Do you ever come out of a meeting and feel like absolutely nothing was accomplished? While you were sitting through a meeting, you may wonder why you were there in the first place. Moreover, the same topic is discussed repeatedly – this is the classic example of inefficient meetings.
In the current business climate, more employees are unenthusiastic for routine meetings. Many employees reported that almost nothing new is accomplished during these casual, frequent meetings. Additionally, they believed that the time wasted during these meetings are hindering their productivity instead.
It is estimated that approximately $37 billion is lost annually because of unproductive meetings. You may think that the number seems absurd, but with all things considered, it becomes very much real. Business around the world is at a monetary loss when employees are wasting their time on meetings that lead to no positive results. In business, time equals money.
According to HR Digest, professionals lose about 31 hours of their working time on unproductive meetings every month. They could otherwise spend their time on more productive tasks. Can you imagine when larger businesses that host hundreds of employees run unproductive meetings regularly? This will contribute to an inefficient work time for the employees.
Did you know that 95% of meeting attendees miss some parts of the meetings, while another 39% admitted that they doze off during the meeting session? An unproductive meeting can lower an employee's morale to work. As a matter of fact, the aftermath of a bad meeting could potentially reduce employee engagement, worsen the team morale, and affect the overall team chemistry.
All of the consequences mentioned above are among the common real costs of inefficient meetings. Though the costs cannot be directly calculated, it is clear that inefficient meetings could lead to a significant loss for a business.
Hinder employees' productivity
Businesses will lose money
Inefficient work time
Lower the employee's morale