Everyone complains about webmeetings and conference calls. In fact, studies show that we think 2/3 of online meeting time is wasted. That’s annoying and counter-productive, but can we really know what that costs us?
The answer is yes. We can show how much money we spend (and waste) using a very simple formula. Grab a pen or a calculator and play along:
- How long is your average meeting or conference call? Use percentages of an hour, so if they’re 90 minutes, that’s 1.5, 45 minutes is .75.
- Multiply that number by the number of people on the call (8 people on a one hour webmeeting is 8 “people hours”)
- Multiply the people hours by the hourly salaries (just as a sample, $50K a year is about $25/hour)
- Multiply by two, to show the productivity lost while you’re busy meeting and not doing “real work”
That’s the basic cost of your meeting, but it’s not reality.
- Add half of that number for preparation, travel and planning time
That’s pretty terrifying. But here’s the truly scary part:
- Multiply all that by 2 if the meeting doesn’t accomplish what it’s supposed to, and you have to have another meeting.
By now, it’s apparent that the financial cost of poor meeting leadership is serious. If, like most people, 66% of that money is wasted by getting off track, people not properly participating, or the outcomes not achieving the goals, that is a serious financial loss your team and organization is taking.
Maybe it’s worth investing the time and money to teach your leaders and team members the proper etiquette, skills and technology to make their online meeting time productive and effective.
Join us for the next session of Leading Effective Virtual Meetings. In this powerful session, we work with participants to speed up adoption of the tools, comfort with their use and give greater return on your technology investment…
LEARN MORE HERE.