Unnecessary, overrun and poorly managed meetings cost businesses an average £1,400 per employee every year, according to a new study.
Collaborative platform provider, Wisembly, found that over a third (36%) of meetings scheduled every week are considered unproductive, amounting to over two and a half weeks wasted every year. This comes at a time when the UK's productivity continues to fall.
The research found that 50% of meetings are primarily used to decide that another meeting should take place. Almost all (94%) of the workers surveyed said they resorted to irrelevant tasks during meetings, with a quarter (25%) even having the cheek to search for a new job. One in 14 said they regularly fall asleep in such meetings, and the equivalent of more than 800,000 workers across the UK resort to apps like Tinder.
Considering the huge focus on employees' health and wellbeing, meetings often end up having the opposite effect. Thirty-eight per cent reported feeling more stressed following a meeting, and 36% said they felt less motivated. But, 92% said they would feel better following a meeting if they were given the opportunity to express themselves freely during meetings, rather than them being dominated by one or two people.
Andrei Vestemeanu, CEO of Wisembly, said: “Productivity is vital for the UK - the more productive we are, the more money we can earn, as individuals and as an economy. The UK is suffering a productivity problem and we may have found a culprit. Meetings do matter but when they’re unproductive, it can mean a business haemorrhages resources, staff and, ultimately, profits.”
So how much do unnecessary meetings cost your business?
Wisembly has created this tool which calculates how much money YOUR business wastes on poorly managed meetings.
Simply enter how big your company is, which industry it sits in, which department you work in and how big the team is. Based on its research, Wisembly estimates a figure for your team and the whole company.