LinkedIn Top Voice | Team building Expert | Forbes featured I help executives foster innovation & boost the bottom line 🇨🇦 🇯🇲 Actress 🎬 Writer ✍🏾 LinkedIn Top Team Building Voice | LinkedIn Top Facilitation Voice
🕳 Team Building Pitfalls: Impending WeWork Bankruptcy = A reminder of the Pitfalls of Putting Play Over Profits ⛺ 📉 Please don't get me wrong. I'm not against fun. In fact, whenever I design executive retreats or team building for my clients, I always look for opportunities to build in the fun factor. After a successful year, it has been proven that rewarding top performers locally or abroad out of profits pays off. But, all play with little emphasis on the bottom line is a recipe for a disaster. "A group of Wall Street firms that lent hundreds of millions of dollars to WeWork is exploring the possibility of a bankruptcy filing that could help the company exit from expensive office leases, one of several options under discussion, according to people familiar with the creditors’ talks." Source: Wall Street Journal Few businesses are country clubs, recreation centres, or summer camps. So, fun and games should not be the primary driver. Every year, WeWork spent a fortune on their summer camp. The booze flowed freely, A-list celebrities provided entertainment, and, some years, there were even midways. Everyone had a blast. Now that WeWork has had so many layoffs and bankruptcy is a real possibility, I'm sure that none of the employees who participated are thanking the former CEO. If your budget for partying and corporate play days is higher than your team building budget, that's a warning sign. Leaders don't build effective teams or foster lasting innovation by just pumping team members up through play. There must be a focus on improving team dynamics, brainstorming, problem solving, and, overall, what is required to improve the bottom line. Team building delivers the tools to make that happen. A weekend of play doesn't. We've seen this with Seagate, which spent $2 million for 200 employees to spend a week hiking and kayaking. Blackberry spent for employees to jam like rock and roll stars, and now WeWork. 📉 What other lessons can we learn from WeWork's demise? #teambuilding #WeWork #executivesandmanagement #litrendingtopics I usually post team building pifalls on Tuesday but this is a breaking development.
WeWork Summer Camp VLOG 2018
https://www.youtube.com/
The rise and fall of WeWork. “Our losses and negative cash flows from operating activities raise substantial doubt about our ability to continue as a going concern.” — WEWORK, SEC FILING, AUGUST 8TH, 2023. But how did the once-poster child of Silicon Valley end up seeing its valuation collapse more than 99% from its peak? Source: Visual Capitalist https://www.visualcapitalist.com/rise-and-fall-of-wework/
What A Bankruptcy Might Mean For WeWork’s Tenants (Forbes) https://www.forbes.com/sites/ruthcolp-haber/2023/08/25/what-a-bankruptcy-might-mean-for-weworks-tenants/
In my 2020 team building trends report released during the fall of 2019, I sounded the alarm about WeWork's flawed approach to team building. Corporate playdays are not a replacement for Team building 2020 Team Building Trends https://www.executiveoasis.com/teambuildingtrendsfor2020.html
Access my blog post: Team Building vs Team Recreation: Do you see the Difference? https://bit.ly/recoverynotrecreation
I couldn't agree more, Anne. Balancing fun and play with a strategic focus on growth and profitability is the key to long-term success in any business. Effective team building goes beyond surface-level enjoyment. It involves activities that enhance communication, collaboration, problem-solving skills, and overall team cohesion.
The real problem lies with institutional investors looking to make a quick buck, instead of seeing how the prospectus is bogus Anne.
True team building goes beyond mere recreational activities – it cultivates collaboration, problem-solving, and a results-driven mindset. Investing in experiences that enhance team dynamics, communication, and skill-building is what fuels long-term success.
Building effective teams requires more than just play; it's about fostering collaboration, innovation, and aligning efforts towards the bottom line. 🚀👥.Thanks for sharing.
Absolutely spot on! 🙌 While fun and relaxation are essential for team morale, it's crucial to strike a balance between play and productivity.
LinkedIn Top Voice | Team building Expert | Forbes featured I help executives foster innovation & boost the bottom line 🇨🇦 🇯🇲 Actress 🎬 Writer ✍🏾 LinkedIn Top Team Building Voice | LinkedIn Top Facilitation Voice
9moThis is like closing the gate after the horse has bolted. A better approach would have been to grow using more affordable spaces and keep a close eye on spending and the bottom line. Rob Sacks Riva Gold Daniel Roth Wall Street funds Discuss Potential Bankruptcy Plan for WeWork (Wall Street Journal) BlackRock, King Street, Brigade and other firms are holding preliminary discussions about WeWork’s future, as the company tries to reduce its rent costs https://www.wsj.com/articles/wall-street-funds-discuss-potential-bankruptcy-plan-for-wework-50d3eb60