Sometimes it’s hard to justify the time and effort needed to engage in regular team building exercises. After all, it isn’t enough to just throw a box of donuts on the table and mutter “Thanks, team.” You really need to put in the effort if you intend on getting any meaningful results.
The real problem is that it is hard to measure the results of team building exercises as they can be long term rather than short term. Fortunately, many companies and analyst firms have compiled data that indicate the benefits of team building exercises in statistics that are easy to read and understand. Once you see some of these numbers, you will want to start your team building exercises ASAP!
Team Building Increases Employee Engagement
One of the variables measured in studies is what is referred to as employee engagement. This is a variable that team building exercises greatly increase as they create an environment where the employee feels more noticed by their bosses and coworkers alike. Research has shown that employees who are more engaged in their jobs are 87% less likely to quit their jobs than those who feel disengaged. This is a huge factor since one of the most expensive aspects of any job is hiring new employees. Not only does it cost time and money to advertise the job, but it takes up a highly valuable time to go through the interview process, let alone training. Thus, the longer an employee stays is, the more valuable they become.
Team Building Increases Employee’s Worth
Team building can affect a company in terms of their employee’s ability to earn. A study of 64 different companies showed that those with engaged employees earned as much as twice the annual net income as those whose employees felt disengaged from their work environment. This suggests that the benefits of effective team building exercises can be the difference between a company that is surviving and one that is thriving.
Bottom Line: Team Building is Worthwhile
When you consider that you can increase worker’s commitment and reduce the rate of turnovers by simply making your employees feel more engaged with their co-workers, bosses and the company in general, no effort will be too great to achieve that goal. Suddenly, rather than dreading the time and money it will cost to take your team out for a day of fun team building activities you will see it as an investment that is sure to pay off handsomely.
Addendum: Know Your Company’s Direction
Finally, there is the startling statistic that really serves to put things into perspective. One study revealed that only 14% of employees polled actually knew their company’s goals, plans, and strategies. This means that less than half of employees are aware of what their company is trying to actually achieve.
In terms of the individual, this means that most employees are unaware of the significance of the job they perform. Thus, to them, their efforts have no real meaning or purpose. It’s no wonder that so many people quit their jobs because they feel unfulfilled by them. From a corporate standpoint, this statistic is highly troubling. After all, how can employees help a company to succeed if they don’t even know what it is the company is trying to do? Only an employee who understands his or her company can appreciate the role they play in helping that company to thrive.