Confidence in UK business meetings and events is high, with
61 per cent of businesses forecasting higher revenue this year according to the
Meetings Industry Association (MIA).
But recruitment challenges have seen more than half of
employers implement improved work-life balance packages.
Surveying 140 event venues, suppliers, agents and
destinations, the quarterly benchmarking report reveals that, on average, 41
per cent of forecasted revenue for 2025 is already confirmed.
Despite marking a 10 per cent drop from last year, there is
optimism amongst the sector that a steady flow of enquiries will support these
revenue forecasts. This includes contributions from international events, which
currently account for an average 12 per cent of forecasted revenue in 2025.
While businesses focus on securing revenue, they continue to
grapple with recruitment challenges. Almost half of respondents (48 per cent)
have found recruitment “somewhat challenging” over the past 12 months, with 18
per cent describing it as “very challenging”. The biggest barriers include
increased competition for candidates, a lack of recruitment resources, and high
staff turnover.
Reinforcing the importance of talent retention,
organisations have introduced a range of measures over the past 12 months. This
includes more than half (53 per cent) of respondents implementing improved
work-life balance initiatives, while 38 per cent have enhanced pay and benefits
packages. This comes as the need for better work-life balance challenges is recognised
as the primary reason employees leave, followed by insufficient pay.
Other areas explored include Instant Book, which is
currently being offered by a third (33 per cent) of venues in the UK business
meetings and events sector. Elsewhere, insights on event contracts revealed
that a quarter of respondents experienced significant disputes in the last 12
months, as 6 in 10 (62 per cent) highlight the challenges of cancellation
policies.
MIA chief executive, Shonali Devereaux, said: “Our latest
findings highlight a sector with confidence for the year ahead, as illustrated
by increasing revenue forecasts. Securing new enquiries while also recruiting
and retaining talent will be critical to sustaining this, and we are committed
to providing the necessary support throughout the year ahead.
“Recent research has made us acutely aware of the
opportunities and challenges facing the sector, and our latest findings focus
specifically on the enablers and barriers of these. In taking this approach,
these insights will now be used to reinforce our member resources and wider
support strategy for the year ahead, from practical guides to our extensive
programme of educational events and more.”
The February 2025 MIA Insights can be downloaded here.
