By Denis Sheehan FIH, Publisher, H&C News: Scrutinising the Institute of Hospitality Annual Report 2023.
In August 2024, the Institute of Hospitality (IoH) presented its Annual Report, marking a significant milestone as the organisation celebrated its 85th anniversary as the global professional body for individuals working in or studying hospitality and tourism management.
Despite the year being challenging for the hospitality sector, the IoH demonstrated remarkable resilience and adaptability, achieving notable successes that highlighted its growth and global impact.
Financial Growth and Stability
The IoH’s financial performance in 2023 was robust, with income rising by 9.4% against budget forecasts. This financial growth allowed the Institute to bolster its cash reserves, which grew to over £700,000. This financial strength positions the IoH well for future investments and initiatives.
Membership Growth and Engagement
The value and appeal of the IoH were underscored by a net positive membership growth of 9%, equating to an increase of 1,175 individual members. By the end of 2023, total membership exceeded 15,000. Particularly noteworthy was the surge in student membership, which grew by 29%, adding over 1,000 new student members. This growth reflects the IoH’s appeal to the next generation of hospitality professionals and its commitment to supporting the industry’s future leaders.
Investment in Education and Professional Development
The Institute remained committed to advancing education and professionalisation within the hospitality sector. With the support of the Savoy Educational Trust, the IoH committed to investing over £160,000 across three years to promote awareness of Equity, Diversity, Inclusion, and Belonging within the profession. This initiative underscores the IoH’s dedication to fostering an inclusive and supportive professional environment.
Global Reach and Accreditation
The IoH expanded its global footprint through its Accreditation and Endorsement services, which now grant professional recognition to 1,100 programs offered by 94 providers across 21 countries. In 2023 alone, the IoH reviewed applications from program providers in diverse locations such as Bermuda, Egypt, Hong Kong, India, Ireland, New Zealand, the Philippines, Singapore, Turkey, and the United States.
Digital and International Engagement
The Institute’s digital and international engagement efforts were pivotal in supporting its global growth. Virtual Continuing Professional Development (CPD), webinars, and podcasts, which now reach audiences in over 50 countries, played a key role in enhancing member engagement. Additionally, the IoH hosted virtual events in Bangladesh, Dubai, India, Sri Lanka, and Nigeria and in-person events in Switzerland, showcasing its commitment to fostering meaningful interactions with members worldwide.
Regional Restructuring and UK Engagement
In the UK, the IoH implemented a successful regional restructure, creating nearly 40 opportunities for members to connect and engage. The IoH’s efforts to increase visibility outside of London were also successful, with events and round table discussions held across various locations, including Birmingham, Bournemouth, Essex, Gloucestershire, Kent, Lincolnshire, Liverpool, Manchester, Northern Ireland, Nottingham, Oxford, Scotland, Somerset, Surrey, Wales, and York.
Strategic Collaborations and Support Initiatives
Collaboration remained a core strategic objective for the IoH. In 2023, this was exemplified by initiatives such as the creation of a Mental Health Toolkit for hospitality workers in partnership with the mental health charity MIND and the launch of a “Redundancy Information Hub” to support members through the continuing trend of business closures. Employment and HR advice, CV and Interview Skills, Mentoring, Wellness and Mental Health have been made available via the hub, as have links to industry support such as CareerScope (powered by Springboard) and Hospitality Action.
Mentorship and Industry Partnerships
The IoH also partnered with the Master Innholders to oversee the Master Innholders mentorship program. This collaboration aimed to develop future talent within the hotel industry, with a strong focus on mentorship. The IoH’s efforts to foster new and dynamic business and academic partnerships further contributed to thought leadership and expertise, enhancing its CPD offerings through various mediums, including white papers, webinars, podcasts, management guides, news features, magazine articles, and speaker contributions.
Increased Utilisation of CPD Resources
The IoH’s Continuing Professional Development (CPD) resources saw increased utilisation in 2023, with the online library attracting an average of 407 daily visitors, a 16% increase from the previous year. Additionally, the IoH’s online presence grew significantly, with LinkedIn achieving record growth compared to other platforms.
Event Highlights and Strategic Goals
Attendance at IoH events throughout the year was strong, with nearly 2,000 guests from eight countries participating. One standout event was the annual Passion4Hospitality conference, which featured a live-streamed keynote by Paralympian Aaron Phipps MBE and attracted over 550 hospitality students.
Another was the IoH Golf Day at The Belfry, which attracted more than twenty teams and one hundred people for dinner. Once again, the event raised thousands of pounds to fund the work done by the IoH Youth Council. The golf day has to date has funded more than one hundred and sixty bursary memberships for individuals whose financial or other circumstances stop them from joining the Institute and accessing a wealth of IoH resources which benefit their careers.
The IoH’s primary strategic goal of achieving Chartered Status made significant progress in 2023. The Institute submitted a comprehensive application, and while it received constructive feedback, the response indicated that the organisation’s restructuring, improved financial performance, and membership demographics were not barriers. Further correspondence with the Office of the Privy Council has provided clear direction for the steps the IoH needs to take in 2024 to move closer to this goal.
Conclusion
In summary, 2023 was a year of resilience, growth, and strategic advancement for the Institute of Hospitality. Despite the challenges faced by the hospitality industry, the IoH demonstrated strong financial performance, expanded its global reach, enhanced member engagement, and continued to invest in the professional development of its members.
There is no doubt, with its sights set on achieving Chartered Status and further expanding its influence and reach, the IoH is well-positioned to continue leading our hospitality industry into the future.