This Tool Calculates How Much Money Your Meetings Waste
The Ridiculously Efficient team are not huge fans of meetings. Sure, meetings are necessary in certain situations, but most of them can easily be removed from your schedule. They tend to waste a huge amount of time while attendees discuss minute details and updates that can be shared more efficiently via email or project management tools.
Since time is money, Harvard Business Review created a useful tool to help you calculate exactly how much money your meetings waste.
Say you have a 45-minute meeting with six people who make $70K a year -- that meeting will cost $184. Not too bad. When you have a one-hour meeting that includes 10 people, all of whom make $100K a year, the price of that meeting shoots up to $700.
This is the question you have to ask yourself -- will the results of your meeting generate enough revenue to make the amount wasted worth it?
If the answer is no, read The Three Types of Meetings to Ditch Now.
H/T Fast Company