Compensation in 2009 and Beyond

The April, 2009 MarketResearchCareers Newsletter is all about compensation -- benchmarking and preparing for an increase.

Job Difficulty
More than in any other year, market research professionals expect their job to be more difficult in 2009 -- driven primarily due to slashed budgets and an increasingly competitive business environment. So, if you're working harder it makes sense that you'll eventually be paid more -- but when?

Objective Compensation Data
While MR professionals will be working harder, 43% of MR professionals do not expect a raise -- at least not in 2009. Average compensation (salary, bonus, and raise) by job title are provided below.

2009 Compensation by Job Title
(National averages across all industries, geographies, and years of experience)

Job Title	Average Salary	Average Annual Bonus	Average 2009 Raise	N=
Project Director	$59,396	$5,894	3.2%	44
Senior Project Director	$60,535	$10,361	1.8%	21
Research Analyst	$51,687	$2,083	3.5%	47
Senior Research Analyst	$68,645	$6,454	2.2%	57
Research Manager/Director	$87,321	$11,823	3%	113
Senior Research Manager/Director	$101,741	$12,766	2.5%	96
Account Executive/Manager	$71,097	$14,722	2.4%	20
Senior Account Executive/Manager	$85,500	$22,977	1.6%	25
Statistician	$63,374	$2,214	2.4%	10
Brand Manager	$78,749	$2,000	2.5%	4
Assistant Vice President	$100,249	$11,850	2.8%	10
Vice President	$126,019	$26,959	2.2%	66
Senior Vice President	$131,088	$31,126	1.3%	99
Average (All Job Titles)	$92,101	$15,044	2.4%	612

Source: 2009 Annual Survey of Market Research Professionals

 

Below are several suggestions that can help position you for an increase in 2010. While it may seem like substantial pre-planning, 2010 is less than eight months away.

Prepare
Beginning now, start planning for your year-end review. Keep track of all accomplishments -- particularly those that can be quantified. Also, actively seek feedback from your clients and capture their kudos and accolades in writing as you conclude projects or provide deliverables. At year end, you can distill the list down to the 10 most poignant and persuasive accomplishments.

Develop
You have eight months to develop new skills -- so get to work. Ensure you inform your manager of your quest and keep them posted of your progress. Note that sharing your commitment with your manager will expose you to risk should you not meet your objective. But this will also serve as a powerful motivator. Importantly when planning, specify interim benchmarks (at least for yourself) to ensure your on the track to success.

Network
Those with "connections" are often viewed to be more valuable employees. While this may not be fair, your professional and perhaps social connections can be invaluable as you prepare to increase next year's salary. We suggest joining at least one professional MR organization (i.e., AMA, MRA, etc.) and fully exploring and leveraging social networks -- particularly LinkedIn and Facebook.

Deliver
There is no substitute for working hard when it comes to "raise time." However, be sure you understand the difference between effort and results. Organizations reward based upon results, not effort. Make sure your hard work pays off by quantifying all deliverables and their impact upon your department and company. Start now and you will have a handsome list by year-end.

Ask
Be prepared to ask for an opportunity to review your 2009 performance with your manager. Depending upon the economic climate and your documented list of measurable and impactful accomplishments, you can then decide if you wish to ask for a year-end bonus or increase for 2010. All of your work through 2009 will prepare you for a fact-based discussion with your manager -- all the opportunity you need to discuss your compensation.

Recall, raises are often a "zero sum game," meaning for you to get a larger raise, someone else must receive a smaller raise. So, it's up to you to out shine and out deliver.

 

Mike Carroll
800-872-5401
mcarroll@marketresearchcareers.com
www.marketresearchcareers.com