Every corporate event that businesses host, whether it’s a team retreat or a virtual gala, is an investment. And, understandably, businesses are increasingly concerned with getting a good return on these investments. However, getting a good ROI from corporate events isn’t just about throwing a party and then seeing what the metrics say. It’s about creating an experience that targets and supports the metrics you want to examine, so that any corporate event can provide a great ROI. And guess what — there’s one thing you can do to support the ROI of almost any corporate event.
Obviously, as a caterer in Austin, Texas, we think food makes every event better. But that’s not why we’re suggesting it can maximize ROI on corporate events. There is scientific research and anecdotal evidence to back it up.
Let’s look at a couple of specific examples of how catering corporate events can support your bottom line:
Corporate Team Building
Creating an engaged and productive team is definitely a worthwhile goal. In a Gallup meta analysis study, researchers found that teams with engaged employees were 21% more productive than less engaged teams. Engaged employees are often defined by their dedication to their work, ability to recover from setbacks and communicate, skills in collaborating, and overall buy-in to the company mission, among other things — all of which are qualities that can be cultivated through team-building events and activities as simple as weekly lunches together.
Many companies have seen higher retention rates and engagement after implementing routine team meals (like lunch together on Fridays). Overall, companies have found that eating together builds trust, can improve employees’ feeling of appreciation, and facilitate communication, bringing teams closer. How would 21% more productivity impact your bottom line? Or a higher retention rate? Is that worth catering a celebratory dinner from time to time or a team lunch?
Donors who trust, connect with, and want to be associated with an organization are more likely to give to your cause. In a survey by Give.org, 73% of respondents scored trusting a charity before giving at 9 to 10 out of 10 in importance.
While these feelings have a lot to do with your mission, reputation and more, they’re also emotions you can support with how you engage people. Research has shown that sharing the same foods can increase trust and cooperation between participants.
Research has even shown that sharing a family style meal (one of our specialties!) can improve negotiation outcomes. Our list of the ways catering can support the ROI of corporate events could go on because sharing meals is a universal experience that gives teams and clients a shared experience and facilitates trust and bonding.
Again and again, research shows that the act of sharing food supports positive outcomes for the goals most corporate events seek to achieve. It’s true that the logistics of sharing meals will continue to look different for a while, if not forever. But that doesn’t make it impossible. And even in today’s world where corporate events have gone online to a large extent, we’ve proven that it is still possible to create this crucial shared experience.
So next time you’re planning a corporate event and hoping for a great ROI, don’t skip the food! Be sure to give us a call so that you and your team or clients have a delicious meal to share.