Martin Perelmuter, President of Speakers’ Spotlight
Last Thursday was National Meetings Industry Day (NMID) in Canada, and several of the events held around the country focused on the economic impact of the Meetings & Convention Industry, as well as the ROI of meetings in general.
Recent media reports of the AIG junket, and other financial indiscretions have put corporate meetings under a microscope, and brought the entire meetings industry into question. Roger Dow, president and CEO of the US Travel Association, issued a recent statement responding to some of the criticism, and urging the protection of “legitimate travel spending and the millions of American jobs it creates. Meetings and events are responsible for 15% of all travel and create more than $100 billion in spending and $16 billion in tax revenue.”
In Canada, the Meeting Professionals International Foundation Canada (MPIFC) recently released findings of the first research study ever conducted on the economic impact of meetings in Canada. The study, conducted by Maritz Research Canada and the Conference Board of Canada, provides data on industry revenues and delegate spending in the Canadian meetings and events sector, and on the direct and indirect benefits that the sector contributes to the Canadian economy. According to the study, the meetings sector in Canada generated $32.2 billion in direct spending in 2006, and 235,500 full-year jobs.
The economic impact of the meetings industry is enormous, however, I believe the ROI of meetings is an even more important factor in turning around the economy, and getting all industries back on the road to a brighter future. There are 3 key reasons why I believe meetings are now more important than ever:
1. Leadership. All companies and organizations require strong leadership to get through these turbulent times, and the most important characteristic of leadership is clarity. Leaders need to communicate their vision with clarity, conviction and purpose, and meetings provide the ideal vehicle to convey their message in clear and compelling terms. Memos and e-mails can disseminate information, but they cannot inspire hope, confidence or passion. Only meetings ensure that a leader’s vision of the future is understood, potential concerns are addressed, and that the organization is moving forward with a clear picture of where they are going and how they will get there.
2. People. A corporation is legal fiction. All companies and organizations are made up of human beings, and it is the personal responsibility of each individual to ensure that they are bringing value to their organizations, regardless of what role they play or capacity they serve. Meetings enable learning and development opportunities to provide people with the tools and tactics to navigate these difficult times, as well as the inspiration and impetus to carry on and move forward. Now more than ever is the time to invest in human resources, and in addition to the short-term benefits of increased productivity and effectiveness, it will create long term gains in the form of stronger employee engagement, retention and loyalty.
3. Unity. While it is up to the individual to ensure that they are making a positive contribution, the only way we are going to get through this is together, not alone. Meetings provide tremendous opportunity to strengthen teamwork, find synergies, increase collaboration, and spark innovation. It is in times like these that we all need strong partners, colleagues and allies to share best practices with, support each other, and rely upon when necessary.
Fortunately, we have had very few clients cancel their events. What we are seeing in many cases is scaled down meetings, which is the fiscally prudent and responsible thing to do. So, for some, rather than going to the Caribbean, Mexico, Banff or Whistler, they are holding lower key meetings closer to home, and investing some of the money they are saving on airfares, hotels and activities, and investing it in learning and development.
The meetings industry has a tremendous role to play in the economic turnaround, and it’s incumbent on everyone in the industry to get this message out to their clients, key stakeholders, the media and the public at large. It is exciting to be part of the solution, not the problem, and it’s imperative that the true economic impact and ROI of the industry is understood.
Tags: Convention Industry, Event Planning, Human Resources, Leadership, Meeting Professionals International Foundation Canada, Meetings Industry, Roger Dow, ROI, US Travel Association
