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The Benefits of using MeetingQuality in your Organization

Meetings:

Anyone will tell you that meetings are costly, take up a lot of time and energy, vary in productivity, and create a ripple effect across organisations. MeetingQuality won’t tell you how to prepare for or facilitate your meetings – rather it acts as a measure of productivity and effectiveness so you and your employees and colleagues will want to improve your own meeting processes. Measuring the quality of a meeting improves the efficiency of the meeting, and increases productivity, morale, diversity, and outcomes.

Historically it has been difficult to quantify efficiency gains within meetings over time. Research worldwide into meeting productivity has been sporadic and has usually been carried out randomly by organisations internally. When MeetingQuality is invited to your meetings, it collates what your meeting attendees are really thinking while still completely protecting their anonymity. MeetingQuality then tabulates the results in graph form across the group, whole organisation, and can even be extended to benchmarking within a sector. Increases in positive meeting behaviour, effectiveness, and productivity are easily visible to the individual as well as the organisation.

The cost of meetings may be simply measured by multiplying the attendees’ average salaries by the average number of meetings, by the average length of each meeting. Table 1 shows the figures for a 1 hour average meeting time and an average salary of attendees of $100,000.  This basic method does not include the cost of venue, preparation time, ancillary assistants, technology and stationery, and travel and accommodation overheads.



The Average Cost of Meetings  (Table 1)

Organization Size   25   100   500   1000
Average number of meetings per week   5   10   50   100
Average number of attendees per meeting   6   6   6   6
Average meeting cost per week (@$50/hr per attendee)
(meetings per week * attendees * cost per hour)
$ 1500 $ 3000 $ 15,000 $ 30,000
Average meeting cost per year
(meeting cost per week * 50)
$ 75,000 $ 150,000 $ 750,000 $ 1,500,000

MeetingQuality Savings per annum
(based on 10% improvement)

$ 7,500 $ 15,000 $ 75,000 $ 150,000
 

Typically MeetingQuality uses an opportunity cost saving for efficiency based on 10% of the combined hourly rate of the attendees at the meeting.

In addition to opportunity cost savings, a number of organisational intangible benefits flow from using MeetingQuality. For instance improving meetings decreases employee frustration and leads to increases discretionary effort.

You can also use MeetingQuality outside of your organisation. For example MeetingQuality can measure the quality of your meetings with your customers or other stakeholders. You will get a better understanding of how your customers and other stakeholders are feeling about the meetings and improve customer engagement. MeetingQuality can generate reports which can show how other organisations rate your organisation's contribution to meetings. This can be tracked in near real time to determine customer sentiment, supplier performance or stakeholder assessment of your organisation.

The Fourth Question allows organisations to tailor MeetingQuality to gauge a specific issue of concern. This is more effective than any other lead indicator.

Project:

Project performance is enhanced through MeetingQuality Steering Committee (with governance) and Project Team meeting Steering Committee Meetings, Stakeholder Meetings, Program Meetings and Portfolio assessment.

Particularly useful is the project lead indicator of success. The Project Success Probability (PSP) compares and graphs assessments by Steering Committees and Project Teams. Better project governance and early warning of project problems allows management to act quickly to reduce or avoid project problems. MeetingQuality typically uses a 5% reduction in the standard deviation of project spend volatility to determine the cost saving. 

Customer

Determine where to place business development resources with First Meeting. In addition benchmark your sales force performance within the team and externally. 

Regular meetings with customers use the MPS to actively monitor the value your people are providing customers. For the services industry this is much more relevant measurement than the Net Promoter Score.

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