Find out how much meetings are really costing you.
Iseo Blue Self-Assessment Tools
Overview
Meetings are a staple, but often they are unproductive and a time drain.
However, they can be the crucible where ideas are forged, strategies are refined, and decisions are made.
What is the the 'cost' of a meeting? One of our self-assessment tools: Meeting Cost Calculator, is designed to illuminate this often-overlooked aspect of meetings, enabling you to quantify the cost of meetings in both financial terms and working hours.
How It Works
The calculator operates on a transparent and logical calculation method. It begins by establishing a baseline for the annual working minutes, factoring in the average public and personal leave, to arrive at 115,200 working minutes per year.
It then computes the cost per minute for an individual employee by dividing their annual salary by the total number of working minutes.
To find the cost of a specific meeting, it multiplies this figure by the length of the meeting and the number of attendees. The result gives you the total cost of the meeting in monetary terms, as well as the equivalent cost in working minutes and hours.
Utilising the Results
Understanding the cost of meetings is the first step towards making them more effective.
By quantifying the time and financial resources consumed by meetings, you can begin to assess their true value to your organisation. If the cost seems high, it may prompt a reassessment of the frequency, necessity, and conduct of these meetings.
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Are there participants who do not need to be there?
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Could the agenda be streamlined?
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Could some discussions be moved to more efficient communication channels?
Armed with the data from our Meeting Cost Calculator self-assessment tools you can make informed decisions to optimise meeting time, enhance productivity, and ultimately, safeguard your organisation's most valuable assets – time and money.
Embrace informed planning and make every meeting matter with our Meeting Cost Calculator.
For more information on meetings, check out this article on culture and how to improve things.