Our reader poll today asks: How much value do you place on your own time?
- An extreme amount: It’s the only commodity I can never get back 20.33%
- A significant amount: I get pretty upset when people waste my time 40.42%
- A moderate amount: Time is important, but I don’t obsess over it 29.79%
- A minor amount: I have more important things to worry about 3.23%
- A negligible amount: I focus more on outcomes than my time 6.23%
Know your worth. While 60% of you place a premium on your time, the other 40% value it less. This perspective can lead you to take on work you shouldn’t be doing. If you’re an entrepreneur or business owner, this means doing work that doesn’t properly compensate you for the value of your time. If you’re working in corporate, it might lead you to take on jobs that don’t value your skills appropriately. This mindset can also show up in you not pushing back on your employer taking advantage of your willingness to do additional work (evenings, weekends, days off, etc.) because you don’t value your time highly enough. Here are two quick ways to assess the value of your time. First, take your total annual compensation (base, bonus, benefits, etc.), divide by 250 days then divide by 8 hours. Now triple that number. That’s your hourly rate to account for vacation, time off, etc. Ask yourself if the work you’re doing is worth the rate you should make. If not, consider turning it down. The other method is to assess opportunity cost. Ask yourself: if I say “yes” to this work, what do I have to say “no” to? That might be time with family/friends, vacation, exercise, or hobbies. Is it worth giving up those things you like to do in exchange for the work you’re being asked to do? If not, consider pushing back on the additional work. Your time is the most precious resource you have. Treat it accordingly.
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These results were originally a SmartPulse poll in SmartBrief on Leadership which tracks feedback from more than 240,000 business leaders. Get smarter on leadership and sign up for the SmartBrief on Leadership e-newsletter.