Medium-sized companies waste at least €390,000 every year

time eats money

Last month we reported on how you can save time by learning the ten-finger system. This led us to a new topic, TIME IS MONEY. 

If you think about it, saving time is the same as saving money. This realization is particularly important in times of financial stress.

We constantly hear that time is valuable; wasting it costs money, whether you are an employee or an employer. Financial gain or loss is easily equated with success or failure. Money can be regained under certain circumstances; in comparison, time is constantly dwindling and remains irretrievable. It should therefore be used and utilized conscientiously not only in private life, but also in professional life.

What has been said so far applies to both managers and employees. Time is abstract and it is therefore difficult to assign a concrete value to a single unit of time. Bear in mind that, together with our time, we are also passing on the expertise we have acquired and thus "selling" it. Working for money also means being temporarily separated from the family; putting our private or business projects or other important things in life on hold for the time being. 

If you "buy" someone else's time (or you "sell" yours), you realize that every minute has a value, which in turn equates to a certain amount of money. Again, this applies to both managers and employees. The extra time you gain allows you to take advantage of other opportunities that will bring you more income, either privately or professionally.

If you want to express this in euros, take the current average hourly rate in Germany. An employee spends around 230 hours per year on paperwork, which equates to around €7,820. We looked at this in our last article "DO YOU THINK YOU ARE FAST ENOUGH?". We calculated this figure by multiplying €34 (average labor costs) by the 230 hours an employee spends typing each year, which adds up to €7,820 per year. 

If you multiply this value by the number of employees in your company who are not proficient in the ten-finger system, for example 50 employees, the result is €391,000. 

You train your employees in IT seminars on a wide variety of topics, but not in the basic skill of ten-finger typing. 

At first glance, the ten-finger system may seem like an old-fashioned skill. Although artificial intelligence has been around for about 30 years, it has not yet developed enough to simplify everyday text entry. Therefore, anyone who works with a PC on a daily basis should consider ten-finger typing an essential skill, acquire it and use it in their everyday work. 

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