If your team logs work in Jira, you can utilize the features and capabilities of Jira to track and analyze meeting costs. Here are some steps you can take to ensure your meeting costs are being minimized:
- Capture meeting time: Create a separate Jira issue or task for each meeting. Make sure to include the start and end time of the meeting in the Jira issue.
- Assign appropriate labels or tags: Use labels or tags in Jira to identify meetings. For example, you can create a specific label like “Meeting” or “Meeting Cost” and assign it to all meeting-related Jira issues.
- Track time spent on meetings: Encourage your team members to log their time accurately in Jira, including the time spent in meetings. By associating the time spent on meetings with specific Jira issues, you can gather data on the overall time allocated to meetings.
- Calculate meeting costs: Determine the hourly cost of each team member based on their salaries or hourly rates. Multiply the total time spent on meetings by the respective hourly cost of each participant. This will give you an estimation of the meeting costs regarding labor expenses.
- Generate reports and analyze data: Jira provides reporting capabilities that allow you to generate custom reports based on labels or specific Jira issues. Use these reports to analyze meeting costs and identify trends or patterns. You can also compare the meeting costs before and after implementing the suggested optimization techniques.
- Review and refine meeting practices: Regularly review the meeting costs and related data to assess the effectiveness of the implemented strategies. Identify areas where further improvements can be made, such as reducing the number of meetings or optimizing attendee selection. Use the insights gained from the data analysis to refine your meeting practices and minimize unnecessary expenses.
By leveraging Jira’s features for time tracking and reporting, you can gain visibility into meeting costs and ensure that your team effectively minimises unnecessary meetings.
Calculating Meeting Costs: A Practical Guide
Based on our understanding, individuals typically record meeting schedules under generic labels such as “team meetings” and “daily stand-ups.” However, if a meeting is centred around a specific event or topic, it is assigned an issue in Jira.
We have developed a tool that enables you to monitor the cost associated with any issue. Yes, you heard it right, any issue!
To utilize this feature, input the hourly rates of the individuals involved into the add-on and configure the permissions to specify who can access this information.
Then, go to the issue where people log their meeting time and activate “Cost Tracker”.
In a task where all people log the time allotted for a meeting, Cost Tracker will display its cost on the issue widget.
Takeaway
In the realm of business, time holds excellent value. Neglecting the significance of team meetings to cut costs is an unfavourable choice. These meetings are vital for synchronization and fostering productive work environments. While many individuals track their time, they often overlook the associated costs of these activities.
SaaSJet team recommend utilizing the Cost Tracker for Jira Cloud and our expert tips to address this issue. By monitoring and tracking the costs of such activities, you will undoubtedly recognize its numerous benefits to your organization.