Medium-sized companies waste at least € 390.000 every year

time eats money

Last December, we posted how learning to touch-type can reduce the time you need to type texts, leading to the topic of TIME IS MONEY. 

That means, to us, saving time is equal to saving money, which is essential, especially in this era of the financial crisis and fear.

We are constantly told time is precious, and wasting it, whether you are an employee or employer, is costly. A tangible monetary gain or loss is easily equated to success or failure. Money can often be recovered. However, time always passes, never to be regained, so it should be spent wisely not only in private but in your work life too.

This holds true whether you are a boss or team member. But since time is so abstract, it can be hard to attribute a tangible value to a unit of time. What we are passing on with our time is our expertise, but it also represents time away from the family, away from pet projects, or other important aspects of life which we’ve placed on hold for our paid work. 

If you are buying a person’s time (or, of course, spending your own), you recognise that every minute has currency, and this, in turn, is equated with a certain value of money. It is the same if you are an employer or employee. This extra time would enable you to explore other opportunities or innovations that would bring more revenue to your life and your business.

But, if you wish to equate this to euros, let’s take the current average hourly rate in Germany. An employee costs around € 7.820 a year typing. We mentioned this in our last post, “DO YOU THINK YOU ARE FAST ENOUGH?”. We got this number by multiplying £34.00 (average labour costs) by the 230 hours one employee types which equals € 7.820. 

Now, if you multiply that by the number of people in your company that do not touch-type, e.g., 50 people, this would correspond to € 391.000. 

You train your staff in various IT seminars, but not the essential skill of touch-typing. 

Touch-typing may, on the face of it, seem to be an old-fashioned skill. Still, artificial intelligence has yet to advance sufficiently, although it has been around for about 30 years. Therefore, anyone using a PC every day should really regard touch-typing as an essential skill. 

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