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Are You Using Time Differently In The Knowledge Economy?

Are You Using Time Differently In The Knowledge Economy?

The saying used to be that “time is money,” with the thinking going that putting in more time will guarantee good results. A common example of this is the 10,000 hour idea put forth by Malcolm Gladwell and others. In short: if you want to master something, you need 10,000 hours of repetition at it. This would directly tie “time” (the hours) to “success” (mastery), but unfortunately, the 10,000 hour theory has been debunked by many.

Here’s a micro example: sometimes, a person will study for days and days (time) for a test, then do poorly (no success) on the test. How is this possible?

It is because results and success have less to do with time, and more to do with how productively you’re using the time — namely, how much attention you’re giving to receiving information and applying it appropriately.

The history of time

In the then agriculture-driven economy, time management wasn’t so important. Most people spent their days farming or tending to animals. Why would anything really need to be tracked, per se?

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Soon, the Industrial Revolution moved more people off farms and into factories. Now there was a reason to track time. The evolution of the 40 hour work week (around the mid-1920s) made time a huge commodity. Time was, essentially, the new money. To get paid your hourly wages (actual money), you had to track time. Your value was quite literally tied to the hours you put in.

    The current economy has been described often as “The Knowledge Economy.” It’s much less about the number of hours put in (although people still work a lot), and much more about the amount of knowledge you can acquire and transform into something better.

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      The problem: many management approaches still are focused on the time side. Consider the idea of “seat time.” Most places in the first world are WiFi-enabled, so many Knowledge Economy workers can work from anywhere. They can access emails and files via the cloud. But lots of bosses are obsessed with “seat time,” or seeing the employees physically in a place near them. It doesn’t make sense, but it’s rooted in the “time is money” economy.

      Right now, many companies are focused more on employees being in a specific place for a specific period of time, instead of how to increase focus, energy, and delivery of high-impact tasks. And what’s worse: the “time is money” attitude stresses out employees majorly.

      Manage your energy and attention, not your time

      For as long as we can predict, time will continue to tick on at the same rate, but what actually fluctuates on a day-to-day basis is how much energy and attention you have — in the Knowledge Economy, that’s what makes or breaks how productive you are, and more important, it’s something you can actually control.

      Time is a necessity of work and of nature, but as far as productivity is concerned, it should merely be the backdrop against which you work.

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      Consider the sheer idea of the 9-to-5 workday. Today, when productivity is about what you accomplish and not how much you produce, a nine-to-five workday makes as much sense as diligently tracking your time out on the farm. After all, what if your Biological Prime Time falls when you’re not working, and you have the most energy from 6 to 9 a.m., or from 7 to 11 p.m.? Or what if you have trouble focusing because you’re trying to multitask on a million things at once? Or what if you’re constantly bombarded by distractions and interruptions?

      People — all workers — are different. And if the goal is productive output, we need to understand and respect that.

      When we schedule time for something, what we’re actually doing is simply deciding when we will invest our attention and energy into the task. That’s where time management should fit into the productivity equation. Managing your time becomes important only after you understand how much energy and focus you will have throughout the day and define what you want to accomplish.

      It’s much less about the time involved, and much more about the output.

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        So how can we work less and get more? 

        If your workplace has flexible working hours, make use of that. Have enough rest and come in ready to work so that you are at your optimum performance. During the day, take short breaks to disconnect. The optimal human ratio for work is 52 minutes on, 17 minutes off. 

        Schedule, but schedule differently: I schedule my entire day, and I’ve found that doing so makes me incredibly productive—especially when I form a strong intention about what I’m going to get done. But I only ever plan out my day after I account for how much attention and energy I will have, and most important, what I intend to accomplish.

        Consider “focus days” where your entire focus is high-level, big projects and new learning. Block your calendar out so no one can throw meetings on it and stir up distractions.

        Remember that the goal of the Knowledge Economy is different from the goal of the initial Industrial Economy. Now your time needs to be productive, not just a set amount of hours, so move towards that.

        Featured photo credit: http://www.theindependentbd.com/printversion/details/73926 via theindependentbd.com

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        Brian Lee

        Chief of Product Management at Lifehack

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        Last Updated on April 17, 2019

        10 Essential Soft Skills That Will Help Advance Your Career

        10 Essential Soft Skills That Will Help Advance Your Career

        What’s the secret of professional success? Some of it lies in the mastery of your discipline and all the technical skills you have to carry out your job; but a much bigger part lies in the soft skills list you possess.

        Soft skills are your people or relationship skills—how well you get along with others and your ability to communicate and collaborate—as well as the personal characteristics you bring to the job, such as optimism, a can-do attitude and the motivation to work hard. These skills are not always easy to point out, but their absence can cause serious problems and negatively affect the whole work atmosphere.

        They say that hard skills will help you get the job, but soft skills will help you get along—and get ahead. With that in mind, here’s the top-10 essential soft skills list to help you advance your career.

        1. Communication Skills

        Communication skills are hands-down the most sought-after soft skill that bosses want, and this one ability covers a lot of ground.

        To communicate well, you have to listen carefully, interpret the context of the conversation, express yourself clearly, persuade others of your point of view, check your body language and use an engaging presentation style that won’t intimidate or bore your audience. That’s a big ask!

        Your personality traits can influence the way you communicate with others. For instance, some people get straight to the point and center their arguments around facts and logic; others are cooperative and sensitive to how others feel. Both these approaches are equally valuable but there can be misunderstandings if you don’t understand where the other person is coming from.

        Taking a comprehensive personality test can help you understand why you communicate the way you do and where your blind spots are. It can also help you understand other communication styles is so you can tailor your communication to the person you’re dealing with.

        After all, connecting with your conversation partner is the hallmark of good communication.

        2. Flexibility

        Change is an essential part of any business. Companies need employees who are flexible enough to work with new initiatives, open to new ideas, and generally are able to tough it out when things don’t go as planned.

        Research has found a link between job performance and flexibility over the long term because there will be times when you have to step outside your routine and rise to fresh challenges that didn’t exist before.

        Being flexible doesn’t mean you have to hop into a new task or job role like an expert. Rather, it’s about showing you’re willing to accept new responsibility and learn different things.

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        Bosses look for people who are prepared to step outside their comfort zones and are open to alternative solutions when their first idea doesn’t work.

        3. Being a Team Player

        Working on a team can be challenging but learning to do it well can definitely help you get ahead in your career. Employers look for people who can negotiate, cooperate and manage conflicts with other people to achieve a common goal. That includes the ability to build lasting relationships with customers and clients.

        What makes a good team player? Essentially, it’s someone who knows the goal and knows her role. Employers look for evidence that you know your strengths, your responsibilities and how you can best contribute to the team, then put those skills into action by sharing ideas and communicating in a respectful manner. That’s the definition of being a good team player.

        This is another area where taking a personality test can help you get ahead. When teams work together, each member brings a unique set of skills and qualities to the group. Research has shown that different combinations of personalities affect how teams collaborate and how productive they are.

        Knowing who you are, and how you work on a team, can drive new insights and open the door to better teamwork.

        4. Positive Mental Attitude

        There are plenty of things you can’t change at work, like the people you work with or the fact that the printer is broken again. The one thing you can change is how much you let these things bother you.

        Bosses like people who are calm, rational and upbeat—those who diffuse tensions in the workplace, not get all grouchy and go around slamming doors.

        Studies show that people who maintain a sunny disposition have better relationships at work, are happier in their jobs and make better decisions than those who whine and complain. Some suggest that a positive mental attitude can also make you live longer—which means it’s beneficial for every area of your life![1]

        It’s not always easy to keep a “glass half full” mentality when work is stressful and the deadlines are piling up. But there are some things you can do to help maintain a positive attitude. Laughing at your unfortunate circumstances keeps the work environment positive, and taking “sanity” breaks can help you keep your cool in high-pressure situations.

        Managers look for positive mental attitude in a team member that is ready for a promotion, so it really does pay to keep your cool in challenging situations.

        5. A Strong Work Ethic

        People with a strong work ethic are committed to the role, persevere when things get tough and are inspired by challenge. These people are ambassadors for the organization, and will always be seen as top talent and ideal candidates.

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        If you can exhibit this skill, then expect to be seen as a great candidate, eligible for new opportunities and positions throughout your career.

        Since a strong work ethic can mean different things to different people, it helps to show specific examples of your exceptional work ethic during a performance appraisal or interview. For instance, you might talk about:

        • A time when you persisted in the face of challenges and did not shy away from hard work.
        • How you volunteered to help with projects even though these tasks did not form part of your job description.
        • The networking, workplace learning and skills betterment you’ve undertaken, which shows ambition and drive (people with a strong work ethic have those qualities in spades).
        • How you own your mistakes and never, ever point the finger of blame at others.

        For help with building a strong work ethic, check out these tips: How to Build a Reliable Work Ethic

        6. Public Speaking

        Who’s terrified of public speaking? Pretty much everyone, since public speaking is America’s number one fear, ahead of death at number five and loneliness at number seven.

        Yet, according to Warren Buffett, mastering this one skill you could increase your personal value by 50 percent.[2] That’s huge!

        If you’re not natural at public speaking, you’re in good company. Buffett had to work hard to overcome his stage fright and once dropped out of a public-speaking course before it started—because he was afraid of public speaking! He eventually realized that he needed to build up his confidence by just doing it; over and over in front of small groups.

        For a more structured approach, Toastmasters International teaches public speaking and leadership skills through a variety of pathways. Membership of this non-profit looks good on your resume but the real payoff will come when you can put your newfound skills to use on the job or in the interview room.

        Or, you can check out this advice: The Ultimate Public Speaking Tips to Hook and Impress Any Audience

        7. Integrity

        From a manager’s point of view, the two integrity skills that will set you apart are:

        • Always doing what you say you will do
        • Owning an error instead of minimizing or hiding it

        …even when no one is around to check up on you.

        There are lots of people who have climbed the ladder without scruples, but they are not the people who others trust, respect and support when promotion time comes around.

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        Behaving with integrity is a safe and consistent way to enhance your reputation and achieve your professional goals.

        8. Managing Your Time

        Phone calls, texts, Slack pings, meetings, huddles, side projects, multitasking—we are busier today than any generation before us. There’s no denying the workplace is an incredibly distracting place to be.

        A lot of us have traded effectiveness for busyness which we wear as a badge of honor, both as a proxy for productivity and to show our value to the company. But what bosses want, what they really, really want, is someone who actually gets stuff done on time.

        Time management is not merely the art of being on time, but of managing your time so you focus on the projects that really matter and add value to the business. This means prioritizing well, sticking to schedules, delegating, and not getting distracted by tasks that are easier to perform or less important. It means planning ahead and learning when it’s appropriate to say no.

        Time management can be a tough skill to maintain, but not a difficult one to pick up. Monitor your actions for a few days—how long do your tasks take to finish? What’s interrupting you? What causes you to lose focus? Once you have the answers to these questions, you can set a schedule for yourself to make sure you’re spending your time wisely and this valuable asset is never wasted.

        These 20 Quick Time Management Tips to Super Boost Your Productivity are also great to try.

        9. Assertiveness

        In any workplace, you typically will find people with the following conflict styles:

        • Passive: Those who go out of their way to avoid conflict.
        • Passive-aggressive: Those who express their negative feelings through actions rather than words.
        • Aggressive: Those who respond to conflict in a hostile and rude manner. These people get their opinion heard but they won’t make any friends in the process.
        • Assertive: People who stick up for their rights while still respecting the rights of others.

        Managers look for assertiveness above all other styles because it allows decisions to be made without conflict or alienating people.

        How do you use this information for yourself?

        It starts with understanding your personality so you can anticipate how you will react when conflict arises and address your own shortcomings. Then, you can start influencing the team for top results, and securing your own career advancement in the process.

        Learn how to be assertive and gain respect:

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        How to Be Assertive and Stand up for Yourself the Smart Way

        10. Creative Thinking

        LinkedIn recently analyzed over 50,000 skills that employers search for when looking for candidates to find out what skills are currently in demand.[3] Taking the number-one slot on the 2019 soft skills list was creativity: the ability to solve problems and think outside the box.

        Creativity is about bringing fresh, and sometimes unorthodox, ideas to the table. This helps companies to innovate, and companies that do not innovate will not survive very long.

        How do you showcase your creative thinking skills? The golden rule is to participate.

        Be brave and share your ideas during group brainstorming sessions. Volunteer to run a society, networking event or recruitment drive. Ask “what if” questions: “What if we add this information to the client welcome pack?” “What if we eliminate step 3 from the process?”

        These activities demonstrate that you’re prepared to go beyond “business as usual” towards creative problem solving—an ability that will serve you every day, all throughout your career.

        You can learn to unleash your creativity power:

        What Is Creativity? We All Have It, and Need It

        Final Thoughts

        The good news? Every item on this soft skills list can be learned. Although you may feel lacking in certain areas, taking an inventory of your strengths and weaknesses will allow you to focus in on the areas that you’ll benefit from developing.

        So take an inventory of your personality, skills, and talents. This will give you a baseline for your communication style, attitude to change, conscientiousness and more. You can then identify your weak areas and develop strategies for improving your team-building, assertiveness and conflict skills.

        The better news? The effort is worth it. Developing your soft skills opens the door to a new job or a promotion, and helps you succeed once you get there.

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        Featured photo credit: Rachael Gorjestani via unsplash.com

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