How much does an hour’s off-site meeting cost?
It isn’t always necessary to attend a meeting in person. Every hour an employee spends travelling costs the company money for travel expenses and in unproductive time.
Let’s take an example …
Consider a manager who travels from Manchester to London for a three hour meeting. Keeping expenses to a minimum, he takes a 2nd class train fare, tube instead of a taxi and has a sandwich instead of a lunch at a restaurant.
Service | Occurrencies | Costs |
|---|---|---|
Train | Anytime return ticket | € 400,00 |
Tube | 2 trips London Euston to Tower Hill Underground | € 12,00 |
Lunch | € 6,00 | |
TOTAL TRAVEL EXPENSES | € 418,00 |
The trip lasts about 5 hours. On the train you can make some calls, write some emails, read a document, so we can reduce the total amount of unproductive hours from 5 to 3. A manager costs a company at least € 40.00/hour, so unproductive hours in total will cost 3×40 = € 120.00
So, the total cost which the company will have to pay for a three-hour off-site meeting of one manager amounts to € 538.00, that means € 180,00 per each hour of the meeting.
So, an hour of an off-site meeting costs € 180,00.
Do you know how much 1 hour of a video conference would cost?
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Only 50 cents versus 180 euro!