The impact of time management in individual and team performance is great. Time is one of the most valuable resources of individuals and organisations and this resource needs to be dealt with accordingly. Penalties for neglecting the importance of time management for organisations include higher costs of operations and missed opportunities.
Effective time management strategies for individuals include scheduling meetings and tasks in an organiser, compiling to-do lists, dealing with interruptions, eliminating distractions and others (Mathews et al., 2011, online).
Time management strategies in organisational level, on the other hand, include developing Gant-Charts for the completion of important projects, imposing deadlines for each tasks, and organising virtual conferences that do not require physical presence of employees whenever possible.
Moreover, some businesses have adopted an unconventional approach towards employee time management with positive effects on the bottom line. For example, one of the most famous internet companies of the present day – Google allows its employees to spend one fifth of their paid time on side projects and this strategy is often credited for the development of a range of successful Google services such as GMail and AdSense (Tate, 2013, online).
Mathews, J., Debolt, D. & Percival, D. (2011) “10 Time Management Tips that Work” Enterpreneur, Available at: http://www.entrepreneur.com/article/219553
Tate, R. (2013) “Google Couldn’t Kill 20 Percent Time Even if It Wanted To” Wired, Available at: http://www.wired.com/business/2013/08/20-percent-time-will-never-die/