Finance organisations neglecting team building could be missing out on wide-ranging and long-lasting benefits, new research suggests.
61% of finance professionals say team building improves collaboration among the workforce – with 24% citing a long-term positive impact, while 59% link improvements in team morale, with 24% noticing the change long-term.
This comes as Gallup’s latest State of the Global Workforce report shows that 62% of employees are not engaged, and 15% are actively disengaged.
While collaboration and team morale are the most widely recognised long-term improvements, the research revealed other benefits from team building activities. Positive changes were also noted on communication (59%) trust between colleagues (59%), teamwork (55%) and understanding of team roles (55%).
The survey of UK finance professionals commissioned by corporate events company, Team Tactics, revealed widely positive attitudes towards team building, despite the ‘forced fun’ and ‘cringe’ narratives sometimes associated with the topic.
71% of finance professionals say team building activities improves their understanding of their colleagues’ individual strengths, 63% say they help them feel closer to their colleagues and 62% say they help improve inter-departmental relationships in the workplace.
The research also explored how recently those working in finance had attended events where they could bond with colleagues. Three quarters said they had taken part in team building activities in the last two years, while for work social events this rose to 82% of employees.
The findings also suggest a clear appetite for colleagues to spend with one another even when it’s not being instigated by employers, with 87% saying they’d attended a social event with colleagues organised independently of work in the last two years.
Meanwhile, 11% of finance professionals surveyed said they have never attended a team building event, while a further 11% claim to have done so, but over three years ago.
Tina Benson, founder and managing director at Team Tactics, commented: “It’s positive to see that finance professionals are, on the whole, recognising the wide-ranging benefits team building can bring. Finance organisations that aren’t investing in team building, or haven’t done for some time, are missing out on vital opportunities to improve team dynamics, skills and relationships. With research showing employee engagement and relationships are suffering, business leaders can’t afford to turn their backs on these important issues.
“It’s interesting to learn that, while attitudes towards team building are positive on the whole. As the scope of team building activities on offer constantly diversifies, there are more fun, engaging and meaningful ways to bring teams together than ever before. Charity and purpose-led team building activities are becoming especially sought after, helping businesses to progress towards their team and CSR goals while creating positive change for deserving causes and communities.”
