Company retreats, team offsites, sales kickoffs, etc. are a great way to bring your team together, boost morale, and help employees recharge. But how do you measure the return on investment of one of these team events when many goals are intangible?
Here are a few best practices for measuring the ROI of a company retreat or offsite.
1. Establish measurable goals: Before you even plan your team event or offsite, it's important to establish measurable goals that you want to achieve. These goals should be aligned with the overall objectives of the company. This could include improving employee satisfaction ratings, employee retention, increasing pipeline, removing obstacles, and so on.
2. Track expenses: Track all the costs associated with the retreat, including travel, accommodations, food, activities, etc. This will help you understand where money is being spent and help you track the ROI.
3. Monitor KPIs: Track the key performance indicators before and after the retreat. This could include surveys, focus groups, CRM data sweeps, or other methods of measurement.
4. Analyze results: Once you have tracked the expenses, engagement levels, and productivity, you can then analyze the results to determine the ROI of the event.
5. Observe changes: Track productivity before and after the retreat. This could include tracking the number of tasks completed, levels of collaboration, or overall workplace morale.
Measuring the ROI of a team event can help you understand the effectiveness of the retreat or offsite and whether or not it is a worthwhile investment for your company. We’ve seen that 75% of employees require or prefer in-person meetings, so while it is hard to put a hard value on certain KPIs, planning an offsite to reflect your goals is the surest way to make your next offsite a great investment.
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