New study finds £4.5 billion wasted on inefficient meetings
A major survey into UK productivity has calculated the inefficiency of meetings across the business sector and the cost of this to companies.
According to findings unveiled by international productivity software developer MatchWare, 103 minutes are wasted on average every meeting. MatchWare has analysed thousands of meetings in an attempt to streamline processes of meeting planning, implementation and follow-up.
Employees attend an average of 4.4 meetings per week, therefore wasting a total of 453.2 mins. Referenced against the average national wage and employees’ billable hours, this amounts to a waste of £137.62 per person per week. When multiplied by the workforce of 32.5 million, the staggering figure of an equivalent cost of £4.472 billion wasted demonstrates the extent of a problem that is prevalent across UK business. Without taking international markets into consideration, the concept of productivity, or lack thereof, in meetings is a troublesome one.
The findings coincide with the launch of MatchWare’s fifth generation of its international enterprise meeting software, MeetingBooster.
MeetingBooster 5.0 is the new industry standard for meeting management, making business meetings more efficient and accountable. It facilitates a standardised meeting process, with the ability to assign pre-meeting tasks, allocate actions during meetings, and deliver professional minutes in customisable layouts, all within a single web-based solution.
Ulrik Merrild, Sales Director at MatchWare, said, “These huge figures put into context the problem of inefficiency across the whole of the business sector, when it comes to the management of meetings. From planning, through to output, there is an inordinate amount of time being wasted by UK companies through a variety of archaic processes, which do not effectively build a structured meeting workflow and output. We know from our clients that this problem is prevalent in big businesses, which host regular meetings with large numbers of staff and this is prohibitive. But by driving meeting accountability and accessibility, whilst providing an agile software that can be adapted to meet individual client requirements, time can be dramatically reduced across the whole meeting process.”
Helping clients build a structured meeting workflow and output, MeetingBooster 5.0’s technology provides an end-to-end management solution to combat the inefficiencies of agendas, minute-taking and the delegation of post-meeting actions. Its transformation of the whole meeting ecosystem has revolutionised the way that its clients do business. 83 percent of current MeetingBooster users say that meeting attendees were more engaged and better prepared following the introduction of the software.
For more information about MeetingBooster 5.0, including a complete feature overview, deployment options, and pricing information, please visit : www.meetingbooster.com.