It is no secret that delivering an event in today’s world context of hyperinflation, staff shortages, travel difficulties and general price increases is tougher work than ever before. The volatility of the situation requires our meetings industry to be prepared for the unexpected, including the possibility of missing some of the yearly goals forecasted six months ago.
Global issues are having a massive impact on our sector. From venues and hotels to the aviation field, and from audiovisual services to catering. There is practically not a corner of the meetings industry that is not experiencing elevated costs and difficulties. The Russian-Ukrainian war, the potential economic recession and the Great Resignation are just a few unforeseen subtracting factors in our new equations.
Furthermore, hospitality and events continuously appear as the – not so glamorous – top industries with the highest staff loss. To counterbalance, salary increase is one of the strategies that companies are implementing to retain and attract new talents.
In the meanwhile, those of us enduring, continue to explore how to best navigate the new landscape to develop our business. Propelled by the satisfactory feelings and rewards from the accomplishments brought by the strong – and perhaps, momentary – rebound of the worldwide economy in 2021, our standing teams have strengthened their problem-solving approach and adaptability skills.
To be prepared for the unexpected does imply being ready to take a hit… as well as using this place of uncertainty to see opportunities where we have not yet done so.
As always, staying optimistic.