Value of an Executive's Time

Does the cliché "time is money" hold true?

“The most successful people are the ones that find a way to manage and prioritize their time wisely...”- Liz Mollica

In any professional career setting, there is always some sort of established hierarchy of management. Although often looked down upon, this positional structure within any company is vital to its ability to stay afloat. Aside from the responsibility of leadership and deriving new opportunities for their company, Executives are often constantly traveling, setting goals, and overseeing the day-to-day operations of a company. This includes creating agendas, managing profitability, and leading communication. Just like in most professional systems, the top individuals often rely on the meticulous support of those working underneath them to keep operations running smoothly. As discussed by Liz Mollica in The Secret of Time Management: Work Smarter, Not Harder, “The most successful people are the ones that find a way to manage and prioritize their time wisely. The magic being time management is prioritization- it's key to staying afloat.” Mollica discusses that this type of discipline doesn’t just occur at the hands of a single individual. Professional structures and advisory assistance is crucial to creating an Executive that operates with productivity and precision.

External Executives: Time to Productivity

“The top 350 CEO's make $80 per minute ($4,800 per hour) and the top 10 make about $260 per minute ($15.6K per hour).”

-Joe Lasorsa

An Executive's time is especially valuable due to the holistic territory that they cover. As the face of a company or organization, they often manage key relationships with donors or customers and must delegate smaller responsibilities to ensure the entirety of the company stays in motion. According to Joe Lasorsa and his article How Much is a CEO's Time Worth, “The top 350 CEO's make $80 per minute ($4,800 per hour) and the top 10 make about $260 per minute ($15.6K per hour).” As remarkable as those numbers seem, they do not include the overall cost associated with downtime of a CEO or the overall sacrifices they make for one company. In other words, the salary doesn’t necessarily reflect what their time is worth to them, but what it is worth for a company. The guidance and expertise offered by the top individuals are arguably worth way more than what they are paid, and downtime to them is often priceless.

Time is Money

Because time is so valued, the role advisors play in an Executive’s workforce is incredibly beneficial. As previously stated, an Executive must focus on the broader picture, and therefore assessing positive results is often much longer term. Advisors can diligently manage smaller tasks or divisions, that ensure the quality and positive outcome that reflects on the company’s brand and eventually the Executive themselves. Executives and CEO’s must organize their time amongst matters of importance, to ensure nothing crucial slides through the cracks. Jen Lofgren of Forbes Magazine encourages individuals to do this through the “Eisenhower Matrix” which comprises four categories, ranging from most important to least. An Executive is encouraged to grade their tasks on this scale and use their findings to ensure they are only working on the most pertinent tasks at hand.

Now ask yourself this; when you're high paid executives are waiting on hold, how much are you costing your organization?

Here at Vista Travel Inc., we deliver a tailored experience by assigning each customer to their own Dedicated Advisors. This includes a direct line, personal email and of course, a first-name relationship that saves you time and delivers the highest levels of service. Additionally, more efficiencies can be realized with our leading technology tools for efficiently managing online bookings, expenses and policy approvals, etc. We also provide our client's with reporting tools for cost savings analysis, as well as duty of care and our extensive network of airlines, hotels and rental car partners worth $15B in purchasing power.

If you value the time of your busy executives and want to avoid waiting on hold for call center agents who don't know you by name, Vista Travel is the right choice for you, earning your trust since 1982.

Author - Isabella Nolan