Cost of Meeting Calculator - Calculate Meeting Expenses
Determine the total cost of a meeting based on attendee salaries and meeting duration.
Cost of Meeting Calculator
Results
What is a Cost of Meeting Calculator?
A Cost of Meeting Calculator is a free productivity tool that helps you calculate the total expense of a meeting based on attendee salaries and meeting duration. It determines the financial impact of time spent in meetings, including wages and additional overhead costs.
This calculator works for:
- Business meetings - Team meetings, strategy sessions, project reviews
- Training sessions - Workshops, seminars, onboarding programs
- Client meetings - Presentations, negotiations, consultations
- Virtual meetings - Video conferences, webinars, online collaboration
- Recurring meetings - Weekly standups, monthly reviews, quarterly planning
How Cost of Meeting Calculator Works
The calculation uses the formula:
Where:
- Attendees = Number of people in the meeting
- Hourly Wage = Average hourly compensation of attendees
- Duration = Meeting length in hours
- Overhead = Additional costs (facilities, technology, materials)
Key Concepts Explained
Meeting ROI
The return on investment from a meeting, calculated by comparing outcomes achieved to the cost of conducting the meeting.
Opportunity Cost
The value of work not done during the meeting, representing what attendees could have accomplished with their time otherwise.
Meeting Efficiency
A measure of how effectively meeting time is used to achieve objectives, often expressed as outcomes per unit of time and cost.
Time Valuation
The process of assigning monetary value to time based on earning potential or opportunity cost.
How to Use This Calculator
Enter Number of Attendees
Total people attending the meeting (e.g., 5 people)
Enter Average Hourly Wage
Average compensation per hour (e.g., $50/hour)
Enter Meeting Duration
Length of meeting in hours (e.g., 1.5 hours)
Add Overhead Costs
Additional expenses like facilities or materials
Benefits of Using This Calculator
- • Budget Awareness: Understand the true cost of meetings to make informed decisions about time investments.
- • Meeting Optimization: Identify opportunities to reduce meeting costs through better planning and execution.
- • Resource Allocation: Allocate resources more effectively by understanding meeting expenses.
- • Productivity Improvement: Encourage more efficient meetings by making the cost of time visible.
Factors That Affect Your Results
1. Attendee Seniority
Higher-level employees typically have higher hourly wages, significantly increasing meeting costs. Consider the value each attendee brings relative to their cost.
2. Meeting Duration
Longer meetings proportionally increase costs. Every additional minute adds to the expense, making time management crucial for cost control.
3. Meeting Frequency
Recurring meetings compound costs over time. Regular standups or reviews can become significant expenses if not carefully managed.
4. Preparation and Follow-up
The calculator focuses on meeting time but doesn't account for preparation or follow-up work, which can significantly increase total meeting costs.
Frequently Asked Questions (FAQ)
Q: How do you calculate the cost of a meeting?
A: To calculate the cost of a meeting, add up the hourly wages of all attendees and multiply by the meeting duration in hours. For example, if 5 people each earn $50/hour attend a 2-hour meeting, the cost is (5 × $50) × 2 = $500.
Q: What factors should be included in meeting costs?
A: Meeting costs should include: 1) Attendee wages (salary divided by working hours per year), 2) Overhead costs (rent, utilities, equipment), 3) Preparation time, 4) Follow-up time, and 5) Opportunity cost of time that could be spent on other activities.
Q: How can I reduce the cost of meetings?
A: To reduce meeting costs: 1) Only invite essential attendees, 2) Set clear agendas and time limits, 3) Use asynchronous communication when possible, 4) Prepare materials in advance, 5) Start and end on time, 6) Assign action items to avoid follow-up meetings, and 7) Evaluate if the meeting is truly necessary.
Q: Why is it important to calculate meeting costs?
A: Calculating meeting costs helps organizations understand the true expense of their time investments, make informed decisions about meeting frequency and duration, improve meeting efficiency, and allocate resources more effectively. It also raises awareness about the value of employee time.