Rising cost of market research professionals: skill shortage or rising inflation?

ESOMAR’s Global Prices Study 2023 report dedicates a chapter to one of the essential components of any project: the cost of the market research professionals working on it. The 2023 edition reports that the prices for hiring such professionals have nominally increased since 2021 – though they are still lower than in 2018. Lisa Wilding-Brown shares her views on the factors influencing the cost of hiring market research professionals in this dynamic climate.

The rising cost of hiring market research professionals is indeed a reflection of our changing economy that is affecting every organisation. This cost increase may not be exclusively driven by inflation or skill shortage but also to ensure that our industry remains equipped with the right expertise, skillsets, and compensation for the future. As the market becomes more competitive, we must pay our talented individuals fairly to attract and retain top-notch professionals. We must attract talent with the aim to grow their careers for many years to come.

I recognise the immense value that young professionals bring to our field, and I truly believe in promoting a desirable career path in market research and encouraging them to view this industry as a fulfilling career destination. While on the ESOMAR Council, I had the privilege of revamping the Young ESOMAR Society initiative. Through this initiative, I was able to guide, mentor, and inspire the next generation of market research leaders, empowering them to innovate and move our industry forward. Additionally, as a long-standing WIRe (Women in Research) Mentor, I have been honoured to contribute to the growth and development of aspiring professional leaders and see them flourish for many years. Mentoring holds a special place in my heart, as I firmly believe in the power of sharing knowledge and experiences to foster personal and professional growth. 

As a leader in the vibrant field of insights, I am acutely aware of our pivotal role in driving innovation, embracing transformation, and shaping our collective future. Studies show that 63% of employees who are recognised are more likely to remain in their roles for an additional six months compared to those who aren’t recognised for strong work. It is crucial that we acknowledge and promote emerging talent who will propel our sector to new heights. By honouring their outstanding achievements, we not only uplift individuals but also inspire the entire industry to reach unprecedented levels of excellence. We can captivate the attention of aspiring professionals brimming with promise, passion, and purpose who are unaware of the profound impact and rewards that research can offer. Embracing DEI, ESG, and psychological safety can empower our people, propel our sector to new heights, and inspire the entire industry towards unprecedented levels of excellence. A study done by LinkedIn reports a resounding 87% of respondents attribute a diverse sales team to their success, and companies with inclusive teams are 35% more likely to outperform their industry peers. Organisations with a strong commitment to ESG principles not only boost their profitability but also fortify their resilience to navigate and thrive in an ever-changing market landscape.

Are you curious about your agency’s prices compared to the median prices at global, regional, and local levels? Head to ESOMAR’s Global Prices Study 2023 to download the report and the data tool to benchmark your agency’s prices!

The report also includes relevant topics for the industry, such as the cost of a standalone F2F/virtual presentation, the choice of data collection methodologies, and the evolution of professional tariffs, along with the opinions of industry experts. A must-read for both suppliers and buyers in the industry, available on the ESOMAR website