The first quarter of 2007 has produced a flurry of activity on both the corporate and supplier side of the research industry for the market research professional. In light of this activity, I wanted to send a white paper highlighting some hiring and career information most frequently sought by our clients and candidates. Whether you are planning to grow your staff this year or are assessing your own career path, here are some points to consider:
Hot Skill Set – Custom Research, Customer Satisfaction & Loyalty, Qualitative Research, Quantitative Research, New Product Development.
Fast Moving Market – Candidates (especially at the more junior end) are receiving multiple offers and are going off the market in three to five weeks, much faster than the more typical eight to twelve weeks we’ve been used to seeing.
Relocation Challenges – Many companies are reassessing their relocation packages as the housing market continues to stagnate in many parts of the country. Unless these packages contain a safety net to cushion probable double mortgage payments, many candidates are not able to accept offers that require relocation.
Sign-on Bonuses – are back! In the last 90 days, nearly 40% of all offers have included a bonus as an incentive for candidates to “sign on”.
Cross Industry Job Changes – Candidates are changing industries far more frequently, even at the more senior level. Client companies are making offers to candidates coming from other industries as the talent pool tightens. This provides candidates with an ideal opportunity to expand their knowledge across industries.
Compensation – Many companies are offering more competitive packages to attract top talent. Here are some guidelines:
Vice President (Sr.)/Director (Sr.) $110,000 to $140,000 On the corporate side, this level typically involves managing a group – the bigger the group, the higher the salary. Oftentimes, the top salaries are offered by boutique consulting firms where business development may play a major role in the compensation package. Of course, ability to provide thoughtful leadership and strategic vision is essential at this echelon.
Research Manager $85,000 to $110,000
This position is often attained as the result of an internal promotion. Interpersonal skills are key – especially those demonstrating initiative, team building and the ability to direct group projects. While technical competence is important, remember that emerging executive-level administrative skills are what really count as you move up the business ladder.
Senior Analyst/Sr. Project Manager $70,000 to $85,000
Talented marketing researchers with excellent communication skills can command base salaries of up to $90K. To move up from here typically involves picking up management responsibilities or business development skills. These candidates often have a minimum of four plus years of experience.
Analyst/Project Manager $45,000 to $70,000
These are our most sought after candidates. Most with a master’s degree in a marketing discipline and two solid years’ experience in the corporate world, this candidate will often receive multiple offers and be snapped up quickly. The market is red hot for candidates with this degree of experience – back to the level of the dot com boom.
As always, I welcome your comments and insights. Visit my blog to weigh in on the topics I’ve touched on here and to participate in an on-line salary discussion: www.themarketresearchdepot.blogspot.com
Let me know if I can be of assistance to you in 2007!
