How CEOs Manage Time
“That it will never come again is what makes life so sweet.”
This wise observation is attributed to poet Emily Dickinson, the famous reclusive writer who lived her entire life at her family home in Massachusetts. She did not hold or attend meetings, deal with email, supervise employees or seek to advance an agenda as a company CEO. Yet, Dickinson put her finger firmly on the most important point in business and in life: time is fleeting and it’s the most precious of all our resources in life. Time is, in fact, the “stuff” that life is made of!
This point also is front and center in a new article, “How CEOs Manage Time,” in the July-August issue of Harvard Business Review. The article summarizes a study of CEOs at 27 large companies for 13 weeks by Harvard Business School Dean Nitin Nohria and Harvard Business School Professor Michael E. Porter.
Nohria and Porter note that being a CEO is challenging and that effective time management is key because stakes are high. “The success of CEOs has enormous consequences—good or bad—for employees, customers, communities, wealth creation and the trajectory of economies and even societies. Being a CEO has gotten harder as the size and scope of the job continue to grow, organizational complexity rises, technology advances, competition increases, and CEO accountability intensifies,” they write.
As the CEO of a mid-sized privately-owned company, I face many of the same challenges as CEOs at large, public companies but on a smaller scale and without the pressure of meeting shareholder expectations. Still, this study resonates with me and I’d to share a few article highlights for other CEOs who may not have time to read HBR and to add my two cents of course!
The job of CEO can be all consuming. Many CEOs spend nearly 10 hours each business day, plus close to four hours on both Saturday and Sunday attending to business. CEOs in the Harvard study also reported working 2.4 hours daily while on vacation. Many also travel for work, which means being away from family on many nights and even weekends.
How can CEOs keep their jobs from consuming them and destroying their families? The authors have several suggestions:
- Make time for personal well-being, including health, fitness and rest. If you’ve read my book, “The 100: Building Blocks for Business Leadership,” you know I’m firmly committed to personal work/life balance. That’s why I take time to every morning to exercise, meditate, visualize, read/write, and spend time with my kiddos before heading to the office.
- Make time for family. In The 100, I’ve shared before how the annual fishing trips with my dad before he died are responsible for some of the most precious memories I have of him. Since then, my wife Linda and I have instituted Second Sunday Family Dinners at our place. This includes my mom, our siblings and their kids. Because it’s the same day every month it’s been easier for family members to make it part of their regular schedule.
- Avoid the lure of e-email. Whatever your email of choice, use the spam features to help manage the avalanche of email overwhelming most CEO inboxes. I also recommend limiting the number of times each day that you check your email. Most critical: only handle a message once versus letting it clog up your inbox or slip from your mind.
- Be agenda driven. Note the authors, “A clear and effective agenda optimizes the CEO’s limited time; without one, demands from the loudest constituencies will take over, and the most important work won’t get done.”
- Rely heavily on direct reports. This advice is golden. At Intertech, we use cascading daily huddles to ensure all have a chance to share status and to highlight any stuck items. Huddles “bubble up” and once it’s time for my daily huddle with my direct reports, I’m able to gain a clear understanding of what’s happening with key projects and clients without having to wade into the weeds. We also build regular opportunities into our schedule for all-company meetings. And a variety of informal social gatherings provide a chance for me to talk with all employees, or at least those that would like to chat with me directly.
- Make meetings shorter and more effective. I devote considerable time to the topic of meeting management in “The 100,” but this advice is a great summary!
- Allow for accessibility and spontaneity. While it’s tough to be available on a moment’s notice as CEO, leaving a little room in your schedule for spontaneous conversations makes sense. As the authors note, “Spontaneity and accessibility enhance a CEO’s legitimacy. Leaders whose schedules are always booked up or whose EAs see themselves as gatekeepers and say no to too many people risk being viewed as imperious, self-important, or out of touch. EAs play a key role in finding the right balance here.”
I could go on, but you need to manage your time effectively too. If you can find the time, though, please check out my book for more tips such as these. The time you save will be invaluable.