Publisher's Weekly just released their annual salary survey results. No big surprise: raises were lower and job dissatisfaction was higher!
Some stats from their data, which was based on 1,408 responses to an online survey sent to the magazine's subscribers:
- The average raise in 2008 was only 3.3%, down from a recent high of 5.3% in 2005
- Only 13% of respondents feel "very secure" about their jobs, down from a high of 25% in 2005.
- 75% of respondents would recommend publishing as a career-- in 2004, 86% said they would recommend it.
- Women's average pay is $66,000, men's is $96,600. I was surprised the disparity was that high, but maybe the survey responses come disproportionately from more junior employees. Although publishing employs a lot of women at all levels, including some of the highest executives, there still is probably a higher percentage of men in the upper echelons than in mid- and lower-level positions.
- 70% of respondents said their companies had instituted a salary freeze within the past year. 66% cut marketing budgets.
Median Compensation Based on Years Experience:(The survey sample is small enough that some oddities emerge here-- I'm sure managment salaries don't really tend to be lowest for people with 3-6 years experience!)
Less than 3 3 to 6 7 to 10 Over 10 Editorial $32,000 $40,000 $54,500 $80,250 Sales/Marketing 35,000 45,000 60,000 95,000 Management 93,250 77,625 94,500 132,000 Operations 37,750 42,750 60,000 74,500
By these measures, I guess I'm not doing too badly. I have over 10 years experience and my salary is $93,000 plus a bonus that has been over $10,000 the last few years. My raise last year was around 4%, and it's frozen for this year. I feel relatively secure about my job, at least for the moment! I like what I do and it works well for me in a lot of ways, but I don't love it enough to not care about the money. Fortunately I've gotten past the entry level years when the money makes it a struggle to live in New York-- now I just have to hope I can successfully navigate the turbulent waters of this fast-changing industry for another 30 years or so til I retire, or come up with some better career... Wish me luck!