McKinsey and Co. recently released a study of 1,400 senior executives revealing only 52 percent of them spend their time on tasks that match their companies' strategic priorities. As a result, almost a third of the respondents were dissatisfied with how they spent their time at work.
According to McKinsey, this group typically got wrapped up in one work or communication style. For example:
“Online junkies” spent a significant amount of time on email or voicemail and did not interact with people very much.
“Schmoozers" spent a lot of time with clients and customers, but neglected employees.
“Cheerleaders” spent a majority of time with employees, but focused less on customers and vendors.
“Firefighters” spent most of their time resolving short-term or surprise issues.
While all executives agreed that time management was important, most did not actually track how they spent their time. Successful executives surveyed were much more balanced in their time management approach and communication style. They spent roughly a third of their time on face-to-face interactions, a third on email or voicemail and the rest on the phone.
Aaron De Smet, a principal at McKinsey’s Houston office, believes companies need to address time management as an "organizational initiative, not an individual one." He says firms should set “time budgets” for certain projects and and limit the introduction of new initiatives that can overwhelm executives.
Read the full article in the Wall Street Journal.
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