The Hidden Cost of Meetings
October 8th, 2013 – 0 Comments and Reactions
Meetings are an essential part of the environment at most companies and effective meetings can produce results that impact the success of the business. Depending on the corporate environment, meetings are held at scheduled intervals or as management deem them necessary.Most managers understand that requiring an employee to attend a meeting renders the worker unproductive during the time they spend discussing the agenda being presented. A well organized presentation and focused interaction helps to keep meeting times to a minimum; returning attendees to work and restoring efficiency. However, the hidden costs of meetings are often overlooked. Consider the potential expenditures involved in the following circumstances:
- Meetings require a room to host the activity; if sufficient space is not available on the company premises, a rented suite is the usual alternative.
- Food and beverage service is generally provided for meetings expected to run for extended time periods.
- If the format of the meeting requires technical presentations, setup often requires the assistance of tech support personnel.
- Meetings including employees that work off site are likely to involve some travel expense for attendees. Fuel costs, tolls, and parking add to the cost of the employee’s non-productive travel time
- Interruptions to productivity can rob the company of vital business momentum and negatively impact income streams.
The question managers should consider is how they can conduct an effective meeting and eliminate the hidden expense pitfalls that cost the company real money.
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