Background
Competition runs deep in the world of capital management (CM), and with partners and employees constantly working on closing big deals, it can be difficult to build camaraderie and connections. Over 82% of the industry experiences symptoms of burnout, and studies have shown that those suffering from burnout also report increased feelings of loneliness. Other research suggests physical activity can help counter the effects of burnout.
The cost of burnout is significant. Companies with mild-to-severe burnout see an almost 4x decrease in the odds of having highly engaged employees, along with an 87% decrease in likelihood to stay, a 41% decrease in the perception of the employee experience, and a 22% decrease in work output.
The Challenge
The CM firm in question was looking for a way to both help improve the well being of its partners and employees while also building positive consistent camaraderie in a busy, high-pressure, hybrid office. The company had used isolated, self-run fitness challenges to stay engaged around a shared interest. They worked well, the there was no wellness or engagement initiatives for anyone outside of the boardroom, so impact was limited. And self-run challenges were constrained to manual tracking and reporting. reducing the overall fun or engagement of the activity. What the firm needed was:
- A way to combat stress, fatigue, and burnout
- To socially engage their in-office and distributed workforce
- A platform to scale both participation and the number of challenges offered
…without overloading their HR team.
The Solution
The company worked with Terryberry to launch a one-time, 20-day fitness challenge, including step and activity tracking along with wellness support content for everyone involved. To promote participation and engagement, the company used a Turkey Trot challenge from Terryberry’s list of over 100 pre-built challenge templates. To incentivize engagement and competition, the challenge included unique, tangible, branded awards for first, second, and third place winners and digital participation rewards with monetary value.
With start-to-finish support from Terryberry—including a dedicated CSM and pre-made launch materials—implementation of the challenge was a breeze for the company’s HR team. The interactive turkey-shaped route of the challenge and one-of-a-kind acrylic trophies for 1st, 2nd, and 3rd place winners motivated participants to compete.
The Impact
The challenge was a hit in the office, with staff members participating in the challenge as part of their commute, over lunch, and on the weekend.
“I thought it was a fantastic way to bring the team together.”
“It created water-cooler talk and healthy competition.”
See For Yourself
For a deeper look into how our corporate step challenges work, take a virtual tour now!
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The Broader View
Gallup estimates there’s a $322 billion lost globally due to productivity and turnover costs. In addition, the Global Wellness Institute states:
- Companies prioritizing wellbeing report up to 20% higher productivity and reduced absenteeism
- Organizations that embed wellbeing into their culture experience 10% higher retention rates, fostering loyalty and attracting talent amid evolving hybrid work trends.
Employee wellness programs make a difference. Corporate walking challenges are one small way to start exploring a broader wellness strategy.
