When it comes to our time, many thoughts come to mind. In the business world, time is money. When something needs to be done in a hurry, time is of the essence. And when enjoying time we have each day with family and friends, time is considered to be precious. However, when it comes to putting a value on our time, few people give this much thought, much less actually attempt to do so. But for those who do, it can be a valuable tool to use in business and other matters. If you have always wondered about the value of your time, here are some tips you can use in making your calculations, as well as how to use the results to decide if delegating responsibility may actually make your time more valuable.
Calculating Time into an Hourly Salary
In calculating your time into an hourly salary, the process is actually quite simple. To do so, take your annual salary and add this to the monetary value of your benefits package. Once this is done, divide this number by the total number of hours you work in a year. The number you come up with after doing so will be the hourly value of your time. While this may sound simplistic, it is an effective way to determine what if any tasks should be delegated to others in the office.
Are You Actually Saving Time and Money?
In many cases, situations that look as if they will save you money on the job will actually cost you more than you think, which makes them perfect tasks to be delegated. For example, if it is moving day for you and your company, the first thought that may come to mind will be doing the job yourself, which on the surface appears as if it will be cheaper than hiring movers. However, if you choose to use some of your highest-paid personnel, along with some of your most efficient and highest-producing employees, you may find you are actually costing the company time and money by doing so. Thus, it is vital you not only know the salaries of all employees, but also how their work impacts the company on a daily basis. By doing so, you will have a much better idea of how to proceed.
Times to Forget the Formula
While in the business world it is certainly true that time is money, there are also times when that may not be the most important factor. To determine this, you can ask yourself a few questions, such as:
- Do I enjoy what I’m doing?
- Is there long-term value in what I’m doing?
- Do I have a good motive for what I’m doing?
With these questions, if you can honestly answer that you truly enjoy what you are doing, that it has a long-term reward waiting at the end, and it is helping others along the way, it is time to forget the formula and like Nike says, just do it.