2023 Outlook: Equip Your Hotel Meeting Spaces to Capitalize on Corporate Demand

Thanks to the pandemic, it appears that remote work is here to stay. According to Sara Sutton, FlexJobs' Founder and CEO, "The pandemic has encouraged companies to reconsider the types of jobs that can be done from home and reevaluate what positions are compatible with remote work." In fact, across industries including Technology, Banking and Finance, a majority of companies have transitioned their workforce to 100% remote positions.

Remote Work and In-Person Events Are Trending

Work-from-home arrangements appear to offer key benefits for both the employer and the employee. According to FlexJobs’ 2022 Career Pulse Survey, 65% of professionals prefer working remotely in part because they do not have to waste valuable time commuting to the office. Employers benefit from reduced overhead costs as they are able to downsize their office spaces. But alongside the benefits come fundamental challenges, not the least of which are finding ways to maintain company culture, employee engagement, cross-departmental coordination, and individual rapport.

With so many workers physically separated from one another, off-site meetings are increasing in popularity. Analysts are predicting a strong comeback for corporate meetings going into 2023. American Express' 2023 Global Meetings and Events Forecast expects spending on conferences and events to return to pre-pandemic numbers. Now more than ever, professionals are eager to reconnect and strengthen relationships, and companies are seeking venues to reunite their employees, partners, and customers.

A Slower Economy Means Smaller Events

At a time when companies are preparing to open up their wallets for corporate meetings, they’re also poised to allocate their resources more conservatively in the face of a looming recession. According to Skift reporting, "Demand is high and expected to fully rebound to 2019 levels in 2023, but rising inflation means that budgets will be stretched tighter than ever." This economic contraction further reinforces a preference toward smaller meeting spaces and is why a greater percentage of 2023 event budgets are likely to be focused on smaller corporate functions over larger, more extravagant conferences.

The types of meetings hotels should be prepared to accommodate include (but are not limited to):

• Sales kickoffs

• Cross-functional retreats

• Leadership summits

• Company-wide annual events

• Partner conferences

• Customer conferences

• Half or full-day workshops

Hotel meeting spaces are an ideal solution for these types of company events and an excellent way for hotels to boost their revenue. According to Linda McNairy, Vice President of Americas at American Express, at least 45% of meetings are likely to be multi-day events requiring overnight accommodations for those attending. Capitalizing on this opportunity means hotels must be prepared to provide tech-forward meeting spaces ready to support the digital demands of a modern workforce.

Prepare Hotel Meeting Spaces to Meet Changing Demand

With more companies ready to invest in more frequent but smaller, face-to-face meetings, it's not enough for hotels to simply offer beautiful meeting spaces. Today’s corporate events are focused on productivity and results that are driven by technology. As such, hotels must ensure their properties are equipped with a robust technology infrastructure that is ready to meet the demands of today’s tech-forward companies.

According to iPass, the typical business traveler now carries an average of three separate personal electronic devices, each requiring WiFi connectivity. In addition, companies expect their meeting spaces to offer dedicated and uninterrupted high-speed Internet broadband capable of seamlessly supporting cloud-based Internet applications, interactive product demonstrations, multimedia broadcasting, live streaming, technology-based workshops and instruction, real-time audience polling, and more. Limited bandwidth, intermittent outages, and slow speeds are liable to bring any corporate event to a screeching halt and get your hotel blacklisted.

To determine if your hotel meeting space is ready to successfully host today’s digitally-dependent corporate meetings, honestly assess the following key considerations: 

• Is your technology infrastructure up to date and ready to support cutting-edge, cloud-based applications?

• Is your Internet bandwidth redundant, scalable, and secure, and are you confident in its ability to perform without disruption or downtime throughout your event space?

• Are all meeting spaces equipped with functioning, system-compatible high-definition digital screens that can support multimedia broadcasting and live streams?

• Do your technology teams have the time and expertise to coordinate, manage and support corporate meetings, including digital displays, Internet, and WiFi networks?

Rely on Experts You Can Trust

If your hotel aspires to be a go-to venue for corporate events, and you have any doubts regarding your hotel’s ability to deliver, trust the experts at Xpodigital. As the go-to technology partner for hospitality, Xpodigital can help optimize your meeting space technology, fully manage and support your Internet and WiFi networks, and reduce the strain on your staff, enabling your hotel to maximize revenue and improve ROI.