In an ever-evolving business environment, marketing teams around the world find themselves at the center of change. According to Marketing Week's 2024 Career and Salary Survey, a staggering 46.5% of marketing departments have undergone significant restructuring in the past 12 months. This marks a significant 5 percentage point increase over the previous year and signals the arrival of a wave of change that is reshaping the very foundations of marketing strategy.
The driving force behind change
This study reveals the complexities and drivers behind this trend. With more than a quarter (28.5%) of marketing teams integrated with other departments and functions, it is clear that the silos that traditionally separated marketing from other areas of the business are being broken down. This is particularly true for large companies, with more than a third (35.4%) opting for such a merger, compared to 21% of smaller companies. Waitrose, Asda, Henkel and Specsavers are just a few of the big names that have recently gone through a wave of restructuring, with Sky introducing a 'Connectivity' team to combine its broadband and mobile divisions.
How undervalued backgrounds impact marketers
Nevertheless, this wave of consolidation highlights the disparities that remain within the industry. The study highlights the 15.9% pay gap facing working-class marketers, highlighting the challenges individuals from underrepresented backgrounds face in the marketing industry. This year also saw an increase in teams believing that specializations have been removed, jumping from 8.9% last year to 12.1%, suggesting a shift to more generalized roles within marketing departments. It has been.
Aligning Sales and Marketing: The Path to Better Results
A key takeaway from this study is the emphasis on collaboration between sales and marketing teams. As departments consolidate and structures are overhauled, the importance of seamless collaboration between these two functions cannot be overstated. Such alignment is not simply a matter of administrative convenience, but a strategic imperative that can significantly impact business outcomes, foster growth, and foster innovation in a competitive environment.
In conclusion, Marketing Week's 2024 Career and Salary Survey highlights the current state of the marketing industry in flux. Almost half of marketing teams were restructured last year, reflecting the broader trends of change sweeping companies around the world. As marketing teams adapt to new realities, the challenges of alignment and inclusion remain paramount. The future of marketing depends on our ability to respond and leverage these changes as opportunities for growth, innovation, and greater inclusivity.
