2 Big Reasons That Justify the Cost of Face-to-Face Corporate Events
We know budgets are not endless. Each year companies only receive a certain amount of money for corporate event planning and meetings. Justifying the cost of in-person corporate events for the sales team or company-wide off-sites presents a challenge. The real question, though, is can you afford to forgo them?
Research shows that only 32% of the current U.S. workforce is actively engaged. The good news is it doesn’t have to stay that way. Employees who attend strategically planned in-person events are much more likely to feel engaged with their jobs and their employer. As for the ‘why’? It’s about creating value and a sense of connection.
Digital Communication Will Never Replace In-Person (Really)
Living in a world with technology at our fingertips is great. It helps with daily communication and removes boundaries, especially for global companies. But it can also leave employees feeling disconnected. Makes sense when, “a whopping 93 percent of communication effectiveness is determined by non-verbal cues, talking face-to-face becomes more important than ever.” Getting teams together a few times a year reinforces that businesses are about people. Employees who have valuable face time with one another are more likely to develop relationships that will keep them from job searching. Building out the time and space within a non-office environment to talk and share, helps build “the personal relationships that are essential to effective collaboration.”
When planning in-person events the default is to pack in as many educational sessions or activities as possible. Meeting planners say that is no longer considered a best practice. Leaving more open time in schedules allows attendees to naturally network with one another. Plus, the mixture of people with different talents and skills is proven to contribute more meaningful insights and perspectives. So let the sales team and the product team mingle!
Strategic Event Planning Means Better Company Culture and Motivated Workers
So what do companies get out of this? More engaged and motivated employees. The more motivated an employee, the less likely they are to leave the company. An investment in one or two high-quality events a year reduces the likelihood of losing top talent. One study estimates that losing an employee can cost anywhere from 16% of their salary for an hourly employee, to 213% of the salary for a highly trained employee.
The value the employee receives from in-person training and relationship building becomes money saved for the employer. And more often then not, justifies the cost of the event.