To Meet Or Not To Meet? Shopify Puts A Price Tag On Time

In the fast-paced corporate world, time is undeniably a form of currency. But now, Canadian e-commerce giant Shopify is driving this point home with a novel approach: a calculator that estimates the real cost of workplace meetings.

The innovative tool, integrated into their calendar app, utilizes average compensation data across different roles, meeting duration, and the number of participants to evaluate the fiscal burden borne by the company. Based on these metrics, a 30-minute session with three employees can vary from $700-$1,600. The price escalates to $2000 if a C-suite executive joins the discussion, reported Bloomberg.

Shopify’s logic for introducing the calculator is simple: it encourages employees to think twice before scheduling and attending a meeting. The tool can also be used to illustrate the financial implications of inefficient or unnecessary meetings with stakeholders. This makes it easier for executives to take decisive actions towards streamlining their workforce’s productivity and saving money.

That said, Shopify’s meeting cost calculator is a stark reminder of a hidden and growing expense that plagues businesses, especially larger corporations. The Washington Post reported, “Useless meetings are Enemy No. 1 for employees today,” citing research (disclosure: my own) published by MIT Sloan Management Review. Meanwhile, Business Insider reported that unnecessary meetings could cost substantial firms up to $100 million annually. This eyebrow-raising figure has sparked a hot debate among executives, entrepreneurs, and business analysts alike: is it more cost-effective to keep meetings to a minimum, or should companies focus on optimizing them instead?

Regardless of the answer, Shopify’s calculator has certainly opened up an interesting new way of doing business.

Critics might view this calculator as a dystopian approach that overemphasizes cost-cutting while potentially undermining the value of collaborative dialogue: after all, one cannot put a price tag on good communication. But the truth is that business executives must find ways to cut costs to keep their organizations running smoothly, and Shopify’s calculator could be part of the solution. In doing so, executives can better evaluate the financial implications of hosting meetings while ensuring their teams are only scheduling important ones.

So, does trimming down on meetings truly enhance productivity, or does it discourage employees, leaving them feeling unheard and excluded from decision-making processes?

The answer is far from straightforward, but with the help of tools like Shopify’s meeting cost calculator, businesses can begin to find out. It might lead to better business efficiency and productivity—or it may bring about a whole different set of problems. In any case, it’s certainly an interesting development in the world of modern business. Consider, for example, the implications of this kind of technology for remote teams or workers in different time zones. Think also about inclusion within teams—how will this calculator impact the dynamics of a group if some members are left out of meetings because they are deemed too costly?

I previously examined the DEI implications of cancelling meetings, which highlighted that the decision to do so should not be taken lightly, as it can carry significant social and inclusion implications. With Shopify’s meeting cost calculator, businesses can ensure they are considering more than just financial costs when planning their meetings—they must also evaluate how this could affect team dynamics and morale.

The bottom line? Shopify’s meeting cost calculator is a useful tool that can help companies become more cost-efficient and productive. It’s worth considering for any business looking to save money and increase efficiency—but it should be used with caution as there are still unknowns surrounding its impact on employee morale and overall productivity. With the right approach, though, it could lead to greater success in the long run.

And so, for leaders wanting to make smart, informed decisions for their teams and businesses, the meeting cost calculator could be a great asset. But only if it’s used with the right strategy and approach. Because by understanding how much each meeting costs in terms of both money and productivity, companies can get a better sense of what’s truly best for their bottom line.

Ultimately, it’s up to businesses to decide which meetings are worth having—and which ones should be cancelled. The meeting cost calculator can help to make that process easier. Let the real savings begin!