The following reference can be helpful:

Sayma Zia (2012) Effects of organizational team building on employees' morale & job retention, Journal: Business Management Dynamics, Volume: 1, Issue: 7

What are the effects of organizational team building on employee morale, job retention, and work environment?

I suspect there might be some relationships among the above variables.  From my previous research, team building can influence team shared mental models, team trust, team project performance in a project setting environment - you can refer to the following RG links:

https://www.researchgate.net/publication/286879165_Relationships_among_Leadership_Roles_Team_Building_Participation_Team_Shared_Mental_Models_and_Project_Performance_A_Study_of_Project_Managers_in_Malaysia

https://www.researchgate.net/publication/291821875_The_Influence_of_Team_Building_Participation_on_Team_Trust_Team_Cohesion_and_Project_Performance_among_Project_Managers_in_Malaysia

Presentation Relationships among Leadership Roles, Team Building & Partic...

Conference Paper The Influence of Team Building & Participation on Team Trust...

Quote"

Team as an acronym is defined as “Together Each One Achieves More”. The individual’s success is evidently an aftermath of a synergistic contribution of more number of participants. The criticality of being in sync (synergistic) is however vital, as until the tasks are pursued towards the same objective in a path which compliments that of the other’s, results can’t be materialized. It is thus a subject of people’s traits such that they align their individual tasks to individual’s objectives, but should remain in sync. so as to maximize the value addition. It is evident that Values must be rightly valued, and only those teams can add value that value the values of teams while valuing their tasks.

Thareja Priyavrat, (2007),‘Teams, Traits And Tasks [QT3] For Total Quality’, Quality World, Vol V, April 2007 Available at SSRN: https://ssrn.com/abstract=2595587 or http://dx.doi.org/10.2139/ssrn.2595587

"The phenomenon of alignment is accented through W Edward Deming’s paradigm of the system." Deming was a great proponent of  employee morale, job retention, and work environment

for aspects of team on TQOP (Total Quality Organisation Through People) see part 8 of the 51 part series authored by me.

P Thareja,  A Total Quality Organisation Through People;(Part 9), Team-up To Total Transformation, FOUNDRY An Indian Journal For Progressive Metal Casters 19 (3)

The benefits of teamwork include increased efficiency, the ability to focus different minds on the same problem and mutual support. ... For example, in healthcare teamwork is associated with increased patient safety. Efficiency: When a team is able to work well together they accomplish more than individuals can do alone

10 benefits of teamwork in the workplace.

1. Boosts Productivity

First things first, working within a team allows for the workload to be shared equally among members and distributed according to each member’s skills and strengths. With more hands on deck, tasks are completed faster and more efficiently, basically increasing productivity.

For example, if one employee has to deliver an important report within 24 hours but has a backlog of 72 hours’ worth of work, the end result will most likely be subpar. Worse, still, he might not even be able to finish it at all. However, if he were to collaborate with someone else, chances are the report will be delivered with plenty of time to spare.

2. Provides a Support Network

A strong team environment is essential for the success of any business, especially during difficult and challenging times when team members will help and rely on each other for support and guidance. This allows them to remain focused on the goal and they can complete projects more efficiently. Conversely, a stressed-out individual with a heavy workload working alone is at risk of becoming overwhelmed and making bad and costly decisions, as well as burning out.

3. Encourages Innovation

Two heads are better than one, and this is especially true in the workplace. Teams are better able to produce more creative, innovative and practical solutions to problems than someone working alone.

When bouncing ideas off one another in a brainstorming session, employees tend to feel more confident about coming up with unique and more outside-the-box ideas. On the other hand, someone working alone will usually present the safer option to their manager.

4. Improves Morale

When the workload is shared and members of a team collaborate, they can feel a greater sense of accomplishment when they complete a task and reach a goal that they would not have been able to achieve had they been working alone. This, combined with a sense of belonging, appreciation and recognition, can drastically improve employee self-esteem and morale. In turn, when employees find joy in their work and experience job satisfaction and less stress, companies see a drastically lowered turnover rate.

5. Attracts Talent

Within the next 10 years, the global workforce is expected to be almost entirely comprised of Millennials. And considering how Millennials value collaboration over competition, it’s important that companies cater to the needs of their future employees by creating a company culture they want to be part of. By doing so, companies are able to attract – and retain – top talent.

6. Establishes Strong Relationships

Another huge benefit of teamwork is the establishment and development of strong relationships among co-workers. This helps them communicate more freely and openly, as well as encourage and motivate each other to work to their strengths and talents, which is key to the success of any organisation.

Generally speaking, being part of a team allows members to build trust and share a strong bond with each other, creating an environment where they feel comfortable trying new ways of doing things and asking questions about things they don’t understand. Without trust, the team is destined to fail and will inevitably crumble.

7. Improves Service

The importance of teamwork is not limited to the workplace but also to the service provided to customers. Generally speaking, people tend to shy away from companies with unhappy employees and prefer doing business with organisations whose employees demonstrate a strong work ethic and team spirit. Teams that work well together are, therefore, essential in improving service and meeting the needs of customers.

8. Allows Flexibility

Collaboration in the workplace may mean the added benefit of a more flexible work schedule, as members are generally cross-trained to cover for each other’s skills and strengths. In fact, this allows employees to plan their personal obligations (like childcare or doctor’s appointments, for example) with little disruption to projects while ensuring that important and fast-approaching deadlines are met. It’s also important to note that flexible working can help to improve productivity and develop a better work-life balance for employees.

9. Teaches Conflict Resolution Skills

No two employees are the same and polar-opposite personalities will clash in the workplace. They often have different habits and work styles, and this can frustrate one another. However, because each member of a team collectively works toward a common goal, they learn to resolve disagreements on their own for the sake of the project and their team. This is especially important in healthcare as it increases patient safety.

10. Advances Your Career

Finally, working as part of a team can help you advance your career. By collaborating with others at work, you’re exposed to their skill sets, can learn from them and expand your own skill set. Not only that but it also provides you with the prospect of building your professional network with alliances that can potentially lead to bigger and better opportunities further down the road.