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Meetings that are well executed and designed to meet specific goals greatly contribute to company profits. Meeting benefits include:
1. Development of engaged employees
2. Improved company culture
3. More satisfied employees
4. Increased employee retention
5. Compensation more cost-effective than raises or bonuses
Engaged employees form an emotional connection that comes from being involved in their work, their company and its brand. This results in both an emotional and functional commitment, which in turn leads to a more dedicated workforce.Studies have shown that companies with engaged employees are more profitable.
Gallup research indicates that public organizations ranking in the top quartile of employee engagement had Earnings Per Share Growth more than two-and-a-half times greater than organizations with below average employee engagement.
Findings also revealed that engaged employees are more productive,
safer, create stronger customer relationships, stay longer with their
company and contribute more to profitability than less engaged
employees.
When employees know their company values them, they are able to focus on their work instead of worrying about keeping their jobs, resulting in greater commitment to stay with the company. When employees know the challenges their company is facing – and what they can do about them – they are able to play an active role in meeting those challenges.
Eighty percent of workers said that clear communications motivated their performance and made them more productive.
The three aspects of work that employees consider most important, in descending order, are:
a) Exciting, challenging work
b) A chance to learn and grow
c) Great people with whom to work
Meetings address all three of these aspects:
a) Meetings are a means to communicate company and brand message, and to bring challenges to the table. By keeping them informed, employees are able to play a role in finding and creating solutions.
b) Meetings that include seminars, round tables and other educational sessions address the employees’ desire to learn and grow.
c) Bringing coworkers together in a less formal setting away from the workplace allows them to learn more about each other, which translates into more trust and better collaboration.
Companies with satisfied employees generate better overall returns in the stock market, with firms on the list of “100 Best Companies to Work For” generating up to five times as much return as their competitors
Employee development is a key retention driver, and meetings facilitate development in many different ways. Meetings:
• Allow for direct communication from execs to employees
• Provide skill and career development opportunities with seminars and tutorials
• Offer opportunities for employees to share knowledge with each other.
What’s more, higher retention rates are directly linked to increased profits. A 5 percent increase in employee retention can generate a 25 to 85 percent increase in profitability.
When budgets are tight, meetings that touch many employees and improve their job satisfaction can increase company profitability more cost-effectively than raises and bonuses, because companies with satisfied employees are more profitable.
A study concluded that a one-point increase in employee satisfaction, on a ten-point scale, is equal to a 36% pay raise. Taking this into account, money can be saved by holding meetings specifically tailored to address employee satisfaction; it costs much less to hold a meeting that reaches 500 employees than to give each of those employees a 36% raise.
Holding meetings is doubly cost-effective because money that would be spent on raises and bonuses instead makes employees more satisfied and knowledgeable, both of which increase profits.