Bevel, a public relations consultancy that connects clients with stakeholder communities, recently announced the first application of performance-based pay to the communications industry. At Bevel, Associates and Directors are driven to achieve results through year-end performance-based bonuses and quarterly payouts based on success metrics including number of speaking opportunities, award submissions, customer events, in-person meetings with reporters and media coverage for clients.
“A first-year analyst makes on average $150k and third-year analysts make up to $350k. An assistant account executive (AAE) in PR generally makes 34k a year, the same rate as a cashier at Trader Joe’s and the industry wonders why there’s a massive talent drain. It’s simple. Top talent wants to get paid for their work,” say Jessica Schaefer, CEO of Bevel.
The structure of the firm mirrors that of a typical hedge fund or private equity firm leveraging a PM/analyst model. Bevel’s Directors manage their own portfolios of clients and have two associates working underneath them. Each portfolio is diversified and includes a mix of crypto, fintech, consumer tech and venture capital funds. Directors are incentivized by client retention and management of their respective associate teams.
“Our success as a firm is driven by how much we can move the needle for our clients. We want to work with and build category leading brands. In order to do that, we need to attract top talent and maintain peak performance,” Schaefer adds.
The New York-based firm recently opened an office in Los Angeles and was named 2018 “Small Agency of the Year.” For more information, please go here.
Originally published in Small Business Daily