Meeting Cost Calculator Afterthoughts - Meeting Tax

Would you pay a meeting tax?

Meetings, unless done properly, can be costly to businesses. Every minute you are late to a meeting is a minute that others have to wait around for. If you hold up 4 people for just 5 minutes, you cost the company more than 20 mins in unproductive time which you can translate into salaried cost. These are unnecessary costs that could be avoided if employees can be more diligent when approaching meetings.  

We held an online poll asking regular meeting users whether they thought having a meeting tax in place could help cut the costs of unproductive meetings. This would be a small fee paid when you are late for meetings that help to cover money lost to unproductive time such as waiting for colleagues to join a call. We saw a response which favored not having a system like this in place with 74% of people opting for no. 24% of people thought that this was a good idea and they would choose to implement this system in their meetings. 2% were unsure about the system.  

Yes 24%

No 74%

It depends 2%

We received a number of comments which gave an insight into people's thoughts on this idea. A recurring theme seemed to be about respect and that a monetary tax shouldn’t be necessary because losing the respect of your colleagues due to regular lateness beyond a reasonable doubt on the first time is a more expensive tax on the individual. I think this is a very reasonable argument as this can have more of an effect in a ‘lesson learned’ way than a monetary tax can. Other comments asked whom the tax would go to, with most assuming that this money would be funneled back into the company or even used to fund staff parties!

Would you sign up for a meeting tax so your responsible colleagues pay a forfeit when they/you are late?

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Meetings can be expensive, so having people come in late makes them costlier for the business. If you don’t have an idea of your meeting costs, you need a meeting cost calculator. It will give you an idea of the cost of time spent by each employee in every meeting. 

What Exactly is a Meeting Cost Calculator? 

A meeting cost calculator is a tool that helps you figure out how much your next meeting will cost. You can find a meeting calculator on our website that’s very easy to use. All you need to do is enter details about the number of meetings per month that your organization conducts, the average number of attendees per meeting, the average meeting duration, and hourly rate of meeting participants. The calculator will do the rest of the work. 

Our cost calculator will give you the admin time you spend on meetings and how many hours you spend each month. And then, we’ll show you how much resources you can save when you start using Eric.ai.

How Can a Meeting Cost Calculator Help You Save Money? 

The first step to getting maximum efficiency in meetings is by learning how much is spent every hour in meetings. Having a meeting cost calculator upfront saves time because it eliminates guesswork when estimating costs. Instead of trying to manually calculate every expense related to hosting a meeting (rental fees, food costs, etc.), the calculator does this for you—and more quickly than if you were doing it yourself. Additionally, knowing upfront what kind of expenses are associated with hosting a particular event allows companies to make better decisions about their budgeting and where they should allocate funds in order to maximize their ROI from meetings. 

Now that you know how much meetings cost, we get back again to whether you should implement a meeting tax or not.

To Meet or Not to Meet: Is a Meeting Tax the Answer? 

We’ve all been there. You're in a meeting for hours, discussing every topic under the sun and nothing gets accomplished. You leave feeling exhausted and your inbox is still overflowing. 

What if instead of wasting time in endless meetings, you paid a tax for each one? Would it make you think twice before scheduling yet another one? Let’s look into the merits of instituting a meeting tax. 

The Pros 

Many business owners feel that charging people to attend a meeting would be beneficial. It would encourage more efficient use of time by discouraging unnecessary meetings and highlighting which ones are truly necessary and valuable. In addition, it could create an additional stream of revenue for businesses that could be used to hire additional staff or invest in better technology. 

The money raised from the meeting tax collected after a week could also go towards subsidizing childcare for employees who have to take their children to work with them when they need to attend an important meeting, thus making it easier for parents to remain productive at work without worrying about childcare costs. 

The Cons 

On the other hand, some are concerned that implementing a meeting tax would lead to increased overhead costs for businesses, which may force some smaller companies out of business due to their inability to pay the taxes associated with their meetings. Also, it may cause resentment among employees if they have to foot the bill for attending an important meeting that will benefit their employer instead of themselves. Additionally, having people pay for attendance might discourage people from attending or participating in meetings altogether and lead to lower morale among employees who do not feel valued or appreciated by their companies. 

Overall, instituting a meeting tax could be beneficial as long as it is done thoughtfully and wisely. It could help businesses save time and money while encouraging more effective use of resources and creating additional streams of income. However, care should be taken when considering such policies so that they do not create undue burden on businesses or drive away potential attendees due to expensive fees or decreased morale among employees who feel like they are being taken advantage of financially rather than compensated fairly for their participation in important conversations related to business operations. 

Alternatives to Imposing a Meeting Tax 

Accountability starts with setting expectations from the get-go. Establishing clear consequences for lateness helps ensure that people are held accountable when they don’t meet those expectations. A small fine or points system can motivate people to be punctual without having to impose a meeting tax or make a big deal out of someone showing up late one time.  

But opinions differ on this matter. Introducing such a harsh penalty may not be the best way to encourage punctuality in meetings. While there are some benefits to enforcing a meeting tax, there are some alternatives that companies can use instead: 

• Offer rewards for arriving on time. This could be anything from extra points in employee reward systems or vouchers for free coffee or lunch. 
• Have an open discussion about the importance of respecting one another’s time prior to each meeting. This helps foster an environment where everyone feels respected and valued, which can lead to better attendance and less tardiness in the long run. 
• Develop policies that make clear expectations about punctuality and document instances of lateness with warnings or probationary periods. This helps set boundaries in terms of acceptable behavior and can help ensure that everyone is taking their job seriously and treating others with respect. 
• Provide incentives, such as extra vacation days or bonuses, for those who consistently arrive on time or even early for meetings. This will help motivate employees and create positive reinforcement for good behavior while providing recognition for those who make an effort to respect other people’s schedules.  

The Power of a Good Agenda 

Meetings should also have structure and purpose; however, if you want to engage your employees and encourage them to come on time, then flexibility is key. Establish a clear agenda ahead of your meeting so everyone knows what will be discussed and who will lead different parts of the discussion. This allows your team members to plan ahead for their contribution and how much time they need for preparation. Encourage each attendee to come prepared with any questions or comments they may have about the topics at hand prior to arriving at the meeting.  

Having a well-crafted agenda is essential for keeping meetings on track and getting the most out of your time together. Everyone should know what topics will be discussed, how long each topic will take, and who is responsible for leading the conversation. When everyone knows what to expect and how their contributions will help move the conversation forward, it is more likely that everyone will arrive on time and be prepared. 

Technology as an Ally - Making Meetings More Cost-Effective With Eric.ai

There are plenty of tools available today that can help you stay organized and increase accountability when it comes to virtual meetings. Automated reminders sent via email or text message can help ensure that no one forgets about upcoming meetings or shows up late due to lack of communication. 

Eric.ai is the only AI for meetings that can help you maximize efficiency and productivity in your meeting environment! Make sure everyone's voice is heard, stay on track with real-time agenda time boxing, keep conversations going forward and ensure clear outcomes are communicated to all participants using this intelligent Microsoft Teams app integration. 

Start having better meetings today with Eric.ai!