A growing industry
It is evident that the events industry as a whole is growing, and financial and political barriers such as Brexit and political tensions globally does not seem to have put a break on financial investments. As an example, Ascential (formely known as Top Right Group) ended their 2017 by acquiring eCommerce giant Clavis Insight for an initial cash consideration of $119m. Earlier in 2017, Olympia in London was sold in a £296 deal by German institutional investors with an outlook to further develop the iconic venue. As recently as last week, Informa announced that they are in conversations to buy UBM for £4bn, creating the world’s largest operator of business events!
It is also evident that the events industry is upping their game on the digital side of things. To stay relevant to their customers, event businesses are spending more and more or live events and digital marketing solutions, while budget allocations for traditional advertising is declining. As an example, Festival of Marketing has grown by 25% per year and the 2018 event will be the biggest so far. This is a clear indicator that businesses are becoming more aware of the different methods of marketing available to them, and it will be crucial that the events industry keeps up with this.
As the events industry is developing, we are also seeing a shift in who businesses seek to hire. It is evident that the future of the events industry will increasingly be shaped by a younger group of leaders. The talents are rising through the ranks faster than ever, and talent programmes are put together to future leaders who stand out from the crowd. We are also seeing events businesses reaching out to attract people from different industries with a more specific and niche skill set.
What does this mean for recruitment in 2018?
From recruitment perspective, I believe the above will have clear of impact on how and who we hire in 2018. It is evident that we are in a buzzing industry that will keep on growing and so will the demand for talented people. However, I believe the greatest demand will be for people with digital backgrounds. We should also expect to see people from different sectors joining events businesses as “industry experts”. As a recruitment business, we are receiving more and more briefs requiring people with a niece background in a specific sector.
Although these are all factors that indicate the events industry being on the right path – it will be as important as ever to continue this development to stay relevant!