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.
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.
Additionally, four out of 10 (40%) 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.
Francis Ingham, Director General, PRCA and Chief Executive, ICCO: “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.”