Industry Association Changes Name
14 April 2009
Institute of Travel Management changes its name to Institute of Travel and Meetings. Talking about the ITM’s decision to change its name, Trevor Elswood, Group Managing Director, BSI, comments :
This is a really important move for the sector, as we see changing trends in the way businesses are structuring their decisions and spend when it comes to meetings and events. Historically, training and meeting budgets were fragmented, being allocated to each department separately. We have seen a move away from this over the last two years, and I believe this is a very positive step forward for the institute to recognise this new trend by changing its name.
Around two thirds of UK travel managers also have responsibility for their organisation’s meetings and events spend. On average, that spend equates to between 12% and 35% of an organisation's total T&E costs depending upon industry sector. With 60% of all meetings held in hotels, consolidating transient accommodation and meetings expenditure, or ‘convergence’, is an increasingly compelling proposition for the corporate buyer. I am pleased that this has been reflected in this name change.