We all do meetings. We meet to status tasks. We meet to discuss strategy. We meet to make a decision. We meet to avoid making decisions. We…what? Meet to avoid making decisions? Yes, we do that, but that’s a different topic.
Meetings are part of business. They are among the most expensive activities a company can do, yet they aren’t viewed that way. Some simple math may convince you:
Weekly status meeting, 1 hour:
Position Salary with benefits
President $75/hour
V.P. of Operations $55/hour
Operations Manager $45/hour
Team Lead $28/hour
Buyer $25/hour
Cost for one hour meeting: $228/hour
Most companies that wouldn’t approve $100 for office supplies routinely spend this kind of money for meetings several times a day and the worst part is that one hour meetings usually run over by fifteen to thirty minutes. If this same meeting went to 90 minutes, the bill would be $322. The meter is running.
Understanding the cost of meetings is the first step in making them more effective. If the president of the company above were tossing $38 into a jar every minute, the meeting would be a lot shorter.
When holding a meeting, especially retreats or complex ones, think about the hourly cost of the participants. While you’re at it, consider all the things that people can’t do while they’re in the meeting. Economists call that ‘opportunity cost’, or what you’re giving up while participating in an activity. You may not be able to define that in dollars, but it has an impact.
In this series we’ll talk about strategies for making meetings more effective:
Have an agenda and stick to it
Invite the right participants
Watch the time
‘Parking Lot’ off-topic items
End on time…every time
We’d tell you more, but we’re late for a meeting.
Dispatches From The Front 