And is it worth it?

Two common questions we come across: “how much does team building cost?” and “is it worth the investment?”.

Trying to find out how much team buildings costs is like trying to figure out the government budget. But trying to determine whether team building is something you should invest in can be even trickier. Even the best outcomes for a team building event only seem to promise opportunity or potential. Rarely does team building effectively link the outcome to the bottom line: productivity and financial gain. There are even people who firmly believe that it is a waste of time. We at Banana Life believe that is indeed worthy but only if you believe that positive company culture is good for business.

In this article, we will answer both of these questions clearly and concisely so that you can decide for yourself.

So, how much does team building cost?

Most commonly team building is priced in one of two ways:

1. Per Person
2. Flat Fee
3. A mixture of the above two
4. Did I say only two?

Every company is different and has their own model for pricing. But we all play in the same playground so there are some commonalities. In choosing who you want to have host your next team building event, purely from a cost perspective, ask yourself the following:

• How much total budget is there for this?
• How much am I willing to spend per person?

“Teambuilding can start at $30 per person and move well into the thousands for events suited to hundreds of people.”

We recommend breaking it down into a per-person cost. The mentality behind this is simple: you want to ensure a set amount of value for each participant. Do you want each employee to have a $30 experience or a $100 dollar experience?

An escape room experience, for example, is going to cost you between $40 – $50 per person. So if a team building company is offering you a product that can deliver more than an hour of “team building” for the same price, then it might be worth going with them.

The bottom line is simple: How much do you want to spend on each employee?

Why is value important for the individual? Because positive company culture is built by creating an environment where the members of that environment feel trusted, important, and a part of the bigger picture. For this reason, we accommodate a range of budgets. We have 60 minute virtual experiences at $30 per person and deluxe events for $100 per person (like our mindfulness workshops, or our epic city-wide Hustle adventures). We want you to use team building to say “we care about your well being”.

But this leads us to another question.

Is the investment worth it?

There are two answers to this question:

1. yes
2. no

Which answer is right for you depends on what you believe about “company culture”. Do you believe that a positive company culture is good for business? If so then it is  100% worth investing in your employees. Do you believe Neil Patel when he says

“Culture tells us what to do when the CEO isn’t in the room, which is of course most of the time.”

The Harvard Business review defines company culture as something that:

“Encompasses a variety of elements, including work environment, company mission, leadership style, values, ethics, expectations, and goals.”

Positive company culture is good for business

Employees that feel like their organisation trusts them, has hired them for their specific skillset, and wants to see them succeed are more productive, loyal, and collaborative. Which means that team building, done correctly, will result in employees that aren’t just phoning it in. There are no short cuts here. If you want a positive company culture then you will have to pay for it. To see if you believe in the power of creating a positive culture ask yourself:

• How much would I pay my customers to buy my product?

Then also ask yourself:

•  How much would I pay my employees to be more productive?

If it costs you $30 a month per employee to create a culture that increases productivity, creativity, and collaboration then you’re losing money by cutting costs on building that culture.

Email us today to ask about helping you create a positive company culture.