Steve Bova, CAE, is Executive Director, Financial & Insurance Conference Professionals (FICP). Photo by Tori Soper

The way businesses operate today is undergoing significant changes across various industries, including the financial and insurance (F&I) sector. Economic pressures, environmental concerns and shifts in communication and collaboration have prompted adaptations in business strategies, including in meetings and events execution. Financial and Insurance Conference Professionals (FICP) has been actively reassessing its strategic priorities to effectively support its community of meetings professionals (MPs) in the F&I industry and their hospitality partners (HPs) who help execute best-in-class events.

The winter 2023 FICP Pulse Survey focused on key areas such as changes in staffing models, sustainability and diversity, equity and inclusion (DEI). The survey revealed noteworthy insights and shifts in priorities within the F&I industry and the hospitality sector.

Diversity, Equity, and Inclusion (DEI)

DEI remains a significant focus for F&I companies and the hospitality industry, with nearly three-quarters of MPs highlighting increased attention in 2023. Additionally, 87% of MPs consider DEI a strategically important area for their companies. The hospitality industry places even greater emphasis on DEI, with 92% considering it strategically important.

While DEI is a shared focus, the approach varies. F&I participants prioritize active recruitment for a more diverse workforce, showing a significant increase since 2022. For HPs, active recruitment remains important, but the top cultural priority is developing a sense of belonging. Changes in DEI areas correlate with how events are approached, with diverse speaker selections and content changes being notable shifts for MPs and more than a third of HPs increasing their use of minority-owned businesses as suppliers.

FICP is actively engaged in its own DEI journey, establishing a DEI Working Group, publishing its official Statement of DEI in December 2022 and emphasizing its importance in the 2022-2024 Strategic Plan. The organization aims to foster inclusivity, belonging and member engagement, with the newly revealed core message, “You Belong at FICP.” FICP also published a DEI calendar for MPs and HPs on its redesigned website to reference when planning meetings.

Sustainability

Sustainability has become a heightened focus in the past year for both F&I and HP organizations. Three out of four MPs and two out of three HPs noted increased attention to sustainability. HPs show a stronger existing focus on sustainability, with 92% considering it strategically important.

Top sustainability focus areas for both groups include incorporating sustainability into the organization’s mission and reducing food waste at events. Partner selection and food and beverage choices during events are key areas where sustainability considerations come into play.

FICP’s approach involves making sustainable choices for its events, including selecting eco-friendly destinations, partnering with sustainable suppliers, and focusing on water and plastic considerations.

Destination selection: The 2024 FICP Annual Conference will be held in Denver, which was the first destination to achieve the highest – Platinum – level certification from the Event Industry Council’s Sustainable Events Standards.

Partner selection: Partnering with industry leader, PC Nametag, for more sustainable name badges and lanyards, including a return receptacle for recycling and repurposing.

Water and plastic considerations: Actively encourage attendees with BYOB (Bring Your Own Bottle) to stay hydrated throughout the event, including increased water stations, as well as activations for infused water. Elimination of plastic water bottles for speakers, whenever possible.

Food and beverage considerations: Staff work closely with hospitality partners to develop menus and experiences with sustainability in mind, including how counts are defined, and how food waste from an event may be repurposed.

As FICP looks toward Denver this November, sustainability will be of increased focus, and we look forward to sharing the event planning process with the FICP community and beyond – before and after the event — to support the industry’s continuing education on this important topic.

CHANGING STAFFING MODELS

Staffing was among the top issues for MPs coming out of the COVID pandemic, with meetings and events roaring back while experiencing reduced headcount on teams. We dug into how staffing models have adjusted over the past year and expectations for the future — both for internal teams and in the use of third parties and/or incentive houses.

25% of MPs expect a marginal or significant increase in headcount in 2024, with 67% anticipating no change.

Half of MPs use third parties or incentive houses to supplement the internal meetings and events team(s) regularly (29%) or on an ad hoc/very limited basis (23%).

Of those that use third parties and/or incentive houses, most have not seen a notable change in usage over the past year while 12% have seen a significant increase — and 68% do not anticipate a change in usage over the next two years.

The top three meetings and event functions outsourced to third parties and/or incentive houses are sourcing (83%), registration (54%) and gifting (46%).

HP sales teams are anticipated to grow significantly, with a shift toward more account-based approaches. Incentive travel remains a substantial part of F&I business for many HPs.

FICP is addressing the challenges of increased workload by launching regional pop-up networking events (“FICP in” series) and revising its governance structure to enhance volunteer experiences.

FICP in: To meet our community where they are, we launched the “FICP in” event series last year. This enables the community to come together at regional pop-up networking events that are free for MPs — first in New York City and then in Boston. We are building off that success this year and expanding to three “FICP in” events, with dates and locations to come.

Volunteerism: FICP’s governance structure was revised in 2023 to increase the number of leadership roles while streamlining the responsibilities for individual volunteer leaders to be more meaningful to them. Combined with clearer, upfront communication about the time commitment the various volunteer roles have, these changes have broadened its volunteer base while providing a more impactful experience.

Rising Professionals: While not all inclusive, another change has been an increased focus on rising professionals (i.e., defined as those with less than 10 years of professional experience) in our education and meeting planning upon the recommendation from our Rising Leaders Working Group. From rising professional happy hours at our in-person events to providing easy-to-search recordings and resources in the new On-Demand Education Center, FICP remains committed to being a platform and community to support the growth of rising professionals, furthering the success of F&I meetings and events.

FICP is actively adapting to industry changes by prioritizing DEI, sustainability and addressing evolving staffing models. By fostering inclusivity, making sustainable choices and supporting professional growth, FICP aims to contribute to a more inclusive and environmentally considerate world within the meetings and events industry.

Share how your organization is making strides on social media using the hashtags #meetingprofs and #hospitalityindustry – and don’t forget to tag FICP.

For more research insights, visit ficpnet.com/Education-Resources/Industry-Research. I&FMM