No Higher ROI than Teambuilding
Nov. 18, 2019
Team building is a highly valuable activity, and the most important investment you can make in your company. Why? Because the stronger the team, the stronger your organization. By creating opportunities for connection and meaningful interaction, you are reinforcing each member’s value as well as creating positive memories that build stronger bonds.
The following are a few of the benefits you receive after devoting the necessary time and effort toward building a strong team.
Recruit and Retain
Your office culture can be a strong bargaining chip in recruiting top talent, or it can be a deterrent. Investing in successful team building activities that not only entertain but also have a lasting impact will attract potential hires. You may not be able to compete with the salary or benefits of larger companies, but if you’ve invested correctly in your company’s culture, you still might have the better offer. No one wants to go to work every day in a toxic environment. People want to love what they do and with whom they do it.
The culture you create matters greatly. Take a look at this report from CultureIQ for a big-picture view of just how important culture is for recruiting and retaining top talent. For the same reasons that team building boosts your recruiting power, it also provides gains in retention. When co-workers form bonds with one another, they are more likely to stick around.
MIT conducted a study to determine what made one team communicate better than another. What they found was that team building was a critical component. Successful teams had better non-verbal as well as verbal communication skills. They faced one another when they spoke, connecting directly with peers, not just team leaders. This verbal and nonverbal communication also gave room for everyone to talk and listen equally, allowing team members to search for information outside of the meetings and bringing what they found back to the group.
The more you are able to build those bonds through effective team building, the stronger the communication between the individuals on the team will become. Employees won’t shy away from the hard conversations and will respect one another as they seek to find solutions.
Teams that Work Together Earn More
Kenexa Research Institute studied 64 organizations, discovering that highly engaged employees achieve twice the annual net income than those who were not engaged. In a second study of 39 organizations, they discovered that engaged employees bring in a seven times greater 5-year total shareholder return than less engaged employees. When you invest in quality team building, it can directly impact your chances for financial success.
If you are looking to improve your work environment’s culture, increase profits, and recruit and retain top talent, then you can’t lose by investing time and effort in creating team building activities. Get creative and incorporate quality activities that both entertain and educate. Your employees will be talking about for years to come.
The experts in culture, strategy, and human resources at the Lynch Law Firm would love to become your partner in investing in team building. Let us know how we can help!