Calculate The Value of Your Time with this Time Management Tool
Use this time management tool to calculate the value of your time at work.
In my workshops, I ask people "What is time?" Some people reply that "time is money."
I actually think that time is much more important than money; however, knowing the value of your time can be a great way to make decisions about how you prioritize your time.
Knowing how much your time is worth at work for you enables you to make decisions about which tasks are good returns on your time and which tasks are a poor return,
A good rule of thumb is to take your total wage and to divide this wage by 2.
When you have this figure then you can divide it by 1000.
This gives you a rough idea of how much your average hourly rate is.
This hourly rate will identify which tasks are a good return on your time and which are a poor return on your time at work.
What's an hour worth to you?
Let’s assume that you make $50,000 a year.
So taking $50,000 we divide this by 2 = $25,000
Now take this $25,000 and divide by $1,000 = 25.
So a rough rule of thumb is that on $50,000 a year, your hourly rate is approximately $25.
You now have your hourly rate which is about $25.
Knowing that your hourly rate is $25 allows you to put a dollar figure on how much time you spend on different tasks.
Are you spending your time on tasks that are a high return for you and your work?
If you find that you could use your time better, examine your time management log, in the next article and look for tasks that are of low value to you. These are tasks that have the potential to be delegated.
Note: Since you work an average of 40 hours a week. Over 50 weeks, this means that you work about 2000 hours. The calculations do not take into account the amount that your boss spends on overheads, and the amount is gross of tax.
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