Eric Gay/AP
- PR is getting more complex as companies and public figures seek help navigating social issues.
- The industry is also booming as firms see opportunity in areas like financial communications and data.
- Insider rounded up its coverage of all the big trends in the industry, from hiring to growth areas to M&A.
- Visit Business Insider's homepage for more stories.
The public relations industry is going through big changes as PR firms scramble to invest in data and analytics and fend off competition and as corporate America faces increasing public scrutiny.
Firms are also seeing opportunity in areas like advertising, digital, and ecommerce. They're taking advantage of booming areas like financial communications and diversity, equity, and inclusion, creating lucrative if high-pressure jobs.
Insider has been tracking these trends at some of the largest PR firms including Edelman, Weber Shandwick, and Sard Verbinnen. Here's a roundup of our coverage on everything from hot practice areas, how to get hired, and pay.
Hiring, pay trends
The PR industry employed around 270,000 people in the US as of 2019, according to the Bureau of Labor Statistics. It employs people who work in-house at brands as well as agencies of all sizes.
PR firms have cut hundreds of jobs in the downturn, but the field remains high-paying and competitive, with growing opportunities in pharma, tech, and healthcare communications.
Read more:
- PR industry salaries revealed: How much top firms like Teneo, BCW, and FTI pay employees, from consultants to managing directors
- Here's a rundown of new perks and benefits public relations firms are offering, from big bonuses to extra vacation days
- Tough interview questions public relations execs can expect as social issues and politics become a bigger part of the job
- Why I quit PR agencies: 5 public relations pros share why they left and tips for former colleagues
- How to get a job at PR giant Edelman and what to expect if you land an interview, according to the company's recruiters
- Meet 12 top public relations recruiters to know right now
- What it takes to get high-paying jobs at strategic consulting firms like Finsbury and Kekst CNC, from handling tricky questions to nailing writing tests
The industry is attracting new investment
Private equity firms used to view public relations agencies and software companies as a volatile industry, but now they're pouring money into the industry, drawn to its high recurring revenues, diversified businesses, and cash flow.
Read more:
- 8 big investors like Golden Gate Capital and Stagwell Group that are pouring billions into public relations firms
- A new Enero exec who's hunting for PR acquisitions revealed what she's looking for as it tries to grab share from holding companies like WPP and Omnicom
- 9 public relations companies are challenging the status quo and taking on giants like Edelman and BCW
- Investment giant Apollo is planning to sell Notified, one of the biggest PR software companies
- 10 public relations firms that experts say are plum acquisition targets
Some areas of PR are thriving
Firms like Edelman, BCW, and FleishmanHillard have seen growth as new pitches pick up and companies seek help with crisis situations and communicating to the public and employees about office reopening and diversity and inclusion issues.
Read more:
- Crypto and blockchain companies are snapping up public relations execs from Google, Twitter, and Edelman, as regulation looms
- PR giants like Edelman and Sard Verbinnen are seeing a surge in demand as companies seek to minimize damage from the coronavirus pandemic
- PR shops like Edelman bag millions as companies struggle with back to work mess
- Internal communications business is booming for PR firms like Edelman, Prosek, and Kekst CNC as CEOs scramble to reassure remote workforces and plan for a return to the office
- The world's two largest PR firms, Edelman and Weber Shandwick, pledged to hire more people of color in senior positions
Firms see opportunity in advertising and consulting
A lucrative but less understood niche is strategic communications, which involves crisis, litigation, financial, and other high-stakes public relations and comprises firms like Finsbury, Kekst CNC, and Gladstone Place Partners.
PR firms are increasingly finding themselves in competition with advertising, consulting companies, and even law firms as the lines between these industries blur.
Read more:
- A consulting firm backed by mega-law firm Dentons is offering an unusual perk to lure top talent from public relations heavyweights like Edelman and FTI
- CEOs of PR firms like Edelman and BCW reveal why they're focused on winning business from advertising and consulting companies coming out of the pandemic.
- With the Texas abortion law, CEOs face pressure on what to say on another hot-button social issue — but few have spoken out
- Porter Novelli's CEO lays out his plan to revive the PR firm after office closures and years of decline
- Public relations heavyweight Edelman has quietly built a 600-person creative team and says it's becoming a 'serious alternative' to ad agencies, winning clients like Ikea and Tazo
- Healthcare marketing giant W2O just snapped up two more companies as it seeks to take on consultancies like Accenture and Cognizant
- Meet 18 top PR pros that companies like SoFi and Talkspace are turning to in the SPAC IPO craze
- Meet PR exec Jennifer Prosek, who built a $60 million business spinning for clients like Goldman Sachs and The Carlyle Group, and now faces her biggest challenge yet
- These are the top 15 financial public relations pros CEOs call when their companies are on fire
How tech is changing PR
Public relations pros are facing increased pressure to prove the value of their services, giving rise to a $4.5 billion communications software industry that helps PR firms do things like monitor news coverage and social media, provide accurate measurements, and identify influencers and journalists.
Firms like Edelman and MSL have developed their own tools to monitor news and track the impact of PR for clients.
Read more:
- Private equity firm Tritium Partners acquired an up-and-coming PR tech company to take on giants like Cision and Meltwater
- 11 tech firms that top companies like Coca-Cola and Samsung rely on to prove their PR works
- The top 27 software companies serving the public relations industry
- PR agencies are beefing up their data services to keep consulting firms like Deloitte and Accenture from eating their lunch
- PR giant MSL breaks down how it's using tech tools to prove its work drives results for clients like P&G and Cadillac
- Public relations giant Edelman is poaching execs from WPP, Google, and others to build a data analytics powerhouse
- Omnicom is boosting its data arm with a new tool to convince skeptics that PR can drive business results
source https://www.businessinsider.com/latest-news-on-public-relations-business-growth-hiring-compensation-2020-11