Are you in search of some team building activities for the finance department?
If you are a business leader, you know the finance department is mostly fraught with unique challenges. From the pressure of meeting financial deadlines to dealing with sensitive data, the stakes are often high. So, teamwork plays a significant role in overcoming these hurdles.
In this article, we will see 10 finance team building activities that you can try with your employees. These activities can help strengthen bonds among your employees and improve their collaborative efficiency.
10 Team Building Activities for the Finance Department
Here are some helpful team building exercises for the financial department.
#1. Futures Wheel
This activity encourages teams to explore potential strategies for achieving a desired goal. It helps with communication, goal setting, and strategic planning.
Time: 15-30 minutes
Materials: Whiteboard, and markers
Participants: 3-8 people in a group
Instructions
- Instruct the groups to identify a goal they would like to achieve in the future.
- Have each group member list out 3-5 steps necessary to reach that goal.
- Each group can then draw a circle in the center of the whiteboard and label it with their goal, along with a series of circles around the first one labeled with each step necessary to reach that goal.
- Encourage the groups to discuss potential strategies that could be implemented at each step to make progress toward the end goal.
Debrief
During the debrief, teams should reflect on how effective their strategy was and what could be improved for future efforts. Discuss other ways that teams can work together to develop creative and mutually beneficial solutions.
#2. Finance-Themed Quiz Night
This activity allows employees to brush up on their finance knowledge in a fun and competitive atmosphere. It is ideal for strengthening the bonds and fostering collaboration among employees in your finance department.
Time: You decide
Materials: Quiz questions
Participants: Need at least two teams of any size
Instructions
- Design a set of quiz questions that cover multiple areas of finance. For example, what is the definition of a bond?
- Split the participants into teams and have each team take turns answering the questions.
- Award points for correct answers and keep a running score throughout the quiz night.
- At the end, declare the winning team based on their total points.
Debrief
Discuss how the employees collaborate as a group to provide the correct answers. Evaluate which areas were easier or harder to understand, as well as any trends or patterns that emerged during the quiz night.
#3. Charity Fundraiser
In this activity, employees will come together to plan and execute a charity fundraiser. It is good for developing empathy among employees by giving back to the society.
Time: You decide
Materials: Supplies for the fundraiser
Participants: Any number of individuals per group
Instructions
- Choose a charity to support.
- Decide which type of fundraiser to organize.
- Create a plan for the event, including how to promote it, what supplies are needed, and who will be responsible for each task.
- After the event, let everyone share their experience.
Debrief
Figure out how well the groups worked together throughout the planning process. Evaluate how successful their efforts were in terms of money raised and community engagement. Also, highlight the importance of having empathy in the workplace.
#4. Mock Trade Game
This exercise encourages employees to think critically about economic concepts like opportunity cost, profit vs loss, and efficient markets.
Time: 15-30 minutes
Materials: Fake “money” (monopoly money), and items to trade like pencils, paper clips, etc.
Participants: Need two or more teams of small size
Instructions
- Split the participants into groups, and provide each with some fake money.
- Ask them to agree on an item they will trade and set a price for it.
- Have the groups take turns trading items at their predetermined prices, resulting in profits or losses based on their decisions.
- Once trading has finished, have them compare profits and losses.
Debrief
Discuss the decisions made by the groups and examine how they affected their profits/losses. Analyze any conflicts that arose due to pricing disagreements, and review what conclusions can be drawn from this activity about supply and demand.
#5. Resource Allocation Game
This activity aims to practice resource allocation and decision making in a limited time frame.
Time: 15-20 minutes
Materials: Paper, and pen
Participants: Less than 10 members per team
Instructions
- Break the participants into small teams.
- Give each team a challenge of using limited resources in the given time limit, providing examples such as planning a company outing for a budget or allocating resources for an event.
- Allow the teams to brainstorm solutions and note them down.
- Finally, the team with the most efficient plan wins.
Debrief
Figure out what strategies each team used. Discuss the best practices for resource allocation and brainstorming solutions. Identify the areas of improvement to increase efficiency in decision making.
#6. The “Why-What-How” Game
This game helps employees recognize the necessary actions they need to take for a successful project. It encourages strategic planning and decision making.
Time: 15-30 minutes
Materials: Flipchart paper, and markers
Participants: At least 2 individuals in a team
Instructions
- Divide the participants into teams.
- Give them a finance-related task to complete. For example, creating a budget plan for a new product launch.
- Ask the teams to brainstorm “why”, “what” and “how” they will complete the project.
- Finally, review what they have come up with.
Debrief
During the debrief, review how the employees approached this exercise as a group. Identify the areas of improvement to increase efficiency and task completion. Also, discuss the ways to improve the decision making processes.
#7. Risk Assessment Game
This is one of the interesting finance team building activities that help employees practice risk assessment and mitigation strategies.
Time: You decide
Materials: Flipchart paper, and markers
Participants: 3 or more people in a group
Instructions
- Divide the participants into teams.
- Give each team a scenario with associated risks such as launching a new product in an unfamiliar market.
- Ask the teams to brainstorm all of the potential financial risks associated with the scenario. Encourage them to identify ways to mitigate or avoid each identified risk.
- Have the teams come up with a strategy to manage any residual risks.
Debrief
Encourage the teams to discuss their risk management strategies. Ask them to identify the areas where their strategy could have been improved or adapted for a more successful outcome. Additionally, discuss the ways to be better prepared for potential risks in the future and how to act quickly when needed.
#8. Stock Market Challenge
This game helps employees practice making decisions under pressure by dealing with the stock market.
Time: You decide
Materials: Paper, pen, and access to a stock market simulator
Participants: At least 3 individuals per group
Instructions
- Start by dividing the participants into teams.
- Provide each team with an imaginary budget to invest in stocks.
- Ask them to create a portfolio that has both short-term and long-term potential. Also, give them some time to research stocks and make their investments.
- At last, see which team created the best portfolio.
Debrief
Assess the performance of each team and discuss what strategies were effective or not. Also, ask the teams to explain why they chose the stocks they did and how their strategy changed over time.
#9. Escape Room Challenge
This activity helps employees understand how to work together and use their critical thinking skills in a fun environment.
Time: 15-30 minutes
Materials: Various puzzles, and clues
Participants: Teams of 3-6 people
Instructions
- Set up a room with different puzzles and clues for the teams to solve.
- Ask each team to work together to solve the puzzles and find their way out of the room.
- Provide a prize for the team that solves the puzzles in the least amount of time.
Debrief
Discuss how the teams worked together to solve the puzzles. Ask the employees to identify the areas where their collaborative skills could be improved and discuss ways to maximize group efforts in the future.
#10. Money Scavenger Hunt
Unlike other types of scavenger hunts, this activity focuses on finding money instead of objects. It can improve the problem solving and decision making skills of your employees.
Time: You decide
Materials: Money in various denominations, and various clues
Participants: At least 2 people per team
Instructions
- Assign each team with an overall goal to collect as much money as possible within the given time limit.
- Provide them with clues that they can use to find money hidden around the workplace.
- Allow each team to work together in figuring out solutions by brainstorming ideas while competing with other teams.
- Finally, the team with the most money wins!
Debrief
Discuss how each team cooperates to search for money. Talk about how they can use the same skills to solve problems and make better decisions in their daily lives.
Want Some Unique Team Building Activities?
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Or Want Some Unique Leadership Development Activities?
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Final Words
In summary, team building exercises are not just enjoyable breaks from the routine; they are essential tools for fostering a harmonious and productive finance department. They can encourage open communication, enhance problem solving skills, and foster an environment of understanding and mutual respect. So, strengthen your finance team today with one of these engaging activities.