This cost how much!?!

Colleagues,

MVP: Do a rough calculation of the cost of the meeting.
 
Tip #5: Do a rough calculation of the cost of the meeting by estimating an hourly wage equivalent for each attendee, adding them all together, and then multiplying that sum by the number of hours the meeting lasts.
 
In my higher ed role, I did it this way:

1. Come up with a ballpark salary for each person at the table (usually $40-100k).
2. Convert that salary into an hourly wage by dividing their salary by the number of contracted working days (about 190)…
3. And dividing that number by 8 (working hours in a day).
4. Add all the individuals’ hourly rates together.
5. Multiply by the number of hours of the meeting.

 
I have sat in 1-hour department meetings that cost over $1,000 dollars in which no meaningful decisions were made.
 
This truly transformed the way I viewed meetings. Everything we do costs something. Money, but also time and attention. In good times you can find more money, but you cannot increase time and attention without burning people out.
 
This week’s emails were inspired by my conversation with Michele Mattoon. Michele kindly offered to share a wonderful meeting template to instantly help you improve your meetings. You can email her at [email protected]. Michele is awesome. Let her know you listened to the show or read about her hereand ask for the template.  
 
Today’s intention: Calculate your own hourly salary. Of course, it isn’t 100% accurate, but it will give you an indication of value. How much money was spent on having you sit in meetings this week? Did you invest as much time helping to support and grow people this week compared to the amount of time you spent in meetings?

Cheers!

Frederick