Laurel Farrer is an internationally-renowned thought leader of remote work. She has been unlocking the power of distributed workforces for over 15 years.
5 Amazing Benefits of Company Retreats
Team Retreats are becoming more popular among organizations in the modern business world, especially due to the covid 19 pandemic. The pandemic has greatly stimulated the quick reception of telework jobs which is now a new normal among businesses. Companies are now seeking new methods of increasing the productivity and work perception of their remote team through planned company retreats. There are many benefits of company retreats, too.
What is a Retreat?
A retreat is a strategic team-building trip and activities for the whole company, aimed at re-energizing employees, promoting cross-departmental teamwork, and strengthening friendship bonds. Retreats have proven to be more fundamental and essential to a remote working team as a way of improving social interactions, enhancing work collaborations, and are used to create a touch of reality towards the perception of work among a remote team.
The Benefits of Company Retreats
Reduced Feelings of Isolation for a Remote Team
Coupled with the fact that companies are making enormous savings and enjoying significant benefits of remote working, they are also having significant challenges adjusting to teleworking. Telework jobs are a new system that requires employees to telecommute, which has cost companies most of their major staff and time because of problems of integration and inability to cope with isolation. Therefore, company retreats are a great idea embraced by organizations globally, to reduce feelings of isolation, and hasten the adjustment of employees to remote working jobs. This is one of the best benefits of company retreats.
Improved Team Morale towards Work
Corporate retreats are mainly designed to renew the excitement and the enthusiasm of employees towards work. Team-building or retreats help to develop a sense of identity and belonging among employees, which motivates their interest and attitude towards their work. It is vital for companies to always plan for retreats like excursions, gaming, and workshops to boost the morale of their remote and office employees.
Increased Work Performance and Productivity
A dull team is highly unlikely to score any major performance expectations or the meet productivity demands of a company. Company retreats are necessary to stir up the morale, energy, and excitement of a remote team. Retreats create an opportunity for employees to generate fresh ideas through exposure and to share knowledge and skills during their interactions. Team building retreats rank highest among the major employee motivators used by companies to increase productivity and performance.
Reduced Turnover Rates
Appreciation of employees and showing them that they are valued is a major contributor to the reduced turnover rate. Retreats are a significant approach used by companies all over the world to appreciate the effort and performance of their employees. Reducing turnover rate is every company’s dream, and strategic action to retain critical knowledge and talents for continued success and performance. This can be one of the benefits of company retreats that can make a difference in your business in the long run.
Increased group Collaboration and Cohesion
Corporate retreats achieve way more than just the motivation and appreciation of employees. They create strong bonds and avenues of greater interaction that enable employees to work together and consult each other for better decision making in the company. Cross-functional or interdepartmental collaboration is an assured way of generating and spreading new knowledge and skills within the company. Group collaboration and cohesion make people more resourceful in terms of ideas and skills, which results in innovations that increase the company’s competitiveness.
Company retreats are mandatory for the continued growth and performance of a remote team during this pandemic period. Luckily, there are many benefits of company retreats. Being that remote working jobs are deemed to be a permanent trend; businesses are incorporating retreats as an effective strategy of boosting collaborations, morale, and performance of their remote team. Smart businesses are outsourcing and working together with team building companies to plan quarterly, bi-annual and annual retreats for their office and remote teams. Retreats are becoming more important as an urgent resolution for helping a remote team integrate, socialize, and collaborate.
Geilan Malet-Bates is the Chair of the P27 Green FinTech Forum and a regular contributor to green finance debates and consultations.