Bad management practices cost Welsh businesses £3.3bn, around 9% of the country's entire GDP, according to a study of business productivity performance by Proudfoot Consulting and the LSE. The report says almost one quarter of all working time(22%) in British firms is wasted because of poor management. Three-quarters of time is wasted as a result of poorly planned and managed work or inadequate supervision of workers.
Proudfoot rated 150 meetings in 50 companies against a best practice scorecard. Almost half had no agenda and in less than a third were participants prepared with minutes captured. Only 12% resulted in a clear set of next steps.