Posted on May 30, 2024
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Event Management
The broader business trends impacting event professionals
During April 2024, Cliftons CEO Vanessa Green attended conferences in the United States and Europe, observing some significant trends in event planning and execution. In part one of the blog, we shared crucial insights around food and beverage options, sustainability, and premiumisation that event planners can use to stay ahead.
But there were also a lot of compelling discussions around broader business trends. In particular, at IACC in the United States, Vanessa had the opportunity to catch up with industry members from across the globe, working in business events, venues, commercial property, food and beverage supply, IT and AV, tech tools, AI and more. This blog explores some of the bigger-picture business and economic issues impacting event professionals.
Automate me: The ongoing rise of artificial intelligence
Like every industry, the events sector is currently engaged in a significant amount of exploring and experimenting with artificial intelligence (AI) tools. Renowned technologist and speaker James Spellos gave a keynote at IACC, 'Everything You Need to Know About Artificial Intelligence…But Didn't Know to Ask.' It's a fast-moving topic, with everyone wanting to know more about maximising productivity with AI tools while protecting your and your customer's information from security breaches.
James took us through his quick guide to the top 100+ AI tools – a constantly moving and updating file as technology rapidly advances. He emphasised that a growing number of software applications are also integrating AI into their functionality without the end user being aware that they are using AI.
"The key takeaway I took from James's talk is that if you are experimenting with ChatGPT to see if it can save you time, you're only scratching the surface; with so many other tools available to help with organisation, video and audio, design, chatbots and even web design," says Vanessa. "James also emphasised that you have to optimise your questions to provide clear instructions and add context to your goals and why. The other new insight for me was to ask your AI tools to ask you questions to clarify. It was a great session, and I'm looking forward to experimenting more and sharing what I learn along the way."
Workforce trends: Flexibility, engagement, and multi-generational teams
There was also a detailed session on modern workforce trends. "It was clear that workplace flexibility and the focus on staff well-being is global and here to stay. All organisations need a long-term strategy for hybrid work," says Vanessa. "This can be hard in front-line events roles, but certainly at Cliftons we've worked hard to find creative solutions like our 'All Roles Flex' and 'Reconnecting with Family and Friends' policies, to provide employees more options on when and where they work. It's not as easy in the events industry, but there are possibilities for flexible work when approached with a collaborative attitude."
There was also a lot of discussion around employee engagement and the 'quiet quitting' phenomenon, which is when employees psychologically disengage from work. It's estimated by Gallup's State of the Global Workplace: 2023 Report that low engagement costs the global economy $8.8 trillion (or 9% of global GDP), so it's not an insignificant issue.
The need to manage multi-generational teams more effectively was also a hot topic. Discussions around the differences in working styles, motivations, expectations, values and priorities between older and younger employees of various generations were insightful. "The research is clear that multi-generational teams produce the best results – when people of all ages commit to learning from each other's unique perspectives and knowledge," says Vanessa.
Diversity, inclusion and managing bias critical
There were also sessions on diversity, equity, inclusion (DEI), and identifying and managing bias. Presentations included defining bias, practical steps to address and interrupt bias, and ways to build confidence and knowledge in DEI-related topics.
During the conference, Vanessa spoke on the panel, 'Women in Leadership: Difficult Conversations,' discussing how limited childcare options can negatively impact the ability of women to return to or continue to participate in the workforce. "The experience of women varies between countries, but it's safe to say that particularly in Australia and the United States, access to quality affordable childcare is poor and keeps women out of the workforce or limits them from going after executive careers that may require longer hours, less flexible time off, or more travel. We're still looking for solutions, but it's clear that this is a global issue," says Vanessa.
What are your experiences of these business trends?
How is your organisation managing these business trends? Is AI helping you to be more efficient, or are you still trying to figure out a practical use case? Is your ability to offer flexible work helping to drive employee engagement?
As Cliftons works to plan our events calendar for this year, following on from our successful Horizons series in 2023, we'd love to know more about the issues impacting your business. Reach out to let us know.
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