Quick answer: meeting cost = people x hourly pay x minutes / 60. Two managers at 110,000 and six team members at 75,000 in a one-hour meeting cost about 322 in salary; held weekly, about 16,750 a year.
Quick answer: meeting cost = people x hourly rate x minutes / 60. Eight people averaging 85,000 a year (40.87 an hour) in a one-hour meeting cost about 327 in salary; weekly, that is about 17,000 a year.
Using the number
The point is not the exact figure but the comparison: a recurring meeting costs its per-meeting price every week. Cutting a weekly one-hour meeting to 30 minutes, or from 8 people to 5, saves a predictable amount you can put next to what the meeting produces. The figure is salary only; benefits and overhead would add more.
For the cost of all staff hours, not just meetings, use the labor cost calculator.
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Questions
How do I convert salary to an hourly rate for this?
Divide by 2,080 (40 hours x 52 weeks). 85,000 / 2,080 is 40.87 an hour.