The salad days that dwindled during the dot-com debacle of 2000 ushered in an era of economic austerity with which the PR profession continues to grapple.
However, according to the 9th annual public relations and corporate communications salary study released late last month by Spring Associates Inc. (New York City),
cautious optimism has replaced despair as modest paid increases for corporate communication departments and PR agencies point to a trend in stabilization and recovery.
"This is a much healthier situation, not only for the economy in general, but from a PR point of view," says Dennis Spring, president of Spring Associates and publisher of
"The Official PR Salary and Bonus Report." "More balanced activity is always healthier for our business."
While the base salary increases shown in the report are not substantial -- with corporate and agency salaries climbing 5.3% and 3.6%, respectively -- they represent a
transition from the once-exponential annual increases that preceded the crash to a future of stable growth.
This, coupled with agency billing-rate decreases across the board, points to reinvigorated competition and a waning need to compensate for a lack in business.
As competition revives and the industry stabilizes, agencies and corporations have started to take a more long-term approach to the hiring process -- with caution.
A fertile supply of qualified, credentialed professionals who either were displaced or who now are looking to move on prompted this fresh phase of hiring, and salary offers
made in the first quarter reinforce the beginnings of an upward trend.
This encouragement is not caveat-free: What used to be a 30- to 60-day timeframe from the initial interview to the time of hiring has swelled to a 60- to 90-day waiting
period, making the senior-level search more rigorous than ever.
While there is renewed interest in growing staffs, it is now being pursued tentatively, as background and reference checks become more rigorous and competition for esteemed
positions heats up.
"I think an overblown sense of euphoria -- as relates to the quantity of positions we are seeing -- leads to more competition for available jobs," Spring says, adding that to
combat the tough climate, many professional are relocating to the Northeast, the most active (and competitive) PR market right now.
Contact: Dennis Spring, 212.473.0013, [email protected]
Corporate Public-Relations Managers average annual base salary* | |
---|---|
Specialty | Salary |
Pharmaceutical/medical/health |
$118,500
|
Public/government affairs |
114,900
|
High-technology |
112,800
|
Business-to-business |
111,700
|
Business/financial |
110,600
|
Investor relations |
111,800
|
Consumer |
107,100
|
Internal communications |
101,800
|
* Includes senior vice president, vice president, manager and communications specialist. |
Public-Relations-Agency Managers average annual base salary* | |
---|---|
Specialty | Salary |
Health/medical/pharmaceutical |
$93,400
|
Business/financial |
87,600
|
Investor relations |
90,000
|
Public affairs |
89,300
|
High-technology |
87,700
|
Business-to-business |
85,200
|
Consumer |
84,300
|
* Includes executive vice president, senior vice president, vice president, account supervisor, senior account executive and |
Source: Spring Associates Inc.