The Value of Fun in Business
Business is a serious business. Companies are navigating a post-pandemic, post-recessional climate with greater competition than ever, often forcing accelerated and complex digital transformations, or risk obsolescence.
So, in this context, why on earth should something as frivolous as ‘fun’ feature on the executive agenda?
Well, for starters, a company’s employees are widely perceived as their biggest asset; as brand ambassadors, acquiring and managing customers and driving evolution of the proposition. But finding, attracting and retaining the best talent is a struggle, especially as, according to research by Qualtrics, employee expectations have never been higher.
Pioneers of baking fun into the company culture include Sir Richard Branson, who hosted his first Virgin Group summer party at his country estate three decades ago, in an annual tradition that now extends to 60,000 of his staff. He recently shared that by embedding fun into the Virgin culture they ‘disrupt industries (smartly), spark innovation, create brand love, build trust, and bring out the best in all of us’.
It's not just Virgin that gets it either, with global corporations ranging from Mercedes Benz to LEGO, and Workday to Etsy even embedding ‘fun’ into their core values. Even the good folks at LinkedIn have come close with ‘humor’. Indeed, it seems the majority of those striving to be a destination employer are already enlightened, with 77% of those applying for a ranking with Great Place to Work reporting that fun was one of the top drivers of engagement.
But fun doesn’t have value ‘just’ in employee engagement. Because customers’ expectations have never been higher too... even in B2B, those ‘Bs’ are made up of ‘Cs’, and our last best experience anywhere, becomes our minimum expectation everywhere. Whilst those happy employees will undoubtedly help create happy customers, by being more intentional in orchestrating enjoyable activities directly with clients, the memorable moments created can prove powerful, for when the relationship hits challenges... or a contract needs signing late on Friday night!
Here’s the science bit: having fun creates a burst of endorphins, the hormone that can instantly lower stress, improve mood and even remove pain. They also, in turn, trigger the release of dopamine, for more sustained improvements in mood, further reduced stress, and increased motivation and focus. What’s more, having fun is contagious, and having it with others helps strengthen relationships, break down hierarchical barriers and builds bonds that can take years in a workplace environment (if ever).
Perhaps this explains the rapid growth of ‘competitive socialising’, an industry up 40% since 2018, seemingly based on our collective desire to build deeper connections with colleagues, clients and friends, as society heals from the effects of lockdowns.
Quantifying the impact of these initiatives on employee or customer engagement, when dealing with complex matters of phycology and emotion, might not be simple, but by employing Net Promoter Score (or similar) externally, and internal surveys, feedback loops and productivity measurements, the correlation between fun activities and the bottom line can be increasingly tangible.
Those seeking to organise fun activities for employees and / or customers are blessed with an array of activity options, from traditional sports such as tenpin bowls and darts through to more contemporary themes like shuffleboard and even axe throwing. Virtual golf has also seen a significant increase in popularity, with golf the UK’s 3rd most popular participation sport, and 80% of younger players now doing so in formats away from the course, such as on golf simulators.
Interested to learn more? Got a relevant experience to share? We’d love you to get in touch!