Team away days are rarely cheap, so it took a while for companies to start investing in them again post CoVid. But a recent study carried out by Travel Perk showed that a staggering 88% of companies were planning more in-person team days and customer events. With good reason, they are highly effective and provide excellent ROI.

In today’s fast-paced, constantly evolving and highly competitive business environment, creating a strong and motivated team is more important than ever. The right type of team away day can play a significant role in doing that, but they are expensive to host, so it is also important to be realistic about how much value they bring. Below we look at the impact on key business metrics, including company morale, communication, motivation, employee retention, and productivity. Exploring how team away day events contribute to a thriving workplace.

 

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The impact engaged teams have on the bottom line

The latest Gallup Q12 Meta Analysis once again demonstrated the strong connection between employee engagement and profitability. They looked at statistics provided by 347 organizations and businesses spread throughout the world and discovered that those firms with the highest levels of engagement were 23% more profitable than the average. This figure is backed up by the fact that sales are also 18% higher. This uptick in profitability has shown up in all of the previous 10 iterations of the study. For more than a decade, firms who actively work to improve team engagement see around a 20% increase in profit.

How team building days boost communication

We all know from experience that we grow closer to people who we socialize with. As our understanding of them improves, the channels of communication open up. When you have fun with someone or share success with them, that bond is strengthened. Everything becomes 2nd nature and working together is far easier. Importantly, the data confirms this and demonstrates that poor communication has a very negative impact on the way organizations operate.

Skillshare´s latest State of Communication study demonstrates this. They found that poor communication has the following impact :

  • Stress levels increase by 52%
  • Delays or failure to complete projects increased by 44%
  • Morale falls by 31%
  • Sales dropped by around 18%
  • Client losses increase by 13%
  • There is a 5% increase in disciplinary  procedures

As you can see, the impact of poor communication is dire. It has a domino effect on a company’s ability to function and over time leads to a downward spiral. Team building events or socializing is a very quick way to improve communication within and across different teams.

Use team away days to improve morale and company culture

Most of us are very aware of the fact that stress levels are high. People across the generations are finding making ends meet increasingly difficult. Many are also time poor; so, struggle to fulfil their obligations and look after their own physical and mental health. As a result, when their employer demonstrates that they are appreciated and provides them with the chance to do something fun and interesting they respond very positively.

A Harvard Business Review study showed that employees that regularly engage in team building activities have a 50% higher job satisfaction rate. Another way of putting it is that they are far happier at work. Proof that the right type of team building events greatly improve morale.

This in turn contributes to nurturing a healthy company culture. People feel appreciated and team away days provide the opportunity to remind everyone of the vision and values of the business. It also opens up the opportunity to discuss company culture and perhaps go through some exercises to help everyone better understand how to make decisions that better align with the culture.

In-person team days also help with integrating remote workers into the culture more. Something Owl Labs found to be something 41% of those who work outside of the workplace really struggle with.

Engage your employees to improve retention rates and reduce absenteeism

It is becoming increasingly difficult to attract and retain people with the right skills. In addition, the cost of replacing them is also increasing.

When Gallup looked at employee engagement levels, they compared the performance differences between the top and bottom quartile businesses and teams. They discovered some startling differences including :

  • 81% less absenteeism in engaged teams
  • Between 18 and 43% lower turnover levels for firms that actively work on team building and engagement

Now is the time to use away days to better engage your teams

Gallup’s latest State of the Global Workplace report shows that low levels of employee engagement costs the global economy US$8 9 trillion, or 9% of global GDP. Those companies that act and improve employee engagement currently have the opportunity to grow at a very fast rate.

Team away days do not need to be expensive. Simply taking everyone bowling or for a meal is a good starting point. Later, full blown away days can be added into the mix to provide everyone with the opportunity to have fun and enjoy new team-building experiences together.