The Cost of Meetings

Over the weekend, on a list of Funny Holiday Gift Ideas, I saw a coffee mug that read, “This meeting could have been an email.” Funny? Yes, when it’s a gift list. In reality – it is very sad and frustrating not only to sit through this kind of a meeting, but also to calculate the cost of these meetings to the company.

According to Ready Talk an average employees spend 33% of their time in meetings, $338 is average salary cost of a meeting and $37B is wasted on unnecessary meetings in the USA annually. This data is shocking and encouraging at the same time as there is room for improvement.

Here are a few ways to calculate the cost of meetings:

-HBS Offers Meeting Calculator

-Some formulas Individual Meeting Cost = [Duration] X ( [Hourly Setup Cost] + [Attendee Hourly Sum] )
Yearly Meeting Cost = [Duration] * [Occurrences] ( [Hourly Setup Cost] + [Attendee Hourly Sum] )

-HBS Offers Meeting CalculatorAdditional costs

-Facility Costs

-Video conferencing software costs

-Hardware costs (like the Meeting Owl or your in-room display TV)

Here’s to looking for more cost savings opportunities and more effective meetings!

For more tips visit: Business Tips