Hello all,
Some positivity this week to counter those chill winds out there!
This is a great interview, it makes me excited and energised just to read it. Most of the interviews recently have been with people who have left, or feel let down by the industry, so I’m glad this week to share a different view.
But it’s telling that the most positive perspectives I’ve covered so far have come from people who have done things a little differently – the only other interviewee who expressed the same kind of satisfaction was last year’s small press publisher. This brings us back to that idea of control – if you feel you have control over your choices, to at least some extent, then you are much more likely to be happy with your situation.
And it’s interesting to think . . . to what degree is it possible to feel any kind of autonomy in big corporate publishing? As companies grow, people become more and more siloed into their own separate sectors, and all workers feel further away from the end product. There are myriad ways of managing this but publishing is not very good at innovating management structures and so the same old creakily hierarchical model with big decisions made behind closed doors just seems to endure.
Anyway, I digress! Here we go. But wait, first give me some money!!! (if you can).
How long have you worked in publishing and how much do you get paid?
I have worked in publishing for – eep – 27 years! I currently juggle two commitments – one freelance and one consultancy. My combined earnings come to about £64k gross PA in the last financial year – before tax and expenses. The most I’ve ever earned in my career is £74k PA + bonuses. It is a mid-term ambition to return to that level of earning.
Tell us a bit about what your job entails.
My career – let’s call it that! – entails a whole myriad of tasks and ball-juggling, which I love. I’m an editor by training, with some writing experience and latterly sales experience. I work with publishers, authors (from pre-published through to self-published, brand names and celebrities), literary agents, non-traditional publishers … you name it, if it involves creative editorial work or writing, I’m game! I’ve worked with most of the main publishing houses in the UK, plus non-traditional clients and really love the fact that I never know what’s going to pop into my inbox from day to day.
How do you feel about the amount of money you earn?
I am happy with it and feel as though I truly earn every pound that comes in because I work hard for it! I have learnt to keep a meticulous record of my earnings. Every year, I do a cashflow forecast and then check in on a regular basis. If you’d like to see a chart of a freelancer’s earnings (as below), you’ll see that it’s spikey but positive. Keeping track of what is working and what isn’t is essential to building a business.
It took me a while to understand how to charge clients as a freelancer and some of my early invoicing was terrible. I found it difficult to understand going rates and simply had to overcome my reticence and ask people. You learn to stop being scared to talk money when you’re a freelancer! As mentioned above, I am keen to increase my earnings and prove to myself that I can independently earn the same as I did in my senior in-house roles. Financial goals are an important motivator when you’re doing your own thing. It makes sense that they should also be part of your ambitions in a salaried role.
Do you own property?
I co-own a house in London. Before that, I was able to buy a flat back in the Jurassic age when mortgage companies would lend to anyone – even people who worked in publishing. The property market was extremely different then. In fact, I remember editors buying flats because it was cheaper than paying rent! I blundered through the entire property-buying process, but that meant that when I came to sell the flat eight years later I’d made £100k, which I could put down as a deposit on a house. I appreciate how very lucky I am. My mortgage payments are reasonable, and this has allowed me to take risks with my career that I know just aren’t an option for others who might be paying high rents, have dependents or are naturally risk-averse.
Do you have a pension?
I have a few pension pots rattling around. I have no idea how much is in them and trust in the possibly naïve hope that my property will be my pension. This is not a good policy as pensions are tax free.
Have you made financial sacrifices for working in books? Do you think it’s been worth it?
Undoubtedly, over a lifetime and several times over – not least because I am a woman who has always insisted on financial independence. Guess what? Feminism costs money! Don’t get me wrong, I’m not so proud that I haven’t allowed my parents to help out from time to time, so read what you will into my fudged principles.
Like many of your readers, I started on a paltry salary (£9K PA in 1993) as editorial assistant and worked myself up the ladder. I was very poor in the early years, constantly overdrawn and considered leaving the industry. But I simply couldn’t imagine anything else I wanted to do. This is the dilemma with publishing – it’s like a terrible lover you just can’t leave! I remember sitting down to work out how much I needed to earn to live comfortably in London. I think my sums came out at about £50k, and at the time I couldn’t imagine ever earning that much! But in hindsight, that exercise proved useful. It made me ambitious.
I became adept and fearless about going for interviews – what was the worst that could happen? – but it became a regular and tedious experience to be asked to take pay cuts when offered a new job. I learnt either to negotiate back or to take a punt. One punt paid off and I was soon given good pay rises and promotions in a rewarding job – until I hit the glass ceiling and what I suspect was unconscious bias from an otherwise great boss. I was then headhunted and suddenly seemed to break through to a very different world of publishing salaries. After a while, I craved a return to the creative work and set up on my own.
Taking that decision involved a significant financial sacrifice for the first year, but I saw a 70% increase in earnings in year two and have managed to prove to myself and others that there are ways of earning a decent income that doesn’t involve sitting in endless meetings or battling internal politics.
All of this has involved a lot of extremely hard work and sacrifice, but also has been energizing, has rebuilt my confidence and allowed me to explore opportunities that would never otherwise have come my way. I’m proud of myself. I’ve learnt more from running my own consultancy than I have at any other time in my career. And I’ve shown that I am strong, determined and tenacious. I like those qualities! So, yes, it’s been worth it – but that has been a long, circuitous and sometimes unhappy journey. It’s involved a lot of joy, growth and satisfaction, too.
What would you change about the industry, to make it fairer, if you had the power to do so?
Equal pay. Remote working, and I don’t mean from your bedroom. Regional offices. Genuine diversity. We know all this already. But for the love of all that is holy, can publishing please get its head around the fact that women just happen to be the half of the population that gestate, they also happen to make up the majority of our employees, and can we please stop punishing them for having babies? I am sick and tired of watching talented and experienced individuals leave the industry because their employer can’t get their head around a three-day week. It ain’t rocket science! Work with your employers, show willingness to accommodate their lifestyle, and retain talent. Simples.
On the flip side, I’d love to see fewer women farmed out of the industry once they hit 50+.
Do you think money is wisely spent and invested in the business?
Let’s all pause for a moment to consider those giant penises – sorry, I mean buildings! – currently sitting empty along the River Thames…
Moving on!
Publishing spend really is a game of two halves, and this was never more obvious to me than when I walked away from an author’s champagne reception only to spot an editorial assistant eating homemade soup at her desk.
Whenever I try to explain the publishing model to someone from another industry, they burst out laughing. It’s ridiculous. You can have all the spreadsheets, databases and forms in the world, but acquiring a book essentially boils down to licking your finger and sticking it in the air. It’s a poker game. Some you win, some you lose. Even – or especially – when the stakes are high. If I never see another announcement about a ‘significant six-figure deal’ it will be too soon. It just makes my blood run cold. Some poor sod is going to have sleepless nights for the next 18 months, worrying that the book won’t sell and, in the meantime… Well, their colleague is blending bendy carrots to make homemade soup.
Any other comments?
Decide what YOUR ambitions are and don’t be cowed by the system. I appreciate that some of my own vigour comes from life experience. But as much as possible, believe in yourself. There are ways to build a career without waiting for pay rises or promotions. I’ve seen too many people too downtrodden and scared to even apply for new roles or try something new and that breaks my heart. Reach out to people for advice – people LOVE giving advice, it makes them feel clever. ;-) Don’t be afraid of numbers or to negotiate. It took me a long time to learn that one!
Finally, apply yourself with energy. I was a girl with an overdraft who sat down in her flat and did some sums on the back of an envelope, and then I went for it. During the course of my career, I’ve had two bosses who took a chance on me. Big chances, both times. But they saw something in me that I didn’t even recognize in myself. So, don’t underestimate what you’re capable of achieving, or the opportunities that some individuals will give you – especially as publishing morphs and changes in these interesting new times. There are people out there who truly want to see you succeed! You just need to be one of them.
Big thank you to this week’s interviewee for her hard-won insight.