A company divided is a company that will fall. Experienced managers understand that teamwork among their employees is as vital to the success of a company as it is for a sports team trying to win a game.
The coach of a sports team can't expect to simply throw a bunch of players on a court or playing field and expect them to play well together. The players don't know each other, they don't understand each other's playing styles, and they don't know the strengths and weaknesses of their fellow teammates. The same holds true for employees.
In sports, practices are held to help the coach and players understand where everybody's strengths and weaknesses lie, as well as to help the players get to know and understand each other. This is how you build a strong team.
In the corporate world, practices should still be held just as they are in the sports world. However, the "practices" don't have your employees running up and down a court or kicking a ball around. There is a different style to corporate team building.