Established economic theory states that as the supply of something increases the price (value) of that thing will fall. Similarly if the demand for a thing increases without a corresponding increase in supply the price will rise. Inflation is often explained as too much money chasing too few goods. Having defined these basic terms it is now time to apply them to the newest, and by far the most exciting, member of the dismal science, Meeting-nomics!
What happens when every manager has scheduled enough meetings that all meeting rooms are filled? Meeting rooms become more valuable. Simple supply and demand. Basic economic theory predicts that when a resource is supply constrained an alternate resource will appear in the market. The classic example is when beef prices rise consumers will buy more chicken, pork or even tofu.
Just as in normal markets, when the meet-market experienced a shortage of meeting spaces online Zoom and Webex meetings arrived to supply the demand. Although most agree that online meetings are a lower quality substitute (tofurkey vs filet mignon), they were good enough. The standard economic models predict the consumer will also purchase more of a lower quality substitute replacing quality with quantity, e.g. 2 tofu dogs for each beer brat. In the same vein, it may take 2 online meetings to replace the value of one in person meeting. However, the calculus isn’t quite as straight forward because in many aspects of the meet-market the meeting is the product and all meetings, whether in person or online, are equally fungible.
So if each meeting is interchangeable why, and more critically, how do the laws of supply and demand apply to the meet-market? Simply because the product is the meeting. That implies the currency involved are the attendees. It then bears to reason that by increasing the value of your meetings more attendees will wish to attend. Because the number of attendees is fixed (assuming remote workers are not outsourcing meeting attendance to children, pets and assorted potted plants) increasing traffic to your meetings you will simultaneously decrease traffic to other manager’s meetings. Following the laws of supply and demand a reduced attendance in a meeting is akin to excess stock on store shelves. Eventually other managers will be forced to “discount” their meetings to gather attendees.
How does one “discount” a meeting? Meetings are not like Pop-Tarts (in so many ways, some of them very very delicious) and you can’t simply put them on sale. Occasionally bribery is attempted with donuts, pizza or even T-shirts. While these methods do work in the short term they won’t offer long term growth of your personal meet-conomy. A much better solution is to manipulate employees by using the FOMO, or Fear Of Missing Out.
Create a meeting and discuss a provocative subject (raises, bonuses, layoffs, etc.). Discuss that topic exclusively in one meeting. Refuse to answer questions outside of that meeting. As the rumor mill circulates this new information prepare an email stating that “due to the large number of inquiries” you will be holding a follow up meeting to discuss the issues at hand. As they say in the shampoo industry: Lather, rinse, repeat.
Practitioners of this method must be careful to avoid triggering meet-flation, with too many attendees chasing too few meetings. Also, if a specific meeting proves to be too popular “knock-off” meetings can be expected to appear. You will need to be creative in showing how the “Guchi handbag” of meetings is inferior, but it is something you must do.
By understanding the laws of economic supply and demand it is possible to adapt and to a large extent control the meet-conomy to your personal advantage.