Registered Consultancy Group (RCG) Benchmarking Studies

Thu, Apr 05 2018

The RCG is an operating group within the PRIA comprised of consultancy owners and CEOs which focusses on providing resources and activities to help its members build best practice, sustainable businesses. Each year, all RCG members are invited to participate in a longitudinal financial and business sentiment study to help inform businesses and assist strategic planning.  Participating members benefit by receiving a copy of the final report. All consultancies are invited to become members.

More than 40 consultancies participated in the 2017 study which found consultancies anticipated steady growth and continuing stress due to staffing challenges. The latter indicates opportunities are available to those pursuing a career in consulting.

The RCG encourages more members to participate in the 2018 study to contribute depth to the study and receive the benefits from the findings.

The key findings of the 2017 RCG benchmarking study were:

  • Consultancies anticipated about 12% annual revenue growth.
  • Consultancies experienced annual staff turnover of more than 30% due to systemic shortages in mid to senior roles. This will be exacerbated by the removal of PR practitioners from the Australian skilled migration program.
  • More than 44% of consultancies intended to hire AQF level 7, 8 and 9 roles in the next six months.
  • More than 20% of consultancies expected to purchase, merge or sell within the next two years.
  • Consultancies have diverse sources of revenue.
  • Media relations and publicity counted as the main source of revenue for only 45% of respondents.

RCG members benefit from having access to a range of resources and activities to help them grow successful businesses. This includes committing to a consultancy Code of Practice in addition to the PRIA Code of Ethics.

Learn more about the RCG and member consultancies at:  https://www.pria.com.au/membercentre/registered-consultancies-group

Search for an RCG member at: https://www.pria.com.au/findaprconsultancy/search/?command=getresults

Written by Adam Benson, National RCG Chair.