The success of a business is ultimately determined by its bottom line. The business may be large and popular, but if the company’s financial records say that it is not generating profit, the business is failing.
At the end of the day, the goal of every company is to generate profit, which is why business owners and managers employ various strategies and techniques to arrive at this end. One of the simplest ways to help boost your organization’s bottom line is by hosting various corporate events such as grand openings, holiday parties, client and employee appreciation events, and milestone celebration, among others.
Here are some of the positive effects that a corporate event can have on your company’s bottom line:
It Positively Influences Office Relationships and Improves Employee Morale
A survey conducted by BizBash and Seamless revealed that holiday parties conducted by companies generally improves office relationships. Specifically, the results show that 75% and 71% of the people surveyed noted strengthened office friendship and better office culture, respectively, after celebrating holiday parties. Moreover, 70% of the respondents also believe that such event helped improved team dynamic.
When your employees get along well with their workmates and colleagues, they develop a more positive attitude towards work. Carrying out their jobs becomes less stressful and more enjoyable. In fact, a recent Gallup study, reveal that work friendships increase employee satisfaction to as much as 50% and those who have a best friend at work are seven times more likely to be fully engaged in what they do than those who do not.
All these facts simply mean that increased work friendships and employee morale will result in increased productivity, which will later be translated to increased productivity/ profit.
It Positively Affects Employee Happiness
Throwing holiday parties and recognition events are effective strategies to help employees know and feel that they are appreciated. Numerous studies positively associate employee recognition and employee happiness at work. It is but natural for people to feel happy and satisfied when their efforts are recognized and to feel bad and dejected towards the company when their contributions are ignored.
When employees are happy, they are more productive. In a study conducted by the Social Market Foundation in Britain, it was found that employees who are happy increase their productivity by as much as 20%. Imagine how much profit your business will generate by simply ensuring that your employees are happy and satisfied.
It Improves Company Culture
Hosting corporate events for your employees and clients helps in improving your company culture and the morale of everyone involved. A positive culture in the workplace evokes positive emotions and well-being and helps counter stress and other work-related difficulties. A positive company culture improves organizational effectiveness and ultimately, the organization’s bottom line.
Given the items above, it is clear that corporate events bring so much more than simply cheers and good fun. If you want to experience increased productivity and positive bottom line in your workplace, make sure that your corporate celebrations are handled by a leader in the industry.