Time—it’s something we all have but as a resource, it’s finite. Time is fleeting and it can end for anyone at any given time. Like money, you can waste time. But unlike money, you can’t get back the precious time you’ve already spent.
How we choose to spend our time impacts us. People who spend their time finding ways to make money tend to have more money in return. People who invest their time in other people tend to have stronger relationships and connections. People who volunteer their time to help others find fulfillment in making a difference.
Similarly, if we spend all of our time watching television or scrolling social media, we become experts at consuming content. (It’s up to you to decide if that content is worth your time!)
Time is a valuable commodity. Do you know the value of your time?
The value of time
So, what is the true value of time?
A study sponsored by the rideshare company Lyft found that the value of time is roughly $19 per hour based on estimates from data collected determining just how much people are willing to pay to wait less for a ride. A 1997 Department of Transportation formula—which values personal travel time as half of what the typical household makes per hour—estimates the value of time at $14 per hour today.
Typically, when we think of what our time is worth we think of our salary or how much we’re paid for our work. This number can be determined by dividing our weekly take-home pay by the hours worked per week.
So, if you bring home $4,000 per week and work 40 hours per week, your time value is $100 per hour.
But there’s another way to think about the cost of your time, and that’s the value you place on your time—or the amount of money you would pay to save an hour or receive for an hour of work.
Both estimates—the amount you’re paid for your work AND the value of your time—are both important to know to determine just how much your time is worth.
To determine the worth you place on your time, think about your own persona value with questions like: How much would a part-time job have to pay you for an extra hour of work per week? How much would you pay to complete a four-hour task in two minutes?
Knowing what your time is worth shouldn’t be detrimental to how you spend your money and live your life. Instead, it should be considered the base point for you to quickly figure out what’s actually worth spending to save time and how much you should accept for extra work.
Time is of the essence
Building presentations for work can take up so much time—but it doesn’t have to.
With Prezent—the AI-powered presentation productivity platform—you can build powerful, personalized presentations with 100% brand-approved slides in just a fraction of the time! Take charge of your career and be more efficient with your time by using Prezent’s intuitive design to build powerful slides.
An ATD study suggests that it takes an average of 28–38 hours to develop one hour of an effective presentation or training session. For a professional who makes $145/hour, this means it costs $4,000 to design a single hour of presentation material.
Think of how else that time (and money) could be used!
Our members at GBT save $50K per employee with Prezent! Learn how.
Prezent features efficiency tools, trusted templates, built-in business storylines, and more. You can also up-level your communication skills with gamified learning modules and courses that teach you how to share your ideas more effectively, no matter where you are in your career journey.
Time is too precious to waste. Let Prezent give you your time back. Schedule a demo today.