New Survey From 24 Seven Finds Rising Demand for Top Talent
June 20, 2013 // Franchising.com // New York, NY – More than half of beauty professionals state that they are dissatisfied with the rate of advancement in their careers, according to the 2013 Salary and Job Market Report by 24 Seven Inc., the fastest growing international search firm specializing in marketing, creative and digital talent. In fact, survey participants cite lack of a clear career path as the most significant issue keeping them up at night, and rank opportunity for advancement as the number one unfulfilled expectation in their current positions.
“Attracting and retaining top talent continues to be a significant challenge for the beauty industry,” said Celeste Gudas, president of 24 Seven Inc. “In this highly competitive market, the winning companies will be those that focus on cultivating the skills and careers of their employees, rewarding them with compelling compensation packages, and providing benefit offerings that are aligned with the changing needs and values of today’s talent base.”
The first annual study, co-sponsored by Cosmetic Executive Women (CEW), surveyed nearly 900 beauty professionals, ranging from the executive suite to the beauty counter and across categories including skin care, color cosmetics, fragrance, and retail.
“The groundbreaking findings from this report provide greater clarity on the different wants and needs across the multiple generations in our industry,” says Carlotta Jacobson, President of CEW. “It offers invaluable information on how to recruit and retain the best and the brightest talent as well as an understanding of the evolution of beauty job market, salary trends and the outlook for the future."
Key findings of the study include:
- Rising demand for top talent: Job outlook in the beauty industry is rising, and so is the expectation to find and recruit top talent. The majority of executives (70 percent) reported that hiring rates are equal to or better than pre-Recession days, and that open positions are being filled at rates equal to or faster than years past (63 percent). That said, 90 percent of executives say they feel pressure to identify and attract game-changing talent, while just 32 percent report their companies have a formalized strategy in place to identify high-potential talent.
- Open to prettier opportunities: Although 80 percent of participants reported an increase in total compensation since 2012, job loyalty remains low, with 66 percent of beauty professionals saying they are open to making a career move within the next year. Salary tops the list of reasons to change jobs (74 percent), followed by better advancement opportunities (50 percent), better growth potential (48 percent) and improved quality of life (27 percent).
- Freelance nation on the rise: Freelance talent is in high demand. In fact, 76 percent of managers say they plan to rely on freelancers the same or more than they did last year, most prevalently in the fragrance and color cosmetic categories. This growing need is encouraging to freelance talent, 90 percent of whom expect to increase or maintain their rates in 2013. While flexibility, a better work/life balance and control over career path are the top reasons they became freelancers, 40 percent say they would consider traditional employment.
- Benefit offerings matter: The beauty industry and its talent are mostly aligned in terms of benefits, with medical insurance being the most offered by companies as well as the most desired by talent (71 percent). Beauty professionals also greatly value life balance benefits such as summer hours/comp days (50 percent) and flex time/telecommuting (21 percent). In fact, benefit offerings are so important that 77 percent of beauty professionals surveyed say a generous benefit package would influence their decision to switch employers.
Notes on Survey Methodology and Analysis
24 Seven Inc. surveyed almost 900 beauty professionals around the world. The survey examined the current state and prevailing attitudes of the employment market in the beauty industry and the impact of compensation and benefits on overall job satisfaction. Of those surveyed, 90 percent were female, 10 percent were male, and the median annual salary for the entire sample was $95,000; 47 percent of respondents worked for a company with over $500 million in sales and 76 percent were GenXers. Furthermore, 45 percent of those surveyed held Senior Executive/Management titles. Job functions of those surveyed included: Marketing/Creative; Sales; Production/Sourcing; Research & Development; Design & Technical; Store Level & Field; Planning & Merchandising; E-commerce; Corporate Retail; Operations & IT; Market Research; Advertising and Wholesale. For a copy of the 2013 Salary and Job Market Report, please visit www.24seventalent.com/2013salarysurvey.
About 24 Seven Inc.
As a strategic resource for talent management, 24 Seven Inc. helps creatively driven global brands identify, recruit and secure game changing talent. Our innovative approach combines global reach, industry expertise and market intelligence to deliver top performers that advance the unique business goals of our clients.
We are the go-to talent source supporting the world’s top teams in Fashion, Retail, Marketing, Advertising, Interactive/Digital, E-commerce, Design, Beauty, Events and Sports/Lifestyle. Our strategic recruiting professionals have either personally worked in or recruited exclusively for the industry practice they serve. Their hands-on experience makes them experts at perfectly matching candidates to clients. For more information, visit www.24seventalent.com.
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