3 Reasons Corporate Team Building Is Moving from Boondoggle to Necessity
Maintaining company culture has always had its challenges, but it has never been as critical as it is today. Once viewed as a softer/nice-to-have aspect of running a business, organizations are running head-on into the hard costs of devolving corporate cultures as they move to hybrid and remote working models. Corporate team building can help.
Call it what you want. The Great Resignation? The Big Switch? Without a strong culture, meaningful connections and bonds between employees and managers, the challenges (and costs) of employee retention go way up.
More than ever, corporate team building is a necessity. Here are three reasons why corporate team building needs to be a priority for all companies.
- The best employees don’t work for just the money. They work for meaning and connection.
Yes, we all need to pay our bills. In the midst of a pandemic where many households were hit by layoffs and cutbacks, it was natural to assume that job switching was for more compensation. But study after study is showing that’s not so, that there is more to work than money. In fact, MIT Sloan research published earlier this year reports that corporate culture is 10.4 times more important to employees than compensation, not to mention the strongest factor in predicting turnover.
People work for connection to others, to learn and to do meaningful work. It is embraced in the overall employee experience which plays a vital role in the war for talent today. With hybrid and remote work models much of the connection is lost and meaning is harder to discern when you are sitting on a Zoom call in your pajamas. Managers have to work harder to foster the employee experience by creating connection and meaning in a hybrid or remote environment. That’s where corporate team building comes into play. The MIT Sloan research found that company-organized events, such as team-building excursions, are a key element of a healthy corporate culture and that it’s no surprise that they are also associated with higher rates of retention.
- Fostering collaboration and camaraderie is more of a challenge in a hybrid workplace.
The McKinsey Survey also found that many companies are having a hard time figuring out a way to maintain favorable corporate cultures in the hybrid structure. Managers can’t use the same basic tactics now. Monday morning face-to-face meetings, water cooler conversations, managing by walking around and other activities are gone. New tactics are required. Luckily many outside resources exist to help them, including event centers, team-building companies, team-building coaches and more.
- The post-pandemic drop in morale is real. So are the benefits of stronger cultures.
Organizational culture has taken a hit since the pandemic. According to a study by the Society for Human Resource Management, two-thirds of employers are struggling to maintain employee morale, and more than one-third are facing challenges maintaining company culture.
Culture is critically important to company success, according to a Forbes article citing research that shows when cultures are more effective, organizations see payoffs in revenue growth, retention, stock price and net income. Additional research in the article demonstrates positive correlations with return on investment and return on sales.
Build a Stronger Culture with Team Building Events
Connection and camaraderie play a big role in building a culture that thrives and that is especially important in a hybrid workplace. Corporate team building can foster connection and camaraderie through off-site events, such as corporate retreats or partial day events.
An Axios article says corporate retreats are now a must, going from “boondoggles to a necessity.” While retreats might not work for every company, an off-site event for a couple of hours is an option for most companies. The Forbes article also states that proximity is a must for successful cultures. Managers have to work harder to create that proximity.
Our Team Building with Taste corporate cooking competitions are a fantastic way to bring a company together for a little fun and excitement. Kitchens are nurturing places. Most people have fond memories of them– and food generally brings out the best in people. We like to say that if you really want to get to know someone, chop an onion next to them.
Team Building with Taste events bring employees out of their typical roles and into a new situation where they communicate, create, problem solve and work together as a team. With delicious food and a healthy portion of some friendly competition, they will enjoy an incredible team building experience that will carry over into the workplace.
As employees work together to build on one another’s strengths in a short period of time, friendships, camaraderie, and bonds between team members, creating a stronger and more efficient team overall. Team members who enjoy one another and understand each other communicate more effectively and help boost productivity.