24th March 2011
Price is what you pay. Value is what you get.
Warren Buffett
I start my `time management' seminar with this statement: the phrase time management is universal bluff No.1'. I say this because we cannot try to manage something on which you have no control. We have no control on time and hence the phrase time management is a misnomer.
I also say in my seminar, what perhaps we should control is the output per unit of time, which I say is the productivity of time. We are judged by the value we produce for the society and not how much we cost. People will be willing to invest any amount on us, provided they see a reasonable return on investment. The more value we add to others' life, they value our time more.
Our time has a commercial value. This commercial value is called our salary. At the time of our recruitment, we work out the `cost to the company'. The cost to the company takes into account how much the company spends on us for getting our services. In my seminars I also talk about a `secret formula' to get the money value you fix for your time. The secret formula is hidden in the answer the following questions:
· How much I cost the company? `A'
· How much I contribute to the company? `B'
· My value is B minus A.
· My cost is A minus B.
For example if I cost the company Rs. 20,000/- per month, and create a revenue income of Rs. 25,000/- per month, my value is Rs. 5,000/-. Suppose you cost the company Rs.25,000/- and bring in a revenue of Rs.20,000/-? You are costing the company and you are not adding value.
Simple, isn't? If you want to increase your salary, the strategy is very simple: improve your contribution to the company!
N C Sridharan
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