Cutting Your Company's Costs With Meetings Consolidation
American corporations spend at least $30 billion annually on meetings. If you don't know what you're spending on meetings, it's probably too much. Poorly planned and purchased off-site meetings cost companies in many ways. Since most off-site meetings are attended by various people in different divisions, the expenses are spread out over many budgets and employee expense reports. Companies without a handle on their overall meeting expenses forfeit the buying power they would have if they consolidated their meeting purchases.
Meetings that are not well planned and carefully executed are also one of the biggest wastes of employee time (translation: money), as well as anti-motivating. It seems glaringly obvious, but only a handful of companies have actually taken steps towards the considerable challenge of first, surveying themselves about their meetings activity and second, using that information to put meeting purchasing systems in place.
In some companies, there may be several people in the same building all planning meetings at the same hotel at any given time---and getting different rates! But this doesn't mean there needs to be a full-time meeting planning department within your company. For some companies, this works. But it can be expensive paying full-time salaries and benefits to these individuals, especially when meetings can occur in ebbs and flows. Outsourcing your meetings to only one vendor or a few selected ones can increase the buying power your company has.