Career mobility has become the defining characteristic of the post-pandemic era. But this year, a larger proportion of the medical marketing workforce appears to be bucking that trend as they opt for professional stability over “quiet quitting,” according to results of MM+M’s 2024 Career and Salary Survey.
Our annual pulse on the industry indicates respondents are largely foregoing the quick job-hop, with its marginal salary bump, and instead demonstrating a commitment to their employers. While the rewards aren’t visible in the form of vastly higher paychecks, nevertheless, data show a rise in promotions and job satisfaction.
All of which suggests marketers are rallying around a new definition of what it means to thrive professionally, says Angie Kamath, the dean of the NYU School of Professional Studies.
“It’s very clear to me that we’ve moved away from this place of just compensation or employee engagement as being the markers of a healthy workforce,” she notes.
A total of 117 marketers — including 37 men, 77 women, one non-binary person and two who said they preferred not to answer — responded to the survey, which was fielded online from August to November. The average age of respondents fell into the 41-45 bracket, with one person over 71 and five people between 21 and 25. Most commonly, they were employed by either agencies (49.6%) or biopharma manufacturers (23.1%).
‘Underpaid but happy’
Average salaries have gone sideways for the second consecutive year, and pay inequality continues to linger. That combo doesn’t exactly herald an upbeat compensation report. Yet, neither seems to have factored too heavily into the overall happiness of medical marketers this year.
“This idea of employee thriving, that’s the ‘new black,’” says Kamath, after reviewing the MM+M data. In other words, “We used to be able to look just at salary and sort of say, ‘OK, this will be the bellwether for where the good companies or roles are.’ But no, it’s clearly made up of much more than that.”
Indeed, results show the industry heading to a place where flourishing on the job means being able to contribute to a larger mission and vision, and where intangibles such as long-term prospects, corporate reputation and innovation weigh as significant parts of the total compensation package.
The field has gone beyond salary as the be-all and end-all, says Kamath, adding that, if it were just about pay, then satisfaction numbers wouldn’t be as high as they are: 84.6% of respondents say they’re either thoroughly or generally satisfied with their jobs, versus 83.4% last year.
And yes, this applies equally across the genders. Satisfaction rates among men, which hovered around 79.5% last year, are holding steady at 78.3%, with women about even with the prior year at the 87% mark.
Again, that doesn’t mean everything’s perfect. Average salary, for one, has ticked slightly downward, to $171,064 in 2024 from $172,859 in 2023. Median salaries were comparable, at around $150,000 year on year.
Then there’s the ever widening gap between average pay levels, $209,443 for men versus $153,318 for women. As to why this gap exists, one reason could be that seniority level (11 or more years in industry) of the current cohort is slightly in favor of men, 59.5%, versus women, 55.8%. Men’s willingness to change jobs (see below) — and the pay raises that often follow — could be another factor.
Then again, these variables don’t account for the sheer size of the discrepancy, nor do they explain why it persists year after year. As major as they are, have we become inured to these discrepancies? Regardless, results suggest companies can be doing much more to combat the pay gap (see “Tips for HR Leaders” sidebar).
“Most people, ironically, are saying, ‘We’re underpaid, but we’re pretty happy,’” Kamath concludes.
The promotion is back
To be sure, intent to switch jobs remains high this year — at 29.1% versus 24.6% in 2023. The tendency is especially pronounced among men, 32.4% of whom say they plan to look in the next 12 months.
But that sentiment shares the stage with proof that more people are advancing in place. Just over 40% say they came into their current roles via promotions, up from 31.9% in 2023 and 33.8% in 2022.
Over the past two years, the average professional seemed seized by a preternatural wanderlust. Layoffs were a recurring headline, and the marketing workforce made the shift to hybrid along with myriad other business sectors.
“There was a sense,” Kamath recalls, “of, ‘I want to move to places that have a better hybrid schedule. I’m rethinking work-life balance from a wellness and benefits perspective. I’m making sure that changes in terms of coming into the office aren’t problematic.’”
But of late, rather than chasing success elsewhere, many are staying in their roles and reaping what they sow.
“That would mean people who are left are more valuable,” says Kamath, explaining the surge in promotions. “That always happens right after — whether it’s layoffs, downturns or other big job shifts — that folks who are there are often rewarded through promotions.”
Staying the course has indeed paid off. The good feelings carry through to the employer ratings, where nearly 75% classify their company’s environment/culture as “excellent” or “good,” and 64.9% say the same of benefits offered. Reputation and innovation register highly, too, at 79.5% and 64.1%, respectively.
That shows people are viewing the sector quite well. In fact, promotions are a very strong part of the story, as they counterbalance the negativity around the appropriateness of salary — which 41.9% rate as “fair” or “poor” — and the aforementioned undercurrent of job migration.
Perception is reality
Clearly, people who are in it are being rewarded, with 62.4% saying their advancement prospects are “excellent” or “good” overall. The data indicates that men are feeling the most positive, at 67.6%, whereas women aren’t seeing as rosy prospects, with 58.5% feeling optimistic.
From a tenure perspective, younger people — specifically those in the industry between zero and five years — have very clear advancement prospects, at 77.2%. It’s a good sign for the sector that those in the midst of launching their careers feel that sanguineness.
On the unflattering side of the ledger, perceived pay is a lot higher among men. Just 7.8% of women say they believe they earn more than their peers versus 21.6% for their male counterparts.
Kamath says she doesn’t put too much stock in women’s critique of their own earning power versus their cross-industry peers.
“I think this is a ‘grass is always greener perception,’” she speculates, adding that it’s not supported by either the above employer ratings or the fact that salary transparency for various roles is higher than ever thanks to the abundance of wage data.
Nor does she buy into the belief — as espoused by 46.2% of survey respondents — that they’re paid less than their counterparts elsewhere. The 41.9% who say they are earning their fair share is likely the truer number.
“In this day and age, between Glassdoor.com and Indeed.com, comp is pretty transparent,” Kamath says. Thus, pay among companies “is probably within pretty similar bands.”
Then again, perception often is reality. If there’s a weakness in the armor — a factor that may account for an employee deciding to seek out greener pastures — it may be what many perceive to be a dropoff in loyalty. Just 18.8% rate their employers as having “excellent” loyalty versus 30.7% a year ago.
It reflects a sentiment that corporations aren’t always looking out for their employees’ best interests.
“My sense is that a lot of people who are in the early-to-mid career phase enjoy the stability, want a strong employer and aren’t going to jump ship immediately,” explains Kamath. “But they’re going to keep an eye open, because loyalty is always in the back of their minds.”
All about the Benjamins?
With job satisfaction at about 85%, the perception of being paid less than one’s peers is one of the more counterintuitive survey results.
“That might be true or not,” opines Kamath. “Or, it might suggest that ‘I’m really pretty comfortable and happy here,’ and the job satisfaction has a lot more to do with the environment, the policies, the hybrid [work], the flexibility than just the raw number.’”
This is especially evident among those with zero-to-five-years of industry experience. Many are interested in hybrid work and are looking to distinguish themselves in this relatively new environment.
Some will take the time for extra community building, affinity groups and mentoring programs — tactics companies have instituted to draw more people into the office and add to camaraderie. Those that take advantage can start to set themselves apart, using these programs to unlock promotions and other opportunities.
Then there are those who are doing just fine, hitting the policy of two or three days in the office, but maybe are a bit less engaged.
“There’s a very interesting moment of separation of, ‘Are you going to be really all-in for the company, in the role — or is this a stepping stone?’” she posits. “Hybrid work often can be that place where the separation becomes very clear.”
Perhaps, especially among people who are early in their careers, the survey signals a trend toward a more multidimensional take on work. For many, it’s no longer simply “all about the Benjamins.”
Says Kamath, “We’re moving further and further away from salary being the indicator of happiness and job satisfaction, which is ultimately probably a good thing.”
Methodology
A total of 117 marketers (37 men; 77 women; one non-binary; and two who said they preferred not to answer) responded to the survey, which was fielded from August to November. The average age of respondents was 41-45 years, with one person 71+ and five people 21-25.
Employer
Manufacturer: 23.1%
Agency: 49.6%
Media/publisher — HCP: 1.7%
Media/publisher — Consumer: 0.9%
Media/publisher — All: 4.2%
Drug distributor / Wholesaler: 0.9%
Supplier / Vendor: 6.0%
Other: 13.7%
Geographic spread
| CA | 7.1% |
| NY | 13.4% |
| NJ | 13.4% |
| IL | 11.6% |
| MA | 3.6% |
| PA | 9.8% |
| GA | 1.8% |
| IN | 0.9% |
| FL | 4.5% |
| NC | 2.7% |
| CT | 2.7% |
| TX | 5.4% |
| OH | 3.6% |
| SC | 0.9% |
| MD | 0.9% |
| DE | 0.9% |
| AL | 0.9% |
| UT | 0.9% |
| MN | 1.8% |
| TN | 1.8% |
| WA | 1.8% |
| MO | 0.9% |
| AZ | 1.8% |
| RI | 0.9% |
| WI | 0.9% |
| NH | 0.9% |
| MI | 0.9% |
| VA | 0.9% |
Among those who said they live in the U.S.; not all states represented.
Market Sector
Rx pharmaceuticals: 65.0%
OTC pharmaceuticals: 17.9%
Biotech: 27.4%
Medical devices/Equip.: 32.5%
Hospital products/Equip.: 9.4%
Dental products/Equip.: 3.4%
Managed care: 13.7%
Digital therapeutics/digital medicines: 12.8%
Other: 15.4%
Gross U.S. revenue
<$5 million: 12.8%
$5-$19.9 million: 20.5%
$20-$49.9 million: 15.4%
$50-$99.9 million: 11.1%
>$100 million: 40.2%
Average years in position
Overall: 0-5 (79.5%)
Male: 0-5 (73.5%)
Female: 0-5 (81.8%)
2023: 6.7
2022: 5.6
By gender
Male: 31.6%
Female: 65.8%
Non-binary: 0.9%
Prefer not to disclose: 1.7%
Tips for HR leaders
The survey contains numerous points that HR leaders or pharma execs can act on to cultivate a happier, more stable workforce. No. 1 is the stark gender disparity. Women respondents feel they’re being paid less than both their male and female peers.
The overall response pool — split 31.6% male/65.8% female — is a microcosm of the industry at large. That’s unlike some other sectors such as finance or tech, where there’s both wage and representation disparity. So this continues to be a black eye for an industry as female-friendly as pharma marketing.
“In such a female-dominant industry, those disparity numbers are extremely uncomfortable and would be a place of emphasis and examination by corporate leaders,” stresses Angie Kamath, dean of the NYU School of Professional Studies.
More analysis is needed to understand the gender dynamic in terms of perception versus reality. To the extent gaps do exist, “that would be a very loud alarm that HR professionals need to be looking at,” advises Kamath, “and then understanding, what’s their plan to reduce those?”
That brings us to item No. 2 on the to-do list. Wherever there’s a sizable proportion of people rating some aspect of culture as fair, “that’s the place where you can move things into the ‘good’ area,” notes Kamath. She characterizes these as “convertible,” a category not unlike the “addressable middle” in politics.
In that sense, there’s a lot to work with. Take those who rate advancement prospects as “fair” (27.3% of women).
“There’s probably something we can do to make those prospects seem good,” she explains, such as ensuring women have a clearer path toward advancement.
By helping them understand opportunities, women will be better equipped to get themselves promoted. That would also help address the 10-point difference between men and women in terms of perceived advancement prospects.
Moreover, the data suggest both genders have strong contacts they can lean on for a job search. But HR pros can chip away at gender-related wage disparities by building up networks and mentoring for women.
On the bright side, only 28.6% of women say they plan to look for a new job. That speaks to the working-parent-friendly nature of the pharma marketing environment, Kamath observes.
Many of the benefits offered, from paid maternity/paternity leave and unlimited vacation days to mental health support, WFH infrastructure and time allowances for pro bono activities are in-step with the hybrid nature of post-COVID work and realization that employees and caregivers have a variety of home responsibilities.
That leads to another “convertible” area: infrastructure/support for remote work, which garnered a 23.1% “fair” rating from employees. This is within a company’s remit to fix, insists Kamath. Also highly addressable are training opportunities (40.2% fair, as per respondents).
Because they come with a price tag, traditional benefits and salary may not be as “movable.” Yet, there are others that not everyone takes advantage of. HR pros can ease disparities by boosting uptake for benefits such as retirement plans or other perks among underrepresented and female communities within a company.
Very few companies have a “magic wand” to just wave and increase salaries or bonuses, says Kamath. But HR can run campaigns to help ensure that people leverage what’s already available.
From the December 01, 2024 Issue of MM+M - Medical Marketing and Media
