MICE industry must prioritise people management to sustain growth

The recent TMX conference, a significant event in the meeting, incentive, convention, and exhibition (MICE) industry, focused on game-changing people management strategies.

The presentation underscored substantial opportunities for growth and transformation within this dynamic sector.

The MICE industry is experiencing impressive growth, with a projected compound annual growth rate (CAGR) of 6-9% until 2030.

This expansion presents a unique opportunity for entrepreneurs to capitalize on the burgeoning market. However, this industry has prominent challenges, such as high employee turnover and talent shortages.
Research indicates that sustaining growth in the MICE sector requires businesses to prioritize their employees as their most valuable assets.

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High turnover rates often stem from low job satisfaction, lack of empowerment, and excessive workloads.

Addressing these issues necessitates a comprehensive approach to employee well-being and development.
The key to overcoming these challenges lies in investing in people—not just through competitive salaries but by creating an environment that supports their overall well-being.

This means fostering a workplace where employees feel valued, empowered, and engaged. A prime example of the benefits of investing in people is Southwest Airlines.

Despite numerous industry challenges, the American carrier has consistently maintained high employee engagement and a solid organizational culture by implementing several key strategies:

1. Empowering employees with decision-making freedom and encouraging authenticity.
2. Involving leaders directly in onboarding and conducting frequent engagement checks.
3. Creating memorable first days and communicating clear expectations.
4. Aligning communication with the brand and maintaining transparency during crises.

These strategies have enhanced employee engagement, customer satisfaction, operational excellence, and financial success. Southwest’s philosophy—happy employees = happy customers = happy investors—demonstrates the power of investing in people.
To prepare for the future, MICE businesses need to adopt similar strategies.

Here are some critical approaches:

Emphasize skills over professions:

Removing rigid degree requirements and focusing on skills-based hiring can expand the talent pool and ensure candidates possess the right capabilities for specific roles.

Develop key talent traits:

Identifying and nurturing traits such as curiosity, learning agility, grit, adaptability, and resilience can create a high-performing workforce.

Personalize employee experiences:

Tailoring work experiences to individual preferences and needs, including flexible role design, work timing, and customized benefits, can enhance job satisfaction.

Focus on trust, equity, and inclusion:

Building a culture of trust through fair pay, equity, and inclusive practices can enhance employee well-being and foster a resilient organizational culture.

Redefine career paths:

Shifting from linear career ladders to varied career journeys can accommodate diverse aspirations and promote upward, lateral, and downward transitions.

Promote holistic well-being:

It is crucial for long-term success to recognize that employee productivity and satisfaction are contingent on holistic well-being, which encompasses physical, mental, emotional, and digital health.
As the future of people management evolves, organizations must adapt to these megatrends and implement innovative strategies.

By focusing on skills, personalization, trust, and well-being, businesses can retain top talent and drive sustainable growth and success, as reported by the Bangkok Post.