Why firms should launch out of lockdown

After a year in lockdown, getting back to business as usual is going to be hard. According to a Melbourne Institute study, 70 per cent of workers who worked remotely during the pandemic wish to continue working from home. 

The challenge for businesses is creating those serendipitous moments that occur during face to face contact. In a hybrid work model where team members might not align on working days, those connections that are so important to collaboration and innovation will be fewer and farther between. For leading firms, holding in-person business events could be key to augmenting the hybrid working model with moments of powerful team building and connection at offsite locations.

The human brain is hardwired for physical connection and eye contact, something that cannot be replicated by using screens, according to research by Dr Fiona Kerr of the NeuroTech Institute in Adelaide. Kerr and her team of researchers are investigating the neuroscience of social interaction and technology.  

In a paper released in 2019, The Art and Science of Looking Up, Kerr explains that, in less than a second of meeting someone, physical engagement fires mirror and spindle neurons, generating oxytocin and dopamine to pre-empt the beginnings of empathy and trust. 

And the brain is also able to generate these connections at scale, building “shared neural networks of possibility”. 

As a result, Kerr writes, “a group of connected people can change how we see an issue, alter our priorities as a group, and create a capacity to collaborate around shared values.”

Ray Ellis, chief executive of First National Real Estate, wants to make sure that the crucial bonds that lead to knowledge sharing are re-established at his firm as quickly as possible. He has always been a strong proponent of holding business events and has already planned the national convention in Canberra for up to 500 First National co-operative members and their employees. The event is already oversubscribed and they’ve had to book an overflow hotel. 

Ellis said that after spending so long away from peers during COVID, “the desire to get together to share our journeys and our experiences is critical. But the way I see it, this is not just a business session or awards event, it’s about helping our people return to normality, become a better person and run a better business.” 

Pre-COVID, First National would run 30-50 events a year in each state ranging from training to functions, as well as two to three national events. Ellis said that having in-person meetups in different locations is critical to the success of the business.

"The greatest benefit has been the sharing of ideas,” he said “We’ve got offices from Bendigo to Cairns and that shared business experience, whether staffing, sales, legalities, or HR, is 100 times better than Googling or trying to muddle through on your own. The building of relationships cannot be done over Zoom or via email, only done by good old-fashioned chat and advice, so events are critical to what we do.” 

Events can fast-track the restoration of relationships that have diminished during the pandemic. According to researchers at Yale University’s School of Management, during COVID-19 our professional and personal networks have shrunk by almost 16 per cent, or the equivalent of 200 people. 

That has dramatic consequences for businesses, the study’s authors state in Harvard Business Review: 

(I)t can lead to less creativity and more groupthink. People with fewer connections at work have a decreased sense of belonging and are less likely to identify with the organisation, which puts them at higher risk of turnover and possibly even fraud and negligence.

Nova Entertainment’s Jason McGuinness, who co-ordinates events around Australia and globally for sales staff and clients, has seen firsthand the value of creating shared experiences at business events. 

McGuinness has organised events on the New South Wales south coast, in the Hunter Valley and at Emirates One&Only Wolgan Valley resort. He says the program is critical for staff engagement and retention and crucial for engaging with clients. 

One of his most successful events was creating a money-can’t-buy experience for clients by flying them into Wolgan Valley by helicopter for one-on-one time with Nova executives and talent. 

Following a trip to Forbes to see drought-affected areas with breakfast radio stars Fitzy and Wippa, Bendigo Bank formulated a completely new ad campaign with Nova execs, generating new revenue for the station. 

He says that holding events, particularly at destination locations, has a clear return on investment for the company. 

“Our client engagement pre-COVID contributed to about a 25 per cent increase in revenue year on year,” McGuinness said. “That was shown in direct bookings as well as client engagement and retention.” 

As seen on theaustralian.com.au

First published: March 2021