TalentZoo.com |  Beyond Madison Avenue |  Digital Pivot |  Beneath the Brand Archives  |  Categories
New Academic Study Predicts PR Industry Will Approach $20 Billion by 2020
By: Bulldog Reporter
Bookmark and Share Subscribe to the Flack Me RSS Feed Share
The USC Annenberg Center for Public Relations has just released an executive summary of its Global Communications Report, a comprehensive survey of senior PR executives, which predicts the worldwide PR agency business will grow from its current estimated size of $14 billion to $19.3 billion over the next five years. To accommodate this growth, agency leaders anticipate their headcount will increase over the same period by about 26%.

Industry leaders—both in agencies and in-house—believe future growth will be driven by content creation and social media, as well as more traditional activities such as brand reputation, followed by measurement and evaluation. Earned media still ranks relatively high for both corporate and agency leaders—while paid media ranked last of 18 possible growth drivers.

“Overall, we are sensing a continued optimism about the direction the industry is headed, which is good news for people entering the field,” said Fred Cook, director of the USC Center for Public Relations, and CEO of Golin, in a news release. “But questions remain about the industry’s ability to attract the right talent, adapt to new technologies and increase the level of investment required to capitalize on these opportunities.”

Both agency and corporate executives strongly agree that the ability to attract and retain the right talent is their greatest challenge, and the majority of both groups believe the PR industry is not good at sourcing talent from outside its ranks, citing salary levels as the major obstacle.

Traditional expertise still tops the list of skills communications departments and PR firms view as key to success over the next five years. Written communications is the skill ranked most important by client and agency respondents.  When asked what personal traits they felt were critical for the future, industry leaders ranked traditional values of teamwork and hard work near the top—but they also believe their teams are already strong in these areas. They say more horsepower is needed in curiosity, creativity and critical thinking.

CONTINUE READING HERE


Bookmark and Share Subscribe to the Flack Me RSS Feed Share
blog comments powered by Disqus
About the Author
This article was originally published on Bulldog Reporter. A link to the original post follows the article.

 
https://www.bulldogreporter.com/
Flack Me on

Advertise on Flack Me
Return to Top