The world of work has changed a lot since the epidemic began in 2020. One consequence of this turbulent period is the increase in corporate retreat. With the growth of remote and hybrid business models, companies are facing the challenge of operating primarily on a virtual basis.
As social animals, we seek face-to-face interactions with our peers. While work-life balance can be improved, the switch to remote and hybrid working highlights how collaboration and communication can be affected when we take teamwork online. While some work benefits from the focus it can bring to the homework day, others rely on the confidence and kinship we get through personal visits.
From departmental catch-ups to company-wide gateways, the way companies bring their teams together is going through a revolution. To cut through the benefits of combining their team-building activities with new and exciting environments, more and more companies are choosing to avoid traditional shared work environments and meet on the street. So why is corporate retreat good for business? Below we share a host of statistics that demonstrate the power of your teams to come together, so let’s dive in!
Hybrid and remote work is on the rise
- 76% of employees say their companies have switched to a hybrid model after the epidemic (TravelPerk).
- 63% of respondents claimed that their companies gave them complete freedom to work from any position (TravelPerk).
- The remaining 37% of participants can work remotely as long as they are in their contract country (TravelPerk).
- 40% of employees claim that they will leave a position if they need to work full time from the office (Harvard Business Review).
- As of August 2020, 278 executives have announced plans to reduce traditional office space by an average of 30 percent (McKinsey).
- 100 executives spread across various industries, and global positions confirm that 90% of their firms plan to do remote and hybrid work for all roles where on-site work is unnecessary (McKinsey).
- A 2021 survey revealed that 2 out of 5 Americans were able to work or study from home (Airbnb).
- In the same survey, 35% of respondents believed that more people would join remote groups so that they could move and take advantage of a new lifestyle (Airbnb) after the epidemic.
But it is clear that the culture of the company must prioritize face-to-face cooperation
- In one survey, 25% of employees claimed that their biggest problem with remote and hybrid ways of working was the loss of regular personal contact with their coworkers (TravelPerk).
- 14% of respondents attributed the lack of real-life interaction to less friendliness among colleagues (TravelPerk).
- Two-thirds of corporate travelers find it practically challenging to create professional connections.
- About three-quarters of corporate travelers (73%) think face-to-face meetings are more effective than online communication (Freeman).
- Analysis of Airbnb trips to work showed that 60% of travel routes were booked for multiple guests, 40% of reservations were made for three or more corporate travelers (Focusware).
- 40% of corporate travel is taken to meet colleagues elsewhere, and 44% for professional development activities such as itinerary training, trade shows, and networking (stratos).
- 60% of business travelers and corporate travel policymakers believe that long distance work will change the nature and frequency of work trips (shift).
- 63% of corporate travel managers are excited about hosting regular company offsites and retreats.
Business travel is important to employees
- 90% of employees think that business travel is important for the success of their organization (stratos).
- 3 out of 5 job seekers consider a company’s travel policy a big factor when considering a new employer (Stratos).
- About 40% of GenX and Millennials participants will reject a job if it does not include TravelPerk.
- One-third of workers will receive a pay cut if they can combine their business trips with vacations (stratos).
Offsite and company retreat have a wide range of advantages
They encourage effective communication and creativity
- 34% of employees share that they have the most creative ideas on business travel. This number increased by 53% for corporate travelers between the ages of 16 and 24 (TravelPerk).
- 81% of millennial employees think they work more efficiently when they have time to face their peers (Forbes).
- Scientific studies have shown that hosting brainstorming sessions in Zoom can stifle creativity (nature).
They improve the morale of the staff
- Even thinking about an upcoming trip can increase happiness and hope by 18 and 9 percentage points, respectively (Airbnb).
- 83% of employees see corporate travel as an advantage of their work (stratos).
- Three-quarters of millennial business travelers see work travel as an advantage and 65% consider corporate travel as proof of their significance within their organization (Hilton).
- 73% of remote employees miss socializing with their team (actually).
They help build employee wellness
- 67% of employees think the burnout has increased (actually) since the epidemic and the increase in remote work.
- Offsite and company retreats can help fight loneliness, which can reduce longevity by 70% (Forbes).
They increase employee retention
- According to the Global Business Travel Association, most workers believe that business travel affects their general sense of job satisfaction. In North America, 79% of participants agreed with the statement, up from 83% in Europe and 96% in Asia. In each region, the Millennium Percentage Agreement (GBTA) is higher.
- The importance of business travel in terms of employee engagement and retention is growing as Millennium and GenX employees will create 75% of the workforce by 2030 (US Bureau of Labor Statistics).
Business travel saves money
- Companies with limited corporate travel can lose up to 28% of current business (stratos).
- Every dollar spent on corporate travel earns $ 12.50 (TravelPerk).
- Losing a team member can have a big impact on your bottom line. Replacing the previous rent may cost up to 30% of the salary of a business entry-level position, up to 400% of the salary of an executive (TLNT).
Looking for some inspiration for your next corporate retreat? From the noisy streets of Las Vegas to the Jane-inspired wellness break in Ibiza, check out our top destinations for your next company farewell.