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12 Keywords for the Change in Meetings Industry Trend 6. Corporate Social Responsibility (CSR)

Today, we are witnessing speedy development of new technologies such as mobile, social media, and virtual reality, and an outpouring variety of social issues such as economic depression and environmental questions. Under such circumstances, meetings industry people, who should lead the change, need to smartly cope with trends in the world with their brilliant insight into the world affairs. In this light, we have identified twelve major trends that reflect latest changes in the global meetings industry. Sixth keyword is Corporate Social Responsibility(CSR).

6. Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR)

CSR, for corporate social responsibility, is a hot trend for corporate management and is widely used for corporate publicity. Past corporate management was focused on financial performance such as sales and earnings, whereas the currently spotlighted business management trend pursues sustainability that reflects more comprehensively and in a balanced manner economic, environmental, and social issues deriving from corporate management. Accordingly, meetings industry shines spotlight on the management method that continuously improves corporate value by considering non-financial as well as financial performance such as ethics, environment, and social questions.

CSR Trend in Meetings Industry

A concept that has taken a step forward from the eco-friendly concept which once created buzz for meetings industry, CSR is a more progressive management trend that gives comprehensive and broad consideration not only to environmental dimension but also to the economic and social sustainability.

Environment and Society: In order to ensure mid-to-long-term development of meetings industry, we should preserve environment and society as resources that form the fulcrum of the meetings industry by creating positive effects for the whole local community through minimizing the effects that a meeting has on the local environment of a venue and implementing various community projects together with the specific event.
Social/Moral Obligation: Through various channels such as education and direct experience, meetings industry exercises considerable influence on the society, and such influence leads to social and ethical responsibilities.
Consumer Demand: Increasing numbers of customer and clients demand CSR program, policies, and guidelines in documents from meeting suppliers.
Business Trend: As is reflected the sharp increase in the percentage of companies publishing a CSR report (or a sustainability report) that are included in Fortune 100 companies, environmental and social responsibilities are taking spotlight as a business trend.
Strategic Asset: Planners who recognize such CSR trend and link it to meetings will be equipped with comparative advantage from a strategic perspective.

Results of MPI’s Investigation of Meetings Industry’s Current Usage of CSR (January 2012: The State of CSR)

MPI surveyed the usage of CSR involving 1,100 meetings companies, disclosing its results in January 2012. The results show that 90% of the respondents were involved in CSR business and projects and 25% of the companies were pretty intensively into the business.

The survey showed that minimum 50% of the industry people preferred companies that established and owned CSR policies and guidelines, while one third of them answered that they preferred companies that followed CSR guidelines issued by publicly trusted organizations. At least half of those respondents were willing to give back to local community, while 80% of them were involved in volunteer work for charity organizations in local community. Also, about 60% of the employees said that they were volunteering for local community.

Furthermore, 60% of the respondents said that they were going to expand their CSR program and predicted that legal and social pressure would increase the operation of CSR program. So, future meetings industry will see a livelier operation of CSR program.

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