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The Real Cost of Unproductive Meetings
The real cost of unproductive meetings
They're not only far-too-frequently used and often a little bit dull, but those corporate meetings could be costing your business thousands (or even millions) every year.
We have all had to sit through an unproductive meeting or two in our time but - aside from the inevitable boredom and frustration - how much do these meetings really cost?
The Financial Implications
As a CEO, you should always be thinking about the input your staff are making for the amount you are paying them. In fact, breaking down their wage to an hourly rate will show you just how much a one hour meeting of 4 members of staff actually costs.
Interestingly, the size of the company has some impact on the cost of a meeting. It is cheaper for a Fortune 500 business to host a meeting than a Fortune 500 - 2000 company, though others are cheaper still.
The Productivity Impact
When you are sat in a warm meeting room listening to someone droning on, how likely are you to come up with a brilliant new idea? Probably not that likely if you are one of the 93% of employees who admit to daydreaming or the 39% who admit that they have fallen asleep.
The main concern amongst staff stuck in meetings is that work of value is piling up while they are trapped doing nothing of importance. And, given that half of all meetings are considered unimportant, there is a serious problem.
Creating the Perfect Meeting
So, with all of this in mind can it be possible to hold meetings that have real worth and value? Yes!
Meetings are still the best way for people to gather and discuss projects and ideas, but the format of the meeting may need to change. With the right people, a clear agenda and a mechanism to ensure that follow-up tasks are completed, there is no reason that any meeting should be pointless.
For our latest infographic, we decided to take a look at the true cost of meetings, and present a formula for the perfect meeting - so, if you simply must hold one, at least you can make sure it's as productive and cost effective as possible.
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