By Karina Masolova
Licensing professionals are seasoned lot, happy with their jobs and prepared to put in the hours, according to The Licensing Letter’s 2016 Salary Survey. Among the findings:
- Over half of respondents (54%) have been involved in the licensing business for 10 years or more and another 19% for five to ten years. And this staying power extends to the job itself—55% have been in their current position for five years or more.
- On a scale of 1 to 10, where 1 is not satisfied and 10 extremely, 66% of respondents rate their job satisfaction at 7 or higher. Of those who indicate low job satisfaction (22% rate satisfaction at 5 or lower) the most common refrain is the perception that salary is not in line with industry standards, lack of benefits and limited advancement opportunities. Part and parcel of such frustrations is an awareness of economic and organizational limitations.
- Licensing professionals put in an average of 48 hours at work, with 14% dedicating 60 or more hours a week to their craft.
The titles with the greatest amount of responses are director (32%), manager (20%), VP (13%), coordinator (8%) and SVP (6%). These are the only job titles for which the number of responses is sufficient to generate salary and bonus data. Even limited to these categories however, titles are not used consistently in licensing. For example, a director in a very large company could be equivalent to a VP at a smaller one (and size isn’t the only differentiator). Unlike in other industries, titles don’t always correlate with responsibilities. The range of responses in compensation is one indicator—e.g. $74,000–230,000 for VPs and $25,000–140,000 for managers. In the case of managers, the low end of that range would likely be a coordinator or assistant at some companies, yet a junior director at others.
Other than the salary and bonus questions, specifically, there was little difference in the response of these and other titles, and so, other than salary and bonus, responses in this analysis are across all titles. GeographyAmong U.S. respondents, 31% of licensing executives are located on in the mid-Atlantic and 28% on the West Coast. The Midwest accounts for 12% while a smaller percentage call the Southeast (9%) and New England (6%) home. Overall, 27% work outside of the U.S. Although every region of the world was well represented, most international respondents are based in Europe (62%). ResponsibiliesWhile 66% of respondents indicated that their primary function is licensing, 14% also have a hand in business development and 9% in product development. Rounding out job responsibilities are marketing (5%), finance (2%), sales (1%) and public relations (1%). EducationMore than half (56%) of respondents hold a bachelor’s degree, 18% have MBAs and 13% have other master’s degrees. Executives who work as licensors, licensees and agents have similar educational backgrounds (roughly 60% hold a bachelor’s and 30% a master’s degree). Consultants are the most educated cohort, with 67% holding a master’s degree. 17% of consultants hold a JD versus an average of 5% for all other licensing executives. A higher percentage of men hold JDs than women (13% of men vs. 2% women), but otherwise educational level is equal across the board. [pieChart title=”Level of Academic Achievement for Licensing Executives, 2015″] BonusesMost (67%) respondents expect to receive a bonus in the next 12 months. Company performance is cited as the most important factor in receiving a bonus (74%), followed by overall personal performance (46%), new business and royalties generated (40% each), sales of licensed lines (28%) and other predetermined factors (17%—multiple responses permitted). Size of Licensing OperationSixty-two percent of companies responding have one to five full-time or full-time equivalent employees directly involved in licensing; 22% have six to 20. Half (49%) say that the number of employees involved in licensing at their company or division is the same as it was a year ago; 31% say the head count is higher and 20% lower. Other Forms of CompensationAlthough companies were quick to embrace alternate forms of compensation after the recession to make up for the lack of raises or bonuses, today that trend has gone to the wayside. Of the small number of companies that do offer benefits, the most common are flexible working hours (including flexibility to work from home, generous vacation policies, paid time off and extra days off), equity, 401K plans, commissions, free lunches and travel. GenderAccording to respondents, all is well for gender parity in licensing. Men and women work the same hours and draw the same salary, after adjusting for title. Although 60% of respondents are women, they occupy a smaller share of the top titles. While 16% of women hold titles of VP and higher, 51% of male respondents claim the same. Two-fifths of female respondents are a director (43%), versus 18% of men holding the same title. And they aren’t lacking in seniority (roughly half of each gender have been involved in licensing for 10 years or more). A higher percentage of men hold JDs than women (13% of men vs. 2% women), but otherwise educational level is equal across the board.
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