While it’s tough to find much public information on the real costs of team building exercises and corporate conferences, we attempted to break it down here so that you can get a good idea of what these events typically cost, and how much competitors charge.
It’s tough to plan for a team building or corporate event, and some companies make the effort more than it’s worth. When estimating your costs, you typically have to factor in the amount of people, the package, the date, the event, and the location.
Here is a break down estimation (in USD) for how much the average team building event might cost:
|Group Size||Price Range for Half Day||Price Range for Full Day|
This is based on the estimated national average, but every team building event is different! Since they’re typically personalized, you will have to contact the event planner to figure out how much things will actually cost.
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Factors That Affect the Cost of Corporate Team Building Activities
The efforts of the team building facilitator includes their consultation and customization time, plus time for set up, deliveries, and event take down. This can be more or less complicated based on locale, season, etc.
Virtual team building events can be the economical choice since so many of the “materials” needed for the event are digital. You’ll need to consider the materials for your team building event outside of what the host provides.
Altering the necessary materials for a team building event can lower the price. Donations can alter the logistics, and sometimes events will ask participants to bring materials along.
Travel is of course an added cost and time sink, so you’ll need to coordinate the details accordingly. Price quotes for corporate team building events might include “Plus Travel” in the additional costs, or your company might have to consider uniting everyone in one place.
Number of Participants
Groups can be divided up to make events safer and more economical. Small groups of up to 20 people are easier to coordinate than, say, large groups of 60. Group sizes will require different sets of skill and host facilitation to function correctly, since the main goal of any team building event is total participation.
Types of Outcomes
There are many preferred outcomes for team building events, and corporations and businesses investing in these events are looking for positive responses. Types of outcomes can be:
- Improved communication skills
- Creating trust
- Improved team collaboration
- Increased morale
- Stronger team synthesis
- Reduced stress
- Motivating beleaguered employees
- Reduced disfunction
- Creating leadership skills
- Bettering teamwork
- Crafting memorable experiences
- Understand your corporate culture
What About Virtual Team Building Activities?
A more cost effective and time effective option is the virtual team building activity. Virtual team building activities can be run remotely, require less staff, have easier logistics and less equipment. These activities are becoming more popular than ever before because of their lower price and ease of operation. If you have a more limited budget or are seeking an option for your remote team, virtual team building activities are a great option.
The Benefits of Corporate Team Building
Enables Employees to See Each Other in a Different Light
As employees we spend a lot of time together, but that time is often dictated by need, workload, goals, and other business requirements. Spending time together outside of work is a great way to get to know each other in a more personal and enlightened way, and it lets the employer interact on a more human level. Regardless of the size of your business, this is a great way to incorporate some familiarity into the office.
When all you discuss is work, it can be hard to actually get to know someone. By leaving the office behind and focusing on the interests of the people around you, coworkers can forge lasting bonds that exist beyond spreadsheets and payroll. People enjoy movies, games, food, hiking, music, sports, and everything in between. As people get to know one another, they start to feel more connected. Connected employees feel empowered, empathetic, and structured. Often, when asked what they enjoy most about their jobs, people list their coworkers.
Makes Employees Feel Valued
Your employees and team members want to be part of something meaningful, something that is more than “just a job.” Businesses need to encourage their employees and uplift them, to engage them through entertainment and education. Invest in your employees. Feature them on your company website and promote their individual well-being. Give your clients a window into who you are by actively promoting your employees and showing the world how proud you are of their work! The personal satisfaction that is generated as a result is why team building is important.
Improves Business Relationships All Around
The only way for your business to succeed in the long term is to ensure that your employees get along. Encourage them via communications of value and positivity, and seek to improve the working relationships between everyone on your team. Focus on team building activities that develop the bonds between your staff, games that promote efficiency and help everyone destress.
Team building activities set a common goal, and help humanize coworkers and team members. They build trust, honesty, and empathy. When people feel valued, they put in good work.
Team Building Is Worth It
Strong teams build strong businesses. While you might have to do some research into the costs of your next corporate team building activity, the benefits far outweigh the investment. You may enjoy it so much that you decide to make it an annual event!
Whether it’s in person or virtual, team building activities promote goodwill between employees and help humanize the workplace. If you want to take your next corporate team building event into the stratosphere, team build with cityHUNT!