Research conducted by SurveyMonkey has highlighted the apprehensions of British marketers regarding their job security. The study reveals that 29% of British marketers suspect they might face redundancy this year, while 43% are anxious about the long-term security of their positions.
This unease comes amidst a period of high unemployment, with the number of jobless individuals reaching its peak since December 2020. Predictions also indicate that the UK’s inflation rate will surpass government targets up to 2025.
The current economic landscape has compelled many companies to reconsider their budgeting strategies. Consequently, 58% of the surveyed marketers are of the opinion that this year might be more detrimental for their business than the repercussions of the COVID-19 pandemic. A significant 33% are uncertain about their business’s viability past the upcoming year.
Many marketing departments are grappling with decreased budgets and teams. Around 44% of the surveyed marketers noted that their department has experienced cuts, both in terms of personnel and budget, in the past year. Furthermore, 29% estimated that up to a quarter of their colleagues have been made redundant over the same period. Despite these cutbacks, expectations remain high. 43% stated that they are expected to deliver the same output with fewer resources, while 25% said they’re expected to produce even more.
The emergence of AI, including generative AI tools such as ChatGPT, is viewed as a pivotal component in addressing these challenges. Even though 29% of the marketers perceive AI as a potential job risk, a substantial 71% don’t regard it as a threat. Interestingly, 49% think that AI can manage portions of their daily responsibilities. An optimistic 37% believe that while AI might replace certain roles, it would also usher in new job opportunities. Additionally, 57% emphasize the indispensable role of AI in ensuring their business’s long-term viability.
Cormac Kelly, Senior Director of Customer Success EMEA at SurveyMonkey, commented on the findings, “In this challenging economic environment, businesses face tough choices to maintain profitability, leading to increased pressures on marketers. As many navigate with tightened budgets and smaller teams, it’s crucial for company leadership to make their staff feel valued and heard. Taking feedback from stakeholders, both employees and customers, can play a vital role in ensuring that marketers can deliver impactful outcomes.”
Find out more at: https://www.surveymonkey.com/resources/european-business-sentiment-2023 and download the full survey results here.
SurveyMonkey conducted the study between March 30 – April 7, 2023. The participants comprised 841 adults from the UK, 736 from the Netherlands, and 743 from Ireland. The sampling was demographically balanced based on UN data. The error estimate was ±3.0% for the UK and ±3.5% for both the Netherlands and Ireland.