Market Research 2021
Supplier vs. Client Compensation
Our compensation chart for market research 2021 is based on real and targeted salaries for positions we have filled or worked on in the industry during 2021. Some ranges are wide as they include outliers in high and low cost of living areas within different industries.
As you evolve within a supplier, you obtain a heavy business development component to your position. The Director+ positions tend to have strong commission opportunity, depending on the organization. Some organizations have no cap on commission, giving candidates an opportunity to double their salary.
On the client-side, as you grow internally you obtain a higher bonus structure, long term incentives and possibly shares of stock, depending on the company. Some companies even still offer pension plans or stipends for health & wellness.
Demand for Work-Life Balance
Work-life balance has always been a priority for market researchers, even before the pandemic. Covid-19 has accelerated the focus on this job benefit and for market research 2021 we are seeing 100% of our clients offering flexible work schedules and locations. Flexible schedules can range from working remote one to three days a week, up to working remote in another state 100% of the time. In the current job market offering options for work-life balance is a requirement for recruiting and retaining good talent. If you are a company who isn’t prioritizing work options for your staff, you could lose them to your competition who does.
Social and Health Awareness
Social awareness and health and wellness has been on the rise as a necessity for recruiting talent in market research 2021. Fifty to sixty percent of our client base either already had or introduced DEI Initiatives in 2021. Strong diversity and inclusion initiatives make your company stand out as being innovative and socially aware. We have found this pivotal in finding talent for your company. Health and mental wellness programs are becoming more common as well. Having “mental health days” or wellness events for meditation and well-being promotes a happy work environment.
Salaries Rising
Market Research 2021 has been the most competitive marketplace we’ve witnessed in years. Given the new budgets and the new consumer/shopper landscape, it seems as if everyone wants to do research! Candidates are receiving opportunities in their inbox every day, pushing them to compare how their current company views their worth. Candidates are being considered for several opportunities at once, forcing companies to compete with higher salaries and benefits.
Market Research 2022
Return to Office
We have seen momentum growing for staff to start returning to the office, and while employees will retain some level of flexibility, companies and staff will be back in the office in 2022. Employers want people back in the office for a multitude of reasons but growing a company’s culture and increasing camaraderie on their teams is near the top. A shared purpose with a common mission helps to maintain the company culture across digital platforms that challenge and change daily. Some candidates also talk about missing office life, or have trouble working full-time from home.
Vaccination Status
With vaccine mandates being required for companies with 100 employees or more, it has almost become a necessity for an organization to require vaccination or help their employees understand who is vaccinated or not for safety reasons. We foresee vaccination status becoming a contingency for employment in market research 2022. Since an individual’s vaccination status is not protected by HIPAA, employers are legally allowed to ask you your status and weigh it into their decision to hire you.
Qualitative Research on the Uptick
The pandemic has truly changed how qualitative research is being done and it will continue to evolve and grow given the increased ease of digital access. Agencies and global brands that traditionally relied on in-person focus groups and interviews for qualitative research are actively switching to online. Qualitative methods becoming more focused on digital execution has allowed the work to be done cheaper and with more agility. This has led to a resurgence in qualitative research and an uptick in qualitative focused roles for market research 2022.
Interested in discussing your hiring needs or your job search in market research 2022? Contact the Smith Hanley Associates’ Executive Recruiters in Market Research: Lindsey Bartlett at lbartlett@smithhanley.com and Daniel Wilberschied at dwilberschied@smithhanley.com.
