36 stats that prove corporate retreats are still a good idea
The world of work has been through a series of shifts since the pandemic erupted in 2020. One of the outcomes of this tumultuous period is the rise in corporate retreats. With remote and hybrid business models increasing, organizations are facing the challenges of operating on a predominantly virtual basis.
As social creatures, we crave face-to-face interaction with our peers. While work-life balance may have improved, the switch to remote and hybrid working has highlighted how collaboration and communication can be affected when we move teamwork online. While some tasks benefit from the focus that a home workday can bring, others depend on the trust and sense of belonging we get from meeting in person.
From departmental catch-ups to company-wide getaways, the ways companies bring their teams together are undergoing a revolution. More and more organizations are choosing to skip the traditional shared working environment and meet on the road to reap the benefits of combining their team-building activities with new and exciting surroundings. So why are corporate retreats good for business? Below we share a host of stats that demonstrate the power of gathering your teams, so let’s dive in!
Hybrid and remote working is on the rise
- 76% of employees stated that their companies have switched to a hybrid model after the pandemic (TravelPerk).
- 63% of respondents claim their organizations have given them total freedom to work from any location (TravelPerk).
- The remaining 37% of participants can work remotely as long as they stay in their contracted country (TravelPerk).
- 40% of employees claim they would leave a position if required to work from the office full time (Harvard Business Review).
- In August 2020, 278 executives revealed plans to reduce traditional office spaces by an average of 30 percent (McKinsey).
- 100 executives spread across various industries, and global locations confirmed that 90% of their organizations were planning for remote and hybrid working for all roles where on-site work is non-essential (McKinsey).
- A 2021 survey revealed that 2 out of 5 Americans were able to work or study from home (Airbnb).
- 35% of participants in the same survey believe that more people will join remote teams so they can move and take advantage of a new lifestyle post-pandemic (Airbnb).
But it’s clear that company cultures need to prioritize face-to-face collaboration
- In a survey, 25% of employees claimed their biggest issue with remote and hybrid ways of working was the loss of regular in-person contact with their peers (TravelPerk).
- 14% of respondents linked this lack of real-life interaction to reduced camaraderie between coworkers (TravelPerk).
- Two-thirds of corporate travelers think it’s challenging to build professional connections virtually (Skift).
- Almost three-quarters of corporate travelers (73%) feel that face-to-face meetings are more effective than online communications (Freeman).
- An analysis of trips taken through Airbnb for Work revealed that 60% of itineraries were booked for more than one guest, with 40% of reservations being made for three or more corporate travelers (Phocuswire).
- 40% of corporate travel is undertaken to meet colleagues in a different location, and 44% of itineraries are for professional development activities like training, trade shows, and networking (Stratos).
- 60% of business travelers and corporate travel policymakers believe remote working will change the nature and frequency of work trips (Skift).
- 63% of corporate travel managers are excited about hosting regular company offsites and retreats (Skift).
Business travel remains important to employees
- 90% of employees think that business travel is vital to their organization’s success (Stratos).
- 3 in 5 job seekers consider a company’s travel policy a big factor when considering a new employer (Stratos).
- Around 40% of GenX and millennial participants would turn down a job if it didn’t include travel (TravelPerk).
- A third of workers would accept a reduction in salary if they could combine more of their business trips with vacations (Stratos).
Offsites and company retreats have wide-ranging benefits
They encourage effective communication and creativity
- 34% of employees shared that they have had their most creative ideas on business trips. This figure increases to 53% for corporate travelers between the ages of 16 and 24 (TravelPerk).
- 81% of millennial employees think they work more effectively when they have face time with their coworkers (Forbes).
- Scientific studies have shown that hosting brainstorming sessions on zoom can stifle creativity (Nature).
They improve employee morale
- Even thinking about upcoming travel can increase happiness and hopefulness by 18 and 9 percentage points, respectively (Airbnb).
- 83% of workers see corporate travel as a perk of their job (Stratos).
- Three-quarters of millennial business travelers see work trips as a benefit, and 65% consider corporate travel proof of their significance within their organization (Hilton).
- 73% of remote employees miss socializing with their teams (Indeed).
They help cultivate employee wellbeing
- 67% of employees think burnout has increased since the pandemic and the rise in remote working (Indeed).
- Offsites and company retreats can help combat loneliness, which can reduce life expectancy by a staggering 70% (Forbes).
They boost employee retention
- According to the Global Business Travel Association, most workers believe business travel impacts their general sense of job satisfaction. In North America, 79% of participants agreed with this statement, rising to 83% in Europe and up to 96% in Asia. In every region, the percentage of millennials who agree is higher (GBTA).
- The importance of business travel regarding employee engagement and retention is set to increase as millennial and GenX employees will make up 75% of the workforce by 2030 (U.S. Bureau of Labor Statistics).
Business travel saves money downstream
- Organizations with limited corporate travel could lose up to 28% of current business (Stratos).
- Every dollar spent on corporate travel generates $12.50 in returns (TravelPerk).
- Losing a team member can have a big impact on your bottom line. Replacing a previous hire can cost a business 30% of the salary of an entry-level position, all the way up to 400% of an executive’s salary (TLNT).
Looking for some inspiration for your next corporate retreat? From the bustling streets of Las Vegas to a zen-inspired wellness break in Ibiza, check out our top destinations for your next company getaway.