Anyone who has ever hired a new employee in their team knows how difficult finding the right person can be. Not only does the newcomer need to meet the technical requirements of the role but they also need to fit in your company culture and get along with the rest of the team. Indeed, finding the right candidate takes time and costs money to your organization.
Several companies offer their employees something labeled as "team building activities", just look at almost any job advertisement or any company's social media feeds. These activities can vary from meals to happy hours to sports activities where the team spends time together outside of the workplace. After the event, the company posts pictures on their social media accounts to show others how much fun their employees have together, in hopes of attracting potential new talent.
Cultural fit is one of the main building blocks of employee happiness. Not even an above-average salary, free lunches, or other perks can make up for a poor fit between an employee's values and your company culture. In fact, when it comes to attracting and keeping the right people in the long-term, money alone is rarely the main factor.