But the time cards would have made sure that the business was at least getting the full attendance it was buying for the weekly wage. The clocks at that time didn’t improve the efficiency of the staff during their time at the workplace a shop assistant kept at work by the loss of wages if they clock out early might still have been leaning on a counter with nothing to do in an empty showroom. The time clock began to identified employees who arrived late and allowed businesses to spot staff who tried to leave early. Those time clocks were intended to help bookkeepers and employers calculate the amounts of money they needed to have on hand in order to pay employees who earned an hourly rate, but later they would have another effect, too. New York jeweler Willard Le Grand Bundy patented a mechanical time recorder that automatically noted when employees arrived at work and when they left. Time clocks that measure how long employees are at work date back to the 1890s. Taylor watched what people did in the hours they were at work. After counting their productivity, he recommended changes that he believed would enable them to work faster and better. He watched how workers made iron pigs at steel mills, inspected bearing balls, and shoveled iron ore onto railroad cars. At the start of the twentieth century, Frederick Winslow Taylor pioneered the use of scientific management. The goal for companies, for employees, and for freelancers should always be to work at their most efficient, to make better use of the time they have at the workplace and to maximize the money their efforts generate in the time they have available. The better use someone makes of their work hours, the more they can squeeze out of each hour. Knowledge is valuable, and the abilities that someone can bring to an hour of work will determine how much revenue the company can generate, and how much they can earn during that time.īut there’s another factor that helps to weave time into money: efficiency. Jonny Ive’s ability to dream up new designs and figure out how to incorporate unique features into Apple’s products in innovative ways, turns his time at the office into millions of dollars every year for his employer.Ī teenager whose job is to ask customers if they want “fries with that” might be able to turn an hour into little more than ten bucks. The owner’s and their employees’ ability to convert those seconds and minutes into cents and dollars will depend entirely on what they do in that time.Ĭlearly, some work is more valuable than others. Each member of staff will have eight to ten hours each day that they must convert into profit. Whether the firm is a multinational with hundreds of thousands of employees or a single proprietorship consisting of one person, a laptop and an up-to-date version of Photoshop, both businesses have 24 hours in a day. The most valuable asset that a company possesses is the one that every business owns in equal amounts.
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