Meetings are expensive. Although they can be very productive and move a project or a group forward, as the facilitator of a meeting or even the participant, meetings without outcomes are a waste of your organization’s time and money.
It’s a good idea to know roughly how much each meeting you attend or schedule costs. It’s a reminder to carefully consider both the cost and the value of the proposed meeting.
Research has shown that unnecessary meetings can cost big companies $100 million a year. While the cost varies from company to company, it’s always been a critical planning component. Years ago, I developed a simple chart to determine how much your meeting costs.
While it’s unlikely that you will know the cost of all the attendees, using your own salary, you can make an educated guess. The worksheet linked below is not a perfect calculation, but will help you guide your decisions.
Once you know the price of your meeting, the information will guide you. Are the right people attending? Does the meeting start on time? Are people on their devices and distracted or are they engaged and proactive? Are colleagues territorial or are they sharing information and being helpful? Overall, is the tone positive and productive? If the answers to any of these questions aren’t going in the right direction, address the issue early on.
Notice what’s going right in your meetings and let me know. I would love to hear!
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