Have you ever walked out of a meeting saying to yourself “that was a complete waste of time, there is another two hours I’m not going to get a refund on”
Meetings are an unavoidable fact of life and according to a LSE study the average manager spends 18 to 26 hours per week in formal and informal meetings; and that the average meeting comprises of eight people!
What are Opportunity Cost?
Simply stated: “What you would have done if you didn’t make the choice that you did” So the moment you commit to X you have decided not to Y , as a leader we need to ask some important questions before we call meetings. One such question is what sort of ROI or return on investment will we get from the meeting?
Too often we hold £5000 meeting to solve the £500 problem, in normal business life and expenditure also has to have a receipt or some proof of purchase, but sadly the same rationale seems not to apply to meetings. The table below gives you some indication of the true cost, in financial terms of meetings, so before call another meeting do the maths!
|Annual Salary (£)||Weekly Salary (£)||Overheads (+40%)||Total per Week (£)||Value per Hour (£)*||Value per Minute (£)|
- based on a paid 37½ hour week
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Written by Jim Hetherton, Leadership Consultant, Drive Development Solutions
About Jim Hetherton
A dynamic Learning and Development consultant, coach and trainer Jim has held leadership and management positions at Tesco, OnTrack International and was a founding member and principal consultant at Franklin Covey Europe. He has extensive experience in sales, sales management and learning and development at both strategic and operational levels.
Many clients have been enriched with Jim’s delivery style which is continually described by delegates as ‘inspirational and life changing’, he has helped many thousands of people to improve the way they work. He has worked with people at all levels from a wide range of organisations, including GE, Jaguar Cars, Barclays Bank, Bass, BP, Merrill Lynch HBOS, Hewlett Packard, RBS, Vodafone, Merck & other FTSE 100 companies.
Coming soon other whitepapers from Jim including;
- Time Management – the 7 deadly sins
- How to Avoid Digital Overload
- Urgency Addiction – What’s really important?
- Trust – the new bottom line