Most companies went full remote during the pandemic, and what was initially thought to be a short-term necessity has led to a full-blown work revolution, with many organizations planning to remain fully remote going forward, or at least offer more flexible working arrangements.
This increase in remote work has meant that more and more teams are communicating digitally, and meetings that would have previously taken place in person are now happening online. A new report published by IACC and the Hotel Management School Maastricht, The Future of the Meeting Industry, provides relevant insights into how remote working arrangements are impacting the demand for in-person business events and meetings.
The analysis consisted of literature research, a survey of executives and managers at global companies as well as interviews with clients of IACC venues. Here’s a breakdown of the key findings:
In-Person Meetings Will Prioritize Collaboration
The first part of the study sought to address the question of when business leaders would deem it appropriate and necessary to bring their teams together in person given the new reality of remote working arrangements. Most respondents, by far, indicated that team building meetings are mostly suitable in-person, followed by onboarding for new staff — both scenarios that require more collaboration and interaction between colleagues.
On the flip side, status update meetings were viewed as mostly suitable virtually. Meeting types including trainings, recruiting meetings, and information sharing meetings could be either virtual or in-person, according to the respondents. When asked what they value most from in-person meetings, the respondents rated the value of human interaction and collaboration with colleagues as the most important factors.
Investment in Technology Is Needed
The majority respondents (52 out of 81) indicated that high-quality technology is essential for virtual meetings — which doesn’t come as a surprise — and 65 percent expect an increase in the demand for virtual meetings.
In addition, the findings show that virtual meetings are being used replace internal and external meetings in some cases, but are more frequently being used to complement them. Venues looking to host more business meetings will therefore need to invest in the proper technology to be able to accommodate hybrid models, which many are indeed doing.
Sustainability Will Be at the Forefront
The meetings and events industry is finally considering sustainability more seriously when making decisions, and it’s about time. 53 out of 81 respondents rated sustainability as “relevant” or “very relevant” when it comes to deciding whether to meet virtually, and they also indicated that overall, they expect to travel less for business post-Covid.
Several interviewees noted the importance of sustainability when planning meetings, and that they increasingly looking at the green initiatives being undertaken by the venues they select, as well as the overall carbon footprint from their stay. Venues, in turn, will need to continue (or start) to prioritize sustainable programs and effectively communicate them to meeting planners looking for offsite meeting space.