Last year our annual salary survey asked "How Low Can You Go?" and the answer is 2.1%. That is the average industry raise reported in 2009, the lowest raise in at least six years and more than a full percentage point below the meager 3.3% raise earned in 2008. But the survey didn't find all bad news.

Fifty-eight percent of respondents said the financial condition at their company had stabilized, and 20% said the company they work for is expanding. The two most visible signs of growth at companies were the hiring of new employees and restoring pay raises. The latter is welcome news since more than half of survey participants said they received no raise at all in 2009. With companies' finances in better shape than a year ago, industry members were feeling a bit more secure about their jobs, although the 71% of respondents who said they felt secure about their jobs, while higher than in 2008, was still below 2007 levels. The highest number of companies still retrenching were among nonprofits, university presses, and religious publishers.

Despite the slowly improving conditions, the survey found a malaise still hovering over a significant portion of the industry workforce. The survey found people doing more work for the same or less money, a combination that resulted in low pay being cited by 68% of those with job complaints as their main grievance. In 2009, low salaries was cited by 53% of those dissatisfied with their jobs. Increased workload, lack of recognition, and lack of advancement all increased more than 20 percentage points between 2008 and 2009 among those unhappy with their jobs. Overall, those satisfied with their jobs fell by two percentage points last year, to 48%.

Bigger Gap:
The recession resulted in an even larger discrepancy between the compensation for men and women.
Women avg. pay: $64,600
Men avg. pay: $105,130

Dissatisfaction with their jobs was no doubt the reason that 27% of respondents said they would not recommend publishing as a career, the highest negative response rate ever. As recently as 2006, 82% of industry members said they would encourage students to enter publishing. And a growing number of industry members are showing their displeasure with publishing not only by discouraging others from entering the field but by leaving. Sixteen percent of respondents said they expected to change careers within two years, up from 11% in 2008, and 16% were unsure where they will be in 2012. Another 19% hoped to find themselves at a different publishing company.

The segment of the population least interested in a publishing career is men. By a remarkably high percentage, women are filling the ranks of new employees. According to the survey, 85% of employees with fewer than three years of experience were women, a figure that changes only slightly among industry members with three to six years' experience, where women held 82% of jobs. It is not until later in a publishing career that the women-to-men ratio balances out a bit, with women holding 54% of positions among employees with 20 or more years of experience.

Women dominate the publishing ranks despite being paid far less than men. The overall gap between men and women in 2009 was roughly $40,000, about $10,000 higher than in 2008. The discrepancy can be explained in part because the only area where men outnumber women is in management, where the highest paying jobs are found. The extraordinarily high number of women in low-paying entry-level jobs also contributes to the gap as does the fact that men have more experience than women; men averaged nearly 17 years on the job compared to just over 11 years for women. Still, on a position-by-position basis, the survey found that in the overwhelming number of cases men earned more than women. The positions where this did not hold true was at the highest levels in editorial and sales and marketing. Women editorial directors/editors-in-chief averaged higher salaries than men in the same job, while women publishers had higher average salaries than men publishers. At the vice president level in sales and marketing, pay was nearly equal between the sexes.


2009 Total Compensations by Company Sales/ Revenue

Position Total Under
$10 mil.
$10 mil.–
$99.9 mil.
$100 mil.–
$499 mil.
$500 mil. +
NET Editorial $51,3785 $49,350 $63,500 $60,000 $65,000
Editorial Director/Editor-in-Chief 96,000 75,750 96,000 154,250 129,250
Senior/Executive Editor 74,900 62,500 75,000 89,950 84,000
Managing Editor 61,940 32,000 35,250 31,250 36,000
Editor 49,500 44,000 49,000 54,525 56,125
Associate Editor 39,000 37,000 44,500 43,100 41,000
Product Dev. Editor/Acquisitions Editor 52,000 52,000 54,500 40,000 73,100
Copy Editor/Proofreader 39,750 35,050 40,000 49,250 81,000
Assistant Editor 36,000 33,375 32,500 31,500 37,800
Editorial Assistant 31,000 30,000 32,416 31,000 34,938
Other 30,500 29,000  — 21,000 39,000
NET Sales/Marketing 60,500 48,250 69,522 77,250 86,000
V.P. Sales/Marketing 145,500 89,500 146,000 181,500 197,500
Publisher 130,000 98,000 134,000 276,560 205,000
Associate Publisher 100,000 80,300 132,500
Sales Director/Manager 90,000 71,000 90,000 95,000 122,500
Sales Rep/Account Manager 69,000 52,000 69,525 77,000 83,200
Publicity Manager/Director 55,000 40,500 58,250 46,739 55,500
Advertising/Promotion Director/Manager 58,000 54,740 70,750 57,500
Marketing Director/Manager 62,250 54,000 65,000 77,500 84,120
Marketing Designer/Coordinator 41,000 42,400 43,163 50,200 43,000
Marketing Assistant 33,000 32,000 35,750 35,000 33,500
Publicist 38,000 39,000 40,700 42,750 35,000
Publicity Assistant 32,000 31,500 30,500 32,000 36,000
Sales Support/Assistant 35,000 33,000 33,000 35,500 35,250
Other 36,550 35,050 36,550 45,000
NET Management 111,770 93,000 130,000 200,000 185,000
President/CEO 138,000 105,000 280,000 387,500 705,000
Owner/Director 110,000 106,500 131,000 135,000
Executive/Senior V.P. 136,500 70,746 144,500 167,500 200,000
V.P. General Manager 118,500 85,000 146,000 230,000 265,000
Executive/Senior V.P. 136,500 70,746 144,500 167,500 200,000
V.P. Finance/Controller 222,000 53,560 291,000 222,000
V.P. Production/Operations 98,500 97,250 162,750 530,000
Director of New Media 90,000 90,000 64,000 150,000
Human Resources 102,500 130,000 54,000 42,000
Other 65,750 54,000 65,750 61,000 98,650
NET Operations/Production 53,200 51,000 53,261 49,900 80,000
Production Manager/Director 54,818 51,750 57,000 46,500 143,000
Distribution Manager/Fulfillment Director 87,000 49,000 91,000 226,000
Accounting/Credit Manager 70,000 70,500 70,000 121,000
Art Director 61,875 52,000 102,000 68,500 60,000
Designer/Production Artist 47,799 50,500 56,250 38,975 38,500
Production Editor 44,000 41,400 44,000 38,300 60,980
Other 47,350 51,000 50,000 45,000 62,000
NET Rights 58,500 65,000 59,250 67,400 70,250
Sub Rights Director/Manager 58,500 65,000 59,250 67,400 70,250

Selected Executive Salaries*

Books-A-Million Salary Bonus Incentive Total
Clyde Anderson, Chmn., CEO $423,385 $19,125 $386,925 $829,435
Terry Finley, EVP, CMO 321,461 12,623 246,117 580,201

A good performance in a difficult year resulted in significant gains for the retailer’s top management. Both Clyde Anderson and Terry Finley enjoyed salary increases in the year and significant increases in incentive pay. -

Borders Group Salary Bonus Incentive Total
Ron Marshall, Pres., CEO $750,000 0 0 $750,000
Mark Bierley, EVP, CFO 375,000 0 600,000 975,000

The executive merry-go-round at Borders led to all sorts of payments for a number of executives. Ron Marshall’s salary is for the one year he served as president before resigning on January 25. Mark Bierley’s $600,000 bonus is actually a retention payment. Current president Michael Edwards earned a salary of $138,462 last year beginning with his September 28 appointment as executive v-p, merchandising and marketing. As president, Edwards has a base salary of $400,000. -

Courier Corp. Salary Bonus Incentive Total
James Conway III, Chmn., Pres., CEO $531,673 0 $145,000 $676,673
Eric Zimmerman, VP, publishing 212,061 0 0 212,061

For the year ended September 26, 2009, sales and earnings fell at the company, but James Conway had a slight increase in both salary and incentive pay in the year. The publishing segment had a particularly tough time, yet head Eric Zimmerman received a 3% salary increase, but no bonuses or incentives. -

Educational Development Corp. Salary Bonus Incentive Total
Randall White, Chmn., CEO, Pres. $150,000 $22,000 0 $172,000

The publisher’s results have stayed roughly flat the past several years, and Randall White’s take-home pay has remained flat for three years in a row. White is EDC’s largest shareholder. -

Pearson Salary Bonus Incentive Total
John Makinson, Chmn., Penguin £525,000 £655,000 0 £1,245,000
Will Ethridge, Chief Exec.,
North America Education
639,000 0 874,000 1,513,000

Total compensation rose 15% for John Makinson and 29% for Will Ethridge in 2009, with incentives playing a major role. As usual, Makinson received a location and market premium for managing Penguin USA; the 2009 payment came to about £216,000. -

Scholastic Salary Bonus Incentive Total
Richard Robinson, Chmn., CEO, Pres. $870,000 0 $154,182 $1,024,182
Margery Mayer, EVP, Pres., Education 618,000 0 96,277 714,277
Judy Newman, EVP, Pres., Book Clubs 612,064 0 55,509 667,573

A decline in incentive pay was the major reason behind the decline in compensation for the top Scholastic executives for the fiscal year ended May 31, 2009. Salaries of Dick Robinson and Margery Mayer were flat, and Judy Newman received a 4% salary increase. -

John Wiley Salary Bonus Incentive Total
Will Pesce, Pres., CEO $927,500 $578,813 $876,157 $2,427,470
Stephen Kippur, EVP, Pres. Prof/Trade 506,667 153,000 84,437 744,104

Total take-home pay fell for both Will Pesce and Stephen Kippur in the fiscal year ended April 30, 2009, due to declines in bonuses and incentives. Both men received salary increases in the year. *Compensation excludes long-term incentive plans, which usually take the form of stock options and awards.

All results are based on 1,577 responses to an online questionnaire sent to PW subscribers this spring.

The complete results of the salary survey are available for $50 by contacting cbryerman@publishersweekly.com.