveningStandardinJanuary,2024,“Wagesarerisingfasterthanthecostofourgoodsandthegeneralrateofinflation

too.Itfeelslikeamuchmorenormalenvironmentand2024willbethefirstyearnotaffectedinsomewayorotherbyeffectsofthepandemic."

Thisoptimismisreflectedinourowndata,with64%ofemployerssurveyedintendingtohirein2024anda

healthy67%ofemployeesplanningonsearchingforanewrole.

Competitionfortalentissettorisein2024,soit’simportanttomakesureyouhaveeffectivetalentattractionstrategiesinplace.

64%

plantohirein2024

67%

plantolookforanewrole

Keepreadingtolearnhowtoattractcandidatesandthe

salarybracketsyoushouldbeoffering(

page18

).

3SearchHiringtrendsin2024

CharlotteTitmuss

ManagerofProfessionalServicesRecruitment

Businessrecoveryin2024

Ourdatashowsthatbusinessesareonaclearroadto

recovery,with60%ofbusinessesthatmaderedundanciesin2023intendingtohireagainin2024.

While2023wasayearofcontractionandreflection,

businessesandemployeesaremoreclearthaneveronwhattheywantfromemployment.

BusinessesthatmaderedundanciesBusinessesplanningtohirein2024

71%

61%

60%

65%

50%

48%

36%

34%

22%

25%

Retail

Tech

Financialservices

Mediaandtelecoms

Professionalservices

“It’sunsurprisingtoseesomanyProfessionalServicesbusinesseshiringin2024,”saysCharlotteTitmuss,Managerofprofessionalservicesrecruitment,“In2023,manyhadhiring

freezesinplace,socouldn’treplacethosewhohadleft.Now,we’reseeingagrowthinrecruitmentatallseniorities.”

16

3SearchHiringtrendsin2024

17

Skillsindemand

Accordingtoourdata,businesseswillbefocussingongrowingteamsinthefollowingskillsets.Findouthowbesttoengagethistalentandbuildtheseteamsinoursalaryguides(

page29

).

37%

36%

MarketingDigitalmarketing

25%21%

SocialmediaandcontentDataandanalytics

20%

64%

lookingtohirein2024

CRM

18%17%16%

Design

*Ecommerce

14%

*ProductmanagementPerformancemarketing

12%9%

*Generally,marketingleaderswillnothireecommerce,

productorbidsroles,astheyoftensitastheirown

function,whichiswhytheyareonthelowerendofthislist.

*BidmanagementCommunications

3SearchTalentattractionin2024

18

Talentattractionin2024

Thesearethetop10factorscandidatesarelookingforinaneworganisationandrole,rankedinpriorityorder.

Pay

FlexibleworkingpoliciesCompanyculture

Careerdevelopmentopportunities

Location

Financialbenefits

7%

7%

HolidayallowancesTrainingopportunitiesHealthcarebenefitsDE&Ipolicies4%

9%

13%12%

12%

11%

16%

“Withthemarketlargelysettlingdownnow,

candidatesareconsideringthebiggerpicture,”

saysMichaelJudkins,Directorofspecialistdigitalmarketingrecruitmentat3Search,“Salariesare

becomingmorestandardised,socompaniesshould

9%

considerwhatelsetheycanofferinordertoattractdesirabletalent.”

Keepreadingformoreinformationabouteachof

thesefactorsandfindoursalaryguidesfrom

page29

.

3SearchTalentattractionin2024

Pay

Payremainsthemostimportantfactorforbringingtalentintoyourorganisation.16%ofsurveyed

candidatesrankedsalaryastheirfirstprioritywhensearchingforanewrole.Plus,paywasthebiggestmotivatorforajobsearchin2023,with45%of

employeesmovingrolesforamorepay(

page18

).

Attractingstaffispracticallyimpossiblewithoutthe

rightsalaryonoffer,findoursalaryguidesfrom

page29

.

45%

movedrolesformorepay

16%

ranksalaryastoppriority

19

3SearchTalentattractionin2024

20

Flexibleworkingandlocation

Thetopicofworkingpracticeshasfrequentlyfeaturedinthenewsthroughout2023,withmanylargetechorganisations,likeAppleandSalesforce,makingtheheadlinesforaskingemployeestoreturntotheofficemoreoften.

Nevertheless,ourdatashowsthat

41%

prefer2days

aweekinthe

office

employeescontinuetocraveflexibilityintheirroles,withthisfactorsittingat

number2onourlist–onlybeatenby

pay.Themostpreferredworkingpatternistwodaysintheoffice,with41%of

individualssayingthisisidealforthem.

Asaresult,it’salsonotasurprisetosee“Location”

atnumber5onourlistoftop10factorsfor

candidateswhenseekingajob

(page18)

.Thereisaclearrisktoemployeeattractionifofficedaysarehigher,especiallyifbasedoutsideofthemain

workinghubs.

“Thesefactorsbecomereallyapparentwhenhiringforrolesbasedoutsideofcitycentres,”saysAndyLarkin,headofrecruitmentintheNorthWest,

“Flexibilityisincrediblyimportanttofindtop

talentoutsideofthemainhubs,suchasLondonand

Manchester,wherecommutingcanbelonganddifficult.”

3SearchTalentattractionin2024

SarahPerry

SpecialistContentRecruiter

Companyculture

Cultureisakeythemethroughouttheresultsofthisyear’ssurvey,touchingmanytopicsfromDE&Ipoliciesthroughtoworkingpractices.

77%

wanttoalign

company&

personal

values

Asaresult,it’snotsurprisingtohearthat77%ofemployeesbelievethatit’simportantfortheirpersonal

valuestoalignwithcompanyvalues.Thisisasignificanttrendwe’veseeninourconversationswithcandidatesthisyear.

SarahPerry,specialistcontentrecruiter,says

“Candidateswanttoworkforbusinesseswitha

clearpurpose,whetherthey’reBCorpmcertifiedorgivingbackbydonatingtocharity.”

21

3SearchTalentattractionin2024

22

Corporatesocialresponsibility

Wespoketoourcharitypartner,Beam,aboutwhytheythinkCSRandvaluesaresoimportanttocultureandhowcompaniescanmakeadifferenceintheircommunities.

Thereareanumberofchallengesthatcompaniescomeupagainstthatmakeitdifficulttobecomeaforceforgood.Theseinclude:

>Hardtofindtherightcauseforthebusinessmodel

>Employeesaretoobusytodedicatetheirtime

>Capturingdatapointsandcommunicatingthegoodyourbusinessisdoingistricky

However,it’sneverbeenmoreimportanttoovercomethesebarriersandgivebacktoyourcommunity.

“It'snolongerenoughfor

businessestopassivelybea‘nicecompany’.”

AlexStephany,CEOofBeam

“Peoplewantactivecommitmenttoacause,which

meansdoingmorethansimplyorganisingand

facilitatingafundraiser.Employeeswanttheircompanytocontributethemselvesbydonatingtimeormoney

andtheseexpectationsareonlyrising.

AtBeam,weholdanumberofeventsandwebinarstoengagebusinessesandtheiremployees.Theseare

intrinsicallymotivatingforthepeopleintheroom,andyoucanseethattheyreallygivepeopleaboost.Thereisalwaysalotofexcitementintheroom,aspeoplefeelthatthey’reworkingonsomethingthat’sbiggerthan

themandtheirorganisation.”

3SearchTalentattractionin2024

23

Careerdevelopmentandtrainingopportunities

Candidatesareincreasinglysearchingforwaystofuture-prooftheircareers.Withthefast-paced

evolutionoftechnologies,likeAI,peoplewanttodiversifytheirskillsetmorethaneverbefore.

AsRitchieMehta,FounderandAdvisorofSchoolof

Marketing,says,“Theindustryconstantlyevolvesandtheskillsthatyouneedtohaveinyourteamevolveswithit.Asaresult,it’simportanttoconsiderthekindofskillsyou'reinvestingin.”

"Theindustryconstantlyevolvesandtheskillsyouneedevolveswithit."

RitchieMehta,ChiefMarketingOfficer&Non-ExecutiveDirector

CreatingPersonalDevelopmentPlansandhavingabudgetforlearninganddevelopmentshowstrueinvestmentintheircareersandcanbeagreatwaytoattracttoptalent.

Outsideofcoursesandcertifications,thereareanumberofwaystosupportyourteamsand

promotetrainingopportunities,including:

>Encourageyourexternalagenciesandsupplierstobringtheirexpetiseintoyourteam

>Providetheopportunitytoattendeventsandwebinars

>Internalandexternalmentorshipandvoluntaryschemes

3SearchTalentattractionin2024

24

Benefits

Withsalariesbeginningtostandardise,thebenefitsyouoffercanbethedifferencebetweenyousecuringa

candidateornot.

It’snosurprisetosee“FinancialBenefits”asthesixth

mostimportantfactor,withequity,bonusesandsharesoftencomplimentingthepaypackageonoffer.These

optionsareoftenexpectedfromsmallerbusinesseswithlowerhiringbudgets.

9%

9%

FinancialbenefitsHolidayallowances

Healthcarebenefits

7%

It’salsoworthconsideringcarand/ortravelallowancesifyourofficeisbasedoutsideofCentralLondonor

Manchester.

Flexibilityandlocationcontinuestobeincrediblyimportanttocandidates,andthiscanhelpsupportemployeesintotheoffice.

Thedesireforflexibilityisalsowhy“Holiday

Allowance”isrankedaheadofotherfactorsinajobsearch.Therehasneverbeenalarger

emphasisplacedonwork-lifebalance,soit’s

incrediblyimportantforbusinessestounderstandhowthisworksbestfortheirteamsandbusiness.

“Employeeswanttofeelvaluedinyour

business,”saysLizHopkins,Directorofmarketingrecruitmentat3Search,“Offeringbenefitsthat

yourteamsactuallywantistheeasiestwaytoattracttalent.”

3SearchRetentionin2024

25

Retentionin2024

67%ofsurveyedemployeesareplanningtosearchforanewrolein2024.