The Cost of Poor Time Management
Time is finite.
Although it is conceptually infinite, the amount we have access to is limited. Furthermore, it is a resource that we cannot reproduce; making it one of the most valuable assets we manage each day.
Unfortunately, how to best manage our time is not something many receive formal training on and the negative consequences of that are seen in life and work. One study found that ‘time leakages’ caused by poor time management result in a more than 38% loss of billable revenue (Time is Money). Not only are the costs of ineffective time management seen directly, but the indirect impact is also reflected in employee burnout, absenteeism, and turnover. Replacing an employee can cost 50-60% of that employee's salary (SHRM). In short, poor time management can cause a number of workplace problems including, but not limited to:
- Missed deadlines and appointments
- Incomplete projects
- Procrastination
- Inability to focus
- Lack of professionalism
- Inefficient workflow
- Lower quality work
- Unwanted stress
- Increased employee turnover
- Absenteeism
- Strained workplace relationships
- Financial penalties
- Increased health and wellness costs
The impact of time management on the bottom line, and life, make it a training area which is no longer optional in business and absolutely necessary for happiness in our modern world. People in every age group are craving time management support and work-life balance has ranked in the top 5 reasons employees left a job. In short, poor time management has real costs.
