The 5 Ways Company Event Management Can Create New Growth

Should we meet up in person, or just have an online event? According to American Express, 87% of 2023 meetings are expected to have an in-person component, an increase of 6% over 2022. Employee expectations are following suit, with 90% of survey respondents expecting an in-person component for team building, corporate bonding, and collaboration in 2023. Today, employees are hungry for live events – to replace the lost camaraderie and collaboration of the past several years. (It’s no surprise that the meeting industry lost over $30 billion during the pandemic). With an eye on future growth, business leaders are weighing the value (and the expense) of financing live corporate events. Can company event management create new growth for businesses? What’s the ROI (return on investment) for the organization?

Team Building Events: A Worthwhile Investment?

According to Team Building Hub, a corporate event or retreat can have numerous benefits:

1. Corporate Events boost morale: a key aspect of employees’ overall wellness. You may be wondering, what’s the bottom line impact for “overall wellness”? Consider that improved morale helps employees to stay engaged, and makes them less likely to leave. Employee turnover, or attrition, can be very costly, according to Forbes. Lack of productivity, burnout, and wasted time (finding a replacement when someone quits) all impact the bottom line. Replacing a worker salaried at $75,000 could cost an organization as much as $300,000 to replace – and that doesn’t account for the loss of tribal knowledge, unexpected hiring delays, job market shifts, or other soft costs. Preserving profitability by improving retention: that’s one way to fuel new growth.
2. Employees Want to Work for Companies that Invest in Them: If your employees know that you care for them, then they tend to work harder in return. The American Psychological Association says that 93% of employees who report “feeling valued” are motivated to do their best at work. Investing in greater collaboration, via live events, can yield significant dividends – and improved productivity. When employees don’t feel supported, they are three times more likely to explore their options. When Learning and Development leaders report an anticipated 33% increase in L&D spending, investing in live events and corporate training seems to be top of mind for many.
3. Better Work-Life Balance, Engagement and Retention: when team building is done right, employees experience better work-life balance. Why? Because they realize that they don’t have to go it alone. The ability to connect with peers, and share experiential learning, is critical to maintaining work-life balance. What’s the value of greater connection, exactly? Dr. Alexander Puutio, a leadership consultant to the United Nations, says, “Employees who are disconnected from the shared vision and narrative of the firm are either automatons filling up their routine quota – or ticking time bombs ready to leave or lash out in unpredictable ways.” Balancing the challenges of hybrid or remote work becomes easier, when people can connect in person. When you retain your talent, your organization beats back turnover – and builds opportunity for growth.
4. Social Interaction is Oxygen – Human Beings Crave Connection: Humans are inherently social, according to the National Institute of Health. Aristotle said, “Man is a social animal,” (meaning all of humankind, not just the boys in the band). The key for creating a powerful and memorable corporate event is building opportunities for interaction, and the exchange of tribal knowledge. Why? Because trust comes from relationships, plain and simple. When it comes to event management, building opportunities for interaction, experiential learning and peer-to-peer exchange is crucial for the way that all teams are wired. While 39% of global knowledge workers will work hybrid by the end of 2023, science tells us that 100% of these employees want to connect with their peers, at some point, in a social environment.
5. Corporate Events Change Behaviors Around Growth: a corporate event is more than just an opportunity to report on earnings. Corporate events, and event planning, can create a plan for new growth. First, by providing the critical social interaction that’s needed for cross-pollination in any company. But also by providing insights and guidance for all participants. The key to creating insights (not just sharing them) is designing events around discovery and innovation. Why? Because, by definition, discovery and innovation are crucial to new growth. While operational excellence is vital to maintaining the status quo, new growth is always based on discovery and innovation. When corporate event planning works, companies are provided with proven guidance on exploring possibilities – the source of new growth, for any organization.

The Value of Peer-to-Peer and Experiential Learning

Corporate events are a visible demonstration of investing in your employees, providing an opportunity for valuable interaction. But beyond the social aspect, corporate event planners are eager to create opportunities for new insights, new discoveries, and peer-to-peer learning. Why? Because well-being works. Innovation breeds growth. And humans are social creatures. When people feel good about where they work, the work they do will improve. That improvement is the key to new growth – and the reason that corporate events are always a wise investment.