Monday, February 29, 2016

Our meeting just cost our company how much?

Meetings Waste Money, And Now You Can Calculate Just How Much

Photo Credit: Flickr Text100
It's well known that companies waste a lot of time and money organizing and having meetings. We waste time endlessly emailing to find time-slots that suit everybody. We waste time waiting for everyone to arrive. We waste time discussing irrelevant points and tangential agendas.

Senior executives say more than half their meetings are "ineffective" or "very ineffective," a recent Bain & Company survey found. One large company studied by the consultants wasted a total of 300,000 hours a year as a result of just one weekly executive meeting, such was the "ripple effect" of one meeting leading to another. Moreover, Bain says the problem is getting worse. The amount of time devoted to meetings has increased each year since 2008, partly because meetings are now easier to organize and, because of video-conferencing technology, we no longer all have to be in the same room.

Harvard Business Review
How much does all this undirected activity cost? For an answer, take a look at this useful little calculator created by the Harvard Business Review.

VIEW CALCULATOR

Source: FastCoExist

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