Internal events play a key role in fostering a positive and productive organizational culture. They encourage team bonding, employee engagement, creativity, well-being, and much more. As a result, employees who participate in company events are more likely to stay with the company longer.
Although, crafting a good event requires strategic budgeting. As we work with a diverse range of businesses at Epoch, here are some insights we’ve gained into average spend per employee and budgeting strategies.
In addition to understanding the financial investment in team building activities, it's essential to consider how frequently companies are engaging in these events. We’ve asked some companies we work with to share their average number of events held per year to provide insights into how organizations prioritize team building and employee engagement.
The results of our poll found that most smaller companies with under 200 employees fall between the 1-5 range, while larger companies host 10-20 events per year.
We also asked how much money organizations typically spend per employee per event. From this, we gathered that most corporate team-building activities range from less than $50 per person to $100 per person, depending on factors like event size, location, and type.
With a budget of between $50 to $100, there are plenty of options you can choose from to engage your team. For example, candle making classes, Mexican cooking classes, or even a coffee making class like this one.
If you’re aiming to spend under $50 per person, there are still a lot of activities you can plan for your team. For example, a virtual poker game, meditation class, a BYO healthy cooking class, and much more on Confetti.
If you’re looking for more event ideas, be sure to subscribe to our monthly newsletter, each month we send out resources and ideas for activities related to important events and dates.
You can also download our Employee Experience Calendar eBook for inspiration on events!
To navigate the costs of your events effectively, it's crucial to understand the components of an event budget. Venue, catering, and technology are key areas to pay attention to.
Use Epoch to plan your employee events and programs, then track analytics on how the events went! Epoch is an employee engagement platform used by people teams at Reddit, Asana, and more. Epoch supports any internal event that needs email, Slack announcements and reminders, calendaring, and reporting. On top of impactful engagement and feedback analytics, Epoch provides a simple way to communicate and promote events to your workforce, helping events reach employees where they prefer to receive messages.
Teams using Epoch have seen positive impacts in event engagement while reducing time spent managing and promoting events by over 70%. Udemy used Epoch to scale its inclusive culture, driving 89% participation, and Modus Create successfully scaled a global events program across 15 time zones.
Increase productivity and connection among employees through company culture with Epoch. Curious to learn more? Book a demo today!
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