In a recent poll, it was reported that 70% of employees in the united states spend 15 minutes a day looking for an available meeting room. Some employees report spending even more time! In this post, we will look at how much money these collective 15 minute increments amount to for a sample company. This sample company will be Bloomberg LP. To find this (rough) estimate, we will use the following equation:
(Average 15min Increment value) *(nyc employment level)= Wasted Time in $
Step 1: Finding the average 15min increment value
According to payscale.com, the average yearly salary at Bloomberg is $107,000.
To figure out what this means per day, we will next look at how many working days there are in a year. In the average year there are 365.25 days. Next we subtract eliminate all of the Saturdays and Sundays, 8 holidays, 20 vacation days, and another 5 days for sickness/extra vacation/for good measure. With this, the number of working days in a year is:
365.25 days 5/7 monday to friday -8 holidays-20 vacation days-5 sick,extra vacation,good measure=227.89 working days
Now, when we divide salary by working days, we understand that payment per working day is equal to:
107,000 dollars 227.89 working days=469.52 dollars per working day
After this, we find dollars per hour by dividing by 8.5 hours per day of work, and then by 4 to find the average value of 15 minutes:
469.52 dollars per working day8.5 hours per day=55.24 dollars per hour
55.24 dollars per hour4= $13.81 of waste per 15 minute increment
Step 2: Number of employees at Bloomberg
A lot less lengthy then step 1, we now check wikipedia, and see that the employment number of employees at Bloomberg hovers around 20,000.
Step 3: The final Equation
$13.81*[20,000 employees]=$276,200 of waste Bloomberg LP annually!!
The $276,000 of waste can be saved with indoor solutions like spreo’s that enable people to view and wayfind to available meeting rooms. Moreover, this is only the tip of the iceberg. Here we have simply looked at people looking for meeting rooms, but we have not considered cases where people are looking for an open workstation, looking for a colleague to discuss important matters, and more. This is also not just applicable to the corporate landscape, think about all the ways this can be used in a hospital (waiting rooms, assets, etc). The cost savings that are able to be had from an indoor mapping platform like Spreo are incalculably high!