Excessive meetings could be wreaking havoc on your company’s bottom line, according to a new survey from meetings expert Steven Rogelberg and transcription service Otter.ai.

The study found that organizations tend to spend $80,000 per employee per year on meetings, but by trimming unnecessary meetings, companies could increase overall productivity and save an estimated $25,000 per worker. For a company of 100 workers, that translates to around $2.5 million in savings each year. For firms with more than 5,000 employees, that number shoots up to over $100 million in savings.

More than 600 employees across a range of industries were surveyed over the summer as part of the study. One major finding: Employees spend about 18 hours a week on average in meetings, with the frequency and duration increasing at higher management levels. Managers with at least four direct reports (who reported having 22.2 hours of meetings a week) noted that only 14.4 hours of meetings were critical; the rest could have been skipped as long as the managers were kept in the loop about decisions made during the meeting.

Another stark finding: Nearly half (46%) of employees said they have too many unnecessary meetings on their calendars, and more than half (53%) said they felt obligated to attend a meeting they’re invited to, whether or not they were critical to the agenda.

To help free up your team’s days and cut back on superfluous meetings, try these four strategies to get the most out of every necessary one.

1. Keep the Invite List Short

Resist the temptation to invite employees who are tangential to the topic at hand. Only staffers who are actively involved in the agenda need to be a part of the meeting. Streamlining attendance to those who are mission-critical will help keep things moving and productive – and cut down on wasted time.

2. Share the Agenda and “Pre-Reads” Beforehand

Don’t expect your staff to show up to a meeting blind. Send them a copy of the agenda ahead of time and allow them to contribute discussion items as appropriate. It’s also a good habit to supply an informative memo prior to the meeting to give workers time to get some needed context, thereby enabling them to participate in an informed discussion. Still, be judicious: It’s best to keep pre-reading material brief. Nobody has time to scan a 100-page document as prep work.

3. Keep It Engaging

Meetings should be interactive when possible, rather than one-way lectures. If you’re calling a meeting simply to infodump your team, you’re wasting your time and theirs. Sometimes an email really is the best way to share information. Better uses of meetings include facilitated discussions, brainstorming, and short, visual presentations. Another note: Don’t let gregarious team members monopolize the conversations: Give everyone an opportunity to share their thoughts.

4. Follow Up With Action Items

After the meeting, it’s a good idea to send a follow-up email summarizing the decisions, conclusions and next steps discussed. This helps to ensure everyone’s on the same page. Plus, this is the opportunity to share the results of a meeting with colleagues who didn’t need to attend but still need to know what was discussed and decided.