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In responding to the current economic downturn and the public backlash against corporate meetings and incentives for companies that accepted taxpayer funds, some companies are considering canceling their corporate meetings, training sessions and other events. In many cases, the decision-making process is not necessarily being driven by budget constraints. With all the recent media scrutiny, companies now worry how their events will be perceived by the public and corporate stakeholders. But top CEOs and CLOs agree: public perception cannot be the main driver.
Responsible, well-designed and well-executed meetings and trainings have been shown to accrue significant benefits, including improved company culture, increased employee retention, and more highly engaged and satisfied employees. According to a recent study by the Wharton School of the University of Pennsylvania, "companies with satisfied employees generate better overall returns in the stock market, with firms on the list of '100 Best Companies to Work For' generating up to five times as much return as their competitors."
Enhance Performance
Understanding how an event can help your bottom line, especially in tough economic times, should be high on your list of meeting considerations. Nothing replaces the opportunity to meet face to face, especially for key functions like skill and career development training.
When done right, a corporate event is capable of inspiring people to work harder, smarter and more productively. Along with the right mix of compensation, benefits, training, and recognition, in-person meetings are a critical component in the development of engaged employees. These events help to increase employee satisfaction and, in many cases, prove to be a more effective form of compensation than bonuses. While engagement may seem like an intangible benefit to some, research indicates that when employees feel an emotional connection to their work, they're more productive and are more likely to stay with the company – which has positive impact on overall profitability.
Fuel Growth & Productivity
In addition to enhancing individual employee performance, meetings and other corporate events contribute to the healthy functioning of your organization. These sessions facilitate an exchange of ideas, foster innovative thinking, and promote a collaborative atmosphere that lasts long after the event has passed.
When focused around a specific objective, such as training, learning or culture building, meetings are powerful tools for stimulating business growth and enhancing productivity. In fact, a 2009 survey released by the American Gaming Association (AGA) reveals that 87% of Americans who’ve attended an out-of-town meeting or convention for work say it is important to running a strong business.
According to Tom Donohue, president and CEO of the U.S. Chamber of Commerce, “Meetings and events are essential to motivating sales forces, rewarding high performers, and attracting top talent.” The impact of a well-designed event doesn’t stop when everyone walks out the door – it carries over into the day-to-day functioning of an organization, shaping its culture and motivating performance.
Stimulate the Economy
Not only are corporate meetings and events essential to the health of individual businesses, they’re essential to the nation’s overall economic health. “Meetings and events are responsible for 15% of all travel in America, create more than $100 billion in spending annually, generate millions of American jobs, and provide $40 billion in tax revenue,” adds Donohue. “The travel and tourism industry is made up of a lot of mom-and-pop operations and low-income earners who don‘t have the resources to combat a prolonged recession. We should be thinking of ways to help this industry, not undermine it.”
In fact, the U.S. Travel Association has partnered with industry leaders to promote and protect meetings, events and incentive travel in the U.S. and to spread the word that meetings are an important part of the country’s economic recovery. The U.S. Travel Association’s website, KeepAmericaMeeting.org, explains: “When businesses cancel productive meetings and events, the American worker and local communities from coast-to-coast are the unintended victims.”
So, think twice before you cancel that meeting. Maintaining responsible meeting planning and business travel practices during challenging economic times ensures that your business has access to the full range of tools it needs to enhance performance and productivity, and that the millions of American jobs that depend on business travel and events are protected. It’s a winning situation for Main Street, Wall Street, and everyone in between.
About Q Center
This article was provided by Q Center in St. Charles, IL. More than an ordinary business conference center, Q Center’s conference facilities provide lodging for more than 1,000 guests as well as dining, abundant recreation, top-flight technology and a host of customized conference services. For further information, please e-mail Communications@QCenter.com or visit www.QCenter.com.
About the Author
R.L. Fielding is a freelance writer who has written on a wide variety of topics, with special expertise in the education, pharmaceutical and healthcare, financial service and manufacturing industries.
Responsible, well-designed and well-executed meetings and trainings have been shown to accrue significant benefits, including improved company culture, increased employee retention, and more highly engaged and satisfied employees. According to a recent study by the Wharton School of the University of Pennsylvania, "companies with satisfied employees generate better overall returns in the stock market, with firms on the list of '100 Best Companies to Work For' generating up to five times as much return as their competitors."
Enhance Performance
Understanding how an event can help your bottom line, especially in tough economic times, should be high on your list of meeting considerations. Nothing replaces the opportunity to meet face to face, especially for key functions like skill and career development training.
When done right, a corporate event is capable of inspiring people to work harder, smarter and more productively. Along with the right mix of compensation, benefits, training, and recognition, in-person meetings are a critical component in the development of engaged employees. These events help to increase employee satisfaction and, in many cases, prove to be a more effective form of compensation than bonuses. While engagement may seem like an intangible benefit to some, research indicates that when employees feel an emotional connection to their work, they're more productive and are more likely to stay with the company – which has positive impact on overall profitability.
Fuel Growth & Productivity
In addition to enhancing individual employee performance, meetings and other corporate events contribute to the healthy functioning of your organization. These sessions facilitate an exchange of ideas, foster innovative thinking, and promote a collaborative atmosphere that lasts long after the event has passed.
When focused around a specific objective, such as training, learning or culture building, meetings are powerful tools for stimulating business growth and enhancing productivity. In fact, a 2009 survey released by the American Gaming Association (AGA) reveals that 87% of Americans who’ve attended an out-of-town meeting or convention for work say it is important to running a strong business.
According to Tom Donohue, president and CEO of the U.S. Chamber of Commerce, “Meetings and events are essential to motivating sales forces, rewarding high performers, and attracting top talent.” The impact of a well-designed event doesn’t stop when everyone walks out the door – it carries over into the day-to-day functioning of an organization, shaping its culture and motivating performance.
Stimulate the Economy
Not only are corporate meetings and events essential to the health of individual businesses, they’re essential to the nation’s overall economic health. “Meetings and events are responsible for 15% of all travel in America, create more than $100 billion in spending annually, generate millions of American jobs, and provide $40 billion in tax revenue,” adds Donohue. “The travel and tourism industry is made up of a lot of mom-and-pop operations and low-income earners who don‘t have the resources to combat a prolonged recession. We should be thinking of ways to help this industry, not undermine it.”
In fact, the U.S. Travel Association has partnered with industry leaders to promote and protect meetings, events and incentive travel in the U.S. and to spread the word that meetings are an important part of the country’s economic recovery. The U.S. Travel Association’s website, KeepAmericaMeeting.org, explains: “When businesses cancel productive meetings and events, the American worker and local communities from coast-to-coast are the unintended victims.”
So, think twice before you cancel that meeting. Maintaining responsible meeting planning and business travel practices during challenging economic times ensures that your business has access to the full range of tools it needs to enhance performance and productivity, and that the millions of American jobs that depend on business travel and events are protected. It’s a winning situation for Main Street, Wall Street, and everyone in between.
About Q Center
This article was provided by Q Center in St. Charles, IL. More than an ordinary business conference center, Q Center’s conference facilities provide lodging for more than 1,000 guests as well as dining, abundant recreation, top-flight technology and a host of customized conference services. For further information, please e-mail Communications@QCenter.com or visit www.QCenter.com.
About the Author
R.L. Fielding is a freelance writer who has written on a wide variety of topics, with special expertise in the education, pharmaceutical and healthcare, financial service and manufacturing industries.