1. What Is The Cost Of Meeting Calculator?

The Cost Of Meeting Calculator estimates the total cost of a meeting by summing the hourly rates of all participants multiplied by the meeting duration. This helps organizations understand the true financial impact of meetings and make informed decisions about meeting frequency and attendance.

2. How Does The Calculator Work?

The calculator uses the formula:

Where:

• \( Hourly Rate \) — Individual employee's hourly rate
• \( Time \) — Duration of the meeting in hours
• \( \sum \) — Sum of all participants' costs

Explanation: The calculation multiplies each participant's hourly rate by the meeting duration and sums these values to get the total meeting cost.

3. Importance Of Meeting Cost Calculation

Details: Understanding meeting costs helps organizations optimize meeting efficiency, justify meeting expenses, and make data-driven decisions about which meetings are truly necessary and productive.

4. Using The Calculator

Tips: Enter hourly rates separated by commas (e.g., "50, 65, 42.5"), meeting duration in hours (e.g., 1.5 for 1 hour 30 minutes). All values must be valid (positive numbers).

5. Frequently Asked Questions (FAQ)

Q1: Should I include all meeting participants?
A: Yes, for accurate cost calculation, include all employees whose time is spent in the meeting, regardless of their role or contribution level.

Q2: How do I determine hourly rates?
A: Use annual salary divided by working hours per year. A common approximation is (annual salary ÷ 2080) for full-time employees.

Q3: Should preparation time be included?
A: For comprehensive cost analysis, consider adding preparation time, but this calculator focuses only on the meeting duration itself.

Q4: What about external participants?
A: External participants (consultants, clients) should be included if their time contributes to the meeting cost, using their billed rates if applicable.

Q5: How can this help reduce meeting costs?
A: By quantifying meeting expenses, organizations can evaluate meeting ROI, reduce unnecessary meetings, and make meetings more efficient.