We’ve all heard the phrase “Time is money.” But what does that really mean? It refers to how much we put into accomplishing something for the earnings we get back. Time Management is about Productivity Management.
In project management we refer to the three primary ingredients of productivity as the “Triple Constraints:” Scope (what needs to be done), Schedule (when it needs to be done), and Cost (the resources needed to get it done). You can always adjust scope, or maybe get more budget, but time is the unchangeable ingredient that can’t be modified. Time is fixed by the number of hours in a day and always draining away. What we are managing is what we accomplish in the time we have available.
In this post we'll talk about some common issues that impact daily productivity, falling into two main categories:
- Distractions - things that steal our attention from what we are trying to accomplish.
- Inefficiencies - things that degrade our performance while we are working on them.
Distractions
We’ve passed from the Information Economy to the Attention Economy, or more accurately the “distraction” economy. We live in a continuous snowstorm of information, and we think we can take it all in. But it comes at the cost of being distracted by information that is usually unimportant most of the time. These distractions are like little time thieves. And we all know what they are:
- Checking social media
- Surfing the web
- Personal texting
- Personal emails at work
- Personal phone calls
These distractions are so imbedded in our daily lives, that texting while driving now causes 1 out of 4 car accidents, and is the leading cause of death for teenagers in America.
Inefficiencies
While distractions are obvious, inefficiencies are often more subtly working against us while we are trying to be productive. Below are some of the many inefficiencies commonly faced.
Multitasking
Our information technology fosters multitasking because it promotes multiple and continuous sources of issue inputs at the same time. Multitasking of any kind reduces productivity. The more you try to accomplish at the same time, the less you actually accomplish. Multitasking robs productivity because of the start-stop-start again from task interruption and reengagement. Mental task loading can reach a point of saturation where the ability of the brain to multitask is exceeded. Multitasking leads to mistakes that require rework, and lost customer confidence. While popular knowledge might lean differently, there is no gender advantage at multitasking.
Emails
Emails can be a real time sink. Think about how much of your economy is based on emails. If a mere four minutes is given per email for 60 emails a day, that's four hours on email alone. We think we are being productive if we can just get a few of the issues arriving by email dealt with – then go back to what was planned for the day. However, this approach never works well, and the real work backs up.
Meetings
While meetings can be good team building events, be aware of meeting costs and impacts to the productivity of the participants. Is a meeting really that valuable or necessary? Who really needs to be there and why? Having a group gathered and not interacting may not be the best use of their time (and expense).
Perfectionism
There is no end to getting something “perfect.” The expression, “90% done, 90% to go,” refers to significantly diminishing returns for time invested. How good does it really need to be?
Fatigue
Fatigue brings all kinds of problems that lower productivity; less energy, decreased concentration, plus reduced ability to solve problems and think creatively. You also have lower tolerance for stress and anxiety. Fatigue also leads to mistakes that require rework, and possibly lost customer confidence.
Not Delegating
Don’t take on problems (fire drills) that your team can and should handle themselves (i.e. urgent but not important).
Procrastination
We all get stuck not doing something because it's more pleasurable to do something else, or because of stress, anxiety or fear, or just lack of discipline.
Software Tools
Be careful – managing the tool is not necessarily being productive. You can spend a lot of time managing the software rather than doing the work that the software is tracking.
In the second part of this post, we'll review some techniques and strategies for improving on distractions and inefficiencies that impact our productivity.