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The meeting could have been by e-mail. It may cost as much as $1,600.
Shopify, a leading Canadian e-commerce company, has taken a unique approach to minimizing meetings by introducing a “cost calculator” embedded in its employee calendar app. Bloomberg reported.
This tool estimates the cost of meetings with three or more participants based on factors such as average pay, meeting time, and number of attendees. His 30-minute meeting with three employees costs between $700 and $1,600. However, add high-ranking executives to this, and the meeting could cost him $2,000 or more. (No, employees don’t actually pay.)
This cost calculator is part of Shopify’s broader year-long effort to crack down on inefficient gatherings. The overall goal is to “change the default answer from yes to no” when it comes to meeting scheduling, Shopify CEO Kaz Nejatian, who also developed a cost calculator, told Bloomberg.
Related: Shopify Cancels Meetings for Two Weeks as a Test
By 2023, Shopify is projected to save a staggering 322,000 hours and eliminate 474,000 unnecessary meetings, Nejtian told the media outlet, highlighting the importance of recognizing the value of time. emphasized.
Shopify CEO Kaz Nejatian built a cost calculator.Chloe Ellingson/Bloomberg | Getty Images
“Nobody would spend $500 on a dinner at Shopify,” added Nejatian. “But too many people spend more than that on meetings without ever making a decision. The purpose of this activity is to show that time is money. If I have to, I think about it.”
Earlier this year, Shopify canceled all recurring meetings of three or more people, including Wednesday meetings. However, this effort did not reduce gatherings as much as the company had hoped.
”[W]Meeting chaos is percolating once again and we needed to take immediate action,” the company wrote in an internal memo this week. CNN. “Time is money. That time should be spent helping merchants succeed or having fun, but meetings are often neither.”
Related article: ‘Meeting culture’ costs companies $101 million annually
Meeting inefficiencies are a common (and costly) problem facing many organizations.
research A study by Professor Steven Rogelberg of the University of North Carolina at Charlotte and transcription platform Otter.ai found that non-essential meetings cost companies about $25,000 per employee per year. Additionally, the report found that eliminating unnecessary meetings could save a 100-employee company $2.5 million annually. For his 5,000-person company, that jumps to $100 million a year.