The events industry needs skilled manpower to survive.
Events are the lifeblood of sales and marketing. Be it weddings or conclaves, conferences or exhibitions, a country like India cannot thrive without events. In an interaction with TravelDine, Samit Garg, CEO & Co-Founder of E-Factor Entertainment, sheds light on the industry’s new normal, what changed post pandemic, and what it will take to bounce back.
“We do see the industry back in action. Yet, the bounceback will take a little time, even as the markets open. In my estimation, we will get back to ‘normal’ by the end of this calendar year,” says Garg.
The biggest challenge haunting the events industry right now is that organisations do not have the reserves to get their business back on track, and even if the businesses are willing to experiment and innovate, they lack skilled manpower.
“Organisations have consumed a lot of those reserves in the past two years. Many organizations had given up on office spaces as well as staff, which has led to a paucity of resources for them. The second challenge is that many large-scale events have not really kicked off. Many companies were focused on MICE and corporate events, and they are still struggling as business revives slowly. Companies handling government events are doing better, and wedding events are back as well. There is also a dearth of qualitative manpower. Many people in the industry have shifted sectors or are freelancing. The lack of skilled people is a huge challenge,” he says.
Garg, who has hosted over 1000 events in multiple formats, says that the industry will witness a massive transformation in the next two years.
“The industry will be more conscious in terms of sustainability and environment. Health and safety standards will be a priority. There will be a substantial increment in government expenditure towards events. I foresee an exponential rise in business coming back across all genres and sectors of events starting 2023,” he says.
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According to Garg, third quarter of 2022 will be MICE-friendly.
“As far as corporates are concerned, business is coming back, as more companies come out of their cocoons and end the Work From Home mode. As both internal rules and regulations, as well as external rules begin to relax, we will witness a strong focus on MICE events by the third quarter of 2022-2023. Yet, it will take another 12 months for a full-throttle return to what it was pre-pandemic,” says Garg.
E-Factors is now looking at creating more long-term business opportunities.
“We want to focus on assignments that are contractual in nature and not one-time events. We have just signed a five-year deal with the Orissa government for an Eco-Retreat in Konark, and another with the Kerala government for the Champions Boat League, which we intend to make into a very large property. We have immense experience curating events for various state enterprises and we intend to use that to build up stronger portfolio,” says Garg.