Small Meetings Management Poised to Go Mainstream

Travel for small meetings rose dramatically in 2023, demonstrating a growing demand for teams to gather for critical brainstorming, teambuilding and strategy-setting sessions in world that is still coming to grips with remote work teams. As the CEO of a remote-first company, I have witnessed firsthand the transformative impact of smaller-sized meetings: They not only enable spontaneous interactions and spark innovation, but also improve employee engagement and encourage inclusivity, especially when teams normally work in an asynchronous environment across multiple time zones.

When we think of more traditional meetings and events, grander spectacles such as annual all-hands, sales kick-offs or gala dinners spring to mind. I think of those events as the visible part of an iceberg, whereas small meetings have, until now, largely floated unnoticed below the surface. As such, they also typically fall outside of managed M&E or travel programs, with little visibility or oversight.

Many companies I have spoken to are surprised by the tremendous growth of small meetings last year, but I’m not. And it really goes deeper than bridging remote-work gaps, and for me, it’s twofold: 

• Unique value. I think people are coming to see the unique value of small meetings: If large events are the celebrations that bring us together annually, smaller meetings are the engine that keeps our businesses humming. These meetings are where we actually solve difficult problems, set strategy and align on plans.

• Culture builders. Meetings are not just a vital business investment. They are also the connective point that sustains relationships and builds resilience between teams. While working remotely comes with all sorts of benefits, it has its downsides as well. It can be lonely, and people can feel disconnected.

A study from American insurance company Cigna estimated the annual cost of workforce loneliness in the U.S. is now approximately US$154 billion, precipitated by lost productivity at work and increased spending on physical and mental healthcare. Approximately 53 percent of Americans who work some hybrid hours report having a hard time connecting with coworkers when they are remote, according to the Pew Research Center.

As companies come to understand some of the longer-term negative outcomes for remote work setups, the need to meet in person, unite teams, collaborate, build company culture or close a sale will come into clear focus in 2024. This realization will result in more companies turning attention to the power of smaller meetings to foster community and more collaborative, compelling ideas. 

Unveiling Hidden Costs

The prospect of more small meetings may not be 100 percent welcome to some organizations. The reason for that is cost—and the true cost of smaller meetings has been overlooked for a long time because they fall outside of managed programs and often are organized by people with varying levels of experience planning meetings. There is little visibility into the time taken to arrange these events or the total costs they add to the T&E budget.

A recent estimate from Custom Market Insights projected the M&E industry would reach a US$1.753 billion by 2032 with a 12 percent compound annual growth rate. I believe this will largely be due to the rise in volume and accountability of smaller meetings.

Given the dispersed nature of work today I encourage company leaders to provide flexibility for teams to get together when they need to. With rising inflation and travel costs, I also encourage companies to review small meeting expenditure and understand how it impacts travel and expense budgets. This is where small meetings technology platforms will a play a big role in 2024. Demand for such platforms—both from my company’s and a host of others—will enter the travel and meeting management mainstream this year, as executives begin to realize the pace and frequency of small meetings is a new reality that needs to be managed to prevent unchecked costs and to increase efficiency in both planning and operating each meeting.

Larger companies with dedicated travel teams may integrate small meetings into existing travel programs and revise travel and expense policies to include guidelines and processes for such gatherings. Doing so will help ensure each small meeting aligns with broader strategic goals. To be sure, managing small meetings strategically—just like managing large events—can’t just be about cost containment; it must always be about optimizing the impact and value of every interaction, no matter how small.