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Time Flies and Money Burns
- By Joe Thompson
- November 3, 2015
Money is not at all like energy, which, according to the first law of thermodynamics, can neither be created nor destroyed. In my experience, money can be destroyed fairly quickly and easily. Burned through, really.
Time, like the old saying goes, is money. In math terms it would be written as time(T) = money($). The “time is money” quote — often attributed to Founding Father and kite enthusiast Benjamin Franklin — mathematically implies that if money can be created and destroyed, so can time.
Money, of course, can be exchanged for goods and services. But what about time? What do we do with it?
Well, unless you are me, a third of your time is spent sleeping, a third is spent working, and you cram everything else you do into the final third. A charmed existence, to be sure.
But the Swedes are here to help.
The city of Gothenburg, Sweden, is starting to experiment with a six-hour workday at some hospitals and care centers to see if they can be as productive as a traditional eight-hour day. The study will gauge the impact the shorter day has on workplace stress, worker absenteeism, as well as productivity.
Toyota service centers and a few high-tech, Silicon Valley-esque companies in Sweden have already made the switch to the shorter workday, and, in Toyota’s case, the change was made more than a decade ago.
While the new Swedish study is examining the impact a shorter day will have on productivity, a factor they also are tracking just as eagerly is employee wellness.
True absences — those not included in vacation time — are inevitable. Even the most dedicated employees find themselves at some point throughout the year needing time away from work for family, personal, or just unexplained reasons or illness. Employers need to be flexible when it comes to these matters.
In a manufacturing setting, it often can be difficult to manage these absences. Cross-training and visually aided workstations can help in the short term, but long absences can be hard to deal with.
It’s particularly troubling, however, when workers take advantage of a relaxed approach to absenteeism. Some workers may see blowing off a shift as not a big deal. For the company, though, it all comes down to dollars and cents. Simply put, absenteeism (time off) destroys money.
According to a 2013 survey by Direct Health Solutions, Canadian employees took 9.1 days off, up from 8 days in the previous year. In comparison, U.S.-based employees were absent only 4.9 days. It added up to $65 billion in lost productivity for Canadian businesses.
The study also showed that staff is less productive when covering for absent co-workers, and 61 percent of respondents said they experienced increased stress and lower morale while doing so.
Employee wellness is an important part of running a business in the 21st century. Highly valued recruits are beginning to look at a company’s programs and perks that promote a physically and mentally calm workplace before deciding to sign on the dotted line (all things being equal, of course).
In the meantime, let me know when Sweden moves to a four-hour workday … I’m moving.
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Joe Thompson
416-1154 Warden Avenue
Toronto, M1R 0A1 Canada
905-315-8226
Joe Thompson has been covering the Canadian manufacturing sector for nearly two decades. He is responsible for the day-to-day editorial direction of the magazine, providing a uniquely Canadian look at the world of metal manufacturing.
An award-winning writer and graduate of the Sheridan College journalism program, he has published articles worldwide in a variety of industries, including manufacturing, pharmaceutical, medical, infrastructure, and entertainment.
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