Time is money ... are you spending it well?
By Krista Powell Edwards (June 2004 Issue)
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People don’t manage time well for three main reasons: human nature, a lack of understanding of time management, and ineffective tools and techniques for managing time. Yet there are major benefits for both the individual and the organisation by improving time management. Individuals who are good time managers are better able to achieve their goals, more efficient, effective and in control of what they do. They are better able to cope with problems and have lower stress levels. They are more motivated and successful. Effective time managing organisations have improved team working, better interdepartmental relationships and customer service, and a more satisfied workforce with less absenteeism and higher levels of staff retention.
In many organisations a ‘long hours’ culture is prevalent; it’s perceived as a demonstration of commitment and importance. Those who don’t work long hours are often viewed as shirkers or not being committed. Is this valid? From my own experience I have serious doubts. I worked in one organisation where working long hours was boasted about, people suggesting that their jobs were so tough that long hours were a necessary evil. Is this working effectively? My role in that organisation involved working to rigid deadlines, six a year. When I had to work flat out, I was really performing – but I couldn’t sustain the performance level for longer than eight hours.
This experience has led me to question whether people working long hours are working as effectively as they could be, whether they are using their time well or just using their time – a key distinction. This view is supported by a recent research study at the UK’s Cranfield School of Management. The research found that owners of fast-growing businesses are more likely to work less than 35 hours a week, and less likely to work more than 70 hours per week than those running declining companies. ‘The figures lend support to the notion that working long hours is not the key to achieving fast growth but working smarter probably is.’1
The objective in managing time is to look for ways to maximise the performance ...
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