Your Scarcest Resource: Time is Money, But Few Organizations Treat It That Way
Most companies have elaborate procedures for managing capital. An organization's time, by contrast, goes largely unmanaged. Bain & Company used innovative people analytics tools to examine the time budgets of 17 large corporations and discovered that companies are awash in e-communications; meeting time has skyrocketed; real collaboration is limited; dysfunctional meeting behavior is on the rise; formal controls are rare; and the consequences of all this are few.
Sponsored by join.me, the instant online meeting app, this Harvard Business Review article outlines eight practices for managing organizational time, including: make meeting agendas clear and selective; create a zero-based time budget; require business cases for all initiatives; and standardize the decision process. Forward-thinking companies that have brought considerable discipline to their time budgets have liberated countless hours of previously unproductive time for executives and employees, fueling innovation and accelerating profitable growth.
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