The stand-up meetings used by many companies have an assumed 5-minute rule that increases employee productivity and reduces turnover. Is it?
Do you feel stuck in a meeting when one person could be your boss, manager or host doing all the talking, and you're just listening or passively watching the slides? You might be wondering how to spend 30 minutes pasting this into a customer's email and answering more questions.
Meetings tend to constrain people's daily schedules. If you are not driving the optimal value from them, inviting more employees to your hosted conferences, you're also swallowing up their hours and costing the company even more. Suppose the meeting host can give your employees 55 minutes to be more productive. Are you considered busy or productive?
Let's do the Math!
A company had 20 engineers standing there for an hour twice a day. A new guy came in and talked non-stop for 5 minutes. Who needs to stay or have a good time while the other 55 minutes get back to productivity? If you consider that an engineer's salary is $100,000 a year, then 2,000 hours is $50 an hour. That means 20 x 50 twice a day is $2000 a day. That is 40 working hours per day. This is an engineering work week per day. That's what they paid, but that's not what they cost because they lost that productivity even though they were paying for it. This is a 2X multiplier. In terms of value, they lose 80 engineering hours per day, the equivalent of engineering person-weeks. Per day per module. Try feeding that back into value creation, a data scientist explains.
Mixed reactions from the employees on different levels
A CEO, executive coach and consultant indicates that she used to sit in "employee calibration" meetings and mentally add up the salaries and time that they put into dividing up a 3% raise budget. That's time and money she'll never get back.
A software engineer mentioned, "Imagine if your meeting calendar invites mentioned how much the meeting is worth! They would suddenly become a lot more efficient."
An Account Executive says, "In a work from home world a companies internal communication platform is key to company morale. I am not talking about the chatter in salesforce or your CRM internal chat platform. I am talking about Slack, Teams, etc. I am talking about threads that are all about work but I am also talking about the office banter in DM messages. Internal chat platforms outside of your CRM are absolutely for company communication and personal conversations with coworkers. If you do not see the value in having remote relationships with your co-workers, you should get out of your house. We need a place to continue those work relationships. Time is money and employee morale is a huge piece to that equation. If you hire the right employees you won't be thinking about wasted company time/money on your messaging platforms. You also will not have to worry about meetings with no agenda and wasted payroll."
In conclusion
It depends! Several factors play into the narrative, such as the company's culture, teamwork, deadlines, upgrades, product/service, strategy, essential information to be shared, and changes introduced.
Communication is also crucial to productivity as it increases employee motivation. You can be just as creative in meetings, e.g., shorten or extend, conduct polls, listen to audiences, ask questions, take breaks, guide discussions, and make plans and points to cover.
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