#375: What color should we paint the lunchroom?
How much money is sitting around the table at this meeting?
Over the years I have sat in many conference rooms surrounded by colleagues and customers. We have discussed important issues like opening new locations and mundane things like who should be allowed to wear jeans to work. Now, with ZOOM, those meetings have grown to have people dialing in from all over the world so they can share information. Weekly staff meetings, sales team activity updates, and executive sessions fill our calendars.
Have you ever considered how much that meeting you just left cost?
Thank heavens for Zoom. Because we have reduced business travel expenses, the meeting didn’t cost much, right? What did it really cost you, then?
Stop and think about what is sitting around the table. Just for giggles, let’s look at an executive session of two hours for twelve staff members. These are high wage professionals, so let’s use an average salary of $150,000, $72 per hour, and round it up to $100 with all the fringe benefits. Thus, this 2-hour meeting costs $2,400 in salary to your organization. If you are having monthly meetings, this is $28,800 to talk to each other. Nothing to giggle at, I don’t care how big your organization is.
If this same group was making a decision on how to invest $28,000, what return on investment would they demand? Are you getting that same ROI from the meeting?
What is the ROI of this meeting?
The allocation of resources is one of the main responsibilities of a leader. With that thought in mine, we need to ensure that the meetings we are calling have an equal or greater ROI than any other strategic investment we could make at that moment.
It is true that meetings are very subjective when it comes to putting a value on it. They offer a range of benefits that can positively impact organizational performance, employee engagement, and overall workplace culture. The key is, you have to identify what the advantage of the meeting is before you put it on your calendar.
Here are some of the key advantages:
1. Improved Communication
Information Sharing: Regular meetings provide a platform for sharing important updates, changes, and announcements, ensuring everyone is on the same page.
Feedback Loop: They offer an opportunity for employees to provide feedback and for management to address concerns, fostering open communication. This is important so you can adapt your plans if things are not on target, helping you improve your ROI on that project.
2. Enhanced Team Collaboration
Cross-Departmental Interaction: Staff meetings encourage department collaboration, improving project integration and cooperation.
Idea Exchange: These meetings serve as a forum for brainstorming and sharing ideas, which can lead to innovative solutions and improvements. Another way to look at it is that it improves efficiency and profitability.
3. Alignment with Organizational Goals
Goal Setting: They allow management to set and communicate organizational goals and expectations, ensuring all employees are aligned with the company's objectives.
Progress Tracking: Regular updates on progress toward goals help keep everyone accountable and focused. If you’ve read my blog for any time, you know I focus on goals and objectives.
4. Employee Engagement and Morale
Recognition and Praise: Meetings provide a platform to recognize and celebrate achievements, boosting employee morale and motivation.
Sense of Belonging: Regular interactions help build a sense of community and belonging among employees.
5. Training and Development
Skill Building: Meetings can include training sessions or workshops that help employees develop new skills or improve existing ones.
Knowledge Sharing: They allow more experienced employees to share their knowledge and expertise with others.
6. Problem Solving and Decision Making
Collective Problem Solving: Combining diverse perspectives can lead to more effective problem-solving and better decision-making.
Immediate Action: Issues can be addressed promptly, and decisions can be made more quickly compared to asynchronous communication methods.
7. Boosted Productivity
Clarified Priorities: Meetings help define priorities and focus efforts on the most important tasks, reducing confusion and increasing productivity.
Resource Allocation: They allow for better coordination of resources, ensuring that teams have what they need to achieve their objectives.
8. Fostering a Positive Culture
Transparency: Regular meetings promote openness within the organization, building trust and improving workplace culture. Trust, as we know, is the leading attribute required for Leadership.
9. Early Detection of Issues
Proactive Management: Regular check-ins can help identify and address potential issues before they escalate, allowing for proactive management.
10. Strategic Alignment
Long-Term Planning: They provide an opportunity to discuss and align long-term strategies and plans, ensuring everyone is working toward the same vision.
By consistently holding these monthly meetings, the company can ensure alignment, enhance communication, and maintain a motivated and well-informed workforce, ultimately driving better organizational performance.
Now ask yourself if the meeting you just walked out of met any one of these ten.
When this article started you probably thought I would lobby against having meetings. Well, I am. If your meeting has no defined purpose and can’t point to any of these top benefits, then don’t have a meeting. Find another way to communicate whatever it was you discussed in this meeting. I have written before on this topic, if you want to review “This meeting could have been an email.”
As leaders, you need to understand the cost and benefits of your actions, whether in group meetings or traveling to see a customer. We must focus on productivity and efficiency everywhere in the organization. Your operations team at an injection molder is often tasked with reducing cycle time by seconds while you and the other leaders spend hours deciding which color to paint the lunchroom. If you aren’t considering the transparency of your actions, you should be. I can assure you that the team is very aware of it.
Before you call the next meeting, define its purpose. Gather those who will best help move the purpose forward. Take some time this summer to redefine your weekly, monthly, and quarterly meeting schedules while things are a bit slower than usual. It all starts with why.
A good friend once told me, never say in blah, blah, what you can say in blah. Apply the same thought process to your next meeting agenda. Prioritize the agenda and spend time on the topics and decisions with a greater purpose.
If you are having difficulty crafting a meeting schedule or agenda, let’s take a few minutes to discuss this. Yes, before you ask, this is a priority. Preparation is hard work today, but it will lead to better meetings tomorrow! Schedule your free 30-minute consultation before you have another meeting on your calendar about painting the lunchroom.