{"id":19476,"date":"2025-01-09T15:39:14","date_gmt":"2025-01-09T15:39:14","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/are-conferences-worth-the-cost\/"},"modified":"2025-01-09T15:39:14","modified_gmt":"2025-01-09T15:39:14","slug":"are-conferences-worth-the-cost","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=19476","title":{"rendered":"Are Conferences Worth the Cost?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>The following article is from frequent contributor Kosmo.<\/em><\/p>\n<p>I recently went to a conference in New Orleans.\u00a0 It was hosted by one of the leading sales tax software companies.\u00a0 A bunch of techies and accountants, all in one place.\u00a0 New Orleans is an interesting place, and I\u2019d recommend it to anyone.\u00a0 I arrived in the Big Easy hours before a Taylor Swift concert, which made getting an Uber a bit more interesting (and expensive).\u00a0 Electrical issues on my return flight extended my flight, which was a slight annoyance, but overall, the trip was successful.<\/p>\n<p>There are a lot of conferences of this nature.\u00a0 Are they worth the money companies spend on them?<\/p>\n<h3>Costs<\/h3>\n<p>There are several costs that come into play.<\/p>\n<ul>\n<li><b>Conference cost<\/b> \u2013 The organization putting on the conference will charge a fee to attendees.\u00a0 This can range from a few hundred dollars to several thousand dollars.\u00a0 This allows the organizers to pay for the conference space, paid speakers, and the swag that is given away.\u00a0 At the conference I attended, I believe there was only one paid speaker.\u00a0 The other speakers were either employees of the software company or their customers.\u00a0 As far as swag, I came away with a water bottle, t-shirt, and quarter zip.\u00a0 There was other swag available, but I\u2019m only a <a target=\"new\" href=\"https:\/\/www.lazymanandmoney.com\/e-content-hoarder\/\">digital hoarder<\/a> \u2013 not a regular hoarder<\/li>\n<li><b>Airfare<\/b> \u2013 Despite what you learned from the movie Cedar Rapids, conferences are typically held in warm-weather cities, often far from where you are located.<\/li>\n<li><b>Rental car\/ride share<\/b> \u2013 People will need to get to the hotel from the airport (and back) and to various other places during the conference.\u00a0 Depending on the frequency of trips, it may be more cost-effective to just use a ride-share service or taxi.<\/li>\n<li><b>Hotels<\/b> \u2013 The events are often held in the conference facilities of upscale hotels.\u00a0 All the companies I have worked for have a policy of giving each employee their own room for the sake of privacy.\u00a0 I wouldn\u2019t recommend trying to save money by having employees share a room.\u00a0 A few bad incidents could kill team chemistry.\u00a0 Although you can often save some money by choosing a different hotel, the convenience of being on-site has value.<\/li>\n<li><b>Meals<\/b> \u2013 Your employees will need to eat while they are at the conference.\u00a0 Although lunch (and often breakfast) during the conference is often included in the fee for the conference, there are likely to be several meals that are not.<\/li>\n<li><b>Lost productivity<\/b> \u2013 One of the largest costs can be the fact that the employee is away from their typical work while they are at the conference.<\/li>\n<\/ul>\n<h3>Benefits<\/h3>\n<p>There are many benefits to attending conferences.<\/p>\n<ul>\n<li><b>Access to key individuals<\/b> \u2013 The conference I attended recently was related to sales tax software.\u00a0 Yes, there is an entire industry dedicated to accurately calculating and reporting sales tax.\u00a0 Prior to the conference, we had encountered an issue for which we couldn\u2019t find a solution.\u00a0 The typical process would have been to create a ticket and wait for someone to respond.\u00a0 However, while at the conference, I had access to the person who actually wrote the software integration where the issue arose.\u00a0 I was able to get a few minutes to chat with him about the issue with him and a colleague.\u00a0 They quickly realized that they needed to redesign some of the functionality, and I got them to put it on their roadmap for early 2025.<\/li>\n<li><b>Networking<\/b> \u2013 I\u2019ve typically been an introvert, but I\u2019ve started coming out of my shell in recent years.\u00a0 Prior to one of the evening events, I struck up a conversation with a woman from a large apparel brand.\u00a0 We decided to keep in touch every couple of months to bounce ideas off each other.\u00a0 We are in completely different industries and fairly different roles.\u00a0 There\u2019s enough overlap to be relevant and enough differences to help us each learn new things.\u00a0 I made several other contacts that could prove valuable in the coming years.<\/li>\n<li><b>Team building<\/b> \u2013 There were four of us who attended the conference.\u00a0 I\u2019m from the IT area, while the other three are in finance.\u00a0 We work with each other fairly regularly, and this was a good opportunity to get to know each other outside of the office.\u00a0 Sitting in the French Quarter eating beignets from Cafe Du Monde is a good way to build personal relationships with colleagues.<\/li>\n<li><b>Knowledge<\/b> \u2013 Lest we forget, the whole purpose of the conference is to learn more about relevant topics.\u00a0 There are two different approaches -some people attend a handful of sessions, whereas other people fill their schedule.\u00a0 I fall into the latter group \u2013 I packed as much into my days as possible.\u00a0 Among the things I learned were that many companies are facing a specific problem we are trying to solve and that we may be oversimplifying what is required to enable some new business functionality.\u00a0 The information I learned reinforced my initial thoughts and gave me additional information to use when I meet with the team to discuss those topics.<\/li>\n<\/ul>\n<h3>Worth the cost?<\/h3>\n<p>Are conferences worth the cost?\u00a0 You probably noticed that the benefits section is more verbose than the costs section, which is a good indication of where I stand on the issue.\u00a0 Yes, I do think that conference are worth the money \u2013 if companies make careful choices:<\/p>\n<ul>\n<li><b>Relevant topics<\/b> \u2013 The conference needs to actually be relevant to the work that the employees are being done.\u00a0 If your employee suggest a conference, have them go through the agenda and point to specific sessions that will be relevant for them.<\/li>\n<li><b>Relevant employees<\/b> \u2013 It\u2019s important to choose the employees that will get the most benefit from the conference.\u00a0 Some companies choose to send high level executives, or to use conferences as a reward for high-performing employees.\u00a0 However, it\u2019s important to choose employees who will actually learn a lot and be able to do impactful networking.<\/li>\n<li><b>Frequency<\/b> \u2013 There\u2019s definitely such a thing as overkill.\u00a0 If an employee is going to ten conferences per year, they may be doing a lot of networking and learning a lot of relevant information.\u00a0 However, they cutting into the amount of time they have to do their day job.\u00a0<\/li>\n<\/ul>\n<p>Additionally, attending a lot of conferences within a short span of time may result in a lot of overlap and reduce the value of any particular conference.<\/p>\n<h3>Editor\u2019s Two Cents<\/h3>\n<p>I pay around $2000 a year to go to, FinCon, the personal finance conference.  The tickets aren\u2019t that expensive, but the hotel and flights add up quickly.  I feel like I get a lot of knowledge there, but I rare have any time to act it.<\/p>\n<h3>What are your thoughts?<\/h3>\n<p>What are your thoughts about conferences?\u00a0 Are you an employee who attends conferences or a manager who approves attendance?\u00a0 Do you see value, or do you feel that they are a frivolous expense?<\/p>\n<p><h3 class=\"jp-relatedposts-headline\"><em>Related<\/em><\/h3>\n<\/p>\n<p><!--<rdf:RDF xmlns:rdf=\"http:\/\/www.w3.org\/1999\/02\/22-rdf-syntax-ns#\"\n xmlns:dc=\"http:\/\/purl.org\/dc\/elements\/1.1\/\"\n xmlns:trackback=\"http:\/\/madskills.com\/public\/xml\/rss\/module\/trackback\/\"> <rdf:Description rdf:about=\"https:\/\/www.lazymanandmoney.com\/are-conferences-worth-the-cost\/\"\n dc:identifier=\"https:\/\/www.lazymanandmoney.com\/are-conferences-worth-the-cost\/\"\n dc:title=\"Are Conferences Worth the Cost?\"\n trackback:ping=\"https:\/\/www.lazymanandmoney.com\/are-conferences-worth-the-cost\/trackback\/\" \/> <\/rdf:RDF>--><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The following article is from frequent contributor Kosmo. I recently went to a conference in New Orleans.\u00a0 It was hosted by one of the leading sales tax software companies.\u00a0 A bunch of techies and accountants, all in one place.\u00a0 New Orleans is an interesting place, and I\u2019d recommend it to anyone.\u00a0 I arrived in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[11591,11488,11288],"dealstore":[],"offerexpiration":[],"class_list":["post-19476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-conferences","tag-cost","tag-worth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are Conferences Worth the Cost? - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=19476\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Conferences Worth the Cost? - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"The following article is from frequent contributor Kosmo. 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