Press release -
PR salaries go up to help employees meet rising cost of living – PRCA Confidence Tracker
More than two-thirds (67%) of PR agencies around the world are increasing salaries to help staff meet the rising cost of living, according to the latest PRCA ICCO Confidence Tracker research published today.
139 CEOs, Directors, and Department Heads took part in the latest PRCA and ICCO quarterly Confidence Tracker, which assesses market confidence in public relations around the world.
Of those increasing salaries, more than a quarter (27%) said they did so for ‘talent retention purposes’.
The study – conducted by Question & Retain – also reveals that 40% of PR consultancies have turned down business in the last six months due to a lack of personnel or team resource.
Market confidence dips modestly
The report shows PR and communications leaders have minimally decreased their levels of confidence. Eight out of 10 (83%) respondents are ‘very confident’ or ‘quite confident’ about the future of their organisation – this is a four percentage point decrease since the last Confidence Tracker in February 2022.
PRCA Director General and ICCO Chief Executive Francis Ingham MPRCA said:
“The dataset reflects the stories shared by our members. Salaries are going up for two reasons; to help staff mitigate the impact of rising living costs, and to retain talent which is in short supply. The volume of agencies turning down new business highlights the severity of the current talent crisis.
“While confidence has dipped slightly, the industry has emerged from an incredibly challenging two-year period in excellent shape.”
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The Public Relations and Communications Association (PRCA) is the world’s largest professional PR body.
We represent more than 35,000 PR professionals in 82 countries worldwide. With offices in London, Hong Kong, Dubai, Singapore, and Buenos Aires, we are a global advocate for excellence in public relations.
Our mission is to create a more professional, ethical, and prosperous PR industry. We champion - and enforce - professional standards around the world through our Professional Charter and Code of Conduct. The Code compels members to adhere to the highest standards of ethical practice.
We deliver exceptional training, authoritative industry data, and global networking, and development opportunities.
We also manage the International Communications Consultancy Organisation (ICCO) - the umbrella body for 41 PR associations and 3,000 agencies across the world, and LG Comms – the UK’s national body for local government communicators. Additionally, we support the delivery of the Motor Industry Communicators Association (MICA).
