Only 2.5% of corporates have seen the need to decrease freelance/consultant budgets, whilst making no changes to their staff compensation. 2.5% of associations have also decreased freelance/consultant budgets, however 7.5% have also seen the need to reduce staff salaries or benefits.
The Eastside Rooms cost of living impact survey reveals that organisers have increased salaries and freelance / consultant fees to help teams adjust to the impact of the cost of living crisis.
Specifically:
- 28% of associations/not for profits increased staff salaries whilst another 9% increased freelance/consultant fees
- 25% of corporates increased staff salaries whilst another 5% increased freelance/consultant fees
The Eastside Rooms, a leading, modern venue in the heart of England, conducted a survey of 125* event professionals from around the world in October 2023 to identify challenges and opportunities faced due to economic challenges.
A key finding from the report was that 83% of organisers saw an increase in event costs last year. However, alongside the impact on the organisers, the survey also explored differences seen in attendee behaviour.
In addition, the report showed that 24% of organisers (associations – 24% and corporates – 25%) are providing flexible working arrangements to meet their needs of their team.
“It is clear the industry continues to evolve through the current economic challenges faced by both associations/not for profits and corporates. Staff are the life blood of our industry, so it is a real positive that they are on the whole being looked after,” comments Leanne Bladen, Director of Sales & Marketing at The Eastside Rooms. “We undertook this survey to ensure we truly understand our clients and their current needs. The output has been incredibly powerful, and we are considering many of the key findings in our ongoing communication and activity with our clients – especially how we can help them support their teams.”
*The Eastside Rooms surveyed 125 event professionals in October 2023. During the survey they were asked what type of organisation they worked for; these were combined into two groups as follows:
- Association, charity/not for profit, government/public sector and agencies focused on these sectors. Total – 80 respondents – described as associations/not for profits above
- Corporate company 500 or more employees, corporate company less that 500 employees, agencies focused on the corporate sector. Total – 40 respondents – described as corporates above
- The remaining 5 responses were excluded as industry suppliers
69% of the respondents were from the UK, 19% from Europe and the remaining 12% from the rest of the world.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
