Meetings can often feel like a chore, but they’re crucial for making progress and getting things done. No wonder, in 2023, managers spent more than 50% of their week in meetings, on average.
So, how can you optimize these gatherings and ensure your meetings are productive?
That's where meeting Key Performance Indicators (KPIs) can help. A KPI is a crucial metric that shows how well your business is progressing toward its goals. It helps you understand what's working, what's not, and where to focus your efforts for improvement.
What Are Meeting KPIs?
Meeting KPIs are metrics used to evaluate and track meetings' performance. By tracking them, you can see how effective your meetings are, where they might be falling short, and how you can better achieve your target.
Why Should You Collect Meeting KPIs?
As mentioned earlier, meetings are a fundamental part of work culture, but they can also hinder productivity if not managed properly. In other words, too many poorly structured meetings can slow down your team.
Collecting meeting metrics helps you take control of your meetings. It allows you to answer critical questions such as, "Is our strategy effective?" and "Are we on track to reach our goals?"
In the next section, we'll list the top 10 meeting KPIs to track.
Top 10 Meeting KPIs to Track
There are different types of KPIs to monitor when you want to measure the success of your meeting. The top 10 metrics to track are:
1. Attendance
Team growth and bonding greatly improve when employees attend regular team meetings. Consistent attendance helps everyone stay updated on tasks, projects, and new developments. Therefore, track the number of attendees versus invited. Additionally, monitor who arrives on time and who frequently misses meetings to address underlying issues like tardiness and foster a productive meeting culture.
2. Meeting Agendas
A well-planned agenda helps teams make better decisions, plan projects, and set goals. Track how often you use a meeting agenda compared to when you don't, and look for trends. You'll likely find that meetings with detailed agendas are more productive and lead to better outcomes. Use agendas to prepare for team meetings and one-on-ones, record decisions, share meeting minutes and keep everyone accountable.
3. Planned vs. Actual Time
Just because you've allocated a specific time for a discussion item doesn't mean you need to fill it. Note the expected duration for each agenda item and then track how long it takes. Determine if the team sticks to the time frame and identify which items take longer than anticipated.
4. Assigned Action Items
Monitor the number of action items assigned during meetings compared to the number of meetings held to ensure you're making the most of each session. See how many action items are created and how many have been completed since the previous meeting to gauge whether you're allowing enough time for tasks to be completed and for meaningful progress toward your objectives.
5. Completed Action Items
Record the number of action items completed since your last meeting or since you began discussing specific topics. Track the time duration of various action items and compare this to the average time a team member takes to complete a task. If an item takes too long, it might indicate that an internal process needs improvement or that certain low-priority tasks can be discarded to make room for more important ones.
6. Meeting Feedback
Gathering meeting feedback helps managers understand the meeting’s value and different ways to improve it. Normalize feedback during each meeting and incorporate opportunities for employees to share suggestions during and after the session. Use post-meeting surveys to understand the session’s impact better.
7. Meeting ROI
Return on investment (ROI) isn't just for finance teams—it applies to meetings too. Tracking meeting ROI can confirm if objectives are being met and help make necessary adjustments. Use a meeting cost calculator to see how much it costs to bring your team together, then determine if the cost is worth the value derived from the meeting.
8. Meeting Size
Remember Jeff Bezos' infamous “two-pizza rule,” which states that a meeting shouldn't have more people than can be fed with two pizzas? It holds some weight.
Too many participants can hinder conversations, while too few can lead to disengagement and knowledge gaps. Therefore, track the number of attendees, their team origins, and the size of meetings with a high ROI. This data will help you find the ideal number of participants for future sessions, potentially proving Bezos right.
9. Meeting Length
Optimizing meeting length can improve schedules and focus. Track how many meetings start and end on time, noting the average length versus the time spent on action items, decisions, and next steps. Studies suggest that shorter meetings—50 or 25 minutes instead of 60 and 30—greatly improve efficiency and focus.
10. Meeting Format
There are various formats of meetings—from brainstorming sessions to Q&As and roundtables. Track which formats your team uses and how effective they are. This can reveal which meeting types work best and which might need to be changed.
How to Select the Right Meeting KPIs
Choosing the right KPIs is just as important as having them. Here’s a step-by-step guide to help you choose the best ones:
1. Define Your Meeting Objectives
Before you choose KPIs, define your meeting objectives. Why are you running a meeting? Are you meeting to improve team collaboration, decision-making, project progress, or innovation? Knowing this is key to choosing KPIs that match your goals.
Consider the areas where meetings have the most impact on your organization. This could be:
- Productivity: How are meetings helping to achieve goals?
- Engagement: Are team members actively participating and contributing?
- Decision-Making: Are meetings leading to excellent and timely decisions?
- Follow-Through: Are action items being completed on time?
2. Use Measurable Indicators
Choose KPIs that can be easily measured, such as:
- Attendance Rate: The percentage of invitees who attend the meeting.
- Timeliness: The percentage of meetings that start and end on time.
- Participation Rate: The level of engagement and contributions from attendees.
- Action Item Completion: Number or percentage of tasks assigned by the next meeting.
- Meeting Duration: Actual time spent in meetings vs planned duration.
- Feedback Scores: Ratings and qualitative feedback from attendees on the meeting’s effectiveness.
3. Prioritize Business Alignment
Make sure your chosen KPIs align with business objectives. For example, if customer satisfaction is a priority, you might want to track KPIs related to meetings to promptly resolve customer issues.
4. Leverage Tools and Software
Use tools like meetings management software to track and analyze your KPIs. These tools help you not only organize and host in-person and virtual meetings, but also let you track their performance. They enhance collaboration and productivity and ensure everyone can access all the necessary materials.
5. Review and Refine
Meeting KPIs should be dynamic. Review your KPIs regularly and adjust as needed based on feedback and changing business priorities.
6. Communicate and Involve Your Team
Involve your team in selecting KPIs to ensure buy-in and understanding. Communicate the importance of each KPI and how it will be measured so everyone is aligned and motivated to achieve the set goals.
Frequently Asked Questions
Still wondering how to track the success of your meetings? We've got you covered. Check out some frequently asked questions and answers below.
How Do You Measure the Success of a Meeting?
You can measure a meeting's success by tracking KPIs such as attendance, punctuality, participation rate, action item completion, meeting feedback, and meeting ROI.
For instance, monitoring the number of attendees present compared to those invited, evaluating whether the meeting started and ended on time, and assessing the level of active participation can provide insights into engagement and time management.
Additionally, measuring the completion rate of tasks assigned during the meeting and collecting participant feedback is another success indicator that helps understand the meeting's productivity and overall value.
What is a KPI Checklist?
A KPI checklist should include the following:
Relevance
A KPI must measure a variable critical to the company’s progress toward its goals. Relevance means any change in the KPI should be big enough to prompt a decision to take action or continue on the path without intervention. If a KPI doesn’t directly relate to your goals, it’s probably not worth tracking.
Quantifiable
Good KPIs have a number that shows how performance is changing. A single number should give you quick insight into how the variable is behaving and if it’s on track to meet your goals. So, you can tell if you’re hitting your targets or need to adjust.
Specific
When choosing a KPI, think about its purpose, what information it will give you, and what actions you’ll take based on its performance. A KPI that’s too broad won’t give you the detail you need to make decisions.
Actionable
A KPI must reflect the company’s activities for it to be actionable. If it doesn’t, it’s not useful for guiding your strategy. KPIs should change when you take action so you can measure the impact of that action on performance.
Timely
KPIs should allow for quick responses. A good KPI gives you information soon enough to act and fix the situation or adjust your company’s approach. Ideally, KPIs should provide near real-time feedback so you can see the impact of your actions. This timeliness is critical to making fast and effective decisions.
Attainable
KPIs are most effective when they have achievable targets that you can work towards. They should show your progress and give you feedback on how you’re meeting the company’s goals so you can adjust if needed. Setting unrealistic targets can be demotivating and will not give you useful insights.
Objective
KPIs must also be based on observable and measurable variables, not subjective. The calculations behind KPIs should be repeatable and transparent so you can show why you’re taking action. Objectivity means the KPIs are trustworthy and can be used to guide your decisions.
What is an Example of a KPI?
Some KPI examples based on different meeting types are:
- Internal Meetings: Attendance rate, participation rate, and action item completion.
- Project Meetings: Progress against milestones, decision-making effectiveness, and action item completion.
- Client Meetings: Customer satisfaction scores, follow-up action completion, and meeting duration.
- Brainstorming Sessions: Number of ideas generated, participation rate, and idea implementation rate.
Now that you know how to track key meeting metrics, read our next guide on meeting minutes: purpose, format, and tips.
