The positive effects of company retreats have been proven to boost morale, bring teams closer together, increase productivity and even renew enthusiasm in employees. If done right, company trips can be catalysts for effective growth and positive change in your company, but how much does a company retreat really cost?
A company offsite budget doesn’t just include flights, hotel, meals and activities. There’s a plethora of additional costs to consider, and it can be hard to keep track of them or even quantify some of these amazing experiences. But lucky for you, that is what the Moniker team does. We break down the exact costs of everything on your company retreat, start to finish. We also ensure complete transparency when it comes to your budget, so you know exactly where you’re spending your money.
So.. How Much Does a Corporate Retreat Cost?
The average corporate retreat cost in 2023 is US$4,000 per person for around a four day retreat. Of course, this can vary widely depending on destination, goals and hotel. However this is a great jumping off point for you to decide to host your first company retreat. Let’s dive into how that number breaks out, and if you want a more in depth look, contact us for more help.
Show me the Money
The first step in your journey toward a smooth, and productive company trip is to take a look at your starting budget. Before you make any other decisions, you’ll need to know exactly how much you can allocate toward your company offsite. Remember: you don’t need to have an insane amount of money to create a memorable corporate retreat. All you need is a smart budgeting plan. So, read on for your company retreat budgeting tips that just make cents.
When In Doubt, Quarter It Out
If you’re struggling with where to begin, The Quarter Rule is for you. It will inform all of your choices moving forward so it’s a perfect place to start.
Equally split your budget into the four main facets of any trip:
- Flights and Transportation
- Food and Beverage
From here, you will have a much clearer picture of what destinations you can afford, what hotels fit within your budget, how long your retreat can be and what activities you can add on. Our advice is to start big with these quarters, and work your way down to the smaller stuff so that there are no surprises down the road.
Location, Location, Location
Where should I take my team on my next company retreat? Well, where you go will drastically affect how much you will need to spend.
In terms of transportation, choosing a destination that is closer to your team’s location will be much more cost effective than flying halfway around the world.
As well, different countries and cities have incredibly varying rates for accommodation, activities and food expenses. For example most Eastern European, Southeast Asian and Central American destinations have much more affordable opportunities than many places in the United States or Western Europe.
The idea here is that by choosing “cheaper” destinations, the costs for activities, food and hotels will allow room in your retreat budget for potential additional transportation costs.
LOCATION TIP: Consider Mexico for your next company retreat. Not only is it absolutely stunning, has fantastic activities and a wide variety of hotels to suit all budgets, but you can take advantage of the 16% VAT exemption Mexico offers for hosting meetings. That’s right, if you host a certain amount of meetings during your retreat, your cost of accommodation will be tax exempt, saving you big time! Now that’s a money-saving trip for a company retreat if I’ve ever heard one.
V.I.C. - Very Important Considerations
What other hidden costs are there for my company retreat? While these costs aren’t actually hidden, the travel experts at Moniker know there are a lot of other very important considerations to make.
We recommend honing in on the goal of your retreat, as it will change what activities you may choose, and what additional requirements you’ll need. What do you and your employees want out of this experience? Is it celebration, socializing and team-building? Or is it attending workshops, strategizing for company growth or learning additional skills? The options are endless, you just need to pick what best suits your team’s needs.
Whatever it is, if you get clear about the goal of your trip, you’ll have a much better idea of your specific activity requirements, and therefore the money needed to meet them. For example, a company looking to facilitate discussion and host strategy sessions will require a dedicated workspace. A company retreat focused on team building will need unique and exciting challenges planned for them (hint hint: check out Moniker’s past trips for awesome examples!).
Factoring your retreat goals into your budget early on in your planning journey will give you a much clearer picture of what you’ll need to achieve not only a retreat unique and specific to you, but also one that won’t break the bank.
Don’t Forget These Essentials
It’s normal to forget something when going on a trip. Left your sunglasses at home or maybe some extra socks? Well, when it comes to budget, we won’t let you forget about these potential extra costs.
If choosing to stay at a resort, be conscious of potential added resort fees. For restaurants and hotels, make sure to factor gratuities for service staff into your budget so you’re not caught off guard later on. As well, consider if you are going to include alcohol for your events and activities. If so, this will drastically increase your budget for food and beverage. What about company swag? If you want to gift your employees with t-shirts, hats or anything fun to wear during the retreat, make sure you include those costs, not to mention shipping them to the destination or extra checked-baggage if you plan on transporting all retreat materials yourself.
If you’re wary about any hidden costs, we can help ensure you won’t be forgetting anything, even your toothbrush!
Our Final Tip
If you aren’t sure exactly how much you can spend on your corporate retreat, try incorporating the quarter rule to a couple different scenarios. Compare costs of similar quality hotels, restaurants and excursions in the different destinations you are considering. You’ll have a crystal clear understanding of the pros and cons, and be able to choose a dreamy destination that also gets the most bang for your buck. Want help with that? Check out our proposal process.
Ask The Experts
When it comes to budgeting and trip planning on this scale, it’s always a good idea to trust the experts. We know how important corporate retreats are to the companies that host them, and when Moniker does them, we do them right. Think: out of the box activities and challenges, unique company retreat team building activities and an epic trip to write home about - all while keeping your bottom-line in mind. We’ll help you create a trip that matches your budget and meets your specific goals. After all the budgeting and preparation is done, seeing the smiles on your employees faces will be totally worth it. One might even say, priceless!