A good video conferencing setup – one that includes a projector, a mic and a camera, probably costs upwards of €5000.
At a first glance, this cost might just seem too high. Why invest in so much equipment when your employees can manage with their laptop cameras and microphones? Those laptops aren’t cheap either.
Yet, let us assume that a team of 10 people use the conferencing setup to enable hybrid work. Thanks to the setup, the team is, on average, 1% more productive. Of course, 1% is a conservative estimate here. If each of those employees are paid an average salary of €50,000, their economic output is likely to be at least €60,000 per head. 1% of that output for a team of 10 is €6000 per year.
In effect, the conferencing setup, when effectively used, pays for itself within a span of 1 year.
Things are ‘costly’ only in a certain context. A full-fleged conferencing setup for use by 1 person at home is probably costly. Yet, that same setup for a team of 10, turns into an investment.
The presence of a good video conferencing setup costs about €5000. The absence of a good video conferencing setup costs the team at least €6000 in lost productivity.
Which choice is costlier?