When determining how to cut costs and allocate resources more effectively, many organizations fail to recognize unproductive meetings as a costly expense. Instead, business professionals often move forward by cutting costs elsewhere, resulting in lost jobs, minimal resources, and poor performance. Identifying how much your meetings cost is a quick and easy way to cut costs and learn to allocate your resources more effectively. In this article, we’ll dive into 9 of the best meeting cost calculators so you can take control of your expenditures while learning to run more effective meetings. Keep reading to learn how much each one of your meetings costs!
- What is a meeting cost calculator?
- How much do meetings cost?
- The impact of expensive meetings
- 9 of the best meeting cost calculators
- How to save time and money with Fellow
What is a meeting cost calculator?
Meeting cost refers to the monetary value associated with hosting a meeting. For example, if X number of employees attend X number of meetings per week, it will cost your organization X amount of dollars per year. Failing to accurately calculate your meeting cost may lead to tens of thousands of wasted dollars, so it’s essential to leverage a meeting cost calculator. A meeting cost calculator will help you calculate the financial cost of hosting a meeting. Inputting factors such as the number of meeting participants in attendance, their salaries or hourly rates, and the duration of the meeting will provide you with an estimate of how much money your organization is spending on each meeting.
How much do meetings cost?
Not only do unproductive meetings lead to less productive and disengaged employees, but they may also be costing your organization thousands of dollars. Many working professionals recognize that meetings are taking up too much time, but they fail to recognize the financial burden. According to Aydin Mirzaee, Fellow’s chief executive officer (CEO) and co-founder, unproductive meetings cost businesses in the United States upwards of $375B a year. While this sum may seem astronomical, it’s not unrealistic. According to a Bloomberg article, unnecessary or ineffective meetings waste $25,000 annually per employee—adding up to $101 million a year for organizations with 5,000 or more employees.
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The impact of expensive meetings
Unproductive meetings can be detrimental to the long-term success of your organization. Not only do unproductive meetings waste time and lead to unproductive employees, but they can also be a major financial burden. In this article, we’ll dive into staggering statistics that demonstrate the financial burden of unproductive meetings. In addition, we’ll cover the effects of unproductive meetings and teach you everything you need to know about combating unproductive meetings so you can move forward with confidence knowing that everyone in your organization is spending your resources appropriately.
9 of the best meeting cost calculators
- Fellow’s Chrome extension
- Fellow’s meeting cost calculator
- Harvard Business Review’s Meeting Cost Calculator
- Meeting cost calculator
- Meeting Cost Live
- Meeting Cost Ticker
1Fellow’s Chrome extension
If you’re looking for a seamless meeting cost calculator experience, Fellow’s Chrome extension is for you. This feature is free to use and available through the Chrome extension without sign-up. This meeting cost calculator will provide you with the dollar value of a meeting based on the length of the meeting and the number of attendees. Unlike Fellow’s manual meeting cost calculator, Fellow’s Chrome extension will automatically provide you with the cost of each meeting. In addition to identifying the cost of your present meeting, this tool will also provide you with the cost associated with a series of meetings, making it possible to determine if recurring meetings are necessary.
2Fellow’s meeting cost calculator
Did you know that professionals who use Fellow spend an average of 16% less time in meetings? As a purpose-built tool for meetings, Fellow supports every type of meeting—from one-on-ones to project kickoff meetings and stand-ups—so you can boost productivity and cut costs! Calculate the cost of your meetings with our meeting cost calculator and learn how you can save $2,600 a year by using Fellow today! To use our meeting cost calculator, simply enter the number of meeting participants, each participant’s annual salary, the duration of the meeting in hours, and the number of meetings that occur per week.
3Harvard Business Review’s Meeting Cost Calculator
The Harvard Business Review’s Meeting Cost Calculator can be accessed through the article or mobile app and each version is free to use. This tool was designed methodically to help users identify how much they’re spending on meetings as well as how much they can save by implementing a few simple changes. Unlike other tools on this list, this tool can be used on the web or via an iOS or Android app.
4Meeting cost calculator
If you’ve been looking for a way to save time and money by understanding the cost of your organization’s meetings, this tool is for you. In addition to providing users with a seamless meeting cost calculator experience, this meeting cost calculator provides in-depth insights and case studies that can help you make sense of your findings. You can try this tool for free, but you’ll have to purchase a subscription for long-term use. This tool is priced simply at $4.78/ month, which includes detailed meetings analytics, Google add-on integration, and Microsoft Outlook Support.
Price: Starts at $3.49
MeetingKing is a free meeting cost calculator that teaches users how to determine how much meetings cost while simultaneously touching on the importance of understanding how to run effective meetings. To use this tool, it’s as simple as entering the average annual salary of participants, the number of meeting participants, and the duration of the meeting. After you’ve entered this information, you’ll be provided with the cost of your meeting per hour in addition to the total meeting cost.
Price: Starts at $9.95 up to $124.95
6Meeting Cost Live
Meeting Cost Live is a meeting cost calculator that works in real time to determine how much your meeting costs. To use this tool, simply visit the hyperlink and start the timer. For more accurate reporting, you can input the average gross salary of those involved before starting the timer. This tool is quick, easy, and free to use and it can be converted to match your currency of choice!
Calculators.org has a meeting cost calculator that empowers users to identify how much their meetings cost by filling in a variety of fields including the average number of people attending each meeting, the average annual salary of those attending the meeting, and the average weekly hours worked per employee. After inputting this information, you’ll be provided with the average cost of a single meeting as well as the total annual cost of your organization’s meetings.
Not only does Levels.fyi offer a meeting cost calculator service, but it also helps tech professionals build better careers through accurate insights and services. Unlike other tools on this list, Levels.fyi is much more comprehensive, offering a long list of estimations based on roles within specific companies like Microsoft, Meta, and Shopify.
9Meeting Cost Ticker
Meeting Cost Ticker is usually used in one of two scenarios: Either you’re an agency that wants to know how much you’re currently earning in a meeting, or you want to calculate how much your current meeting is costing your organization. This free tool is free and easy to use. Simply enter your hourly rate or the hourly rate of those in attendance, enter the number of meeting participants, and run the timer during your meeting. At the end of your meeting, you will have calculated how much your current meeting cost in real time.
How to save time and money with Fellow
When run correctly, meetings can be the ticket to motivation, collaboration, and connectivity. When run poorly, meetings can cost your organization thousands of dollars. Not only are unproductive meetings detrimental to the well-being of your employees, but they are also a major financial burden. For instance, if your organization hosts only two hour-long meetings a week with five attendees making an average of $65k/year in each meeting, this would be a total loss of $16k per year.
Based on a recent study, 550 leaders report their meetings are 16% shorter with Fellow, which equates to a total savings of $7,000 per manager per year. According to Fellow’s 2022 survey, 87% of managers surveyed stated that Fellow makes it easier to reference and track decisions, which leads to more efficient meetings. Learn more about how to cut company costs and improve meeting productivity with Fellow.
Ready to host more effective meetings?
Using a meeting cost calculator will help you determine the effectiveness of your meetings, and leveraging this article will ensure you choose the best meeting cost calculator for the job. Don’t forget to check out the Fellow Blog for more meeting tips, tricks, and best practices!