Fewer Editors Expect Salary Cuts in 2010
Salary satisfaction drops; most aren't looking for new jobs, per Folio: survey.
"Doing more with less" applies to every publishing function but particularly editorial, where the internal demand for new product is increasing. But while they’re doing more, editors-which have traditionally been viewed as a cost center by publishing management-aren’t expecting much in the way of additional compensation in 2010, according to the latest Folio: Editorial Salary Survey, conducted by Readex Research. On the bright side, fewer editors are expecting salaries to decline this year.
Seventy-eight percent of respondents say they’ve taken on additional editorial responsibilities (88 percent are doing more with digital content; 40 percent are doing more with print; 37 percent are taking on more with event development).
However, just 6 percent of respondents say they feel "very well compensated" for these additional responsibilities, while 35 percent say they aren’t compensated at all.
"The biggest challenge is accountability for new revenue projects that launch late due to lack of resources (technical and human)," says one respondent.
Few Editors Expect Raises or Cuts
A total of 31 percent of respondents say they expect their salaries to increase in 2010 (with 7 percent saying they expect a bump of 10 percent or more). Meanwhile, 58 percent say they expect salaries to stay about the same this year, with just 7 percent expecting a decrease (compared to 27 percent who anticipated a drop in salary last year).
Some respondents say they expect salary cuts implemented in 2008-2009 to be reversed, at least partially. Business-to-business publisher Source Media says that in July the company will reinstate 50 percent of salary reductions that were instituted last year.
Compensation aside, 43 percent of respondents say they are "very satisfied" with their job, which helps explain why just 14 percent of editors say they are actively looking for new work, 31 percent are considering looking and 54 percent are not looking.
A full look at the 2010 Folio: Editorial Survey will be available in the July/August issue of FOLIO: Magazine.
Mean Editorial Salaries 2010
Source: 2010 FOLIO: Editorial Salary Survey, conducted by Readex Research