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Employee retention

Why Investing in Team Building Leads to Better Employee Retention

Keeping employees in a company is quite challenging nowadays due to high competition. When better chances come up, employees usually quit to find better jobs.

Employers are working hard to keep their employees because they know it’s important. Employee retention helps the business run smoothly, saves money and time that would be spent on hiring new people, and keeps valuable knowledge and experience in the company.

So, if you’re looking to make your team stronger and keep your best workers, check out NOLA DMC. We’re experts in creating awesome corporate team-building experiences that can help your team bond and grow stronger together.

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The Challenge of Employee Retention

Keeping good workers is really tough these days because there are so many options out there. When a better job shows up, people often leave to chase after it. So, companies are trying hard to find ways to make their team want to stay.

Statistics on Employee Turnover Rates

On average, about 47% of employees in a US company end up leaving each year, covering both those who leave by choice and those who are asked to leave.

The frequency of turnover differs significantly across various sectors and is further distinct among individual companies. Businesses need to regularly check their turnover rates to see how they’re doing and find ways to get better.

Costs and Consequences of High Turnover

For every turnover, the cost is equivalent to one-half to two times the salary of the worker who left the company. This basically means that more turnover means more losses for the company. 

Losses happen when employees leave and the company needs more immediate workers, compromising the performance of the task needed to be done. 

The Need for Proactive Measures to Improve Retention

Team BuildingEmployees who are great at their jobs are valuable, so it’s important to keep them, no matter what.

Employees who’ve been with the company for a while really know how things work, mastering what’s needed to reach the company’s goals. Should these individuals leave, the company faces the challenge of finding replacements of equal caliber, which is not always possible.

The potential for strong relationships between employees and clients is another reason why retention is important. Clients often develop bonds with employees, trusting them with all their deals and transactions, which underscores the importance of keeping these valued team members.

Understanding Employee Needs

Employee Engagement as a Critical Factor

An employee needs to know that their work helps the company grow. Every job, big or small, matters for the company’s success. Feeling appreciated for even small efforts motivates employees because it shows they are important to the company.

Factors Influencing Job Satisfaction

  • Career Growth

People want to grow in their careers, aiming for promotions because it makes them feel valuable and successful. When employees see a chance to advance at their job, they’re motivated to work harder.

  • Work-Life Balance

Everyone needs a break from work to enjoy their hobbies, family time, or some alone time. Taking some time off enables them to work more efficiently.

  • Recognition and Reward

Giving rewards and recognizing efforts are key ways to show employees they’re valued, making them less likely to leave the company.

Building a Positive Work Environment

The work environment plays a crucial role in retaining employees. A positive workplace can provide more encouragement for employees to perform well. People who feel valued can achieve more compared to those who work in a toxic working environment.

Introducing Team Building as a Solution

Team building can be the best way to make the bond stronger among employees. In the office, the set-up is more formal, so co-workers usually can’t talk about topics that can help them get to know each other better. 

Team building can break this setup and make people more open to talking about things that are not related to work. Loosening up once in a while won’t hurt; instead, it can have a positive effect right after the bonding. 

Impact of Team Building on Employee Retention

Team building helps create a family-like atmosphere at work, encouraging employees to stay longer. It boosts happiness and reduces turnover by making people enjoy their time together. Therefore, engaging in team-building activities is a clever strategy to retain valuable employees.

Improved Communication and Collaboration

Keeping employees in a companyIn the office, everyone’s so focused on work and deadlines that they hardly talk about anything not work-related, thinking it’s not right to discuss other topics.

Team building helps people at work communicate better by understanding each other. This makes it easier to talk to colleagues and bosses, improving interactions both at work and beyond.

Enhanced Job Satisfaction

People who work with colleagues they are comfortable with usually stay longer at a company. Team building can create a tighter bond among workers, allowing them to spend leisure time together and build friendships instead of remaining mere acquaintances. 

Most team-building activities help everyone feel equal and turn coworkers into friends, making people happier at their jobs and less likely to think about quitting.

Strengthened Relationships and Trust

In many workplaces, employees often regard each other merely as acquaintances. However, this dynamic can shift positively through team-building initiatives. 

Engaging in fun activities and sharing moments of relaxation together can pave the way for friendships. The bond that develops between friends, as opposed to mere coworkers, is usually much stronger and more meaningful.

Team Building Strategies for Employee Retention

Types of Team Building Activities

  • Solving a Puzzle 

Team Building on Employee RetentionThis activity may be simple, but it encourages team members to work together. Being united is essential, as tasks can be completed more easily and quickly. Solving puzzles often requires more than one person to figure out how to put the pieces together, making it perfect for bringing individuals together.

  • Do Compliment Circle 

This game is easy: let your employees circle, then give compliments to the people on their right. Getting positive words from people you work with can create a more harmonious relationship among them. 

  • Volunteer as a team

A day when your company can volunteer in any charity work that needs people to help around. This can enhance sympathy as well as teamwork among colleagues. 

Tips for Effective Team Building

  1. Don’t focus on team activities that require physical ability, as not all people are capable of doing so. Be sensitive to your employee’s health status. 
  2. Choose wholesome games; pick ones that will not violate any personal spaces or require inappropriate actions. 
  3. Pick activities that are in line with the values of your employees. Be familiar with their religions and cultures to avoid conflicts. 

Measuring the Impact

Ask for evaluations from each of your employees after team building activities. This way, they can give their insights, and you can create room for improvement. Be open to both negative and positive feedback. Learn from each other and grow together by acknowledging their ideas. 

Team building always gives positive results as long as proper activities are chosen. Know your employees so you can plan team-building activities that are trimmed down based on their needs. 

Final Thoughts

Investing in team building is a game-changer for keeping great employees. It’s tough out there, with lots of jobs tempting people away. But when a team feels like a family, enjoys working together, and sees that their company cares, they stick around. 

Recognizing efforts, promoting growth, and ensuring a good career-life balance are important. Plus, fun team activities break the ice and build friendships beyond just work talk. In the end, happy employees who feel valued and connected are less likely to leave.

Want to keep your best people? Make team building a part of your plan. Explore team building options designed for your organization. Engage in activities that bring your employees closer and transform your workplace into a vibrant community. 

For expert advice and innovative corporate team building solutions, contact NOLA DMC at 504-267-0662 or email us at info@noladmc.com. Begin building a more connected and committed team today!

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