Should You Host a Corporate Event Even When the Company is in Financial Trouble?
It’s not always good for business. Even top companies suffer significant bumps along the way. During these dark moments, most companies would think about cutting costs. They might sacrifice some benefits or suspend trips so that the company will spend less. If the company has a practice of having an annual corporate event, it could end up on the chopping board too. Before you think about removing that activity due to financial constraints, you have to think twice.
Employees are already under immense pressure
When the company isn’t doing well, it could take a toll on everyone. The employees will start to feel that they’re not doing a good job. It’s even worse when you decide to remove that one day that they have been looking forward to. Given that motivation is low, you can’t afford to make life even more difficult for everyone.
You can change the nature of the activities
Instead of hosting an expensive dinner gala, you can have other fun corporate events. You can reduce the cost without necessarily reducing the level of fun everyone will experience. You might want to consider a funfair hire. In doing so, you spend an entire day to allow everyone to celebrate. Employees can also bring their family members to the event. It’s a day of rides, games, prizes and celebrations. Even if you change the activity, you’re still making the employees happy. Besides, funfair suppliers don’t necessarily provide expensive services.
You want the employees to be more productive
Perhaps, the main reason why the business isn’t doing well is that the employees aren’t productive. Some of them might still submit their tasks on time, but the quality is terrible. The pressure they feel from work could be the reason behind these results. As such, it might be an excellent idea to take a break from work and have fun. You should sacrifice a day so that the employees can relax and recharge before heading back to work. By the time they start working again, they will feel more motivated.
Businesses always have an opportunity cost
When you run any business, you need to be smart in making decisions. You spend money when you know that you’re getting something more significant in the end. Even during difficult financial times, you still have to invest. It could be a risk, but it’s worth it. Deciding to continue with a corporate event isn’t an easy decision, but you know that it’s for the employees. In a tough moment for the company, you don’t want to drag everyone’s morale further downhill. You might already be cutting several expenses to save the company.
Eventually, the business will get back on its feet. You can celebrate when that time comes and organise a bigger corporate event for everyone. As a business leader, you also deserve to have an opportunity to relax and have fun with the people you work with.