What’s the story with junior level salaries in PR?
In the in-house financial firms, PR Officers have benefitted from notable salary increases. This role commands an impressive average of £45,000, showing a remarkable 22% increase from the previous year’s findings. In Consumer PR, the average salary for a PR Executive increased a staggering 28%, going from an average of £25,000 to £33,000. Plenty to smile about for the lucky individuals in these roles!
It’s a similar story in the in-house corporate PR firms, with PR Officers now earning an average salary of £36,000, up 12.5% from the previous year, and PR Executives bringing in an average of £35,000 – that’s an impressive 16% more than the figure from our last survey.
In both the corporate and financial agencies, the average salary for an Account Executive now stands at £27,000 – up £2,000.
How about bonuses?
The junior roles have fared better than ever with bonuses too. In the corporate agencies, the average bonus awarded to an Account Executive now stands at £1,500, showing a staggering 150% increase. In the financial agencies, someone in the same role can now expect an average bonus of £3,000 – another notable increase.
It’s good news for PR Executives in the in-house corporate firms. They now bring in an average bonus of £1,000, which is an impressive 33% more than the previous year. Similarly, a PR Officer in a financial in-house firm can expect an average bonus of £2,500 – this is a remarkable 66% increase.
Just what is driving this kudos?
There are a number of possible reasons that companies are starting to up the rewards for junior members of their team. Employees at this level have many options, and employers understand the importance of going the extra mile to retain their best talent – at every level. Avoiding ongoing employee turnover is key – and the cost of replacing juniors is expensive.
The Millennial factor
Junior level roles are filled for the most part by Millennials, who are more confident about expressing what they want in the workplace. They are extremely focused on developing themselves and are keen to advance rapidly.
Armed with an abundance of self-confidence, they believe in their value to any organisation – from day one. They also offer truly unique skills and fresh innovative ideas, which are invaluable to an employer so it’s a savvy move to keep increasing their salaries and bonuses to balance the expectations of this ‘can do’ generation.
Bridging the gap
Employers are recognising that there are gaps between what Millennials want and what they are offering. Increasing salaries and bonuses is a step towards narrowing this gap.
Junior members of the team crave advancement, new challenges and constant feedback. You can bet they will have their ear to the ground for opportunities with the competition, so they will be up-to-date on their market worth. Employers don’t want to lose these talented individuals to a rival, so offering a generous salary increase is becoming something of a ‘must’; they should also offer things the juniors will really desire – flexible working, professional development and ownership of their role to name a few.
It’s in every business’s best interest
By offering a lucrative salary and bonus, as well as an impressive range of company benefits, employers are showing that they have committed to embracing and implementing real actions that will promote retention. They are also ensuring that they will attract the best junior talent to their team as they grow and create new roles. By understanding what is important to junior level employees, and fostering an environment that is appealing, employers can continue to focus on making sure their junior talent feel valued and rewarded. It’s one of the best competitive advantages a business can have.
These junior level employees could be the next generation of superstars. With this in mind, it’s important to pay generously at this level. Yes, it’s important to keep millennial employees challenged, with exposure to different parts of the business, but employers know that if they don’t pay their talent, they’ll be paying the price in lost productivity and replacement costs.
The old saying rings true in the workplace: love’em – or lose ‘em.
For more interesting findings from our Salary Survey, click here.