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Your scarcest resource.
Harvard Business Review
|June 25, 2014
Summary
Companies often manage capital rigorously but neglect organizational time. A study of 17 corporations revealed excessive e-communications and meetings, limited collaboration, and poor time management practices, hindering growth.
Area of Science:
- Business Management
- Organizational Behavior
- People Analytics
Background:
- Corporations implement detailed capital management procedures, including business cases and spending limits.
- Organizational time, however, is frequently unmanaged, leading to inefficiencies.
- Lack of time management impacts productivity and growth.
Purpose of the Study:
- To analyze how large corporations manage their time.
- To identify inefficiencies in current time management practices.
- To propose effective strategies for managing organizational time.
Main Methods:
- Utilized innovative people analytics tools to examine time budgets.
- Analyzed data from 17 large corporations.
- Identified patterns in e-communication, meeting frequency, and collaboration.
Main Results:
- Companies are overwhelmed by e-communications and excessive meeting time.
- Real collaboration is limited, and dysfunctional meeting behavior is increasing.
- Formal controls for time management are rare, with few consequences for mismanagement.
Conclusions:
- Implementing disciplined time management practices is crucial for organizational success.
- Key practices include clear meeting agendas, zero-based time budgeting, business cases for initiatives, and standardized decision processes.
- Effective time management liberates employee hours, fostering innovation and profitable growth.