Employee Event Budgeting Strategies

Employee Event Budgeting Strategies

Internal events play a key role in fostering a positive and productive organizational culture. They encourage team bonding, employee engagement, creativity, well-being, and much more. As a result, employees who participate in company events are more likely to stay with the company longer. 

Although, crafting a good event requires strategic budgeting. As we work with a diverse range of businesses at Epoch, here are some insights we’ve gained into average spend per employee and budgeting strategies.

Average events held per year

In addition to understanding the financial investment in team building activities, it's essential to consider how frequently companies are engaging in these events. We’ve asked some companies we work with to share their average number of events held per year to provide insights into how organizations prioritize team building and employee engagement.

The results of our poll found that most smaller companies with under 200 employees fall between the 1-5 range, while larger companies host 10-20 events per year.

Average spend per employee

We also asked how much money organizations typically spend per employee per event. From this, we gathered that most corporate team-building activities range from less than $50 per person to $100 per person, depending on factors like event size, location, and type.

What you can do for $50-$100

With a budget of between $50 to $100, there are plenty of options you can choose from to engage your team. For example, candle making classes, Mexican cooking classes, or even a coffee making class like this one.

What you can do for under $50

If you’re aiming to spend under $50 per person, there are still a lot of activities you can plan for your team. For example, a virtual poker game, meditation class, a BYO healthy cooking class, and much more on Confetti.

If you’re looking for more event ideas, be sure to subscribe to our monthly newsletter, each month we send out resources and ideas for activities related to important events and dates.

You can also download our Employee Experience Calendar eBook for inspiration on events!

Budgeting strategies

Key components 

To navigate the costs of your events effectively, it's crucial to understand the components of an event budget. Venue, catering, and technology are key areas to pay attention to.

  • Venue: to help bring the cost of the venue down, consider local options, negotiate off-peak rates, and explore venues that offer inclusive packages to streamline expenses.
  • Catering: as large portions are typically cheaper, try to think of dishes that can be served in large quantities without compromising quality.
  • Technology: try to leverage technology to better your events. Rental options for specialized equipment are available.

Tools for optimizing event budgets 

  • Cvent: Cvent's budgeting tool enables planners to set and manage budgets, track expenses, and generate detailed financial reports for better decision-making.
  • Eventbrite: Eventbrite offers a budgeting template that allows you to track expenses, revenue, and overall event finances.
  • Planning Pod: This is an event management software that helps in creating budgets, tracking expenses, and generating comprehensive financial reports.

How Epoch can help

Use Epoch to plan your employee events and programs, then track analytics on how the events went! Epoch is an employee engagement platform used by people teams at Reddit, Asana, and more. Epoch supports any internal event that needs email, Slack announcements and reminders, calendaring, and reporting. On top of impactful engagement and feedback analytics, Epoch provides a simple way to communicate and promote events to your workforce, helping events reach employees where they prefer to receive messages.

Teams using Epoch have seen positive impacts in event engagement while reducing time spent managing and promoting events by over 70%. Udemy used Epoch to scale its inclusive culture, driving 89% participation, and Modus Create successfully scaled a global events program across 15 time zones.

Increase productivity and connection among employees through company culture with Epoch. Curious to learn more? Book a demo today!

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