Managing Your Cash Flow
Meetings can cost companies £16k per person each year
2 min read
24 November 2013
Travel costs and time spent on the road and in face-to-face meetings cost UK companies a staggering £15,979 per head, every year. As a result, UK SME businesses are potentially wasting £637,000 per annum on meetings, which could be held via conference call.
The average businessperson attends 207 meetings a year, amounting to 636 hours lost sitting through face-to-face meetings, as well as the equivalent of five working days spent just travelling to meetings, reveals Powwownow.
The average meeting of six people costs £394.80, once salary, cost of travel and time out of the office is taken into account. By comparison, a conference call of the same nature would cost just £46.44.
UK businesses spend over £510k on employees travel to meetings per annum. And nearly one in ten businesspeople spend a hefty £4,800 on travel to meetings every year.
Small talk, big cost
A Brits gift of the gab gobbles up 41 hours per year, the equivalent of a full working week. Costing businesses big bucks for small talk, chitchat costs companies a tidy sum of £756.87 per employee, resulting in a cost of over £113k every year.
Waste of time
Some 20 per cent resent the time wasted travelling to meetings, with almost half stating they get less work done on days they leave the office to attend a meeting. To add fuel to the flames, 15 per cent frustrated employees are forced to work out of hours to make up for time spent out of the office.
A better way?
When asked why they preferred conference calls to face-to-face meetings, 31 per cent said they were shorter and snappier than meetings held out of the office, with over a quarter of employees claiming they were happy to avoid niggley niceties they experienced during face-to-face meetings. Those polled also added productivity as another reason why they liked conference calls, with 28 per cent saying they allowed them to save time and get on with other more important tasks.