As the economy has turned bad and companies are beginning to cut costs in their operations, many jobs, even PR jobs, could be headed south. With major costs to be reduced, Ad and PR companies are some of the first industries to begin making cuts. There haven't been too many PR industry cuts reported yet, but experts are predicting 2009 too be a rough year for everyone. “I think any agency that says things are hunky-dory is living in a fantasy world,” says Bob Feldman, CEO of Feldman & Partners. “Virtually every... area of spending is coming under scrutiny.” The amount of cuts will depend on the size of the firm whether it be corporate or private. Experts are recommending that PR agencies do a lot for their clients and take a proactive stance in the next few months before the new year starts in order to ensure continued business with their clients.
This is definitely not good news for the PR industry but with the economy in the shape it's in, this was somewhat expected. Hopefully PR companies have been proactive and can afford to take a hit without losing employees. At least the PR and Ad agencies aren't in near as bad as shape as other industries are in right now.
http://www.prweekus.com/Industry-consultants-forecast-tough-2009/article/119781/
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2 comments:
I think it's pretty scary how bad our economy is in right before a bunch of us are graduating. A few speakers at mass comm week said that the pr field is growing and there are a lot of opportunities but like the quote said, any company who says everything is great is lying. Our economy needs a lot of help
With the emergence of social networking allowing free promotions, we are lucky to be young journalists during this time. A time of poor economy, but also a time of social convergence and free business tactics on the Web. The savvy will pull through!
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