The importance of economic stability is at an all-time high considering the turbulent times we have experienced over the last two years. Dealing with so many unforeseen circumstances has led to budget cuts, lean teams, remote work, and more.
When looking for ways to manage costs, managers and executives are often trained to ignore money already spent, instead focusing on future spending. When it comes to tracking the cost and value of meetings, for example, managers commonly dismiss the cost of people’s time as a “sunk cost” because they’ve already committed to paying salaries.
Companies spend an enormous amount of money paying people to sit in meetings, but they fail to consider how efficient or effective those meetings really are. Furthermore, most people are not trained to participate in, or run, effective meetings.
A staggering 70% of employees report they don’t have mastery of the skills needed to do their jobs. (Harvard Business Review)
Also frequently overlooked, the cost of lost productivity is a key culprit of financial drain for leaders, managers, and their company . . . read more.