Meeting Cost Calculator
If you ever wondered how much does a meeting cost, use our meeting cost calculator to answer the question "How much money does a meeting cost for my business?"
You can apply the present tool to estimate the cost of a meeting or, in case of recurring meetings, you can also compute the expected time spent and total cost for a year. With these calculations, you will learn, for example, how much does it cost to rent a meeting room including both the actual cost and the potential profit loss.
How much does it cost to have a meeting?
According to the U.S. Bureau of Labor Statistics, unnecessary meetings cost U.S. businesses approximately $37 billion each year. That's because meetings are possibly one of the most expensive overhead costs in an organization and often managed inefficiently - use our productivity calculator to compute labor productivity.
How long should a meeting be?
The average length of a meeting is between 31 to 60 minutes, according to statistics. In the last 15 years, the average duration of a meeting has increased by 10%. In the US, companies hold about 11 million meetings a day in total, which equals 55 million meetings per week and 220 million meetings per year.
Check out our time value of money calculator to see how much these $37 billion could be worth in a few years from now!
The meeting cost calculator: how much does a meeting cost?
Use the following guide to find out how much does it cost to have a meeting. As a first step, you need to choose if you would like to estimate the meeting cost for a one-time meeting or a recurring meeting.
After, in the meeting settings section, you need to set the following options.
1. Specify attendants' salaries by the average or individually.
For the average option, you need to set the average salary for the attendants. You can choose any of the following periods for the salary:
- Annual (note, that we presume that there are 2,080 working hours in a year);
- Weekly (we assume 40 working hours in a week); and
If you set the salaries individually, you can set them for a maximum of 10 persons independently.
How many people attend the meeting?
What is the duration of your meeting?
Time spent on setting up the meeting - If the meeting organizer spends some time setting up the meeting, you can add the approximate time needed.
Supplementary cost per meeting: you can include any cost related to the meeting; for example, you can include the cost of a zoom meeting or the cost of renting a room (is it a low-cost meeting room or a more expensive one) and the cost of used materials during the meeting.
After specifying all inputs, the meeting cost calculator will evaluate the result immediately.
How much does it cost to rent a meeting room?
The average meeting room costs range between $30 and $250 in the US. If you rent the room for a whole day, the hourly price could be lower instead of a short time, but still, you may end up paying around $400 to $700 for small, low-cost meeting rooms, or $1,000 to $1,500 for larger rooms.
How much do hotel meeting rooms cost?
On average, renting a hotel conference room starts from about $70 to $160 per hour. This means that for a standard two-hour meeting, you may pay around $140 for low-cost meeting rooms up to $320.
You should consider the meeting cost calculator as a model for financial approximation since we created the calculator for instructional purposes only. If you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive helpful feedback and advice.