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PCMA Foundation’s Accelerating Reskilling Is the Way to A Successful Recovery

The Accelerated Reskilling Campaign Launches with the Goal of Helping 1000 Events Professionals

The PCMA Foundation launches the Accelerating Reskilling Initiative, a vital campaign to help the business events industry professionals, profoundly impacted due to Covid-19, recover and thrive. The impact of the pandemic and resulting economic crises will reshape the skills needed for those in the events industry to be successful. In recognition of this need, The PCMA Foundation has stepped up to help business event professionals, their supplier business partners, and supporting communities everywhere recover.

Accelerating Reskilling, a PCMA Foundation fundraising campaign anchoring PCMA’s Recovery Discovery initiative, has a goal to raise $250,000 by the end of 2020 to support the immediate reskilling of 1000 business events professionals, with the vital new skills they need for industry recovery and beyond.

“Together as a community, we can bring these educational opportunities to our industry. The events industry has always been generous when a need has arisen, this time is no exception. We cannot do this alone; it will take all of us working together, towards one goal, for our industry to recover,” Valerie Sumner, PCMA Foundation Chair said. “We know funds are short for many of us, even the smallest contribution has tremendous reach. Through the efforts of our community, we can accelerate recovery for our entire industry.”

ABOUT THE PCMA FOUNDATION
The role of the Foundation of PCMA is to support the mission of PCMA through fundraising and grant-giving focused on scholarships, education, and research that will advance the business events industry. Annually the Foundation funds over $600K in impact, and since 1985 has funded over 1,600 scholarships, 100 research studies and education programs, and $2.5M in charitable giving.

ABOUT RECOVERY DISCOVERY
PCMA’s Recovery Discovery is an ongoing campaign of research, reskilling,
event experimentation, and education to help our members and global
stakeholders navigate their businesses and careers to a place where business events professionals, organizations, brands and communities will thrive through the pandemic and beyond. This plan has three core elements as recommended in PCMA’s Business Event’s Compass Reporting service;
participant engagement, business models, and reskilling. The Accelerating
Reskilling Campaign is another key step along this journey towards recovery.

CONTACT INFORMATION:
Company: Professional Convention Management Association (PCMA)
Press Contact: Jacqueline Thomas
Email: Jthomas@PCMA.org
Phone: 1 (312) 423-7276
Website: https://www.pcma.org/

PCMA Releases Business Events Compass

New PCMA Foundation Funded Subscription Service Delivers Insights and Strategies for the Business Events Industry in the Next Normal

PCMA today released Business Events Compass – an actionable framework of insights and strategies for business event professionals and their business partners to guide their careers and businesses during the pandemic and beyond. The PCMA Foundation funded service and inaugural report provides explicit research-based insights on geographic and industry sector business events recovery opportunities as well as recommendations for the evolution of participant engagement, business models and expected
reskilling needs.

“In the Spring I stated that our industry needs to be a part of the solution and not exacerbate the health crisis. Since then our industry has been shattered by COVID-19. And if we are going to play a role in bringing people together during the pandemic and through the induced economic and social crises, we are going to have to do it within a whole new paradigm,” said
PCMA president and CEO Sherrif Karamat, CAE. “Business Events Compass is about understanding that paradigm and how careers and businesses in our global business events industry can evolve to thrive and continue to deliver the human connections our world so badly needs.”

Example Report Insights:
A key element in PCMA’s Recovery Discovery initiative, examples of Business Events Compass insights from the inaugural report include:

• Business event professionals, chief human resource officers and event participants all agree that face-to-face events cannot be fully replaced by digital alternatives.
• Best case economic recovery scenario (virus contained) for business events is currently estimated to be Q3-2021.
• The speed of business events recovery varies significantly by global region, industry economic sector and event experience type.
• Smaller locally focused business events will thrive in the initial recovery, driven by organizational business meetings and conventions/conferences/congresses. Incentive experiences and exhibitions will recover much more slowly.
• 39% of business event participants 25-49 years old expect to attend the same or more business events in 2021 than they did in 2019. This compares to 17% for participants 50+ years old.

Comprehensive Global Methodology:
Supported by a PCMA Foundation investment, PCMA Insights – PCMA’s global consulting practice — undertook an unprecedented assembly of global data and perspectives to inform development of the insights and strategies in Compass during May and June. This included six PCMA Think Tanks with over 130 global business event leaders, business sentiment surveys from thousands of PCMA members and global stakeholders, surveys of frequent business event participants, surveys with chief human resource officers, and interviews with global brand and association leaders. These were supplemented with reviews of regional pandemic health
policies and analysis of global econometric recovery models.

“Making a difference for business events professionals when they are needed the most is what the PCMA Foundation does. This is arguably the business events industry’s most comprehensive research undertaking since the 2009 economic significance studies,” said PCMA Foundation Chair Valerie Sumner. “Given the ebbs and flows inherent in this pandemic,
our plan is to support ongoing updates of Compass as needed for our members and invest in the resource and reskilling strategies contemplated in its recommendations so our members can continue to thrive.”

With the pandemic continuing to impact economies, travel demand and health and safety regulations around the world, PCMA and its research partners will continue to collect data and share insights with subscribers to the report through timely updates.

Where and How to Get More Information on the Full Report:
An executive summary of Business Events Compass is available now free of charge on the PCMA website to all members ($49 USD to non-members). A subscription to the full service and inaugural report, including updates through December 2020, is available for $495 USD for members ($895 for non-members).

How the Events Industry is Changing

PCMA Convene recently surveyed event professionals to gain insight about the impact of COVID-19 on the business events industry. Here are our key takeaways:

  • Meeting professionals are resilient: the survey reports many are taking the opportunity to reset and rethink a future with digital events and face-to-face working together while they redraw their value propositions.
  • Contracts and insurance will look different: planners will be more specific in the wording used for cancellations and what unforeseen circumstances the force majeure clause covers. Some will consider not just where the event takes place, but where the attendees are coming from.
  • Rebooking windows remain generally unclear: over 25% have not determined when they will reschedule their meetings, and another 25% have booked for September or later.
  • Virtual meetings are happening: 70% of respondents are moving all or some of their meeting to a virtual platform. They will use livestream speakers, webinars, abbreviated programs, have an emcee, include Q&A and chat and interactive features, and virtual exhibits.
  • Virtual meetings will offer new perks: respondents noted they will add new features to their virtual meetings including small group peer coaching, sending gift baskets to registrants with a dessert to be consumed en masse to end an event, creating a closed Facebook group, virtual networking lounges, happy hours and round tables, speaker podcasts, instant translation services, virtual awards ceremonies, and quizzes with instant results for certifications.
  • Pricing will change: 46% of respondents said the registration cost will be lower with the virtual meeting.
  • Re-education is key: planners are re-skilling themselves in virtual meetings and digital technologies and are studying crisis management, honing contract and marketing skills.

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