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Main Subject - PR Salaries & Hourly Billing Rates are Flat in 2006
Overview
2006 was a good year for the economy and the public relations business in general. Companies of all sizes reported steady revenue growth and respectable profit margins. From our executive search perspective, we have seen more foreign companies and PR firms commit to a New York pr
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
esence than ever before. And yes, just about everyone who sought a PR job had found one in 2006. This trend seems to be continuing through the start of 2007.
Salaries Overall, average corporate communications base salaries increased a mere 3.3% compared with the previous year’s 7.6%. Con
Salaries Overall, average corporate communications base salaries increased a mere 3.3% compared with the previous year’s 7.6%. Con
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
versely, average PR agency base salaries declined an overall -3.2% compared to the previous year’s increase of 8.9%.
Taken separately, the eight “key metro cities” (those with the greatest concentration of PR professionals), - New York, Atlanta, Chicago, Los Angeles Boston, Dallas, Washin
Taken separately, the eight “key metro cities” (those with the greatest concentration of PR professionals), - New York, Atlanta, Chicago, Los Angeles Boston, Dallas, Washin
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ton DC, and San Francisco – posted an average salary decline of -2.6% for PR firms and an average increase of 2.8% for corporate communications departments.
Typically, corporate communications average base salaries exceed PR agency salaries year after year, with the only exception being t
Typically, corporate communications average base salaries exceed PR agency salaries year after year, with the only exception being t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
he dot-com boom years. However, when bonuses, merit increases, promotion increases, health benefits, pension plans and the like, are factored into the overall compensation numbers, corporate communications professionals have consistently out-paced their PR firm counterparts. This fact has
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
een noted for each of the past 11 years that The Official PR Salary & Bonus Report has been published.
A look at the four major regions of the country - northeast, southeast, mid-west and west, (excluding the 8 key metro cities), reveals that corporate communications average salaries are
A look at the four major regions of the country - northeast, southeast, mid-west and west, (excluding the 8 key metro cities), reveals that corporate communications average salaries are
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
up a modest 2.7% while PR agency average salaries slid -3.4%. Last year, corporate and agency professionals in these regions reached a combined average increase of 8.2%.
“Even though the PR industry experienced reasonable growth in terms of revenue and hiring in 2006” said Dennis Spring,
“Even though the PR industry experienced reasonable growth in terms of revenue and hiring in 2006” said Dennis Spring,
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
resident of Spring Associates, Inc, “overall wage growth in public relations seemed to lag slightly behind. My feeling is that a certain amount of caution permeated clients’ hiring decisions because of various unpredictable world events and a fresh memory of the negative affects of the dot
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
-com implosion on the entire PR business”.
Bonuses Last year (2006), our Salary Report press release stated - “From 2002 to 2004, we found that PR agency bonuses were either down, skimpy or non-existent compared with the corporate sector that consistently showed some gains every year. We
Bonuses Last year (2006), our Salary Report press release stated - “From 2002 to 2004, we found that PR agency bonuses were either down, skimpy or non-existent compared with the corporate sector that consistently showed some gains every year. We
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
re happy to report that last year’s bonuses (2005), on both the corporate and agency sides, finally showed a sharp upturn from the previous three years – at all levels”.
The latest 2007 edition of The Salary Report continues to show an upward trend from the year before. For instance, when
The latest 2007 edition of The Salary Report continues to show an upward trend from the year before. For instance, when
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
all titles and specialty categories are combined on a national basis, corporate communications professionals averaged bonus increases of 6.2% (last year’s increase was 23.7%), compared to PR agency personnel who came in with a respectable 11.2% gain (last year’s increase was 20.2%) in bon
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
uses – nearly double their corporate counterparts.
It would appear that even though the PR industry had a relatively solid revenue growth year, base salaries remained flat or slightly up. To even the gap, savvy managers added bonus incentives to create a more competitive overall compensat
It would appear that even though the PR industry had a relatively solid revenue growth year, base salaries remained flat or slightly up. To even the gap, savvy managers added bonus incentives to create a more competitive overall compensat
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
on environment so as to keep their best people happy.
“The PR agency landscape is now dominated by global communications conglomerates that usually pay bonuses on a more consistent basis. In addition, the impending shortage of skilled PR practitioners will force agencies of all sizes to i
“The PR agency landscape is now dominated by global communications conglomerates that usually pay bonuses on a more consistent basis. In addition, the impending shortage of skilled PR practitioners will force agencies of all sizes to i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
nvent creative ways to compensate their personnel in order to attract and keep the best candidates,” said Mr. Spring.
PR Agency Hourly Billing Rates Not much exciting news here. The slowing increase of hourly billing rates continues from 2005 to the present. We see this as a continuing “
PR Agency Hourly Billing Rates Not much exciting news here. The slowing increase of hourly billing rates continues from 2005 to the present. We see this as a continuing “
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
orrection” of hourly rates that spiked dramatically during the dot-com boom years. It is our opinion, that agency billing rates are beginning to slowly creep upward. However, this time, the increases are gradual.
In all three main categories - Ad Agency Owned, Top 100 Independents and Oth
In all three main categories - Ad Agency Owned, Top 100 Independents and Oth
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
er Independents - hourly fees rose ever so modestly.
Notable increases by title and size of agency – Ad Agency Owned: +2.9% (previously +10.7%) – AAE/Acct Assoc +6.4%, AE/Acct Mgr +5.0%, SAS/Group Mgr +3.9%, Media Mgr +3.4%.
Top 100 Independents: +2.2% (previously +6.6%) – Sr Media Mgr
Notable increases by title and size of agency – Ad Agency Owned: +2.9% (previously +10.7%) – AAE/Acct Assoc +6.4%, AE/Acct Mgr +5.0%, SAS/Group Mgr +3.9%, Media Mgr +3.4%.
Top 100 Independents: +2.2% (previously +6.6%) – Sr Media Mgr
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
5.7%, Media Mgr +4.7%, AE/Acct Mgr +3.2%, AAE/Acct Assoc +2.7%.
Other Independents: +1.9% (+2.6%) – AAE/Acct Assoc +8.2%, Media Mgr +7.9%, Senior Media Mgr +2.8%.
2006 could be summed up as follows: 1. The PR business grew both in revenue and new hires. However, most professionals we sp
Other Independents: +1.9% (+2.6%) – AAE/Acct Assoc +8.2%, Media Mgr +7.9%, Senior Media Mgr +2.8%.
2006 could be summed up as follows: 1. The PR business grew both in revenue and new hires. However, most professionals we sp
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
oke to during the year reported that they were working excessive hours and feeling overworked and underpaid.
2. In spite of employee grumblings, many people stayed in their job waiting to see how the year would unfold.
3. We predict that in 2007 there will be a surge of PR professionals
2. In spite of employee grumblings, many people stayed in their job waiting to see how the year would unfold.
3. We predict that in 2007 there will be a surge of PR professionals
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ho waited it out during the year and will explore greener pastures.
4. Our clients have already started to notice that some of their best employees are not happy with their wage and working situation and are trying to prevent attrition by adding more wage incentives and adding more staff
4. Our clients have already started to notice that some of their best employees are not happy with their wage and working situation and are trying to prevent attrition by adding more wage incentives and adding more staff
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
to handle the increased work-load.
5. As a result, we have seen a sudden movement of both new hires and itchy employees looking for new opportunities.
In short, we are already seeing the beginnings of the hiring surge that we believe will characterize the rest of 2007. Tune in next year
In short, we are already seeing the beginnings of the hiring surge that we believe will characterize the rest of 2007. Tune in next year
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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