When a sports team wins a championship, the players and coach frequently attribute their success to team collaboration. In the business sector, the same is true. Businesses that have a strong company culture and work efficiently in teams tend to be more successful and generate higher profit margins.
Strong teams aren’t just the result of hiring qualified individuals. Employees in a team learn to work better together over time thanks to efficient communication, good management practices, a positive work environment and team building activities. Any activity that brings a group together and motivates them to collaborate is known as team building. The goal of team building activities is to strengthen the bonds between workers and help them work on their strengths and weaknesses.
For firms, team building offers numerous advantages. It boosts productivity, increases employee morale, encourages collaboration, and fosters a positive company culture. Team building events should be organized to allow employees to connect in a non-work-related setting and help them get to know their coworkers better.
Until recently, team building costs were a bit of a mystery because no one seemed to disclose information on how much team building activities cost. Naturally, this made planning and budgeting for team building activities complicated for companies. If you want to organize a team building activity, keep reading to discover all the information you need and the costs you need to take into account.
Factors that affect the cost of corporate team building activities
While it’s difficult to get public data on the specific prices of team building events, we break the costs down in this guide to help you get a better idea of what these events generally cost and how much companies in the sector charge.
When evaluating team building costs, you must consider the number of people attending your event, the activity, the date, the event, and the location. Below the table, you’ll find other factors that may affect the price of your team building activity.
Number of participants
| Number of participants 10 20 30 40 50 60 70 80 90 100 | Price range $2,050 $5,150 $2,200 $6,030 $2,600 $6,900 $3,450 $8,430 $4,000 $10,300 $4,800 $12,000 $5,350 $14,150 $5,850 $16,000 $6,367 $17,900 $7,000 $19,000 |
Time
The team building facilitator’s efforts involve consultation, as well as set up, deliveries, and event clean-up time. Depending on the location, season, and other factors, this can be more or less challenging.
Materials
Because so many of the items required for the event are digital, virtual team building events are a cost-effective option. Outside of what the host supplies, you’ll need to think about the materials for your team building event. Corporate events often entail corporate gifts such as T-shirts and mugs.
Travel Fees
Travel will, of course, add to the expense and time commitment, so you’ll need to plan ahead. Price quotations for corporate team building activities may include “Plus Travel” as an extra cost, or your firm may need to consider bringing everyone together in one location.
Number of Participants
To make events safer and more cost-effective, groups can be split up. Small groups of up to 20 people are easier to organize than large groups of 60 people. It’s also cheaper to organize smaller team buildings!
Types of Outcomes
There are a variety of desired outcomes for team building events, and businesses that invest in these activities expect favorable results. Here are examples of possible outcomes:
- Improved communication skills
- More trust
- Improved team collaboration
- Better employee morale
- Stronger team synthesis
- Reduced stress
- Improved leadership skills
- Improved teamwork
- A stronger corporate culture
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Why are some team building activities much more expensive than others?
Some team building exercises are more expensive than others for a variety of reasons. The number of people needed to run the activity, as well as how much equipment is needed for the event, are the most important factors to take into consideration. A team building exercise that requires a lot of staff will be more expensive. Similarly, an activity that requires a lot of equipment will cost more due to the associated travel of said equipment, and the number of personnel required to set it up and tear it down after the activity.
What about virtual team building activities?
Virtual team building allows companies to save time and money. Virtual team building activities can be conducted from a distance, requiring minimal staff, logistics, and equipment. These activities became much more popular with the covid pandemic. Virtual team building activities are a great alternative if you have a restricted budget or are looking for a way to engage your remote teams.
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What do team building costs include?
The cost of a team building event will normally include everything you’ll need to complete the activity from beginning to end. Event rates typically include all of the equipment, the experienced crew, travel charges, pre-event planning, and public liability insurance. The cost of team building does not include venue rental, though we can assist you with this if necessary.
The benefits of corporate team building
Here are key benefits of corporate team building:
- See your employees in another light
- Build a healthy company culture
- Increase trust
- Improve business relationships
- Better communication skills
- Uncover hidden talents
See Your Employees in Another Light
Spending time together outside of work allows employees to get to know one another on a more personal level. This is a great approach to bring some familiarity into the office, regardless of the size of your company. It’s difficult to get to know someone when all you talk about is work. Coworkers can form enduring ties that go beyond spreadsheets and payroll by leaving the workplace and focusing on the interests of others around them.
Movies, gaming, eating, hiking, music, sports, and everything in between are all popular pastimes that coworkers may share. People can develop strong bonds as they grow to know one another. Employees who are connected feel more empowered, empathetic, and motivated. When people are asked what they like best about their careers, they frequently say their coworkers.
Build a Healthy Company Culture
Team building activities are essential to develop and strengthen a company culture. By allocating some of the resources of the business to the welfare of employees (for example by organizing team building activities), employers can improve the ambiance at work.
Increased Trust
Every high-performing team has trust. In the workplace, trust can be built through fun team-building activities. People who have faith in their colleagues’ integrity and abilities are more inclined to take risks and work toward a common objective. They have each other’s backs, so they don’t have to be concerned about someone inspecting their work all the time.
Instead, they draw on the abilities of each of their coworkers to create something bigger than they could have done alone. At the end of the day, no one wants to work with people they don’t know.
Improve Business Relationships
The only way for your company to succeed in the long run is for all of your employees to get along. Focus on team-building events that strengthen your employees’ relationships, as well as games that boost efficiency, and help everyone relax. If everyone knows each other’s name and main character traits at the end of the corporate event, they will know how to better approach one another.
Better Communication Skills
Improved communication between employees is one of the most important advantages of team building events. Employees get to know one another better and break down barriers of mistrust. Team building activities encourage individuals to focus on what they have in common rather than their differences.
Team building exercises can foster collaboration and trust, as well as boost motivation, cultivate strengths, and address problems. However, for team building activities to have a meaningful impact, they must have a real purpose and be well planned.
Uncover Hidden Talents
Sometimes in the hustle and bustle of work, you don’t learn much about your colleagues. While chatting at team-building events, hidden abilities are frequently discovered which can be beneficial to the organization and even promote careers. As an employer, you may find leadership skills arise from an employee you thought was a wallflower.
Employees who have the opportunity to apply their abilities at work on a daily basis are more productive and less likely to quit. During team building events, you can learn more about your colleagues and unearth their hidden skills.
Want to organize a team building activity?
Successful businesses are the result of the hard work of strong teams. While you may need to conduct some cost research for your next business team building activity, the rewards greatly surpass the price. It’s possible that you’ll enjoy it so much that you’ll make it an annual event. Team building activities, whether in person or online, humanize the workplace. Kronos is your best ally if you want to take your next team building event to the next level!