How much are you worth? We’re not talking about money in the bank or the size of your portfolio.
We’re talking here about your value to your team, your organization.
To break this down, calculate the number of minutes in the day (60 minutes times 24 hours). That works out to 1440 minutes a day.
That’s what we each have, and all that we have. So, what is each minute worth?
If we start by estimating that $1.00 is our worth per minute, that works out to $1440 per day. But obviously we don’t work 24/7, although it sometimes feels like that.
Then, let’s take what our work day is, one third of the day or eight hours. That ends up being $480. (Yes, we know you work more, but let’s use this for this thought process.)
Okay, you make more, or maybe a little less. But this is not your true value because we are not factoring in other expenses like benefits, paid health coverage, office space costs (power, phones, IT, lights, etc.) and other company overhead.
As a rule of thumb, many companies calculate their employees’ billable market rate at 3 to 4 times their pay rate, so now we’re looking at your worth is around $4.00 per minute.
And why do we want to know this? The next time someone is late to a meeting with you, or asks you if you have a minute or two, start thinking of the cost of that time, and whether it is a billable expense or lost monies.
Consider This…
– Calculate what your true hourly rate is, then your per minute rate
– Calculate rates for your team members as well
– Calculate how many lost minutes a day you might have