Navigating the Sales Job Market in 2023: Insights from Sphere's Salary Survey

The sales job market in 2023 is experiencing dynamic shifts with increased mobility, changing demographics, and new trends in salary and benefits. We've analyzed the latest salary survey data to provide you with insights on the current landscape and what to expect in the future.

Key Findings from the 2023 Salary Survey

Matt Demain, Director of Sales at Sphere, shared some key findings from the survey. He reported that "the sales market has seen a high degree of mobility in 2023, with 58% of respondents being open for a career move, with progression and a better working culture being the core drivers." He also mentioned that "salaries as a whole have continued to see an increase across all levels from 2022, as the market, though contracting, has continued to compete for a smaller talent pool driving up salaries across all industries."

Demain observed that a large percentage of careers are built upon relationships, referrals and recruiters alike, with 35% of respondents having found their job through recruiters and 37% through their networks.

Additionally, those working in sales now look at the wider package when deciding to make a career move, with 70% of jobseekers prioritizing medical, dental, and healthcare benefits, and 69% valuing flexible working as a core requirement. Remote working is also in high demand, with 64% of respondents seeking fully remote positions.

The survey data reveals that the sales job market remains male-dominated, with 70% of respondents being male and 30% being female. The largest age group in the survey was 30-39 year olds, accounting for 47% of respondents. In terms of education, the majority (66%) attended state-run or state-funded schools, while 20% attended independent or fee-paying schools and 10% attended schools overseas.

One area of concern is the gender disparity at higher levels of management, with only 7% of females in c-suite, owner, or director positions compared to 13% of males. However, job satisfaction with pay is relatively high in the sales job market, with 44% of respondents reporting feeling satisfied with their current salary.

Click here to download the full report for a comprehensive view of salaries for salespeople 

Pay, Bonuses, and Commission Structures

The data reveals that half (49%) of respondents received a pay rise last year, with the majority receiving increases between 1-20%. The majority (86%) of sales professionals receive a bonus, typically sales or target-based. The average bonus values tend to increase with more years of experience.

"Salaries as a whole have continued to see an increase across all levels form 2022 as the market though contracting has continued to compete for a smaller talent pool driving up salaries across all industries"

Commission structures continue to vary depending on the product being sold and the client base, with top earning opportunities ranging from 30% to 100% and/or uncapped. Commission remains a significant factor in the decision-making process for candidates, especially as they remain in high demand.

"Positively for the industry, 44% of all respondents reported feeling satisfied with the current salary". 

Click here to download the full report for a comprehensive view of salaries for salespeople 

Benefits and the Future of the Sales Job Market

The top three benefits received by sales professionals are medical, dental, or optical insurance (70%), flexible working (69%), and remote working (64%). Share option schemes are a desired benefit, with 33% of respondents looking for this option, yet only 18% reported being offered equity. This indicates an opportunity for companies to offer this benefit to attract and retain top talent.

Given the high degree of mobility in the sales job market, businesses will need to take proactive steps to attract and retain top sales talent to navigate the uncertainty in the months ahead. Some key strategies that companies can implement include:

• Focusing on employee well-being: Companies that prioritize the mental and physical well-being of their employees can create a more engaged, productive, and loyal workforce. Offering mental health support, wellness programs, and encouraging work-life balance are some ways to demonstrate commitment to employee well-being.
• Encouraging diversity and inclusion: A diverse and inclusive sales team can bring fresh perspectives and innovative ideas to the table. Companies should prioritize diversity and inclusion in their hiring practices and provide equal opportunities for growth and advancement to all employees.
• Developing strong employer branding: A strong employer brand can attract top talent and make it easier for businesses to retain their best performers. Companies should invest in showcasing their unique values, culture, and benefits to create a compelling employer brand.

By focusing on these strategies and offering competitive benefits packages, businesses can successfully navigate the challenges of the sales job market and secure top sales talent to drive their organizations forward.

As a recruitment agency specializing in sales roles, we understand the unique challenges and opportunities in the sales job market. Our team of experienced recruiters is dedicated to helping both companies and sales professionals navigate this dynamic landscape successfully.

Get in touch with me today for more information matt@spherelondon.co.uk