IIFX Learning Hub Background
FANS NEED HEALTH, SAFETY, SECURITY AND SERVICE
Education and training are integral to all facets of the sports and entertainment industry. Both are an essential part of continuous improvement.
The lessons learned from the tragic events of the Estadio Nacional disaster (1964), The Who Concert crowd crush (1979), Heysel Stadium disaster (1985), Hillsborough (1989), the events of 9/11, the Phnom Penh Water Festival stampede (2010), and bouts of anti-social behavior at many mass gathering events demonstrate the importance of training and professionalizing the sports and entertainment work force. A well-trained workforce is generally more confident and capable of providing the services fans need and expect.
In a world fueled by the uncertainty created by the COVID-19 virus, fans expect sports and entertainment venues to provide health, safety, security, and service to create conditions for a memory-making experience. A well-trained workforce can do this.
THE PROBLEM?
COVID-19’S DEVASTATING FINANCIAL EFFECT ON THE
SPORTS AND ENTERTAINMENT
INDUSTRY
Sports and entertainment events are part of the cultural heritage we all share. Prior to the COVID-19 pandemic, which began in March 2020, sports and entertainment events generated significant revenue around the world. For example, according to Price, Waterhouse, Cooper, professional sports in the United States generated $73.04 billion in 2019, and were projected to generate $75.71 billion in 2020 (PWC, 2019). However, between March and June 2020, professional sports in the United States lost $5.82 billion and are projected to lose up to $11 billion more in 2020.
Losses sustained by entertainment and event management organizations are staggering because of the cancellation of mass gatherings across the world. Once plans are in place to reopen, people need to be trained to provide for the health, safety, security, and service elements for future sports and entertainment events.
MILLENNIALS AND GENERATION Z - RECRUITING AND RETAINING THE MODERN WORKFORCE
According to the Bureau of Labor Statistics, Millennials and Generation Z will comprise more than 75% of the workforce by 2030. Longitudinal studies of Millennials across the globe between 2015-2019, show that Professional Development is a key concern. A 2017 Deloitte study revealed that 64% of Millennials planned to leave their current position by 2022 (Deloitte, 2017), confirmed by the Bureau of Labor Statistics in 2018, reporting tenure rates for Millennials hovering 1.2 years (age 20 -24) and 2.8 years (age 24-34) (BLS, 2018).
According to a report by Training Magazine, the average cost to train employees for small to medium-sized company was between $555-$1,504 per employee (Training Magazine, 2020). Service industry recruiting costs average $1,062 for each employee (Recruiter.com, 2020). The employee turnover rate for the sports and entertainment industry (pre-COVID-19) was 13% to 18% (Booz, 2018). The typical replacement cost for employees ranges between 16%-213% of annual salary, depending on the level of the employee (staff, supervisor, manager, executive).
What is most telling about surveys of Millennials pre-COVID-19 is their sincere desire to be afforded professional development opportunities (Atkins, 2018):
Express concern for lack of advancement opportunities
Say they are not engaged or connected
May stay if offered development opportunities
The Innovation Institute Leadership team made up of Staff, Alliance Affiliates and Distinguished Fellows is an unrivaled network of subject matter experts, thought leaders, technologists, futurists, trainers, and business leaders to assist sports and entertainment organizations. This group, along with our growing membership roster, represents the best the industry has to offer in expertise, services and products to meet the challenges of the “new normal”.