We all spend a lot of time (too much) in meetings. According to the Wharton Center for Applied Research, the average CEO spends 17 hours per week in meetings, senior executives an average of 23 hours and middle managers 11 hours. And according to senior and middle managers only 56% of these meetings are productive. This leaves little time for ?real? work.
The same research found that if managers use meetings appropriately they can reduce the time spent in meetings by 25%. Effective management of remaining meetings can reduce the time spent in meetings by another 20%. This translates into huge savings.
For example if you have a management team with 5 people at an annual salary of $100,000 per person and they spend an average of 15 hours a week in meetings, your weekly meeting cost for only these people is $4,076 and your annual costs are a shocking $212,000! If you can reduce that by 40% you are saving $85,000 per year!
In addition to the financial savings you will probably get more done, get a greater sense of accomplishment and a happier team.
To calculate what your meetings cost, visit our meeting cost calculator at: