Many business owners may think of wasted time as an employee taking the day off, or our sick. But what about lost time while an employee is in the office?
Think about lost time and what it cost a business. Unfortunately, we all have done it and sometimes it is part of life "at the office". For example, think about some of these simple conversations:
Did you watch the game last night?
I love that new show, don't you?
What are you doing for vacation?
How was vacation?
How are the kids?
These conversations, although seemingly harmless all add to the cost of doing business. You may say well, they may only take 15 minutes here, or 15 minutes there. But look at the math:
For instance, if an employee is making $45,000/year, every hour is worth $21.00, and each minute is worth $0.36. The annual value of just 15-minutes wasted per day is $1,406.00.
Not a judgement, just a fact of life. It however, is important to measure these types of lost time, so we can maximize efficiency.
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