The Real Cost Impact Of Useless Meetings To Your Company.
Meetings can be very deceptive. You may have the impression that you are super productive when in fact are costing your company and negatively affects its bottom line.
Not only that they are mostly boring for your employees but it also is counterproductive. Resources are very important to any business and it would be awful if they are just gone to waste in useless meetings.
A 2014 study by Bain & Company found that on average, senior executives are spending more than two days a week in meetings. Further, 15% of an organization’s time is spent on meetings, a number that’s increased steadily since 2008.
Companies like Amazon and LinkedIn are taking steps to reduce the financial impact of meetings making sure they stay on task and purposeful.
Over at LinkedIn, they’re combating useless meetings by virtually eliminating presentations, requiring instead that any materials in need of consideration be sent to all meeting participants 24 hours ahead of time. CEO Jeff Weiner firmly believes meetings should only last as long as it takes to get business done.
Harvard Business Review just released a handy online meeting cost calculator to easily estimate how much your meetings are costing you. It is aptly called "Meeting Cost Calculator", you can download this mobile app using your Android or IOS device.
By quantifying the actual cost of each meeting and presenting to your colleagues a money figure all can understand, you can more persuasively advocate for shorter, less frequent and more effective meetings.
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