CMO Compensation Surges To New High [REPORT]

Chief Marketing Officers who have moved roles since the start of the COVID-19 pandemic are compensated more than their counterparts who moved prior to the pandemic, regardless of experience level, according to Eastward Partners’ latest Market Report.

The report, which outlines CMO compensation and hiring trends amongst businesses with up to 500 employees, reveals that the pandemic pressured organizations to source marketing leadership, and, coupled with a candidate-short talent pool, has stoked an already competitive landscape for hiring. Limited availability of CMOs, inflation and greater demand for talent has led to an increase in salary offered to specialists alongside substantial equity packages to entice them to take new opportunities. Average base salary for a CMO in US-based organizations with up to 500 employees now stands at $247,268.

Nicole Balsam, Associate Partner and Head of Brand and Digital, Eastward Partners, gave an overview of the report’s findings:

“Marketing leadership opportunities have been on a huge upwards trajectory over the last few years, particularly within high-growth VC and PE-backed organizations. The pandemic saw two streams of thought; Invest in marketing or cut the budget, with the former chosen as the route by many. Marketers became central to growth strategies during times of uncertainty.”

Balsam states that experience in digital transformation and nurturing customer relationships online will aid a CMO in finding their next role:

“Excellent customer experience across channels, but especially within digital, will be the key to the future of organizations. Where CMOs took responsibility for pushing change through the pandemic, executives across the board now share accountability. However, experienced CMOs with skills in digital transformation, customer experience and customer retention will be in high demand throughout 2022 to 2023 as this trend continues.”

The report goes on to specify how CMOs can be hired by activating passive talent, detailing appropriate compensation, and sharing the scope of the opportunity available. The report shares current market rates CMOs receive and the geographic hot spots for talent.

To download report, CLICK HERE.