The 2015 edition of the annual Quirk’s corporate researcher salary survey received responses from a total of 1,057 client-side insights professionals.
Introduced at the height of the Great Recession, the annual survey has tracked the evolution of researcher salaries and workload. In the past six years, respondents have reported working long hours; had short stretches of dissatisfaction in the workplace (2011, specifically); expected a salary increase (2009) and finally saw a general bump in pay across all industries, regions and titles (2013). The survey’s open-ended questions have provided us with colorful comments on job compensation and they, along with the statistics on the changing compensation landscape, remind us that no matter how poorly the industry is portrayed in the media, the reality of the situation in the eyes of the corporate researchers was never quite that bad.
So where is the research industry today? Job satisfaction seems to be on par with 2013 and 2014, as the 2015 data shows 21 percent reported that they are very satisfied with their current employment, 34 percent satisfied and 20 percent somewhat satisfied.
While salary increases may have something to do with the high levels of satisfaction, we are reminded that money cannot buy happiness, as respondents who reported being very dissatisfied with their current employment also reported the second-highest average salary ($131,000).
For corporate researchers who are satisfied, the recent steady increase in total compensation may be one reason for finding job satisfaction. Less than 3 percent of respondents reported a decrease in base salary during the past year and more than 82 percent saw an increase. Of the 82 percent, approximately 63 percent received a base salary increase of 1-4 percent, which is generally enough to stay ahead of inflation.
One encouraging comment came from a corporate researcher and proved once again that when it comes to salary, knowing what you are worth can be powerful leverage during raise negotiations:
“I received a higher increase than normal because I presented your last compensation study to my boss to show how under-market I am. I still am [under-market] but at least they gave me more than the going rate, which was about 2 percent.”
A variety of benefits
When it came to bonus or commission change in the past year, more than 85 percent of client-side researchers reported that they enjoyed a bonus increase or that their bonus stayed the same. Although less than 15 percent reported a bonus decrease, we received a number of comments that expressed the disappointment of stagnant or decreased bonuses:
“Management changed over right before reviews and I got ZERO because I'm not visible enough.”
“No bonus plan offered. No dividend, profit sharing or stock option that I participate in.”
“Merit increases have been stagnant. Bonuses have not been paid out at full amount in three-plus years.”
“Bonus [was] lower than usual due to poor corporate performance and upcoming merger.”
Knowing that company culture and other non-monetary benefits often increase happiness in the workplace, we dug into the comments in the compensation section of the survey. We were inspired by respondents who related the numerous benefits that accompany a positive company culture:
“Weekly on-site massage therapist, weekly on-site counselor, sick rooms, a gym, mother rooms, free parking, annual corporate family party, annual Christmas party, daily food delivery service and team-building activities throughout the year (Thanksgiving bake-off, chili cook-off, etc.).”
“Phone, discretionary bonuses, intangible benefits (dog at work, flexibility, etc.).”
Employment at a different company
As the economy continues to recover, the likelihood of companies hiring additional market researchers has begun to stabilize. This year approximately 42 percent said it was very likely, likely or somewhat likely that their company would hire additional MR employees. Whether individuals are new to the industry, looking for a higher salary, better overall compensation or just a change of scenery, 11 percent of corporate researcher respondents reported that they are very likely to seek employment at a different company this year, 8 percent reported likely and 14 percent reported somewhat likely. In addition to this, approximately 17 percent of respondents reported being with their company less than a year and just over 30 percent reported being with the company one-to-two years.
If researchers are looking for new opportunities, they can bring a wealth of experience with them. Approximately 59 percent of respondents reported 11 or more years of experience in marketing research (with 14 percent reporting 25+ years of experience). Master’s degrees are also the order of the day: 53 percent of respondents shared that they are graduates of a master’s program (6 percent reported having a Ph.D.). When asked if they held a marketing research certification (RIVA, Burke Institute, PRC, etc.), 22 percent of respondents said yes.
Possibly due to the reported job changes and plans for future movement, we saw many comments discussing new jobs resulting in pay and bonus increases. On the flip side, we also found it interesting that a few respondents reported a willingness to take a pay cut or live on a lower salary to get a foot in the door of a specific industry or work within a nonprofit:
“I changed jobs and took a pay cut. This was necessary because the industry of my new employer [is] reluctant to hire someone mid-career without industry experience.”
“Working for a nonprofit is equated with low pay.”
“Lower than industry norm for client-side director but work for nonprofit, so OK with that.”
Focus on research
Respondents work in a variety of industries, from agriculture to utilities and energy, with health care/pharma, consumer goods and banking/financial as the best-represented fields. The most-cited job titles/roles included market research manager (291), market research director/senior director (214), senior research analyst (122), customer insights manager (94) and research analyst (92).
Each year we ask corporate researchers how much work time is spent conducting, coordinating and analyzing marketing research. This year approximately 42 percent of respondents reported spending 75 percent or more of their time dedicated to MR. It is good to see that researchers are able to focus on the research during a time when many claim that the changing economy, big data, new technology and social media have disrupted the industry. Research analysts cited the highest average time spent conducting or coordinating and analyzing MR, followed by senior research analysts, market research managers and customer insights managers.
It’s exciting to see corporate researchers flourishing in their positions. We hope our readers continue to find satisfaction – in growing salaries and positive company cultures – in the years to come.
Note: The market research salary and compensation survey was conducted online from May 12 to June 9, 2015 among Quirk’s subscribers. In total we received 3,043 responses. We received 1,057 usable surveys from client-side researchers (corporate market research) and 1,496 usable surveys from provider-side researchers (market research company employees). An interval (margin of error) of 1.7 at the 95 percent confidence level was achieved. (Not all respondents answered all questions.) For complete survey results with crosstabs visit: http://www.quirks.com/jobs/research-salaries/Market-research-salary-by-title.aspx.
*Bonus defined as bonus or commission for 2014 in U.S. dollars.
*Dividends defined as compensation in the form of dividends, stock options or profit sharing in U.S. dollars for 2014.
*Other defined as annual value of other compensation (company car, health club membership, mobile phone etc.) in U.S. dollars.