Meetings — They Aren’t Cheap
The Hidden Costs Can Sink Your Business
If you spend most of your days in meetings (online or in-person) but take for granted that it is just part of your job, you’re wrong. Because meetings may be part of the job description, some sound judgment is needed to determine whether you should attend every meeting. After all, someone (the organization) needs to pay for every meeting attendee. And if your meetings are not effective or efficient, the cost is even greater.
Consider the following.
· An average meeting lasts one hour.
· An average meeting has about five participants.
· Assume that the average annual salary for each of the participants is $100,000.
· The cost in terms of salary for your meeting is $2,500. This cost does not include unknown or hidden costs such as lost opportunity costs, i.e., what you or your employees may have completed if you weren’t in the meeting.
Now consider how many such meetings occur each day in your organization (multiply that to get your annual count). You get the idea of how quickly money and productivity are blown away on unnecessary meetings.
Next time you need to convene a meeting, ask yourself if the whole department needs to attend. And when you receive a meeting invitation, ask what contribution you are required to make at the meeting that you could not do outside of the meeting? You’ll be pleasantly surprised at how much time you’ll gain each week when you become very selective of which meetings to attend.
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