Importance of Time:
Time is a limited and a valuable resource because we can’t store it.
According to the famous Irish philosopher George Bernard Shaw: ”Everything happens to everybody sooner or later if there is time enough.”
The world is moving nowadays in a very fast pace to the extent that even 24 hours is getting shorter and therefore, time is getting scarcer day after day.
According to Denis Waitley:“Time is the most precious element of human existence. The successful person knows how to put energy into time and how to draw success from time."
We always talk about time. We have time, buy time, keep time, save time, waste time, pass time, we kill time, give time, make time, and we take time.
You need time to do what you want in life. You need time to do almost anything worthwhile in life.
What is Time Management?
Time management is about making the most of your time. It is to manage your time by allocating enough time for a special activity.
Time management is how to use the best available time given its limited availability.
Time management refers to setting priorities according to time.
Time management helps you do your task in time and utilizes your time more productively. According to Benjamin Franklin: ”You may delay, but time will not.” Generally, time management refers to the development of processes and tools that increase efficiency and productivity.
Time management means the process of planning or controlling the amount of time spent. This concept was originally restricted to business or work environment, but later it included all personal activities and even leisure activities. The view of time management system is to include tools, techniques, processes and methods.
It is about developing effective strategies for managing your time to balance the conflicting demands of time for study, leisure, work, family, sports and even spirituality. It is about setting priorities for tasks according to their importance and urgency.
Time is available to all of us everyday by the same amount, meaning once it is gone,it is gone forever.
According to Peter Drucker: "Time is the scarcest resource and unless it is managed nothing else can be managed."
According to the US Bureau of Labor Statistics, the 2011 time use on an average work day for employed American persons ages 25-54, are as follows:
Work: 8.8 hours
Sleep: 7.6 hours
Leisure & Sports: 2.5 hours
Care for others: 1.2 hours
Household activities: 1.1 hours
Eat & Drink: 1.1 hours
Other: 1.7 hours
This means that the majority of 24 hours are gone, with over 12 hours a day devoted to working, eating, household and caring activities. If you combine work and sleeping hours, there's really not much time left for anything else by the average working American.
Research into how people use their time also leads to some disturbing facts. Nearly the third of working adults in the US sleep less than 6 hours each night. A similar proportion (30%) said they were worried about work pressure and didn't have enough time to deal with all their tasks.
Worker burnout rates averaged 32%, primarily because of trying to cope with the information overload and handle various activities. Almost 62% of workers didn't use all the vacation time they were eligible for. This is one of the major causes of business stress, especially for managers. Managers have to deal with deadlines and other time constraints on a daily basis. It is no wonder that productivity is linked to effective time management. According to MetLife 2010, 40% of employees said their workload had increased in the past 12 months. According to a Wall Street Journal report, Office workers waste an average of 40% of their workday. Not because they aren’t smart, but because they were never taught organizing skills to cope with the increasing workloads and demands.
Research conducted by the Annenberg School of Communications at UCLA and the University of Minnesota’s Training & Development Research Center show that executives on average spend 40-50% of their working hours in meetings. The studies also point out that as much as 50% of meeting time is unproductive and that up to 25% is spent discussing irrelevant issues. It is interesting to note that 9 out of 10 people daydream in meetings.
It is no surprise that time management plays a very important role in everything we do: in business, work activities, and also in our personal lives.
According to Mother Teresa “Yesterday is gone. Tomorrow has not yet come. We have only today. Let us begin.”
Please join me in my next series about Time management.