Has anyone ever told you that if Bill Gates dropped a $100 bill on the floor, it would not be worth his time to pick it up? Unfortunately for most people, we don’t make more than $100 every 3 or 4 seconds. However, the question is worth asking, how much is our time valued at when we work? When we look for solutions to increase efficiency, what is the dollar value that it saves?
For the minimum wage worker, it takes just under five seconds to have their time be worth one penny. That can add up quickly, however, because every minute is worth just over 12 cents – and that is just minimum wage employees.
When you look at some of the higher-level employees, every second becomes much more valuable. For example, a grocery store manager’s average wage is $71,500. Assuming they work 40 hours a week for 49 weeks, you get a total of 1960 hours. That is $36.48 per hour. Essentially that means that every second of every day that they are working, it is worth a penny. An additional way to think about it, is every second wasted to inefficient processes is a penny wasted. Waste five minutes? There goes three dollars.
The big challenge with every retail initiative is proving that is has a worthwhile ROI. Does it save time and save money? It can be a challenge to prove the exact value of a task management software. Consider a few different things that wind up being savings just in labor time. How long does it take for a district manager or store manager to complete an audit of the store? What if they wasted all of that time because they were using an old list? How much time do they spend sending the paper report back to headquarters? How many times do they do that over the course of a year?
Additionally, you have to consider how long it takes to get compiled information. It can take an office worker hours to combine the results of those store audits. Then ask yourself how flexible is that information? How long does it take to identify areas for improvement, and then start the process of improving them? With a good store audit software, you can save a lot of minutes for your team, all while getting more useable information. Stop wasting time and putting those old reports in a filing cabinet. While there is some use for those reports, it really cannot compare to a mobile tool that makes you much more efficient.
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