How to measure ROI from a Team Event
Want to know how your business expenses can benefit your brand? Find out how you can directly measure the ROI of team building by analysing the impact of your event from start to finish.
Once an annual event held in a dark and dusty boardroom, staff team building activities have had a serious makeover in recent years. From city treasure hunts to tech-based puzzles and group karaoke competitions, managers know that employee investment is an integral part of developing a successful brand. In addition to having a positive impact on team morale, they can also save your company money in the long-run, by improving procedures and culture within the business. Discover how you can analyse the ROI of your next team building event and determine its long-term effects on the brand.
Before you organise your team building activity, it’s important to assess the problems you want to resolve. Whether it’s lack of communication between departments or friction amongst headstrong employees, you’ll need a good understanding of the communication issues and how these are impacting the business. Once you’ve decided on the outcomes you’d like to see, you’ll be better placed to select an activity that’s right for the team. Managers can also benefit from analysing previous staff exit interviews, to determine if there are any patterns in the problems you’ve been seeing.
New technology allows companies to measure the success of the event while it’s happening. Through an event app, managers can determine the level of interaction on activities, as well as gathering delegate feedback and opinions on the session. After setting a series of challenges, you can analyse answers from employees to find out how much they’ve retained from the training sessions, as well as measuring the percentage of questions teams got right. And it’s not just event apps that deliver data for your ROI statistics. Social media sites can also be monitored throughout the event, to evaluate employee engagement and discussion. It’s also a good way to gauge the areas that are piquing your employees’ interest for future discussions and training.
Evaluating staff feedback forms is a great way to determine the impact of an event in the short-term. Keep the majority of your questions focused on the business development aspects of the day, asking employees what they gained from the activity and how they feel it has improved the team dynamic. If you anonymise their answers by using an app, you’re more likely to get the honest feedback that will help you to better determine the event’s ROI. Challenge answers and video footage from the event can also be used to analyse your team’s progress. By comparing their early efforts with those later in the day, you’ll be able to see the challenges your employees have overcome and improvements in their teamwork. Back in the office, you can assess the direct ROI of the event by comparing working practices to those you saw before. If you’re noticing a change in communication style, faster delivery times and fewer mistakes, then it’s a clear sign that the team activity has been a success. Over the next year, managers need to look at their staff turnover rates to determine the impact of team building events on retention. Replacing staff is a costly part of running a business and if your employee development activities can reduce turnover, it’ll be a huge money saver in the long-run.