The Bookseller.com

2nd December 2008

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Publishing salaries reflect US slowdown

29.07.08

The state of the national economy in the US is reflected in both the salaries and attitudes in the publishing industry, according to Publishers Weekly's annual salary survey.

In 2007, the average salary raise was 4.2%, above the rate of inflation, but still the smallest increase in more than five years, reports the publication. Bonuses were also lower in 2007 than in 2006, with those in management feeling the belt-tightening most acutely; their bonuses were half what they got in 2006.

While low pay was once again the main source of dissatisfaction, two new factors were major contributors: lack of advancement opportunities plus company and industry instability.

Those who are the most worried about their future are employed in the publishing segments undergoing the most significant technology changes. Only 66% of educational publishing employees feel secure in their jobs, with a large number, 18%, reporting they are very worried about their jobs, while in professional publishing, 70% feel their jobs are secure.

Results of the survey are based on 1,350 responses to an online questionnaire.

PW

US Global