Macmillan Publishers U.S. Trade will raise its entry-level salary to $42,000 a year. The raise will apply to all incoming and existing employees. It marks a $7,000 increase from what was reported to be Macmillan's baseline salary prior to the change, and makes Macmillan's entry-level salary among the highest, if not the highest, at the Big Five trade houses.
“We expect this change will help us expand our applicant pool by attracting candidates who have, up to now, found our starting salary too low," said Don Weisberg, CEO of Macmillan Trade Publishing. Weisberg added that increase is part of Macmillan’s broader diversity and inclusion program and commitment to pay equity.
News of the increase comes nearly six months after the announcement that Macmillan would temporarily cut some salaries across the company as part of a cost-saving initiative to combat the anticipated impact of the new coronavirus pandemic on the publisher's parent company Holtzbrinck's overall businesses. (The hiring freeze has since been lifted and salary cuts restored, and employees impacted by the salary reductions have since been repaid the full reduction amount.) It also comes one week after incoming CEO Don Weisberg told PW that Macmillan is having “a really good year” financially, and that it has been growing steadily over the last four years.
The salary increase goes into effect on December 27.
This story has been updated for clarity.