How Corporate Retreats Can Help You Build Your Company Culture
How Company Culture Can Help You Compete In A Crowded Talent Acquisition Market
Most business owners know just how important talent is to their success. Companies of all sizes are looking to hire the type of game-changing talent that will transform their business into a juggernaut - but talent comes at a price. Large companies like Google and Shopify offer big salaries and benefits packages which enable them to dominate the job market in places like Toronto and Kitchener-Waterloo, also known as “Canada’s Tech Corridor” or “Silicon Valley North”.
Smaller businesses are left looking for alternative solutions to compete. Unfortunately, factors such as social media, changing work cultures, societal norms, and the COVID-19 pandemic have only made things worse.
The Impact Of Covid-19 And The “Great Resignation” on Company Culture
Wellness culture has taken the world by storm, especially since the Covid-19 pandemic. Employees are working from home more often, prioritizing their mental and physical health, and expecting more from their employers. This has exacerbated the so-called "Great Resignation" - and businesses who aren't prioritizing their company culture are losing out.
Before the pandemic, a ping-pong table or a popcorn machine was often an attempt to signal that a business had "culture". Nowadays, companies are offering generous vacation policies and investing in wellness, professional development, and DEI (diversity, equity, and inclusion). Unfortunately, many of their competitors are also providing access to meditation apps and unlimited paid time off. Companies need to find ways to stand out in a new business landscape by offering new, unique experiences for their staff.
How Company Culture Can Help Smaller Businesses Compete
Startup culture in the United States has deeply influenced Canadian business practices. Nowadays, corporate retreats aren't just a fun team building idea taken on by startups in San Francisco. With companies all over North America fighting for a position in a competitive talent market, factors like employee benefits and workplace culture are more important than ever. According to a study by Glassdoor in 2019, 56% of workers ranked a strong workplace culture as more important than salary.
This shows a major opportunity for smaller companies looking to attract talented team members. These companies should put a strong focus on culture regardless of the salary they’re able to offer. This is especially important nowadays, with increasingly high rates of workplace turnover. So how does a small company focus on building a strong culture without breaking the bank?
Why Corporate Retreats Are The Ultimate Culture & Team Building Tool
The reality is, it’s hard to keep people these days. At the end of the day, your business is in a competitive job market. Every day, your employees are being directly contacted via LinkedIn by headhunters offering great salaries, remote work, and benefits that start on day 1. You’re never going to keep everyone, but what you can do is make leaving a harder choice for your employees by earning their loyalty.
An annual corporate retreat is the foundation for your company culture. Company team building retreats are an excellent way to build the type of culture that employees will have a tough time leaving. There are a ton of benefits to having a (KW), several of which we’ve listed below. Small corporate retreat locations such as The Post & Beam offer small businesses and teams the chance to get everyone in the same room collaborating, socializing, and understanding each other’s roles and roadblocks in new ways.
How An Annual Company Retreat Can Benefit Smaller Businesses
Allow people to connect in person in a remote-first work environment
Provides valuable out-of-office and off-the-clock time for socialization
Allows for collaboration, learning, and understanding within teams
Opportunity to review and improve business structure & processes
Provides an intimate environment for smaller teams
Will have people talking for months leading up and after to the event
Gives people something to look forward to throughout the year
Helps establish you as a business leader who invests in their team
Allows you to get feedback and input from your employees
Makes employees feel involved in the decision making process
Allows you to align or re-align on your big picture mission & vision
Makes employees feel more included, appreciated, and valued
Helps new employees to familiarize themselves with the company
The Financial Impact of An Annual Corporate Retreat On Your Business
But wait - won’t a team building retreat be expensive? If you’re like most small business owners, this type of large annual expense can be quite a tough pill to swallow. However, savvy business people with an understanding of long-term strategic thinking know that a company retreat can actually save you money. Company culture is hard to quantify, and therefore often overlooked, but there are a few key ways that culture and morale impact your business 365 days a year.
First, it’s important to get a clear perspective on the impact that culture makes on your business. Culture directly impacts productivity and internal communication, which of course impacts your revenue. A strong culture also helps reduce staff turnover, helping keep your most valuable employees on board and reducing the time, opportunity, and financial costs of hiring and training replacements.
Ontario companies don't have to take their staff out to British Columbia, either; there's an incredible and affordable corporate retreat location right here in the province!
Comparison: How A Corporate Retreat Can Positively Impact Your Business’ Finances & Morale
Remember that Glassdoor study? A majority of workers ranked a strong workplace culture as more important than salary. Trying to keep up with annual salary increases is hard to do. An annual corporate retreat is a direct investment into your company culture.
Let’s assume that the average salary for your 20 employees is $50,000. An annual raise that keeps pace with an inflation rate of 7% will cost you an average of $3,500 per employee. In other words, giving each of your 20 employees an annual raise will cost you roughly $70,000 per year. Due to inflation, you’re basically giving them the exact same salary as the previous year, without providing any added value.
Now let’s compare that to the cost of a work retreat. Say you spend $12,000 on a 4-day company getaway for the same 20 employees. In addition to all the benefits listed above, your investment provides a ton of additional social and cultural value for your team, improving employee morale, communication, and processes. Even if you can’t afford to give everyone a raise, you’ll earn goodwill from your employees and earn their loyalty.
Have Your Staff Retreat At The Post & Beam:
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Luxury Executive Retreats
Corporate getaways for executives and leadership teams to plan and strategize together.
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Team Building Retreats
Company-wide team bonding and socializing for employees at all levels of the business.
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Corporate Wellness Retreats
Custom wellness and yoga retreats to help your team find balance and calm.
What’s Included In A Corporate Team Building Retreat?
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Planning Support
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Exclusive Venue Access
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Optional Catering