JS Tip 178: From the Meeting Management Workshops: Calculating the Cost
I talk about the cost of bad meetings. Because bad meetings lead to even more meetings, and over time the costs become awe-inspiring. (Bernard DeKoven)
Last week we talked about improving the quality of our meetings.
This week, we’ll talk about figuring the cost of bad meetings.
You can figure the cost. (We’ve attached an ExCel spreadsheet. You can enter your numbers.)
Answer these questions:
How many hours do you spend in meetings each week? If you divide that number by forty, you’ll identify the percentage of your time you spend in meetings.
How many people in your organization have similar requirements? And what are their annual salaries? Multiply the percentage of time, the number of people, and the annual salaries, and you’ll identify the amount of money your organization spends on meetings each year.
What percentage of meeting time is wasted? Multiply the amount of money by the percentage of time wasted, and you’ll identify the amount of money your organization wastes in meetings each year.
In our spreadsheet, we figured ten hours in meetings (probably low), twenty people with similar requirements (probably low), an average salary of $50,000, and a waste of twenty-five percent.
The wasted money comes to $62,500 a year.
There’s a better way. We’ll continue the conversation next week.
If you have questions or comments, let us know. We love this stuff.
If you’re moving, let us know.