1. What is a Corporate Retreat?
Corporate retreats are team getaways that normally last between a day and a week. They can have many different goals, with some of the most common being to improve morale, reduce stress, teach skills, reinforce company culture and build team camaraderie. These events can take place anywhere from nature lodges and wellness retreats to beach resorts and city hotels.
2. History of Work Gatherings and its Evolution
2.1. Industrial Revolution
Arguably the first major milestone in the history of corporate retreats was triggered by the Industrial Revolution. As manufacturing became dominated by machines, there was a massive transformation in the way people worked. This in turn led to the need for organized gatherings to defend the rights of employees, who were seeing their livelihoods swallowed up by industrialization.
2.2. Labor Movements
While they might not look anything like today’s company getaways, labor movement meetings in the late 19th and early 20th century established a framework for workers to gather and discuss their concerns. At the same time, they helped develop a sense of unity of purpose. Initially, these meetings related primarily to organizing strikes, protests and collective bargaining to combat the effects of the encroaching Industrial Revolution.
2.3. 20th Century
As the 20th century wore on, work gatherings transformed from being purely about defending rights and organizing strike action into having a more diverse collection of purposes. It’s here that we see the history of corporate retreats emerging more clearly with the arrival of conferences, seminars, team-building exercises and other social events like the company picnic. These took some of the principles of the earlier labor movement assemblies, such as the sense of unity and open forum for discussion.
2.4. Technological Advancements
More recently, technological advancements have completely changed the nature of the workplace. With the advent of the telephone, the fax machine and, later, the internet, remote
communication has reduced the need for people to be in the same physical location in order to effectively work together. Thanks to the rise of video conferencing platforms like Zoom, Google Meet and Microsoft Teams, it’s perfectly possible to hold virtual work gatherings to cater for remote or distributed teams, adding a new chapter to the history of corporate retreats.
3. History of Yearly Company Meetings and its Transformation
3.1. Early Corporate Governance
Related to the history of corporate retreats, annual general meetings (AGMs) have established the custom of having a regular gathering where discussions about a company’s practices can take place. Corporate governance in some form or other has been around for centuries, but it was only in the 1970s in America that the term actually gained traction. It was around this time that the Securities and Exchange Commission (SEC), originally created following the Wall Street Crash to protect investors, began clamping down on questionable business activities.
3.2. Legal and Regulatory Frameworks
In most countries today there is some form of legal framework designed to ensure that companies hold AGMs. In the US and the UK, for example, publicly traded businesses are required by law to hold an AGM, so that shareholders can elect the board of directors and vote on resolutions. These meetings also usually include an analysis of the company’s performance and financial health over the past 12 months, as well as a rundown of future plans for the business.
In some countries, legislation also makes it mandatory for private companies to hold AGMs as well, in order that their finances may be duly examined and subjected to scrutiny.
3.3. Shareholder Engagement
We’ve already mentioned that yearly company meetings provide a platform for shareholders to vote on important decisions, but more broadly they also allow for questions and discussions. As regulatory frameworks usually mandate that businesses are responsible to their shareholders, it is common for shareholders to voice any concerns they have about a company’s practices and financial wellbeing during an AGM or similar corporate governance gatherings.
4. Evolution of Corporate Retreats in Modern Times
The history of corporate retreats have evolved over time. Initially held to assert workers' rights during the Industrial Revolution, they have now become getaways that promote employee engagement, wellbeing, and camaraderie. Adopting the yearly nature of the AGM, the modern corporate retreat usually takes place once every 12 months, bringing together staff in either real-world or virtual environments.
In fact, since the pandemic, the rise of the virtual meet-up has seen a sharp acceleration, as companies that have corporate retreats look for new ways to instill their organization’s values, impart knowledge, and discuss common business retreat topics through digital options.
5. Remote Work Effects on Company Retreats
5.1. Rise in Virtual Retreats
Businesses today are increasingly taking advantage of recent technological advancements to offer virtual retreats, combining the possibilities of the 21st century digital world with the lessons learned from the 20th century history of corporate retreats. This type of company getaway is only going to become more prominent as the years go by, especially since Gallup research last year estimated that 53% of people employed in remote-capable roles will be hybrid going forward, with a further 24% fully remote
5.2. Reduced Travel and Expenses
As well as being very convenient to organize logistically, virtual retreats have the added benefit of being much cheaper than the traditional getaway. Metaverse gatherings like the one held by Zapier drastically reduce travel costs and other in-person expenses associated with what happens at a company retreat, such as catering and activities.
5.3. Flexibility & Inclusivity
By making company retreats virtual, employees who would normally struggle to attend a corporate team building retreat due to childcare responsibilities or physical disabilities can feel more comfortable taking part. This kind of inclusivity helps bring a new dimension to any business discussions that take place and improve group dynamics.
6. Looking Towards the Future of Corporate Retreats
In the next few years, there are a few different trends in the corporate retreats space that are expected to materialize. As technology continues to advance, and companies become more aware of the possibilities a digital environment offers, corporate retreats will likely integrate innovative tools and platforms to enhance engagement and learning. Virtual reality, augmented reality, and interactive simulations may be used to create immersive and impactful experiences.
Conversely, the rise in remote working is also expected to prompt some companies to invest more in real-world meetups, using the savings on office space and related utilities to fund in-person team building and innovation.
As remote work and distributed teams become more prevalent, there is likely to be a continued focus on how corporate retreats can enhance wellness and help manage stress, as companies continue to address the problems related to employee burnout and absenteeism.
7.1. Why is it called a retreat?
Corporate retreats generally take place in a space away from the normal workplace, such as a hotel, a lodge or an activities center. In other words, they offer a retreat from the usual office environment, in order to provide either rest and relaxation, a space for improved idea generation or both.
7.2. How do you announce a company retreat?
It’s important to give participants in a company retreat as much notice as possible. This will allow everyone to arrange their schedules accordingly and ensure you have the highest levels of attendance. Some businesses like to consult staff on their thoughts about how to spend a corporate gathering, sending out surveys beforehand to ask for input.
7.3. What makes a good corporate retreat?
The best company retreats have clear objectives from the start. Once these objectives have been stated, it is much easier to plan the appropriate seminars, team-building activities and wellness sessions. Ideally, you should try to combine a mixture of work-related items, such as a workshop on communication skills, with a bit of recreation, such as nature hikes.