30 nov. 2022
Why Your Business Needs To Track Meeting ROI And How To Do It
Tracking meeting ROI is key to optimising the company budget and time and improving employee welfare. Your business needs to establish the critical meeting objectives to track and invest in technology to help it do so. Book a call with us today to start monitoring your meetings’ ROI and increase impact.
Most businesses don't measure meeting ROI. The outcome is an endless cycle of wasteful utilisation of the company's resources. In this article, we'll talk about the importance of monitoring meeting ROI and offer some tips for getting started.
Why Tracking Meeting ROI Is Important
Tracking meeting ROI has numerous benefits for any business that goes the mile to get it done. Some of the advantages of tracking meeting ROI are;
Helps Save Time
Time is money, as they say, but even more crucially, time is the only real resource you and your business have control over. In 2020, the average number of meetings rose 26% to 4.24 from the previous average of 3.36 in 2019.
Most company meetings lasted an average of two hours and fourteen minutes, equating to 34 full days a year. On a broader scale, this presents at least 15% of company time spent in meetings. Tracking meeting ROI can help you know when your business is spending too much time in meetings and therefore allow you to implement strategies that can help cut down this time and use it more productively.
Improves Employee Well-being
35% of employees admit to wasting 2-5 hours daily on meetings with no tangible progress to show for it. A further 92% find themselves multi-tasking during meetings, while 45% of all employees feel overwhelmed by the daily meetings they have to attend.
All these weigh in on employees' mental health and greatly affect their productivity and overall output. With proper meeting ROI tracking, you can have fewer meetings with better efficiency, which would help improve employee welfare.
Optimise Company Budget
The cost of ineffective meetings is an Achilles heel for many companies globally. In Germany, the cost of unproductive meetings is between $70 to $283 billion annually.
In the UK, businesses report losing up to $58 billion per year for meetings that failed to achieve objectives, while in the US, the figure stands at $399 billion yearly.
At a time when the world economy is facing the threat of a recession, tracking meeting ROI is essential in helping cut business costs and optimise the budget.
4 Steps To Effectively Tracking Meeting ROI
To ensure you are getting the most out of your company’s meetings, you can start tracking ROI with the following steps;
a) Determining meetings’ key objectives
b) Establish trackable data points
c) Invest in the right tracking tools
d) Track meeting ROI