New Delhi, Mar 10 (UNI) Despite a 40 per cent attrition rate, the Public Relation (PR) industry is likely to grow to six billion dollars by 2010, a survey said.
At present, the PR industry has been growing at an annual rate of 32 per cent and has size of three billion dollars as corporates are relying more on PR professionals to hike their brand image for increased sales and turnover volumes in the era of economic boom, industry chamber Assocham found in the survey.
Titled 'Attrition vs PR and Its Future Prospects', the report said a result of growing opportunities costs in PR industry, attrition has become a core concern.
''Over 90 per cent of PR professional at entry levels with enthusiasm and passions for hard work are shifting for greener pastures within the industry in a year's time,'' Assocham President Venugopal N Dhoot said in statement.
The survey confirms the trends that a large number of corporates are opting to rope in PR professional for their increased sales turnover as one of finest marketing strategies.
In PR activities, apart from pressures, diversification of intellect is most attracting part which avail them lot of opportunities and that is why the attrition rate is so high, survey revealed.
Out of the 400 respondents, a majority of PR professional said in the economic boom, a huge competition has emerged for brand building as result of which PR agencies are in demand and quoting a very market driven prices for their services for which takers are available.
Since demand for PR professional are rising and so are opportunities galoring for relationship industries, the PR industry which was growing at about 22-25 per cent in last couple of years, is now growing at 32 per cent and the trend will continue in future.
The Indian PR industry comprises 1,200-1,500 agency with manpower strength of 30,000-40,000. Healthcare has been identified by several of the industry as the fastest-growing sector.
Besides, the public sector, the environment and corporate social responsibility (CSR) are all emerging as growth areas for PR, the study noted.
The overriding concern of the industry is the skills shortage.
Almost all agencies are hiring, a trend that is itself indicative of growth, and some are looking outside the PR industry to bring in new skills.
Although there are thousands of small agencies and individual consultants serving very local markets, larger agencies are forging partnerships across the globe to meet demand from clients who are extending their global reach.
Public relation is being used as a supplement along with advertising to form an effective communication strategy. Public relation services not only help in communicating the message but also help in generating a favorable response.
Lure of better pay, leadership crisis and a very vague notion of PR are factors responsible for the shortage of professionals in PR, the survey found.
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