Finding out what you should be earning in your beauty exec role—as opposed to what you’re actually bringing home—has probably included clandestine water cooler chats or cocktails with colleagues to get the deets on their benefits structure. Until now. For the first time, thanks to a partnership between talent management resource 24 Seven and CEW, the beauty industry has access to a 2013 Salary and Job Market Report for the Beauty Industry, including insights on beauty’s median salary, job satisfaction, the top reasons for leaving a job, full time versus consultant gigs and what’s considered more important than a salary. Here are some of the report’s key findings, which were culled from a survey of nearly 900 beauty professionals. To access the full report, please click here.
• Job Outlook Continues to Brighten: Total compensation is up 5.5 percent, and 80 percent of beauty professionals reported an increase. 70 percent of executives report hiring rates at/above pre-recession levels. Freelance demand remains strong, with 76 percent of managers planning to rely on freelance talent the same or more in 2013. Sales, Marketing and Product Development are the most in-demand and hardest to recruit, according to executives.
• It’s Not All About the Money: Employment brand is critical, as 80 percent say a generous benefit package can influence their decision to take a new job. Personal well-being and career development matters: healthcare, summer hours/comp days and flex time are the most valued benefits while professional growth, development, training and advancement are top of mind.
• With Job Satisfaction Low, Restless Talent is on the Move: While 62 percent of professionals are happy in their current job, 66 percent are open to or are planning a career move in the next year. Lack of career direction and path keeps talent up at night, and only 50 percent feel like they’re where they should be in their career. The top three unfulfilled promises of their current role are advancement opportunity, clear career path and salary expectations.