First in-depth study specific to the Destination Management and Incentive Travel sectors
Association of Destination Management Executives International (ADMEI) and Society for Incentive Travel Excellence (SITE) have partnered to release a valuable report on compensation trends in the global destination management and incentive travel industries. The 62-page report not only provides detailed information about compensation, but also includes trends in staffing, company profiles and employee benefits that companies can use to benchmark their organizations. This is the first time a study of this depth has been conducted specific to the destination management and incentive travel sectors.
In April a membership-focused survey was conducted among ADMEI and SITE members and prospects with a total of 192 surveys received from respondents in North America, Europe, Latin America, Asia, Africa and the Middle East. On average, participating firms have been in business for more than 21 years and produce 227 events a year. The median firm is $4.5 million (USD) in annual gross revenue.
Recent trends and future expectations identified include:
- Firms report relatively strong growth across the board with a majority reporting increases in total clients served (76%) and total events managed (78%), resulting in increases in total gross revenue (76%) and net profit (69%).
- A slight majority (54%) reports that they are increasing staff and steadily increasing pay to retain/attract qualified staff. Very few (8%) report they are cutting staff.
- The basis for staff bonuses is generally merit for personal performance (59%), with incentive plans for meeting personal sales (54%) and awards for the group reaching or exceeding a team or company-wide goal (50%) also common.
- A majority of employees are eligible to receive medical insurance benefits and participate in retirement programs. Other benefits include mobile/cellular phone purchases/fees - most likely to be offered to the President/Owner (87%) - while reimbursement of professional membership fees (75%) and paid time off for certification/conference attendance (70%) is also commonly offered.
The Association of Destination Management Executives International is the premier international association for DMCs. Its mission is to define the DMC industry, uphold the highest level of professionalism, establish standard business and ethical practices and promote the value of local destination management. You can Find an ADMEI member DMC or for more information about ADMEI, please visit www.admei.org.