How To Budget For Your 2024 Offsites (Template Included)
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Offsites play a crucial role in increasing engagement, retention, and alignment among employees, especially for remote or hybrid companies.
However, the intricacies involved in organizing such events often lead to uncertainties, particularly regarding their frequency during the year and budgets associated with planning offsites.
For businesses that would like operational efficiency, establishing a consistent rhythm for offsites is vital to maintain team motivation and cohesion without breaking the bank.
At Offsite, we’ve helped plan hundreds of team retreats around the world, managing tens of millions of dollars in spend for clients to ensure they get as much ROI as possible on their retreats.
This experience given us valuable insights into how to effectively plan and budget for your company's retreats and establish a rhythm that suits your business needs.
Budgeting For Offsites
Determining a realistic budget for offsites is essential. This involves considering various costs associated with a retreat. With a clear budget, you can focus on creating impactful offsites, maximizing the benefits of bringing your team together face-to-face.
Innovative companies often reallocate funds saved from reduced office expenses towards establishing a regular offsite schedule. Advance planning allows the use of a uniform budget for all offsites, facilitating the organization of more frequent and quality retreats within the same financial framework.
Key costs to consider for offsites include: accommodations, travel, meals, meeting spaces, activities, event supplies, guest speakers or facilitators, event coordination, media coverage, promotional items, and insurance.
Want access to Offsite’s free budgeting template? Click here (no download required).
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Key Factors To Consider When Planning Your Offsite Cadence
When establishing your offsite cadence, consider the following:
Employee Distribution: The geographic spread of your team impacts how often and where you plan offsites. Regional teams can meet more frequently than those spread nationally or internationally.
Business Goals: The number and nature of offsites should align with your company's objectives. For instance, certain business models and literature suggest quarterly retreats for leadership, while sales departments might organize annual events for performance incentives.
Company Size: The size of your company influences the number and type of offsites needed. Smaller companies might require fewer, company-wide retreats, whereas larger organizations might need more frequent, department-specific gatherings.
Frequency: Offsite frequency should be adaptable. Smaller teams might benefit from quarterly meetings, while larger organizations might prefer biannual or annual events, alongside more frequent team-specific gatherings.
Ideal Offsite Cadence for Different Company Sizes
The frequency of offsites significantly affects your company's alignment and team building. While there's no universal solution, here are some guidelines based on company size:
Under 25 Employees: Small startups may opt for quarterly offsites to maintain cohesion and communication.
25-50 Employees: Companies at this stage might balance quarterly and biannual offsites for deeper planning and regular alignment.
51-100 Employees: A mix of quarterly and semi-annual strategic offsites could be beneficial at this size, allowing for goal-setting and team bonding.
101-500 Employees: Larger companies might incorporate quarterly and semi-annual sessions, along with an annual large-scale offsite for comprehensive strategic planning and team activities.
For companies with over 500 employees, department-specific offsites, cross-functional gatherings, leadership summits, and annual global retreats are recommended to ensure alignment across all levels.
Innovative Approaches from Other “Pioneering” Remote-First Companies
Offsites have evolved beyond mere business discussions to platforms for problem-solving, team building, and employee rejuvenation. Successfully balancing the timing and frequency of these events is crucial.
Here are some examples:
Dropbox: Adopts a “90/10” remote work rule, reserving 10% of workdays for offsites, translating to about 25 days annually for team gatherings.
Airbnb: Emphasizes flexibility with a policy focusing on regular quarterly team offsites and less frequent larger retreats.
GitLab: Encourages self-organized meetups with an annual All-Hands meeting, travel allowances for team visits, and transparent operational practices.
Planning Your Next Offsite? Start Here…
When it comes to running a remote or hybrid team, planning offsites (and budgeting properly for them in order to meet frequently and sustainably) is more crucial than ever.
Every company is different, and so the team at Offsite is committed to being a resource for you as you work to ensure your team(s) remain agile and ready to tackle whatever problems and opportunities come your way.
Email me anytime at jared@offsite.com, or visit offsite.com for client case studies to see how other companies are planning their offsite cadence.
If you haven’t already, subscribe to The Offsite Blog below for agenda templates, budgeting spreadsheets, and more thought leadership like this post around offsite planning, remote work, increasing employee engagement, and more.
And of course, when you’re ready to plan your 2024 offsites, make a free account at offsite.com to search our curated marketplace with hundreds of amazing offsite venues, 20%+ savings on room blocks, meeting space, and more.
Plus, we offer end-to-end offsite planning services if you want a “done for you” experience. See why companies like Buffer, Webflow, 15Five, Linear, HiBob, Metabase, Hampton, and others trust Offsite for their team retreats.
Thanks for reading!
-Jared
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