Business, Productivity

Tick Tock Goes The Clock: How Your Business Wastes Time Without Even Noticing

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We’re often told that time is our most valuable resource. But how many of us act as if it really is, especially in business? Not many, that’s for sure.

According to a study by Salary, nearly 90 percent of workers admit that they waste time on the job. That figure is up significantly from a year ago when it was already over 70 percent.

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It’s clear that businesses are wasting time and sabotaging their growth. But what can they do about it? Let’s find out.

Playing On The Internet

We all know that the web is a shiny, interesting, beautiful place. But it’s also a huge productivity sink if no kept under wraps. The Salary survey found that the biggest problem websites were likes of Facebook and Linkedin. Interestingly, Twitter and Pinterest didn’t seem to be so much of a problem. (Perhaps they’re not addictive enough?) The moral of the story is that the internet wastes time. But what can businesses do about it?

The problem for businesses at the moment is that blocking non-work sites is very unpopular. And given the rise of mobile devices, it’s probably not worth it anyway. What’s worse, 8 percent of employees said that they would consider leaving a job if there was a site blocking policy.

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Admin Tasks

Modern businesses are hubs for multiple data streams. They collect up vast quantities of data and use it for everything, from product design to marketing. But actually keeping a lid on admin costs associated with it is difficult. Take keeping transaction records, for instance. According to Intuit, the average small business spends 57 percent of its admin time dealing with transactions. It also spends a third of its total time on doing admin tasks. Thus, admin overheads are enormous.

Fortunately, technology is making it easier to deal with many of these tasks. A number of solutions have made their way to market. An enterprise data management solution can collect lots of data and automate basic processes and free up IT resources. Companies can then shift their admin budget away from rote tasks towards work that adds more value.

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Bogus Meetings

Meetings have gotten a lot of stick in the business press over the last few years – and for a good reason. Studies have shown that unnecessary meetings cost companies a fortune. According to the most recent data, the average employee attends more than 60 meetings a month. That equates to more than 30 hours spent not working, every month. In the US alone, the salary cost of this is estimated to be around $37 billion.

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Many business experts now recommend that businesses cut down on their meetings. If they do have meetings, they should be kept short and to the point. Meetings shouldn’t last anymore than 30 minutes. And if they do, there needs to be an excellent reason for it.

Data from surveys suggests that 47 percent of employees agree that meetings are the biggest waste of time at the offer. What’s more, nearly 40 percent admitted to using meetings as a chance to catch up on sleep.

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