Photo credit: 401kcalculator.org
Solo PR professionals are happier and earning more. Over 60% of self-employed communications consultants participating in the 2015 Solo PR Pro Compensation Survey enjoyed more income in 2014 than the previous year and expect more income this year.
Most are satisfied with their careers: 51% are very satisfied and 40% are somewhat satisfied. That compares well with workers in general. The Conference Board Job Satisfaction survey reported that less than half of U.S. workers are satisfied with their jobs. A 2013 Gallup poll found that only 30% of Americans like their jobs.
Not surprisingly, the best-paid professionals are generally happier with their careers as independent consultants. All PR pros earning over $160,000 a year are very satisfied or somewhat satisfied with their careers, compared to just 35% with less than $10,000 of yearly income and 14% with $10,000 to $20,000 of revenue.
The higher paid communications consultants tend to work with larger clients and regional, national or even international clients, as opposed to local clients. PR pros who work with clients in their home state tend to earn less.
The Experience Factor
Although more experience generally translates into higher earnings, the survey reveals outliers. Most PR pros with over 15 years of experience charge over $75 an hour, some significantly more. Yet a few bill significantly less. That discrepancy indicates some mismatches in fees that can be corrected with boosts in rates by more experienced personnel.
Hourly rate by years of experience
Direct referrals, networking and inbound (prospects contacting them) are, in that order, the top strategies for gaining new business of better-paid consultants. In fact, 100% of PR pros earning over $120,000 obtain new clients through direct referrals. They tend to avoid cold calling, responding to requests for proposal, and “warm prospecting” or reaching out to potential clients before calling.
Better-paid consultants also tend to hold Solo PR Pro Premium membership, according researchers. Solo PR Pro believes the membership benefits, including educational materials and support groups, translate into an earnings increase of more than $9 per hour, although members may be self-selected to be highly motivated.
Interestingly, the survey found that the number of years traditionally employed in PR before working as an independent consultant has no direct impact on income. Experience working as a consultant is a far more accurate predictor of income. That’s an important consideration for salaried PR pros who are considering going out on their own.
New business tactics of solo PR consultants
Women’s Public Relations Pay Gap
The 2015 Salary Survey by PR Week/Bloom, Gross & Associates also found that PR pay is rising. The median salary at PR firms increased 5.9% from $85,000 in 2013 to $90,000 in 2014, researchers found. Rising pay may be at least partly due to the fact that PR professionals are assuming more duties, such as strategic planning and research, content creation, and digital/social media marketing.
That survey also revealed that men typically earn more than women do. Among workers with less than five years of experience, men earn $5,500 a year more than women. For those with over five year’s experience, the gap increases to $42,000. Out of the 1,000 survey participants, 63% were women.
Age may explain at least some, but not all, of the salary discrepancy. Men participating in the survey were older on average so may hold more senior positions. The median age for males was 43, compared to 35 for women.
Bottom Line: Most solo PR professionals are earning more and are satisfied with their work. However, a new survey of PR consultants reveals some key differences between those who are happy and earning the most.
William J. Comcowich founded and served as CEO of CyberAlert LLC, the predecessor of Glean.info. He is currently serving as Interim CEO and member of the Board of Directors. Glean.info provides customized media monitoring, media measurement and analytics solutions across all types of traditional and social media.
