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Corporate meetings not only cost you time–they may also be costing your company money. According to the recent network MCI Conferencing Meetings in America study of 660 employees, flying in employees for meetings can be seven times as costly as conducting meetings with audio or videoconferencing.
In-person meetings cost an average of $1,365.21 per person. Companies shell out $673.85 for travel expenses and $317.14 for three days’ worth of lodging and meals. Companies also spend $374.22 in personnel costs, including salary, for each participant.