The cost of ineffective meetings

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Your business could be losing huge amounts of money due to poor meetings.

In the United States alone, there were more than 3 billion meetings in 2010. If each meeting lasts an average of 30 minutes, that equates to around 1.5 billion hours that employees spent in meetings in the States alone.

What's more, if each of those meetings had only two people in them, working on US minimum wage, the amount businesses would pay to host them would be more USD$50 billion in wages alone - or around AUD$60 billion.

This is according to research collected by Socialcast, whose most recent discovery can only hint at how much time (and money) we spend in such gatherings on a global level.

Of course, Australia is not immune to this, and nor should it be; meetings are a great way to pass along information to large numbers of people all at once, while also giving them the opportunity to bring up any points of their own.

Collaboration is essential in business. However, with modern business as advanced as it is, and a great range of time- and cost-saving resources available, it could be time to take your meetings to a new level with web conferencing.

Based on the responses of 150 executives working across the 1,000 largest companies in the US, the top five business meeting complaints are:

  1. Disorganised/rambling meetings (27 per cent or executives called this a concern);
  2. Interruption from individuals (17 per cent);
  3. Mobile phone interruptions (16 per cent);
  4. People falling asleep (8 per cent);
  5. Long meetings without refreshments (6 per cent).

By replacing a meeting with a web conference, businesses can use visual data that is often easier to grasp. An online platform also allows a host to oversee proceedings in a number of useful ways.

Slide shows can be used to present thoughts in an organised manner and keep a host on track and their members engaged. As participants are meeting in a virtual space, it also means disruptions such as telephone calls only affect one member and not the entire group.

Individual interruptions can be limited too through the use of real-time polls, where participants can share their opinion in a controlled way. Lastly, your meeting's attendees have the chance to work from the comfort of their own home, desk or any other remote location, meaning they will be refreshed and ready to pay attention.

Are you wondering how easy it is to use web conferencing in your business? Try our free trial and see the benefits for yourself.

Topics: Web Conferencing

Last updated on May 24, 2017 14:51

Eureka Editor

Written by Eureka Editor