Time the Finite Resource

Effectively managing money in a business is critical to success yet managing time is a disaster, if we treated money the same as we treat time, bankruptcy would be guaranteed.  Sadly we do not attach the same value to time; we still spend so much time both in our professional and personal lives on non-value work.

So what is the solution?

 So often time management is seen as the responsibility of the individual and is often linked with personality types and personal capabilities. McKinsey & Co challenges this notion and discusses how organisations can support business goals as well as the individuals strategic priorities through targeting problems systematically…

 This is a great article to read, McKinsey’s research of 1,500 global executives came up with some telling results, two for me that really stood out are that only 9% of Senior Managers were ‘very satisfied’ with their time allocation and the other was that only  52% spent time on activities matched to the organisations strategic priorities.  Enjoy!!

 “When a critical strategic initiative at a major multinational stalled recently, company leaders targeted a talented, up-and-coming executive to take over the project. There was just one problem: she was already working 18-hour days, five days a week. When the leaders put this to the CEO, he matter-of-factly remarked that by his count she still had “30 more hours Monday to Friday, plus 48 more on the weekend.”

 

SLIDE 1

Extreme as this case may seem, the perennial time-scarcity problem that underlies it has become more acute in recent years. The impact of always-on communications, the growing complexity of global organizations,1and the pressures imposed by profound economic uncertainty have all added to a feeling among executives that there are simply not enough hours in the day to get things done.

Our research and experience suggest that leaders who are serious about addressing this challenge must stop thinking about time management as primarily an individual problem and start addressing it institutionally. Time management isn’t just a personal-productivity issue over which companies have no control; it has increasingly become an organizational issue whose root causes are deeply embedded in corporate structures and cultures.

Fortunately, this also means that the problem can be tackled systematically. Senior teams can create time budgets and formal processes for allocating their time. Leaders can pay more attention to time when they address organizational-design matters such as spans of control, roles, and decision rights. Companies can ensure that individual leaders have the tools and incentives to manage their time effectively. And they can provide institutional support, including best-in-class administrative assistance—a frequent casualty of recent cost-cutting efforts.

Approaches like these aren’t just valuable in their own right. They also represent powerful levers for executives faced with talent shortages, particularly if companies find their most skilled people so overloaded that they lack the capacity to lead crucial new programs. In this article, we’ll explore institutional solutions—after first reviewing in more detail the nature of today’s time-management challenge, including the results of a recent survey.

Time: The ‘infinite’ resource

When we asked nearly 1,500 executives across the globe2to tell us how they spent their time, we found that only 9 percent of the respondents deemed themselves “very satisfied” with their current allocation. Less than half were “somewhat satisfied,” and about one-third were “actively dissatisfied.” What’s more, only 52 percent said that the way they spent their time largely matched their organizations’ strategic priorities. Nearly half admitted that they were not concentrating sufficiently on guiding the strategic direction of the business. These last two data points suggest that time challenges are influencing the well-being of companies, not just individuals.

The survey results, while disquieting, are arguably a natural consequence of the fact that few organizations treat executive time as the finite and measurable resource it is. Consider the contrast with capital. Say that a company has $2 billion of good capital-investment opportunities, all with positive net present value and reasonably quick payback, but just $1 billion of capital readily available for investment. The only options are either to prioritize the most important possibilities and figure out which should be deferred or to find ways of raising more capital.

Leadership time, by contrast, too often gets treated as though it were limitless, with all good opportunities receiving high priority regardless of the leadership capacity to drive them forward. No wonder that so few leaders feel they are using their time well or that a segmentation analysis of the survey data revealed the existence not only of dissatisfied executives but of four distinct groups of dissatisfied executives—“online junkies,” “schmoozers,” “cheerleaders,” and “firefighters”—whose pain points, as we’ll see, reflect the ways organizations ignore time (for a full description of each group, see the narrated slideshow, “Time management: Four flavors of frustration”).” Read the full article here

Christine Petersen is an authority on Time Management, Productivity and Workflow Management solutions. With over 20 years’ experience working with in excess of 20,000 Senior Managers internationally; Christine has a passion for rigorous processes and the effective use of business technology.

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