Business

The power of corporate days: how you can improve profit and productivity

Team-building activities are great ways to boost morale, productivity and profits in the workplace — that’s the mindset of many experts. Apparently, it’s all to do with company culture, and how team-building exercises can play a crucial role in improving this.

Company culture involves the environment, values and goals of a business and its staff. If your company was a human, it’d be its personality. Businesses like Google and Twitter lead the way in building happy, positive company cultures that attract and retain a high-performing workforce — but how do you use corporate days to engender a successful company culture that will benefit staff and profits?

In fact, it’s surprising that many business owners still don’t organise regular corporate days, considering that there’s an average of 1,900 monthly searches in the UK for the term ‘team-building exercises’. Interested in learning more? Find out the benefits of team-building exercises on company culture and how encouraging corporate excursions for your staff can help take your business to the next level.  

How it can boost productivity

Communication is key to every business; however, this isn’t always easy to maintain in a large office space or factory. The more engaged and productive your staff are, the more efficient your daily operations will be, which both have a positive effect on your profit margin.

But are communication and being engaged with tasks and work-related matters that important? According to Gallup, a research-based consulting company, employees who are engaged are around 17% more productive and show a 41% reduction in absenteeism. What’s more, highly engaged companies are reported by Gallup to be approximately 21% more profitable than those that aren’t.

Not only can you improve the lines of communication with team-building tasks, but you may also boost your staff’s levels of creativity and innovation. Plus, working together outside of the office will help highlight personal strengths and weaknesses among staff, which will give management a greater idea of the type of training and development courses that could improve performance.  

Communication

Everyday tasks rely on communication, and not having good communication can harm the efficiency of your business — not to mention create an inhibited company culture with disconnected employees. Solving issues that affect your business can only be achieved with clear, concise and confident discussions between members of staff — which is where team-building exercises come in.

Anything interactive and fun is ideal as a corporate team-building activity, as they’ll encourage your staff to talk amongst each other. Plus, there’ll be a greater chance of everyone pulling together to get the job done — a process that will then be adopted in the office.

What you need to help staff chat to each other and socialise is ‘neutral ground’ — hard to achieve in the workplace. Help break down those ‘workplace hierarchy’ barriers further by choosing an activity where teams must follow instructions and swap ideas to help bolster creative thinking in the workplace and help individuals learn each other’s strengths and weaknesses.

While some people find it easy to chat to others professionally, others struggle. Once those barriers of communication have been removed, your staff will feel more confident approaching each other for help and guidance on work-related matters, which will encourage a more open and fluid company culture.

Improve morale around the office

The workplace has changed drastically from even just a few decades ago, and now, it’s critical that you adopt an attitude that shows your employees you care about their happiness in the workplace. According to the Department of Economics and the University of Warwick, happy employees are up to 20% more productive than other workers. Since staff morale is intricately linked to happiness, you should implement initiatives, like team-building activities, companywide to ensure that your staff feel positive when they walk into work.

We all enjoy having something to look forward to, but did you know that this can also boost self-esteem in the workplace? Many expert psychologists have conducted experiments showing that anticipation is a key stage of cheerfulness. According to Action for Happiness, an organisation that helps people take practical steps to create a happier society, feeling good about the future is important for our happiness and motivation. If you want to encourage your staff to be ambitious, perhaps it’s worth beginning by taking action and finding the time to book a fun, group activity that you think they’d enjoy.

Improve your staff retention rate

Worried about getting and keeping staff? You can potentially use team-building activities to improve your staff retention rate! A study conducted by Columbia University suggests that company culture, assisted by positive initiatives such as exciting team days out, can help lower the amount of people exiting your company. The research showed that the chance of job turnover at a business with a positive company culture is only 13.9%, while the likelihood of a high job turnover rate in places with poor company cultures is 48.4%.

Assuming that the advantages stated above come to fruition, your workplace will be a more productive, happy, sociable, communicative, and trusting place to spend a weekday. This positive company culture should decrease the number of staff choosing to resign and keep talent within your company.

Having a poor staff retention rating is a significant problem for many companies and you should try your best to prevent it. Not only does low staff retention reduce the credibility and worth of your company to prospective employees, but it also means you must invest resources into frequently training new staff. Consequently, you lose experience, money, time, and the best chance of attracting a wide network of new, quality talent.

Perhaps devoting a portion of company time to corporate events could boost your employee turnover rate?

Bond with your staff

During worktime, we don’t always get to chat socially to our staff and colleagues. Therefore, it’s critical that you find a way to bring your staff together — and holding a regular corporate day out could be the simplest plan.

Team-building activities also help to build trust, which can improve your company’s overall performance. Senior lecturer at MIT Sloan School of Management, Jim Dougherty, claims that: “Managers will never learn the truth about their company unless they have their employees’ trust.” If you choose a team-building activity that depends on teamwork, communication and group planning; you will improve the level of trust your staff have in each other and with you.

An increased sense of familiarity builds a greater personal connection, which means your staff will feel more comfortable discussing problems and solutions to work-related issues. This will allow for more efficient problem-mapping processes to overcome issues that could be holding your company back without your knowledge.  

Evidently, there are many rewards to reap when it comes to organising corporate days out. If you want to boost profits, productivity and processes; search online for fun, team-building activities suitable for colleagues.  

Sources:

http://news.gallup.com/businessjournal/208487/right-culture-not-employee-happiness.aspx

https://tech.co/team-building-activities-productivity-2017-06

https://www.thebalance.com/what-is-company-culture-2062000

https://www.entrepreneur.com/article/238640

https://www.gthankyou.com/blog/research-shows-happy-employees-are-more-productive-by-gthankyou

https://realbusiness.co.uk/hr-and-management/2017/01/24/team-building-activities-can-boost-business-productivity/

https://www.business2community.com/sales-management/boost-sales-team-morale-year-end-01973983

http://www.tgdaily.com/enterprise/9-benefits-of-team-building-activities-in-the-workplace

https://moneyish.com/ish/companies-are-saying-goodbye-to-booze-and-hello-to-exercise-theater-and-philanthropy-at-their-holiday-parties/

https://www.sciencedaily.com/releases/2010/02/100218125204.htm

http://www.actionforhappiness.org/10-keys-to-happier-living/have-goals-to-look-forward-to

https://www.entrepreneur.com/article/238640

Previous post

Expanding Your Business Horizons From Studies to Savings

Next post

Making the most of transformational leadership in your workplace

elliott

elliott

Ive been blogging now for 5 years on various sites for the love of knowledge share. I decided to start my own blog a few years back to share everything from tech to business news. Follow me on twitter for more.