You didn’t get this far in business by making bad investments. So you meticulously analyze and scrutinize every potential business decision, from hirings (and firings) to finding service providers and even Team Building. Every decision you make has financial consequences, so it is important to consider the Return on Investment (ROI). This is a performance measure used to evaluate the efficiency of an investment.
Calculating the Return on Investment of Team Building
To calculate ROI, the return (benefit) of an investment is divided by the cost of the investment. The result is expressed as a percentage or a ratio. But how do you calculate the return on something like team building?
The Return (Benefits) of Team Building
The benefits of team building are well documented. For starters, team building can help boost morale, increase productivity, and build trust among your employees. All of these benefits can help your business increase profitability, which is the ultimate goal. But how do you quantify such benefits? That is really up to you.
Every company has different goals when it comes to team building. Some want to boost morale, some want to increase collaboration – perhaps after a merger – some want to boost employee productivity, and some…well, you get the idea. Every company is different. Therefore, every company’s team building experience will be different. So the only way to truly calculate the return is to figure out how team building will better your business.
You should define your goals and survey employees before and after the team building event to better understand its success and better calculate the return. The clearer the objective – the goal – the clearer the outcome that can be measured.
The Cost of the Investment
The cost of team building will vary greatly depending on what you hope to achieve. You can spend a 2-8 hours in the office working on different exercises to help foster a better sense of teamwork, or you can travel to a facility, such as Terrapin Adventures, and spend a day both indoors and outdoors learning how to increase communication and productivity within your group. To make team building last, we recommend a follow up session to help the team reinforce the learning that took place initially.
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Terrapin Adventures’ customized team building programs will help your group learn more about themselves and how to work better as a team. We service the Maryland and Washington, D.C. and have traveled to other states as well.
If you have any questions about the Return on Investment of Team Building, please call Terrapin Adventures at 301.725.1313, email us at firstname.lastname@example.org, or fill out the contact form on our website. You can also follow Terrapin Adventures us on Facebook, Twitter, LinkedIn, YouTube, Google+, and Pinterest for up-to-date information on events, trends, and other fun and exciting outdoor activities.