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How Much Meetings Can Cost Your Company

Valuemags is a company offering customers magazine subscriptions. Some of them are available for free and others will be on a paid subscription. In order to keep up with the trends of their industry, they now offer their customers a program where they can view all of their favorite magazines on any device.

To get things done, employees need to collaborate with each other and set up meetings with suppliers. If something cannot be done in house, there needs to be a lot of meetings with these people as well. Sometimes too many meetings and little organization can be costing your company. Generally senior executives spend more than two days of their week in meetings. Research even shows that 15% of the total organization’s time is spent on meetings. This number has been increasing throughout the years and time is a resources that cannot be made back. Image result for How Much Meetings Can Cost Your Company

Every day there are millions of dollars being wasted on unnecessary meetings in the United States alone. The CEO of Amazon has a bizarre saying in which he says to not plan a meeting in which two pizzas are not enough to feed anyone. Big companies everywhere are aware of this issue and are taking active steps to reduce wasted time. Valuemags holds meetings in which any visual aid is sent to participants a day before the meeting.

There are some situations to look out for to how whether or not the meetings you are attending are a complete waste of time or not. There are different types of meetings, for example a meeting can start out very productive but can eventually get too long. If you notice some people zoning out by just looing at their body language, it is very likely it went overtime. As soon as that happens, roughly estimate the hourly wages of each employee present and the opportunity cost of what they could be doing instead. You can get an understanding of the amount of money your company is wasting on unnecessary meetings.

These are just some tips to avoid wasting time on useless meetings. Valuemags never schedules a meeting without first knowing the purpose of it and organizes it effectively to get their employees to know what the subject matter will be. This way they will be more prepared to discuss the issues of the meeting.