The Future Of Work Occupational And Education Trends In Marketing In .
The future of workOccupational and educationtrends in marketing in AustraliaPrepared by Deloitte Access Economics, January 2018
The future of work Occupational and education trends in marketing in Australia269,000Increasing integrationSize of Australia’s marketingworkforce in 2016-17of marketing with other businessfunctions is contributing to an increasingdemand for marketing skillsMarketingsnapshot2.2%Forecast annual growth in marketingworkers between 2016-17 and 2021-22(compared to 1.5% p.a. for overall Australian workforce)* Postgraduate qxualification in Management and Commerce field of education. 150,431Forecast income of marketingworkers with postgraduatequalification* in 2021-22
The future of work Occupational and education trends in marketing in AustraliaThe rise of data, digital andother technology trends havechanged the role of marketingwithin organisations, andlifelong learning is increasinglynecessary in the marketing field.40% of marketingexecutives reportedthat they require skillsin technology anddigital engagement.– The Economist, 201502Marketing is increasingly seen as partof the broader business calculus ratherthan a stand alone area, with greaterintegration between marketing and otherparts of a business such as product designand data analytics. These trends haveaffected the skill needs of employeesworking in marketing occupations, withcollaboration and digital literacy becomingincreasingly important and valuable skills.In this context, Deloitte Access Economicshas been commissioned to examinehow occupational and education trendsare developing across the marketingworkforce in Australia. This report seeksto provide forward looking insights on howthe nature of work and study in marketingare evolving as a result of ongoing changesto the economic, business and labourmarket landscape.The research presented in this reporthas been developed through a mixof analysis of publicly available dataand information sources, targetedconsultations with academics anduniversity program directors, andemployment forecasting using DeloitteAccess Economics’ macroeconomicmodelling framework.
The future of work Occupational and education trends in marketing in AustraliaHow are broader trends specificallyaffecting the marketing area?Integration across business functionsThe inexorable move towards increasingthe availability of product offerings andconsumer engagement through onlinechannels has increased the connectionbetween IT and marketing in companiesacross all industries. This continued riseof digital offerings enables greaterintegration between marketing and otherbusiness areas, with online marketingrequiring an understanding of relevantproduct and customer strategy, avenuesfor consumer engagement, and new andevolving digital technology platforms.In this context, the separation between‘traditional’ and ‘digital’ marketers isbecoming increasingly outdated, with“digital marketing becoming an essentialpart of the majority of marketing roles –no longer a job in and of itself” (McKinleyMarketing Partners, 2016).Data and analyticsIn addition, the wealth of data that can begained from online consumer behaviourhas significant implications for marketingoccupations, and the data-drivenmarketing economy has recently beenvalued at 202 billion in the US alone(Data & Marketing Association, 2016).Analysing data to maximise theeffectiveness of marketing campaignsmeans that marketing has taken on anincreasingly quantitative and digitalaspect. Artificial Intelligence (AI) has alsomade strides in this respect, such as byimproving product recommendations tocustomers (e.g. suggested content onstreaming services or related propertieson real estate websites) and predictivelead scoring, or the likelihood that awebpage visit will convert to a customer.Data analytics is also important inmonitoring the effectiveness of digitalmarketing campaigns. The ability to workwith data can therefore be expected tobe an increasingly important aspect ofthe marketing task. In an EconomistIntelligence Unit survey of nearly 500marketing executives, 40% reportedthat they require skills in technologyand digital engagement, compared toonly 16% who are after traditional skillsin creative and graphics and 26% whoidentify skills needs in advertising andbranding (The Economist, 2015).Box A: The broad range of marketing job opportunitiesThe role of marketing is evolving across all industries. This brings challenges associated with changing skills needs, but it also bringsopportunity. As part of our research, Deloitte Access Economics spoke with Associate Professor Con Stavros from RMIT University inregards to the career prospects of individuals studying a postgraduate qualification in the marketing area.Con indicated that the marketing qualification is quite broad in terms of future job opportunities; ranging from branding,market research, communications, public relations, services quality, product innovation and social media design. Inthis context, marketing should be viewed as a profession with relevance across all industries. Furthermore, many individuals withmarketing qualifications find employment in business-to-business (B2B) marketing roles, rather than in business-to-consumer (B2C)roles which can be perceived to be more prevalent across the marketing profession.While marketing occupations are experiencing change due to the rise of digital marketing and data analytics, Con views thesetechnological developments as new outlets and options for companies to perform the tasks that have underpinned the role of themarketer, such as connecting with customers and targeting products to relevant markets. As such, although digital skills arebecoming increasingly important in marketing occupations, the core mix of technical and creative skills underpinningmarketing roles are still critical for success in the job market. This creative aspect of marketing in particular is seen as a factorwhich is required to ensure that a product or brand is successful in the market, and the human element associated with this creativeflair can be difficult to be substituted with technology.03
The future of work Occupational and education trends in marketing in Australia“Over the last five years,there has been thistremendous push tobring marketing andoperations together working hand-in-handon almost everythingand loyalty, customerexperience and data areat the centre of that.”To ensure that the value and competitiveadvantage gained from the wealth ofcustomer data that is becoming availablecan be maximised, organisations need to“collect, share, store, transmit and ‘use’this insight” to shape marketing practice( Jaworski, Malcolm, & Morgan, 2016).Peggy Fang Roe, Marriott International’schief sales and marketing officer for AsiaPacific, has recently stated that “overthe last five years, there has been thistremendous push to bring marketingand operations together workinghand-in-hand on almost everything andloyalty, customer experience and dataare at the centre of that” (Cameron, 2017).Marketers therefore have a role in thebroader process of effectively harnessingand actioning the insights provided bybig data and analytics. As a result, a broadrange of job opportunities are availableto workers in the marketing area, asoutlined in Box A.Disruption in professional servicesTechnological developments havealso been recognised as havingsignificant implications across the globalprofessional services market, and arecontributing to a shift towards theprovision of full service offerings, or a‘one stop shop for clients’. In Marketing’sJuly 2012 issue, a feature titled ‘DigitalDarwinism’ discussed how companiesare increasingly competing with a widerrange of firms, how ‘big data’ is growingin importance, and how the power of04digital is increasingly being recognisedin boardrooms. It was predicted thatprofessional services companies wouldsee a more active role in the end-to-enddevelopment of client campaigns, withmarketing teams working more closelywith technology departments as businessoperations evolved.These trends are currently playing out inthe marketing space, with a number oflarge professional services providershaving recently acquired creativeadvertising agencies to be integratedwith their broader product offeringsin order to offer a full client service.These include, for example, Accenture’sacquisition of one of Australia’s largestcreative advertising agencies, ‘TheMonkeys’, and design business, ‘Maud’, inMay 2017; PwC’s acquisition of a majoritystake in Thinkerbell in August 2017; andDeloitte’s recent onboarding of threeleaders in creative advertising from theMcCann Melbourne agency to lead itsBrand Creative and Media team.For marketing graduates, this opensnew job opportunities in largerprofessional services firms, as marketersincreasingly become part of a broadersuite of services aimed at businessespartnering with clients. In such a businessenvironment, collaboration skills such ascommunication and teamwork will alsobe critical enablers of success alongsidetechnical marketing expertise.
The future of work Occupational and education trends in marketing in AustraliaWhich marketing occupations are relevant for our analysis?In order to provide a snapshot of theworkforce growth potential associatedwith the marketing area, Deloitte AccessEconomics has identified a series ofoccupations that could represent jobopportunities for workers with skills andqualifications in the marketing field.1Since our research aims to evaluatefurther study in the marketing area,the specified occupations are targetedtowards roles that would be suitablefor employees who have completedpostgraduate study, rather thanentry-level roles with lower skills andqualification requirements.The following occupations have beenidentified using the Australian andNew Zealand Standard Classification ofOccupations (ANZSCO) as representingpotential employment opportunities inthe marketing area: Advertising and Sales Managers Advertising and MarketingProfessionals2 Information and CommunicationTechnology (ICT) Sales Professionals Public Relations Professionals Technical Sales Representatives.The analysis that follows on futureworkforce growth and the benefitsof further study in the marketing areaare based on this list of occupations.We note that while these occupationshave been identified on the basis ofbeing relevant to job opportunities forindividuals with marketing skills andqualifications, not every worker employedin these occupations will necessarily havea specific marketing qualification. Thislist of occupations therefore outlinesthe broad pool of potential employmentopportunities in the marketing area acrossdifferent parts of the workforce, ratherthan a one-to-one representation of thejobs that employ marketing graduates.1. The occupations have been identified at the 4-digit level based on the Australian Bureau of Statistics’ detailed occupation descriptions in the Australian New ZealandStandard Classification of Occupations: First Edition (Australian Bureau of Statistics, 2006), as well as consultation with university academics and subject matter experts,and research published by relevant industry associations and other publicly available materials.2. According to the ANZSCO definitions, Advertising and Sales Managers direct and control advertising, sales, public relations and marketing activities, whileAdvertising and Marketing Professionals develop advertising strategies and campaigns and determine market opportunities for new and existing goods and services.05
The future of work Occupational and education trends in marketing in AustraliaWhat is the future growth potentialof the marketing workforce?The Australian marketing workforce is forecast to see sound growth in thenext five years. Aggregating the marketing occupations identified above,Deloitte Access Economics projects the relevant workforce will grow from269,000 persons in 2016-17 to 299,000 persons in 2021-22, an increase ofaround 30,000 workers at an annual average growth rate of 2.2% (Chart 1).3Chart 1: Marketing employment forecasts, 2016-17 to 2021-22Source: Deloitte Access Economics (2017)The marketing workforce is expected to see stronger growth than the Australianlabour force as a whole, where employment is forecast to grow at an average of1.5% per annum over the next five years (Chart 2).Chart 2: Marketing employment and total employment, 2016-17 to 2021-22Source: Deloitte Access Economics (2017)3. The marketing workforce forecasts for this report have been produced using the Deloitte Access Economics’ Macro (DAEM) modelling framework,a macroeconometric model of the Australian economy. For the purposes of this research, employment projections at the 4-digit ANZSCO levelhave been smoothed using a three-year moving average, in order to provide workforce forecasts that are more reflective of trend jobs growth.06
The future of work Occupational and education trends in marketing in AustraliaTable 1 provides a breakdown of DeloitteAccess Economics’ employment forecastsfor the marketing workforce by thecomponent occupations. Demand foradvertising and sales managers isexpected to grow by almost 13,000people over the next five years, at anannual growth rate of 1.7%. The forecastgrowth rate is strongest for advertisingand marketing professionals, whereaverage annual growth is forecast tobe a robust 3.2%. The overall positiveoutlook for labour market demand inthese marketing occupations is expectedto be supported by the growing roleof digital marketing and the increasingintegration of marketing with otherbusiness functions and services.Demand for advertisingand sales managers isexpected to grow byalmost 13,000 peopleover the next five years.Table 1: Marketing employment forecasts by occupation, 2016-17 to 2021-22Occupation2016-17(000s)2021-22(000s)Change inemployment (000s)Average annualgrowth rate (%)Advertising and Sales Managers141.2154.012.81.7%Advertising and Marketing Professionals 62.373.010.73.2%Public Relations Professionals21.924.72.82.4%ICT Sales Professionals14.015.51.52.0%Technical Sales Representatives29.432.42.91.9%Total Marketing268.8299.530.72.2%Source: Deloitte Access Economics (2017)07
The future of work Occupational and education trends in marketing in AustraliaHow can further study benefitworkers in marketing occupations?Businesses expectworkers to bringmulti-dimensional skillsto a marketing-relatedrole, such as in relationto communication,critical thinking andteamwork, as well as inanalytics, automationand integratingmarketing andtechnology platforms.Increased earning potentialConventional economic theory suggeststhat workers who undertake furtherstudy are able to realise higher wagesin the labour market. From a humancapital perspective, education is animportant determinant of the overallproductivity of labour, which is thenreflected in the wages paid to individualworkers. The knowledge and skillsderived from education representsan increase in human or intellectualcapital, leading to more productiveworkers who are financially rewardedfor their increased efficiency.Furthermore, signalling theory suggeststhat further study can be a means forindividuals to ‘signal’ their capability toemployers, as more capable individualsmay be more successful in completingtheir education.Recent Deloitte Access Economicsresearch has estimated the impactof a postgraduate qualification onwages, controlling for other factorswhich may also contribute to earningsdifferentials at the individual level(such as demographics and experience).While this study did not specificallyexamine the wages earned by marketingworkers, it found that a significant wagepremium is attained by workers whohave completed postgraduate studyin the broader Management andCommerce field of education.4 Acrossall workers who studied Managementand Commerce at the postgraduate level,an undiscounted lifetime wage premiumof 48% relative to workers with no postschool qualifications was found to bedirectly attributable to having completedthe postgraduate qualification (DeloitteAccess Economics, 2016).Looking specifically at the occupationspreviously identified in the marketingworkforce, data from the latest Censussuggests that the average annual incomeearned by postgraduate-qualifiedworkers who studied Managementand Commerce in these occupationswas 129,004 in 2016-17. In raw terms– without accounting for other factorssuch as demographics and experience– this was 33% higher than the average2016-17 income of workers employedin marketing occupations who have nopost-school qualifications. The averageannual income of marketing workerswith a postgraduate qualificationin Management and Commerce isforecast to increase over the next fiveyears, rising to 150,431 in 2021-22.5Further to the increased earning potential,additional study in the marketing area canenable workers to hone the skills neededto be highly sought after as a marketer,as well as opening up a new and diverserange of career pathways.Broadening career pathwaysOur research finds that as potentialemployers or as future clients, businessesexpect workers to bring multi-dimensionalskills to a marketing-related role, such as inrelation to communication, critical thinkingand teamwork, as well as in analytics,automation and integrating marketingand technology platforms. Successfulprofessionals in the marketing area needto demonstrate both technical expertisein order to conduct evidence-basedmarketing analysis, and creative thinkingin order to differentiate a product or brandfrom competitors. Further study can assistin building these core competencies,enabling employees to upskill and takeon more senior roles or to transition intothe marketing area from careers in otherfields, as discussed in Box B.4. Management and Commerce has been identified as the most relevant field of education for marketing qualifications. The Management and Commerce field ofeducation is represented at the 2-digit level in the Australian Standard Classification of Education (ASCED).5. Future income has been estimated using annual Wage Price Index growth forecasts from the September 2017 Business Outlook (Deloitte Access Economics, 2017).08
The future of work Occupational and education trends in marketing in AustraliaBox B: Marketing qualifications and career applicationsOur consultation with Associate Professor Con Stavros from RMIT University suggeststhat studying a postgraduate qualification in the marketing area can havea range of applications across a diverse range of individual career stages.For example, further study in marketing can accelerate career progression forprofessionals with a few years of experience working in a marketing role. The industryapplications of marketing extend beyond the basic communications, consumerbehaviour and research components that are generally taught at the undergraduatelevel, into areas such as product design, customer tracking, digital marketing andbrand experience across the value chain from materials, to support services, to finalproduction. Further study can enable workers to develop the skills that allow themto take on expanded marketing roles across these functions.Furthermore, Con suggests that professionals in other fields may undertakepostgraduate education as a means to transition their careers towards themarketing field. Individuals with work experience or undergraduate qualificationsin other areas such as architecture, engineering and nursing can find that themultidisciplinary skills that are attained through further study in marketing canassist them in pivoting towards a marketing or sales-related role within their chosenindustry. Demand from industries across the economy for market research andadvice (in both B2B and B2C contexts) means that workers with a combined skillsetof marketing expertise and specialist industry knowledge are being increasingly valuedacross the workforce.What are the key takeaways forcurrent and future marketing workers? The increasing integration of marketingwith other business functions and growthin digital marketing is contributing to anincrease in demand for marketing skills. This is expected to drive future growth inthe marketing workforce, increasing from269,000 persons in 2016-17 to 299,000persons in 2021-22. The average annualgrowth rate of 2.2% is stronger than the1.5% per annum growth forecast for theentire Australian labour force.09 The average annual income of marketingworkers with a postgraduate qualificationin Management and Commerce was 129,004 in 2016-17, and this is forecastto rise to 150,431 in 2021-22. Further study in the marketing areacan also provide workers with greatercareer opportunities through thedevelopment of more advanced andspecialised skills, and allow professionalsin other occupations to transitiontowards marketing by developing amultidisciplinary skillset.“Workers with acombined skillset ofmarketing expertiseand specialist industryknowledge are beingincreasingly valuedacross the workforce.”– Associate Professor Con Stavros,RMIT University
The future of work Occupational and education trends in marketing in AustraliaReferences Australian Bureau of Statistics. (2006). Australian andNew Zealand Standard Classification of Occupations Cameron, N. (2017). How Marriott’s APAC marketing chief employs dataand digital for customer advantage. Retrieved from CMO: igital-build-customer-loyalty/ Data & Marketing Association. (2016). Retrieved from The Value ofData 2015: Consequences for Insight, Innovation & Efficiency in theU.S. Economy: nstitute/value-of-data/ Deloitte Access Economics. (2016). Estimating the public and privatebenefits of higher education Deloitte Access Economics. (2017). Business Outlook (September 2017) Jaworski, B., Malcolm, R., & Morgan, N. (2016). 7 Big Problems in theMarketing Industry. Retrieved from American Marketing tingNews/Pages/7-bigproblems-marketing.aspx McKinley Marketing Partners. (2016). 2016 Marketing Hiring Trends: Thespread of strategic digital marketing across business functions The Economist. (2015). The rise of the marketer: Driving engagement,experience and revenue. Retrieved from http://futureofmarketing.eiu.com/briefing/EIU MARKETO Marketer WEB.pdf10
ContactsDavid RumbensPartner, Deloitte Access Economics 61 3 9671 7992drumbens@deloitte.com.auSara MaManager, Deloitte Access Economics 61 3 9671 5995sarama1@deloitte.com.auDeloitte Access EconomicsACN: 149 633 116550 Bourke StreetMelbourne VIC 3000Tel: 61 3 9671 7000Fax: 61 3 9671 7001General use restrictionThis report is prepared solely for the use of Keypath Education Australia. This report is not intended to and should notbe used or relied upon by anyone else and we accept no duty of care to any other person or entity. The report has beenprepared for the purpose of providing forward-looking economic and workforce analysis on the marketing area. You shouldnot refer to or use our name or the advice for any other purpose.This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, ortheir related entities (collectively the “Deloitte Network”) is, by means of this publication, rendering professional advice orservices. Before making any decision or taking any action that may affect your finances or your business, you should consulta qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained byany person who relies on this publication.Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and itsnetwork of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.About DeloitteDeloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multipleindustries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-classcapabilities and high-quality service to clients, delivering the insights they need to address their most complex businesschallenges. Deloitte’s approximately 244,000 professionals are committed to becoming the standard of excellence.About Deloitte AustraliaIn Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leadingprofessional services firms. Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisoryservices through approximately 7,000 people across the country. Focused on the creation of value and growth, and knownas an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our peopleexcel. For more information, please visit our web site at www.deloitte.com.au.Liability limited by a scheme approved under Professional Standards Legislation.Member of Deloitte Touche Tohmatsu Limited. 2018 Deloitte Touche Tohmatsu.MCBD HYD 12/17 055019
marketing qualifications find employment in business-to-business (B2B) marketing roles, rather than in business-to-consumer (B2C) roles which can be perceived to be more prevalent across the marketing profession. While marketing occupations are experiencing change due to the rise of digital marketing and data analytics, Con views these
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
