Talent Shortages
While talent shortages are affecting much of the global economy, the hospitality industry has been particularly affected and the availability of talent is undoubtedly one of the greater challenges currently facing the meetings industry. The job opening rate for the leisure and hospitality industry was above 9% in September 2022, the highest of any major industry group and, according to Cvent’s Meetings Industry Pulse Survey, concern among meeting planners over hotel staffing is increasing. Meanwhile, the resignation rate for the leisure and hospitality industry is almost double the national rate.
Figure 19: Job Openings Rate
This said, respondents to the MRoTF study earlier this year painted a relatively optimistic picture regarding staff shortages, with more than half expecting to return to pre-pandemic staffing levels by the end of 2022. Skip forward to October 2022 and opinion is more divided. While less (36%) anticipate making a full recovery by the end of this year if they have not already, most foresee returning to pre-pandemic levels by no later than 2023, in line with the overall outlook for the meetings industry. However, an increasing share of venue operators are less optimistic, with twice as many respondents anticipating the talent shortages will extend beyond next year than in the previous survey, and nearly one in five feeling that staffing levels will never fully recover.
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