Does Team Building Offer a Good Return on Investment?
When it boils down to it, return on investment is what you are looking for when investing in this area. How much does it cost, what will you get on the day and most importantly what return will you get from the activities after the day of the event?
To ensure that you get a good return on your investment, it’s important to choose carefully. A lot of money spent on the wrong type of team event will be a waste and equally not enough money spent may also prove pointless.
So how do you go about deciding which is the right form for your company? Firstly decide what your objectives are. Ultimately your objectives will normally include increased profitability for your company and the link between bottom line profit margins and team building may seem initially a little vague but there is a strong link between the two.
The second question has to be what is stopping you from achieving increased profitability? It could be that everyone seems happy enough, that there is no immediate issue that you can pinpoint. It may be that you have a high turnover of staff, poor communication or low morale. This is when a tangible link between increased profitability and team building can be seen.
By selecting the right team building activity to address the issue that is stopping you from achieving increased profitability, you can see a direct return on investment. It may not be instantly obvious to you which type of team activity will address your issues, ‘s when talking to a professional and experienced team building company is essential.
It’s then that you can outline your teams backgrounds, your objectives and what budget you have to work towards. It’s then that the team building company can suggest effective and productive team building solutions for your company.
Effective team building doesn’t have to be all about building a raft and getting across water, of course it can be if you’d like but as our business environment has become more sophisticated then so has team building solutions.
You have to capture their imagination, you have to engage them, to entertain them and to motivate them, make them feel that the event you have organized is worth them missing office time for and to do that you have to offer them an experience with a difference.
Team activities with a difference can span a huge range from cost effective options to top end, money’s no object budgets. To the majority of clients, a budget has to be stuck to, so you need to have an activity that is tailored towards your team, a little company personalization will go a long way into reinforcing your group that you have arranged this event for them, they will feel valued and part of a caring team.
It’s also vital that you include everyone, you are always going to get people on holiday or simply can’t make it but do your research and pick an optimum time to suit everyone. It should go without saying but a good team is lead from the top and so therefore it makes sense to have your key members of management present.
All too often senior managers will be busy working rather than concentrating on their most important asset – their team!
So does team building offer a good return on investment? If you follow this advice, this could give you the best return on investment that you’ve ever seen!
Content by Shaun Parker