If meeting professionals have learned anything from the Great Recession, it’s that the travel industry is hit hard during an economic downturn. Throughout the recession companies made significant cutbacks on corporate travel expenses. As a result of the reductions in spend, major meetings were canceled and non-revenue-generating departments such as meeting planning were downsized.
Fortunately, 10 years later, the industry has stabilized. In fact, according to the Global Economic Significance of Business Events, an Events Industry Council study, in 2017 there was US$1.5 trillion in worldwide spend and nearly 30 million jobs were impacted by the meeting industry.
In response to the global recession, longstanding organizations began to rely on the freelancer talent pool, which led to the creation of a “blended” workforce. Meetings organizations also embraced the blended model. This organizational strategy will help prevent layoffs in the event of a recession and guarantee a network of readily available resources for businesses of all sizes.
Read the full article on the MPI blog.
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