We all know that the meeting industry employs millions of people and has a billion-dollar impact on the economy. But what about the impact within your organization? TBA Global recently published a white paper detailing five ways that meetings can help accomplish your company goals. Here’s a summary of what it had to say:
1. Development of engaged employees. Getting employees involved in their work and the organization through a meeting fosters a dedicated, more productive workforce.
2. Improved company culture. Meetings promote a culture of openness and communication, something that is especially important in an economy where layoffs are daily news. In fact, 80 percent of workers said that clear communications motivated their performance and made them more productive.
3. More satisfied employees. From discussing challenges to offering training to socializing outside of the office, meetings can address the three aspects that employees named as most important in a job: exciting, challenging work; a chance to learn and grow; and great people with whom to work.
4. Increased retention (and therefore increased profits). If your employees are satisfied (see above), your retention rates will be high. According to the white paper, a five percent increase in employee retention can generate a 25 percent to 85 percent increase in profitability.
5. Compensation more cost-effective than raises or bonuses. Though meetings have recently been decried as extravagant and unnecessary, they can in fact be a way for organizations to save on monetary compensation. Holding a meeting for 500 employees costs less than giving each of those employees at 36 percent raise.
Seeing how meetings affect the big picture is important, but knowing how they affect the organization itself is key when explaining their value to executives. Consider the five ways meetings can change your bottom line when your events are called into question.
Read the full white paper at TBA Global.