Is it possible to put a price on time? Apparently, you can.

Shopify has created a calculator to uncover the cost of business-related meetings.

It depends on the size of the company, but a half-hour meeting with just three employees could rack up $700-1600 in lost working hours, and that’s without an executive in attendance.

In today’s fast-paced work environment, the way we communicate and collaborate has evolved significantly. Meetings, once considered a cornerstone of productivity, are now being re-evaluated in favour of more efficient alternatives.

One of the most common pitfalls in the corporate world is the propensity to schedule meetings for every minor update or piece of information. The question arises: do we tend to resort to meetings when the same information could be shared effectively through email or other written forms of communication?

Meetings have traditionally been viewed as the go-to method for information dissemination, and for good reason. They offer real-time interaction, facilitate discussion, and allow for immediate clarification. However, in today's digital age, the efficiency and convenience of emails cannot be overlooked. In many cases, routine updates, announcements, or non-urgent matters can be communicated just as effectively through well-structured emails, saving time for everyone involved.

The key is to discern when a meeting is truly warranted. It's crucial to consider the nature and urgency of the information to be shared. If it's routine or non-critical, opting for email or other written communication methods can reduce time wastage and help maintain focus on essential tasks.

Meetings, when essential, should be streamlined to include only those individuals who are directly involved in giving or receiving critical information. Often, we find ourselves in meetings with more participants than necessary, leading to information overload and decreased productivity. which comes at a cost to the organisation.

The first step in improving meeting efficiency is to identify who genuinely needs to attend. Managers must carefully curate the guest list, ensuring that every participant plays a vital role in the discussion. By keeping meetings lean and focused, valuable time is saved, and participants can engage more actively in the discussion.

However, regular, scheduled meetings can be a powerful tool when employed judiciously. Allocating one or two hours each week for a team or department meeting can ensure that all participants receive crucial updates directly from an official source, rather than hearing something ‘through the grapevine’, where it can be misconstrued or miscommunicated.

Scheduled meetings are particularly valuable for addressing complex or strategic matters that require thorough discussion and collaboration. In these instances, a meeting can provide a structured platform for brainstorming, decision-making, and problem-solving, ultimately leading to more effective outcomes.

The rise of remote work has revolutionised the way we conduct meetings. Managers now face the choice between scheduling in-person meetings or utilising virtual platforms such as Teams or Zoom.

In some cases, managers may opt for in-person meetings when a virtual alternative would suffice. This decision can place an unnecessary burden on staff members who must commute to the office, potentially impacting their well-being and work-life balance. Prioritising remote or virtual meetings when possible can demonstrate a commitment to employee well-being and flexibility.

Efficient communication is not solely about the transfer of information; it also encompasses building relationships and fostering a supportive work environment. While emails and digital communication are undoubtedly efficient, they often lack the personal touch and social interaction necessary for creating a sense of belonging and trust within a team.

It's essential for managers and recruiters to strike a balance between digital communication and face-to-face interaction. Periodic in-person or virtual meetings can help establish rapport, encourage open communication, and provide opportunities for team members to express concerns, relay feedback, and collaborate effectively.

The goal of Shopify’s new calculator is to help employees think twice about scheduling a meeting, deciding whether it would be the most efficient use of everyone’s time. Some may use meetings as a pretext to socialise or procrastinate—it’s crucial to recognise this. For complex matters requiring extensive discussion, a well-structured and planned meeting can be the most effective solution. A long email chain might become confusing when discussing a complex matter, yet solved easily if participants hopped in a quick meeting. The tool serves as a reminder that meeting efficiency is about finding the right balance between collaboration and productivity.

In the ever-evolving world of work, striking the right balance between meetings and alternative communication methods is essential. Meetings, when utilised strategically and sparingly, can be powerful tools for collaboration and decision-making. However, excessive or unnecessary meetings can hinder productivity and contribute to burnout.

Digital communication platforms and project management tools are useful, and they should take their place alongside in-person meetings. As recruitment website design, we can typically incorporate these tools into your website and accompanying digital resources.

For more information, contact us on 01302 288591. We can then schedule a meeting (if warranted!).