Meeting Tips: Time is Money
If you earn $50,000 per year, your per-minute rate is approximately $0.40 cents.
$100K $0.80
$200K $1.60
$300K $2.20
$1 Million $8.00
These figures start adding up. The total cost of a meeting for a small-to-midsize organization might be $1,000 per hour. In larger companies, the compensation packages of the leadership team alone can reach $10,000-plus an hour.
Why is it important to know these figures? Simply put, time is money, and per-minute figures help clarify whether a meeting is worth it, how long it should be, and who should attend. The per-minute figures help ensure that the organization’s most valuable employees are not wasted–not even for a minute.
Are you and your team clear about the purpose of the meeting? Has the agenda been properly scrutinized and honed? Are the meetings kept on track? Is it essential for everyone to be present for the entire meeting? These are questions you ought to ask, so that the cost doesn’t exceed the potential benefits.
