Discussion the importance of time management in workplace

Time management is important for companies to prioritize all the work tasks and achieve the goals faster.. If you struggle to make the most of the workday, don''''t worry - good time manage

THUONG MAI UNIVERSITYACCOUNTING AND AUDITING MAJORS

Class note: 231_ENTI1011_16Teacher: Bui Viet Thu

Ha Noi, October 2023

LIST OF TASK GROUP 3

I What is time management?

II The benefits of good time management in the workplace

1 Increased productivity

2 Avoid missing deadlines and appointments

3 Achieve work-life balance

4 Become more organized

5 Better workplace relationships

6 Reduced stress

7 Deliver work on time

III How To Have Better Time Management In The Workplace

1 What is a SMART goal?

2 How to write SMART goals?

3 Example SMART goal for improved time management In The Workplace

REFERENCE

“ Time stays long enough for those who use it.” – Leonardo Da Vinci.

Time is one of the most important and valuable resources we have, yet many people don’t utilize it wisely This is usually due to a lack of understanding of the importance of time management When the working days feel short and the to-do lists are long, it's easy to become overwhelmed You’re unsure which tasks to tackle first, struggle to find a flow state between meetings, and ultimately end up procrastinating throughout the day If you relate, you're not alone According to research, only 20% of people feel they have their workload under control on a daily basis, and over 10% feel that their work is never under control This comes down to a lack of good time management skills Time management affects performance and productivity at work It will improve employee efficiency and help to meet deadlines and produce better quality work Time management is important for companies to prioritize all the work tasks and achieve the goals faster With an effective time management plan, you can take on new opportunities and sustainably grow your company

If you struggle to make the most of the workday, don't worry - good time management skills can be learned Today, we’ll be taking a deeper look at the importance of time management in the workplace.

I What is time management?

Do you ever feel like there's not enough time in the day? We all get the same 24 hours – so why do some people seem to achieve more with their time than others? The answer is good time management.

Time management is the process of planning and managing your time to work smarter rather than harder You can plan your time between your most critical tasks with the help of good time management

Elements of time management include organization, planning, and scheduling to best take advantage of the time available Time management techniques also take into account an individual's particular situation and their relevant capabilities and characteristics.

Effective time management is the process of utilizing your time to plan your days so that you can do your work with less effort, and make the most out of your time By controlling it, you can achieve greater and better outcomes in less time, with no stress

Oftentimes we slack off at work and delay tasks for no reason Mastering time management will make your work better, your efficiency will increase, and you will accomplish your goals with less effort.

II The benefits of good time management in the workplace.

Effective time management helps you plan how you spend your time to get everything done without exhausting yourself In other words, with good time management skills, you complete your tasks with less effort

Here are the 7 key benefits of proper time management: 1 Increased productivity.

As you work through the different demands of your job, effective time management methods can help you be more productive throughout the day, allowing you to steadily complete your to-do list in an efficient manner Overall, productivity is often reduced by at least 45% when an employee is engaged in multitasking This is why it’s so important to manage your time in the workplace.

Usually, we’re given a variety of different tasks that require our attention But when your time management skills are lacking, this focus goes out of the window, resulting in missed deadlines, last-minute crunches to get work over the line, and productivity declines Spacing them out and prioritizing them by importance makes a huge difference in our productivity You may also notice that you’re completing tasks in less time and stressing less about deadlines.

2 Avoid missing deadlines and appointments

Deadlines and appointments are often difficult to keep track of Especially when you have to do many tasks at the same time To keep yourself on track with your work and finish on time, you need to make sure you start on time - you’ll also need to ensure you divide your work into manageable chunks you’ll be able to tackle in the predefined time periods From there, we can establish the right resources needed to complete a task on time.

I believes good time management helps us keep up with all of our deadlines and appointments, which makes us more productive and leads to exceeded expectations.

“You can deliver high-quality work on time and within budget You can meet or exceed your expectations and standards.” - Bryan Clayton

For example: Creating a project deadline list that’ll be transparent for the entire team (e.g in a project management software with all tasks assigned to the people responsible) can work wonders for teams with delivering their work within due dates.

3 Achieve work-life balance.

Data shows that approximately 66% of workers in the U.S lack a work-life balance Couple this with the fact that 88% of workers feel stressed out while on the job

For example: You must go to work on yourself and never stop A principle of time management says that hard time pushes out soft time This means that hard time, such as working, will push out soft time, such as the time you spend with your family If you don’t get your work done at the office because you don’t use your time well, you almost invariably have to rob that time from your family As a result, because your family is important to you, you find yourself in a values conflict.

However, all of these problems will be eliminated if you have the time management skill Effective time management enables you to allocate time for both professional and personal activities, leading to a healthier work-life balance Your work gets done during office hours You have time for family, friends and enjoying your personal life By setting boundaries and prioritizing personal time, you can enjoy a more fulfilling life outside of work.

 When it comes to achieving work-life balance, time management is key How you use the time you have will determine the level of balance that you maintain each day

4 Become more organized

When you properly manage time, you get more done and save more time for activities you truly enjoy Properly managing time includes:

Making a to-do list,

Allocating time to each item from your to-do list, and Scheduling those tasks on your calendar.

By following this routine, you’ll be easily able to stick to your plan and complete your daily tasks without stressing about them You don’t have to worry about missing deadlines or forgetting errands — because you already planned your time in such a way that prevents such mishaps from happening.

For the Founder & CEO of Deepwrk, Valeri Gervaziev, being organized is at the core of time management:

“Having a plan is the cornerstone of good time management Without a daily, weekly, or long-term plan, it’s all too easy to veer off course.”

5 Better workplace relationships

When you manage your time well, your coworkers and employer will likely develop a sense of trust in you They’ll realize that they can rely on you and hold you in higher regard

You can become known as an individual who doesn’t give in to procrastination or push tasks off on others

This positive reputation in the workplace can lead to: Career advancement.

Increased earning potential More responsibilities Better workplace satisfaction.

Additionally, if everyone in an office practices time management and effective communication skills, there will likely be fewer workplace conflicts.

6 Reduced stress

Poor time management is one of the many reasons behind an increased stress level Usually, when you have a lot to do and you’re clueless about how to go about it, you end up doing a rush job under stress

However, with effective time management, you can plan your daily tasks to work smarter and not harder

For example, you can schedule critical tasks to when you’re most productive or allocate some extra time for the tasks you feel you might take longer than initially planned

So, even if you work longer, you will still have time to finish it while remaining calm

7 Deliver work on time

Allocating a deadline or time limit to tasks helps you manage your workload effectively and complete them on time

When you have time-bound tasks, your brain gets wired to follow the schedule and complete the tasks within the set time frame As a result, you’ll be able to deliver work on time.

With proper time management, you can also allot buffer days for critical projects This way, you’ll be able to deal with challenges that might arise without worrying about delays.

III How To Have Better Time Management In The Workplace

1 What is a SMART goal?

Goals are part of every aspect of business and provide a sense of direction, motivation, a clear focus, and clarity of importance By setting goals, you are providing yourself with a target to aim for A SMART goal is used to help guide goal setting.

The acronym SMART stands for 5 characteristics of a goal that you should consider to achieve the goal successfully Each characteristic is represented by 1 letter in the SMART abbreviation:

S stands for Specific - specific goals are straightforward, precise, and can be easily defined.

M stands for Measurable - measurable goals constitute points of reference you can use to assess whether you are successful in progressing toward or reaching the said goal.

A stands for Attainable - attainable goals are realistic in the sense that you have a reasonable amount of time, money, and skills to reach them.

R stands for Relevant - relevant goals hold particular importance in your life, the project you’re currently working on, or your business as a whole.

T stands for Time-bound - time-bound goals “bind” you with a specific time frame you’ll have to work on to call your efforts a success.

In other words, SMART goal setting helps you elaborate your goals and desires -and make an action plan In fact, setting SMART goals increases the possibility of achieving your goal.

Often, individuals or businesses will set themselves up for failure by setting general and unrealistic goals such as “I want to be the best at X.” This goal is vague, with no sense of direction.

SMART goals set you up for success by making goals specific, measurable, achievable, realistic, and timely The SMART method helps push you further, gives you a sense of direction, and helps you organize and reach your goals.

Besides, SMART goals are also known as SMART criteria or SMART objectives, too But no matter your SMART goals definition, don't pass on this opportunity to make them part of your routine

2 How to write SMART goals? 

 Specific

When setting a time management SMART goal, ensure that it is specific Specific goals are well-defined and clear, making it easier to understand the desired outcome A specific goal should answer the questions: Who, What, Where, When, and Why For instance, instead of setting a goal like “I will finish my tasks more efficiently,” specify a goal like “I will complete my daily report in two hours.” Specifying your goals will considerably increase your chances of achieving them Whenever you are setting a goal, start by asking five “W” questions:

What is it that you want to achieve?

Who is involved in this goal, and who will be affected by it? Where do you plan to achieve this goal?

Why is this goal so important to you? When do you want to complete this goal?

Specifying a goal allows you to see and measure your progress and to know when you have achieved this goal The more narrowed down a goal is, the easier it is to identify and achieve it.

For example, a general goal would be “I want to get in shape.” A more specific goal would be “I want to obtain a gym membership at my local community center and work out four days a week to be healthier.”

 Measurable

To track your progress and determine whether you’ve met your objective, make sure your time management SMART goal is measurable Measurable goals provide a way to evaluate the success of the goal by establishing concrete criteria Examples include finishing a task within a set timeframe or increasing productivity by a certain percentage.

Every goal needs to have some criteria to measure it against Without a criterion, there is no way to track your progress toward the goal, which means you will never know where you are standing or how much more effort you have to put in There are three important questions that you can use to make your goal measurable: How much or how many do you want to achieve?

How do you know when you have reached your goal? What are the criteria for measuring progress?

For example, building on the specific goal above: I want to obtain a gym membership at my local community center and work out four days a week to be healthier Every week, I will aim to lose one pound of body fat.

 Attainable

An attainable goal is both realistic and achievable within the given constraints While setting time management SMART goals, consider your current skills, resources, and limitations to ensure the goal is manageable A helpful tip is to break down larger goals into smaller, achievable steps that can be completed sequentially.

To make your goal more attainable, answering the following questions might help: Q1: Do I have the financial capacity to accomplish my goal?

Q2: Do I have the skills and willpower to accomplish my goal? Q3: Will I have access to help when needed?

Q4: Do I have all the necessary resources? Q5: Do I have the time to accomplish the goal?

For example, Goal - "I want to increase my daily productivity by completing at least 10 high-priority tasks each workday”

Time Management: "I've studied time management techniques and identified strategies that can help me become more efficient, such as setting clear priorities and eliminating distractions."