How much is your hour worth?
Have you ever calculated this?
These questions had never popped in my mind till Brian Tracy, world’s best goal setting author, asked us these questions in his seminar in Chennai in 2013. It took some time for it to sink in, but once it did it left an indelible mark in my sub-conscious mind.
What does this term imply? Simply explained Hourly Worth (HW) is the subjective value of 60 minutes evaluated in currency format to give it some sort of objectivity. It is calculated by dividing your annual income by the number of hours you used to earn it. HW serves as a very simple tool to work your goals around it. One could say, “I will double my HW and simultaneously reduce the number of hours I work every day by 2.”
I have not only been using it but also applying it most meaningfully in my life. I also taught this in my workshops and seminars with amazing results. Whoever grasped the essence of it and applied it in his/her life reported significant results. The most glaring story is of Jogesh Jain. He was my student in #TTST (Train The Super Trainer) programme. When he calculated his HW he was shocked and discovered that he was investing far more time to earn that money than was necessary. In his case, this one single awakening was the turning point in his life when it influenced him to take the biggest decision of his life – the decision for quitting his ‘good’ job in a well-known company and venture on his own. He was then drawing a salary of approximately Rs 30000 per month. In less than a period of 4 years, Jogesh now earns around Rs 10 lakhs per month and the figure is growing month on month. In a short span of time, Jogesh transformed from an ’employee’ to India’s #1 ‘employability coach.’
His story is elucidated in Chapter 1 of my book, Million Dollar Second (page22) and is also covered on his show, Wisdom With JJ.
Today, the value of HW is more significant than it was in 2013. The VUCA D3 world (Volatile, Uncertain, Complex and Ambiguous world with latest Ds – Diverse, Disruptive, and Digital) have thrown up tougher challenges. A little peep into the future shows the magnification of these challenges.
Lets face it. Time is a vital resource. To get the best value of our time we have no option but to discover our own ways and means to get the best value of our time. We all know that time does not come back, it keeps moving on and on, tirelessly, at the same pace. It cannot expand or contract, it cannot be stopped or slowed down. We all know that. But what do we do about it? Nothing much! We let it go. We value our money, keeping it safe in our wallets. We deposit it in the banks or invest it to get a return out of it. We value our jewelry and keep it safe in lockers. What about time? We often let it go. Easily and comfortably. Forgetting the simple and known fact that while the money and jewelry can come back, time will not come back. No matter what you do.
It is high time that we become conscious of the value, importance, and relevance of time and preserve it. Invest it. Look for a high return on it. If you know the value of this vital resource, you are bound to get the best out of your life.
Let us elevate HW from your individual state to your workplace. The question you must ask yourself is “Are you an Hour Worthy Leader?” As a leader, it is not only important to focus on identifying and enhancing your own HW but also the HW of your team. Do we realise that as leaders we are responsible for their time as well? The team’s collective HW effects the HW of the organization. The leader has to come to terms with this onerous responsibility.
HW, though a simple tool, is highly effective. It serves as a benchmark for you to take your time consciousness to the next level.
HW is a useful tool that helps us gain clarity on the give and take in the work-money binary. I believe that we should consciously pursue this clarity to provide value to all stakeholders in the work ecosystem. The people business is, after all, the compassion business.