Journey Institute Research Reveals Want for Added Advisor Recruitment, Retention Efforts

Journey Institute Research Reveals Want for Added Advisor Recruitment, Retention Efforts
Laurie Baratti

The journey business’s nonprofit training chief, The Journey Institute, printed some preliminary key findings from its newest research, titled ‘The Altering Face of Journey Brokers 2023’.

That is the third in a sequence of surveys of North American-based journey professionals, every carried out with for the aim of gauging numerous points of advisors’ perform, whereas additionally making notice of recent and unfolding influences. The Journey Institute’s two comparable surveys had been carried out in 2008 and 2018, permitting for some direct comparisons with this yr’s model to be drawn, thereby providing a linear view on evolution of journey advisors’ function throughout the business. 

Highlights of the research’s preliminary key findings embody: 

Journey advisors proceed to primarily function in gig economic system roles, with the job attracting staff concerned with part-time supplementary roles that supply independence and adaptability, versus conventional full-time employment.

  • 71 % are impartial contractors (ICs), whereas solely 29 % are precise workers, carrying on the earlier pattern towards an IC agent mannequin. In 2018, 62 % labored as ICs and 38 % had been conventional workers, whereas the precise inverse was true in 2008, when 29 % had been ICs and 71 % had been workers.
  • 44 % of IC/gig staff say that their present function a journey advisor immediately resulted from a profession change, in comparison with 31 % of direct workers.
  • 50 % of ICs work a mean of 31 hours or extra per week, whereas 85 % of workers work the identical quantity.
  • 34 % of ICs classify their function as part-time, in comparison with solely 9 % of workers.
  • Amongst ICs and direct workers mixed, 72 % of these with 20 years’ expertise within the function work 31 hours or extra weekly, whereas simply 41 % of these with lower than 3 years’ expertise do the identical.
The Travel Institute, travel advisors, travel agents, agencies, ICs, independent contractors, direct employees

Share of ICs vs direct employed journey advisors in 2023 in contrast with 2008. (Supply: The Journey Institute)

Regardless of comparatively excessive ranges of job satisfaction being reported amongst present journey advisors (74 % stated they “love what they do”), a good portion of skilled brokers have been withdrawing from the function lately, indicating that immediately’s inhabitants of seasoned advisors will “age out” within the close to future.

Diane Petras, CTIE, president of The Journey Institute, stated that these traits, mixed with the surge in shopper curiosity in journey post-COVID, may leads to a scarcity of expert, accessible journey advisors to fulfill demand over the following decade. She referred to as the survey outcomes “each a wakeup name and a possibility” for the journey business’s collective recruiting and retention efforts, along with academic wants. Nonetheless, though one-third of journey firms misplaced seasoned workers amid the pandemic, restaffing and recruiting didn’t make it into the listing of high priorities amongst 2023 survey respondents.

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