Meeting Cost Calculator

Meeting cost is calculated by multiplying the number of attendees by their average hourly rate, then multiplying by the meeting duration in hours. Formula: (Attendees × Hourly Rate × Duration) / 60 minutes. For example, 8 people at $75/hour for 60 minutes = (8 × $75 × 60) / 60 = $600.

According to industry benchmarks, the average meeting with 6 attendees at $75/hour for 45 minutes costs approximately $338 per meeting. However, this varies significantly by industry, seniority level, and company size. Executive meetings can cost $1,000+ per hour.

The most effective ways are: 1) Shorten meeting duration (30 min instead of 60), 2) Invite only essential attendees, 3) Replace meetings with async communication when possible, 4) Use AI meeting assistants like Convo to improve efficiency and reduce follow-up time, 5) Set clear agendas and stick to them.

For accuracy, use 'fully-loaded cost' which includes benefits, overhead, and equipment costs. A general rule of thumb is to multiply base salary by 1.25-1.4. For example, a $100k/year employee costs the company approximately $125-140k annually, or $60-67 per hour.

This calculator focuses on in-meeting time, but you should also consider: 1) Preparation time (typically 15-30 min per attendee), 2) Follow-up time (reviewing notes, action items), and 3) Context switching costs. The true cost of a 1-hour meeting can be 2-3x the in-meeting cost when factoring these in.

Convo's AI meeting assistant helps reduce costs by: 1) Providing real-time insights so decisions happen faster, 2) Automatically generating summaries and action items (saving 15-30 min of follow-up time), 3) Surfacing key moments so you can review meetings in minutes instead of re-watching, 4) Tracking meeting patterns to identify inefficiencies.

Yes, the calculator works for both. However, in-person meetings often have additional costs like: 1) Conference room expenses ($50-200/hour for equipped rooms), 2) Travel time and expenses, 3) Catering costs ($15-50 per person). Remote meetings are typically 40-60% cheaper when factoring in these additional costs.