How much money are meetings costing you? An investigation into the substantial costs of meetings and leveraging AI tools to reduce th
TL;DR: Meetings are costly, with companies potentially saving $25,000 per employee annually by reducing unnecessary ones. While essential for collaboration, meetings come with hidden expenses like preparation and post-meeting tasks. Tools like Shopify's meeting calculator help manage meeting frequency by showing the numeric value of meetings. Post-meeting tasks, including note-taking and assigning action items, demand time and attention which in other words mean money. AI assistants like Shadow streamline these processes by formatting notes, generating action items, enabling collaboration, and setting reminders. By efficiently managing meetings, teams can ensure they're not just productive but also lead to meaningful outcomes, justifying the investment of time and resources.
A study showed that companies could save $25,000 annually per employee just by getting rid of unnecessary meetings. We’ve heard the phrase time is money before, but who would have thought that it had such a hefty price tag. Companies such as Shopify even have a meeting calculator to reduce the overall number of meetings. However, meetings are integral in fostering team dynamics and collaboration. We can’t get rid of meetings altogether as they facilitate effective communication and align teams towards a common goal. So what can we do?
While the time spent in meetings can look like the most obvious cost, there are other hidden expenses that go unnoticed. Consider the opportunity costs associated with meetings. Time is spent not just IN meetings but also to prepare for meetings and to take care of tasks that are associated with meetings. For example, prior to a meeting, advance preparation is required, including creating agendas, gathering supporting materials, and scheduling. These pre-meeting tasks contribute to the overall time investment and divert attention from other critical responsibilities.
But the true costs are actually in what takes place after a meeting is finished. There are several important post-meeting tasks that ensure the outcomes are effectively implemented and followed up on. First, the most common are meeting notes. It's crucial to document the meeting minutes or key decisions made during the discussion. This documentation serves as a reference point for attendees and provides clarity on action items assigned during the meeting.
Next, action items should be promptly distributed to relevant assignees along with clear deadlines and responsibilities. Following up on these action items ensures accountability and progress towards meeting objectives. Sometimes it may be necessary to schedule follow-up meetings or check-ins to track progress and address any outstanding issues.
So what are some ways that I could better keep my promises? During the meeting, everyone is full of ideas and ready to make things happen. But after the meeting ends, a lot of promising ideas are forgotten. (Think about the last time your coworker asked if they were supposed to do something)
It’s quite simple to stay on top, all you need are good meeting notes and action items. Keep these tips in mind to make up for the cost of meetings.
In conclusion, while meetings are essential for fostering collaboration and aligning teams towards common goals, their costs can be significant if not managed effectively. Beyond the obvious time spent in meetings, there are hidden expenses associated with preparation and post-meeting tasks. However, using AI note takers like Shadow and automating action item generation, companies can mitigate the costs of meetings. Ultimately, by staying organized and accountable, teams can ensure that meetings are not just productive in the moment but also lead to meaningful outcomes that justify their investment of time and resources.
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