McKinsey + Co.: Managing your scarcest resource: Time

McKinsey & Company has re-issued a classic report dealing with using time more effectively. The McKinsey & Company report begins as follows:

Pervasive economic and political uncertainty. Proliferating corporate programs and initiatives. 24/7 communications. No wonder many businesspeople think there aren’t enough hours in the week. In fact, when we asked some 1,500 executives about the way they spent their time, we found that just 9 percent were “very satisfied” with it, less than half “somewhat satisfied,” and about one-third “actively dissatisfied.” Above all, only a little more than half reported that their allocation of time matched the strategic priorities of the organizations they lead. 
McKinsey’s research and experience suggest that companies should stop thinking about time management as mostly an individual problem and start addressing it as an organizational one, with roots deep in corporate structures and cultures. The good news is that executives can address the problem systematically. As Peter Drucker famously wrote, “Time is the scarcest resource, and unless it is managed, nothing else can be managed.”

To see full report, including to learn how time can work for, not against, you and your company, click here: “Making time management the organization’s priority.”

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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