Friday, December 1, 2023
The recently unveiled “Global Destination Report” at IBTM World 2023 paints an optimistic picture for the MICE (Meetings, Incentives, Conventions, and Exhibitions) sector in 2023.
The report reveals that 61% of destinations have experienced a surge in business compared to the previous year, while 34% have maintained consistent levels, with only 5% reporting a decrease. However, despite this positive trend, the MICE segment is not immune to the complex international landscape, presenting both challenges and opportunities.
Navigating Uncertainties:
The MICE segment acknowledges the precarious international situation, with factors like geopolitical shifts, ecological concerns, and the integration of Artificial Intelligence looming on the horizon. Alistair Turner, author of the annual trend report at IBTM World 2023 emphasizes the significance of 2024, considering the potential impact on the economic, political, and ecological spheres.
Talent Drain and the Great Resignation:
One of the persistent challenges faced by the MICE ecosystem is the “great resignation,” a phenomenon exacerbated by the aftermath of the pandemic. Companies within the sector, including hotel chains, event agencies, and conference organizers, find themselves in uncharted territory as they grapple with a talent drain. Sian Sayward from Inntel notes that companies are now engaged in a fierce competition to attract personnel, losing talent to other sectors that offer better pay, hours, and working conditions.
Changing Perspectives on Human Resources:
Sayward points out a critical issue within the MICE industry – the perception of employees as costs rather than assets. Many companies, she notes, need to shift their mindset and recognize the value of their workforce. The looming concern, she adds, should not only be the cost of retaining talent but also the cost of attracting it, which can be substantial.
A Profession, Not Just a Job:
American Express Global Business Travel emphasizes the importance of viewing work in the MICE sector as a profession rather than a job. The annual trends report from the organization reveals that 70% of event organizers are unlikely to seek new employment in the next twelve months. Catherine Southall, UK business director at American Express Meetings & Events, suggests that recognizing the profession’s significance is key to retaining staff.
While the MICE sector faces global uncertainties and challenges like the great resignation, there is an overarching sense of optimism fueled by increased business in many destinations. The key lies in adapting to changing dynamics, valuing human resources, and fostering a mindset that sees work in the MICE industry as a profession – a critical step toward a resilient and thriving future.
Tags: ibtm world, IBTM World 2023, MICE
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