Meetings are infamous for being a waste of time. 67% of all meetings are failures.
And yet, we see our virtual calendars filled with meeting blocks. Anybody is allowed to mark us down for an hour of our time, often without a specific agenda or objective. Periodically, we see entire teams and departments with a hundred members or more dial into a meeting.
What does this translate to in money terms?
Let us say about 10 executives attend a meeting. And each one of them earns an average of €30 per hour. If the meeting goes on for an hour, it costs the firm €300. The person who called that meeting is then responsible for deriving at least €300 of value from it. If the same employee who calls a wasteful hour-long meeting was caught squandering €300 of the company’s funds, they would be fired.
We do not value our time in the same manner that we value money.
For longer sessions, it can get worse. A day long workshop with 10 such people costs €2,400. A two-day training with 40 attendees? A whopping €19,200 plus travel costs. I have attended few workshops or trainings where I have seen a contribution commensurate to the resources we pour into them.
The time value of money – how the value of money is discounted with time is a fundamental accounting concept. We need to talk more about the money value of time.
Inspiration: Alex Cowan’s online course on Digital Product Management