Each time you get behind closed doors for a meeting with your workers, a lot of money is usually expended. When we deduct all of this money from the total budget of the firm or organisation, we discover that some meetings are a complete waste of time and money. The bad thing about this is that most times, the enormous amount of money spent on meeting usually goes almost undetected.
For instance, your firm decides to hold a meeting for ten of your top managers every week – Weekly Financial Report – with each receiving an average annual income of about $150,000. If we give an assumption that the daily income of each of these managers is $500, and their working hours per day is 10hrs, we can say the combined time and cost of all ten managers daily is $5000. Conducting a 1hr weekly meeting with these managers reduces their overall productivity and rewards them for sitting in a meeting which sometimes may not be productive.
The yearly cost of a meeting like this is enough to punch a hole in the company’s purse; therefore, it’s advisable to take account of your annual meetings expenditure.
If you’re asking yourself “How exactly do I calculate the cost of my meetings?” ask no more because Timeqube has got you covered with our Timeqube meeting calculator.
You should know how much you’re spending to make sure that you don’t end up wasting a lot of money. Proper knowledge of your meeting costs will help you decide when to call off and cancel some unnecessary meetings.
There are of course other calculators you could use in calculating your meeting costs like HBR calculator and Meeting King, but ours is more accurate!
The advantage of using calculators is; it will easily help you detect how much you spend annually on meetings. Our Timeqube onsite calculator requires some essential input parameters involved in conducting a meeting and gives your total cost on the spot. It’s quite simple and straightforward. It’s different from other calculators because ours calculates different rates based on the following entries:
The Average Number of Participants
Our calculator takes into consideration the total number of people involved in every meeting
Average Meeting Length
The length of your sessions is also another factor we considered in building our calculator. The length of your meeting largely determines the cost expended. A short/brief meeting could save more money than a lengthy one.
The Average Number of Meetings Per Week
Some companies and Organisations conduct multiple weekly meetings, and this is part of the influencers of high meeting costs.
In building our calculator, we divided the salaries earned by white-collar workers per region for better calculation.
Undoubtedly, the results you’ll obtain using our calculator would be unique. Based on feedback from our customers, we estimated cost saving with Timeqube to be about 10%. Now you can start calculating your meeting costs and cutting down on some excesses in your budgets – which means – more savings for your company. Start timeboxing with us today!
Check out our calculator at https://timeqube.com/calculator