Parity Consulting has just released the 2020 Salary Guide & Insights across Marketing, Communications, and Digital roles within the financial services sector.
The guide is based on data from over 2,000 individual participants, client and applicant insights, and information, combined with the specialist knowledge of Parity’s qualified Marketing, Communications & Digital recruitment team. I am proud to share some of the future predictions in this area as they relate to the way we work and the opportunities as a result.
Future predictions in Marketing, Communications, and Digital
The Marketing function is well known and respected across financial services given the industry's consistent growth over the last decade. Professionals operating in this space have had to continually shift to keep up with emerging digital trends and we are finding that Marketing roles are becoming less generalist over time as we move towards digitisation in a bid to keep up with consumer needs and expectations. Marketing teams have continued to work closely with Product and Distribution divisions to bring financial products to market in a highly competitive and regulated industry and have become more strategic as a result.
The Communications function is one that has seen bolstering in the last 5 plus years and has provided many opportunities for professionals during COVID-19. With a number of regulatory reform projects underway and increased focus on keeping customers engaged and informed, communication teams have and will continue to operate at maximum capacity. Across financial services, communication roles will continue to grow.
The new way we work
Since the outbreak of Covid-19, many people have been forced to work from home. This has introduced a new way of working for many people. The mix of office-based and work-from-home arrangements will see an increase in collaboration tools, more autonomy, and a significant shift in how we communicate with our colleagues and stakeholders. COVID-19 has had the greatest impact on Event Management roles and we have seen a large number of people displaced in this area. Social distancing measures have meant that many planned events can no longer take place and where organisations are looking to cut their cost base, they are looking at this area first.
Risk will continue to be an area of focus for all roles across financial services as organisations recalibrate their appetite for risk and management this post the Royal Commission into the Misconduct in Banking, Superannuation, and Financial Service Industry. This has meant that marketing and communication teams will need to continually meet the fine balance between what they are legally required to communicate and how they communicate it to enhance the customer experience.
With the advent of social media and the rise of mobile devices, consumers are now literate in cutting through marketing speak and interested in engaging with brands that they feel are speaking to them as individuals. What this means for brands is that producing generic content is no longer going to cut it. In order to stand out and really connect with consumers, brands need to start producing content that is personalized and relevant to each individual viewer. Moreover, Customers continue to self-educate and are more and more adept at finding the information they need via the internet. The challenge for marketing teams will be the building of a strong platform for their brand so that the content created allows self-starting customers to start their in-depth research from their site and in turn, trust for brands will grow. We predict a solid growth in roles requiring content creation for many years to come.
Data and technology focus
Rapid change is the new normal, and more than ever, marketing teams need to make decisions quickly that are anchored in data. As a result, companies are pouring money into marketing analytics and will continue to do so for the foreseeable future. Analytics should shed light on interactions that drive revenue generation and therefore more than ever marketers are required to be both creative thinkers and analytical in nature to be successful in this arena.
The growth of roles in the digital space continues to rise with roles like Head of Digital, UX/UI Designer, and Marketing Automation Specialist being some of the most common titles in 2020/2021. Technology-led roles will continue to be roles of the future.
Talk to customers differently
It will become more important than ever to adapt and change how you approach your customer in a personalised (and emotive) way. Customers expect to consume information in a digital fashion and as customers are watching more and reading less, marketing teams must ensure their visual content meets this shifting consumer habit.
Developing trust through marketing messaging is at the centre of many marketing and communication team’s strategies post the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry and will continue to be a focus for 2020 and beyond.
To access the full report which includes comprehensive salary benchmarking and valuable insights into the market and industry changes in relation to salaries, bonuses, gender, what motivates professionals to change roles/organisations, and flexibility in the workplace, click here: Download here
How Can We Help?
We’re always keen to hear from talented individuals. If you’re interested in finding out more about roles within Marketing, Communications, or Digital please contact me at: email@example.com or +61 2 8068 2016.
About The Author:
Vanessa is a Division Lead Consultant at Parity Consulting, Mother, Wife, bike rider, avid reader, and volunteer at Gift of Bread – she loves nothing more than to curl up with a good book and typically only travels to destinations where she knows the sun is shining! Vanessa worked in the financial services industry for over 15 years across roles within Learning & Development, Marketing, Operations, and Strategic Account Management – giving her valuable knowledge and experience in the wealth management industry. Her experience has given her the business and technical knowledge required to best match candidates and clients in Marketing, Communications, and Digital.