Australians are spending more time in meetings than ever before but workers say more than half are a waste of time, a new study has found.
Surveying 3,900 full time professionals, almost 90% of those in Australia and New Zealand reported they’re spending more time in meeting than ever, the report by Ovum and LogMeIN found.
Workers reported 66% of meetings they show up to are of no value and it’s affecting productivity with execs losing about five-and-a-half days a year because of late meetings alone.
Late starts are costing companies a bunch of money too.
According to respondents, on average senior executive meetings are delayed by about 15 minutes. A delayed exec on $150,000 a year involved in 17 meetings a week costs the company $3,544 in wasted salary costs.
“If we assume an expected return on salary of 5X, the total hit to employer revenues is $17,720. And if we assume it is a medium sized enterprise with 300 senior executives, that total revenue hit is $5,316,000,” the report says.
Part of the problem could be the rise of ad-hoc meetings which are becoming the norm, now accounting for about 43% of all one-on-one internal meetings and 36% of all one-on-one external meetings.
Here’s an infographic which explains it all.
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.