PR industry recording growth
Australian PR firms are recording high growth, with many increasing in size and revenue, according to a survey from the Public Relations Institute of Australia. The survey found that the vast majority (85 per cent) of firms had forecast growth of around 17 per cent through 2014. Real estate topped the list of the most active PR…
Australian PR firms are recording high growth, with many increasing in size and revenue, according to a survey from the Public Relations Institute of Australia.
The survey found that the vast majority (85 per cent) of firms had forecast growth of around 17 per cent through 2014. Real estate topped the list of the most active PR areas, with contracts from real estate firms growing by 20 per cent. Manufacturing was another strong area, recording the second-highest interest in PR services.
PR consultancies as a whole recorded almost three percent growth last year too, suggesting that the big picture for the industry is one of growth.
While revenues have continued to increase for Australian PR firms, there has also been an increase in recruitment in the industry. The survey reported that fewer employees are leaving the PR industry, with staff churn remaining high at around 20 per cent.
Annabelle Warren, national chairman of the PRIA Registered Consultancies Group, suggested that this survey boded well for companies looking to make the most of existing changes.
“Many consultancies intend to hire in the coming year and they are looking for staff to help build broader communication services offerings beyond media relations,” said Ms Warren.
“Publicity and media relations are losing their dominance as a service line, especially among larger consultancies. Broader community engagement services are being offered, which would include the full range of traditional, social and personal communication strategies.”
Finally, the forecast of greater growth and revenue has also led to greater billing for clients. In fact, 72 per cent of the companies surveyed reported that they are expecting to increase fees. At the same time, the average client retainer has now reached over 10,000 across the industry.
If these forecasts continue for the rest of the year, demand for corporate affairs specialists is likely to remain high.
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