I’ve read far too many business cases in libraries where they calculate their staff time or their own management time at zero!  Several actually compared these to responses to RFP’s where time was included to ‘make’ their make or buy decision.  We have to value our time as much as anyone else so maybe this might help . . .

Calculating the Value of Time: How Much is Your Time Really Worth?

“People who spend their time doing more profitable work make more money. People who spend their time investing in others build better relationships. People who spend their time creating a flexible career enjoy more freedom. People who spend their time working on high-impact projects contribute more to society. Whether you want more wealth, more friendship, more freedom, or more impact, it all comes down to how you spend your time.”

Headings:

Here’s how to methodically find out the value of your time.

The Value of Time: What is One Hour Worth?

The Time vs. Money Dilemma

How to Calculate What Your Time Is Really Worth

Part I: Realized Income Methods

Step 1: How to Track Your Time

  Tracking Time: How I Did It

Step 2: How to Track How Much Money You Earn

  Tracking Money: How I Did It

Step 3: Calculate the Value of Your Time

Are These Numbers Accurate?

Checks and Balances

  Market Rate Method

  Cost-Based Method

  How to Use This Information

Part II: Expected Value Methods

  The Growth Multiple Method

  The Expected Value Method

Additional Notes

  Misguided Success

  Trade-offs and Opportunistic Addition

  Non-Negotiable Free Time

  Should you work another hour?

  Happiness and Meaning

Where to Go From Here

The Value of Time: How Much is Time Really Worth? | James Clear

My insight is that library staff time pays off in different ways and that the opportunity costs involved in doing more and more in the backroom internally (rather than acquiring a ‘decent’ system) takes away time and effort and success in building relationships and making a difference in the lives of our communities.  One test is to start with is to evaluate the productivity, efficiency and effectiveness of the library’s back room.  What is the ratio of back room staff to public service provision staff?  How does that compare to your peer systems and highly efficient systems (check out the ratios in those systems that cooperate at scale, in consortia, or share infrastructure and standards)?  What compromises do they make to ensure that the maximum number of staff are delivering value at the end-user level?

Stephen