The market research and consumer insights 2023 job market saw a drastic shift back toward caution and complacency. After a hiring crazed 2022, 2023 brought in more measured hiring practices and a great deal of uneasiness across the industry. Smith Hanley Associates’ Executive Recruiters Lindsey Bartlett, Daniel Wilberschied and Pierson Wofford are here to review market research 2023 and provide some insight as to why 2023 developed as it did.
| 2022 Research Supplier | 2022 Client-side | ||
| Title | Salary | Title | Salary |
| Analyst (1+ years) | $65-75K | Analyst | $70-85K |
| Senior Analyst | $65-85K | Senior Analyst | $80-100K |
| Project Manager | $80-105K | Manager | $100-135K |
| Account Manager | $90-120K | Senior Manager | $120-$160K |
| Director | $120-160K | Associate Director | $140-210K |
| Vice President | $150-180K + comm | Director | $160-250k |
| Senior Vice President | $180-250K + comm | Senior Director | $190K+ |
| Moderator | $110-$140K | Vice President | $200K+ |
| 2023 Research Supplier | 2023 Client-Side | ||
| Title | Salary | Title | Salary |
| Analyst (1+ years) | $70-80K | Analyst | $70-90K |
| Senior Analyst | $65-90K | Senior Analyst | $80-110K |
| Project Manager | $80-105K | Manager | $110-135K |
| Account Manager | $90-130K | Senior Manager | $120-160K |
| Director | $120-160K | Associate Director | $140-210K |
| Vice President | $150-180K + comm | Director | $160-250K |
| Senior Vice President | $180-250K + comm | Senior Director | $190K+ |
| Moderator | $110-140K | Vice President | $200K+ |
These salary tables are based on positions we have filled and worked on filling in market research 2023. Some of the ranges are wide as they include outliers in high or low cost of living areas and a variety of different industries. As you can see, there has not been a drastic adjustment in salaries between 2022 and 2023. In most cases salary bands are fairly stagnant with little change from last year. Here are some reasons and trends in the market that have led to this slow down.
Inflation
In 2022 inflation drove companies in a competitive marketplace to increase wages. This year inflation has had the opposite effect. In the midst of long term inflation, coupled with higher interest rates, companies paused hiring in 2023 and slowed wage hikes.
Uncertainty
Uncertainty has not only been reserved for companies who are trying to align hiring needs and budgets with the economic shifts; but also with candidates worried about being the newest individual at a company and first to be let go if there is a downturn. Candidates may not feel confident in their current employer either. The idea of a transition in an unpredictable market is a worrisome endeavor.
Saturated Candidate Pool
For a lot of employers the mix of first-in/first-out candidate caution, coupled with the surge in the talent pool due to layoffs at larger firms, has led to a less candidate centered market. The power has swayed back toward the employers allowing companies to gain the upper hand in salary negotiations. Unlike in 2022 where the candidates held a bulk of the control and negotiating power the economic pressure steered that back to the companies in market research 2023 hiring.
Remote Work Disappearing?
We have seen a steady trend this year of organizations returning to an in-office hybrid policy. Return to office has hurt those who built their lives around being remote and added additional candidates into an already saturated market. The change has been drastic, “…remote work has increased from about 6% of full workdays in the U.S. to more than 50% in the spring of 2020. Since then, it’s steadily decreased and since early 2023 has hovered around 28%. “.
For many reasons it is good to see Market Research 2023 in our rear-view mirror. We don’t see a return to the hiring mania of 2022 but we are optimistic about normal hiring growth in 2024. Watch for our January blog detailing what companies and candidates will be looking for!
