Applying the 80/20 Rule in Today’s Hybrid Work
Tuesday 12 October 2021
Adopting an 80/20 mindset in business helps us identify strategies and opportunities that benefit the company and our career growth. Established by the economist Vilfredo Pareto, the 80/20 rule hypothesises that 80% of outcomes (outputs) stem from 20% of causes (inputs). Here are three ways to apply the 80/20 rule to our everyday work.
Use the 80/20 rule to prioritise workload management and time allocation to optimise your productivity. The objective is to focus on 20% of factors that yield 80% of results to avoid wasting time and energy on minor tasks. Experts recommend examining your weekly responsibilities, identifying which ones provide the most return, and then delegating the others or removing them entirely. Find out more ways to declutter your work life here.
We have all experienced the feeling of being busy while accomplishing very little. This happens when we focus on low-value tasks to achieve high-impact goals. To apply the 80/20 rule, write a list of ten goals you wish to accomplish and identify the top two most valuable ones. Take a step further by using the essential traits of SMART goal setting to identify Specific, Measurable, Achievable, Relevant and Time-bound objectives. Here are 3 real-life examples to set realistic aspirations and thrive in the workplace.
Information overload can be overwhelming, leading to slow decision-making and missed opportunities. A recent McKinsey study confirms that “analysis paralysis” is a common challenge in today’s hybrid work. By applying the 80/20 rule, we quickly recognise that not all decisions are critical, and we can delegate such decisions to empower others. Experts recommend “boxing-in” your decision-making timeframe using this five-step process proven to kick analysis paralysis to the curb.