This phenomenon is, as you probably could have guessed, known as Meetings. Executives today spend on average 23 hours per week on meetings compared to less than 10 hours per week in the 1960s, according to Business Harvard Review. The more time spent in meetings, the more time is generally wasted that could have been spent on work that increases creativity and efficiency.
We surveyed 182 senior managers in a range of industries: 65% said meetings keep them from completing their own work. 71% said meetings are unproductive and inefficient. 64% said meetings come at the expense of deep thinking. 62% said meetings miss opportunities to bring the team closer together.
— Harvard Business Review
“Time is money”
Inefficient meetings cost U.S Companies up to $37 billion per year according to a study by European Journal of Work & Organization Psychology. Looking at a similar study conducted by Swedish Meetings, this amount is equivalent to $20 billion per year for Swedish companies.
How do we solve this issue with inefficient meetings? There are two obvious solutions:
As we have established that time is money, we will rather look at the second alternative. With the covid-19 pandemic, more and more tools have emerged to facilitate remote working, especially those of asynchronous communication. Vaam (abbr. Video as a message) is one of those tools of asynchronous communication.
What is asynchronous communication and why should you use it? Keep an eye out for upcoming blog posts 👀.