{"id":36360,"date":"2023-07-16T08:39:06","date_gmt":"2023-07-16T12:39:06","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/shopifys-cure-for-too-many-meetings-putting-a-1600-price-tag-on-them\/"},"modified":"2023-07-16T08:39:08","modified_gmt":"2023-07-16T12:39:08","slug":"shopifys-cure-for-too-many-meetings-putting-a-1600-price-tag-on-them","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36360","title":{"rendered":"Shopify\u2019s cure for too many meetings: putting a $1,600 price tag on them"},"content":{"rendered":"
\n

Shopify Inc.
\n SHOP,
\n -2.73%<\/bg-quote>
\n believes that too many meetings are taking over the workplace, so it\u2019s begun showing workers just how much money their meetings are costing the company.<\/p>\n

Shopify debuted its internal meeting cost calculator on Wednesday, part of the company\u2019s efforts to decrease the meetings-clutter on people\u2019s calendars. The calculator, built as a Google
\n GOOG,
\n +0.70%<\/bg-quote>
\n Chrome extension, shows Shopify employees the estimated cost of their meeting to the company, using factors like the meeting\u2019s length, the number of attendees and compensation data based on job position.<\/p>\n

\n

\u201cThe average size of a meeting at Shopify includes three people, and the average length of a meeting is about 30 minutes,\u201d Shopify told MarketWatch. \u201cA typical meeting of this size and length would cost between $700-$1600.\u201d<\/p>\n

Plus, that cost would go up if the number of attendees increased, and\/or the meeting included higher-level executives.\u00a0<\/p>\n

See also: <\/strong>Some employers mandate etiquette classes as returning office workers walk barefoot, burp loudly and microwave fish<\/p>\n

Shopify Chief Executive Kaz Netajian gave a demonstration of the tool to CBS in April.<\/p>\n

<\/p>\n
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<\/div>\n<\/figure><\/div>\n
<\/p>\n
<\/p>\n
\n \"\"\n <\/div>\n<\/figure><\/div>\n

Shopify is hoping that this tool may make employees think twice about scheduling a meeting, unless it\u2019s extremely necessary.<\/p>\n

\u201cPeople ask questions: what is this meeting for? Why are this many people in it? And those questions will put an immense amount of pressure on organizers to organize fewer meetings \u2014 and leave the rest of us alone,\u201d Netajian said.<\/p>\n

The introduction of the calculator is the latest move by Shopify to curb company meetings. The company said it began axing all recurring meetings, and it eliminated Wednesday meetings to give workers a meetings-free day each week, at the start of 2023.<\/p>\n

\u201cNo one at Shopify would expense a $500 dinner,\u201d Nejatian recently said in an interview. \u201cBut lots and lots of people spend way more than that in meetings without ever making a decision. The goal of this thing is to show you that time is money. If you have to spend it, you think about it.\u201d<\/p>\n

See also:<\/strong> 3 innovations that could revolutionize work meetings<\/p>\n

In fact, unnecessary meetings could cost larger companies an estimated $100 million annually, according to a 2022 report produced for Otter.ai, which transcribes conversations for meetings and other events, by UNC Charlotte professor Steven G. Rogelberg. The survey, which took 632 responses from employees in various industries, stated that office workers have 17.7 meetings (totaling 18 hours) per week on average \u2014 and the time spent in meetings and the frequency of meetings tend to increase as management level increases, with some exceptions.<\/p>\n

Many workers are spending more and more time in meetings these days, as the number of overall meetings at work is up from pre-pandemic levels. One study revealed that people attend 13% more meetings today than before the COVID pandemic, with many of them occurring online.<\/p>\n

Some companies, including tech giant Microsoft
\n MSFT,
\n +0.75%<\/bg-quote>,<\/span>
\n have seen the total number of meetings increase much more at their workplace.<\/p>\n

\u201cMeetings are still consuming a lion\u2019s share of our time. Since February 2020, the average Teams user saw a 252% increase in their weekly meeting time, and the number of weekly meetings has increased 153%,\u201d the company said in 2022.<\/p>\n

Much of the increase in meetings may be linked to the higher proportion of employees working remotely, as these types of meetings have became more frequent, one Harvard Business Review study suggests. They found that there were 60% more remote meetings per employee in 2022 compared to 2020, or five to eight more meetings per week per employee, on average.<\/p>\n

Many workers agree that there are too many workplace meetings, and surveys show they felt that way even before the pandemic meeting boom.<\/p>\n

According to a 2019 poll of 1,945 workers by organizational consulting firm Korn Ferry, 67% of workers said excessive meetings kept them from getting their best work done.\u00a0<\/p>\n

\u201cToo often, the answer to any work issue is \u2018let\u2019s meet.\u2019 While collaboration is absolutely what drives innovation and success in today\u2019s global marketplace, it\u2019s time to get creative with how we use our time together,\u201d said Korn Ferry Senior Client Partner Cathi Rittelmann. \u201cMeetings aren\u2019t necessarily bad, but the way we prep and lead them can sometimes derail productivity. The bottom line is this: clear objectives, an agenda and identified roles never go out of style.\u201d<\/p>\n

Shares of Shopify rose 6.72% during Thursday\u2019s trading, and are up 102% year-to-date.<\/p>\n

Read on: <\/strong>These fully remote jobs pay over $100,000 a year \u2014 but there are a couple of caveats<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shopify Inc. SHOP, -2.73% believes that too many meetings are taking over the workplace, so it\u2019s begun showing workers just how much money their meetings are costing the company. Shopify debuted its internal meeting cost calculator on Wednesday, part of the company\u2019s efforts to decrease the meetings-clutter on people\u2019s calendars. The calculator, built as a […]<\/p>\n","protected":false},"author":1,"featured_media":36361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-36360","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nShopify\u2019s cure for too many meetings: putting a $1,600 price tag on them | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shopify Inc. 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