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Literature Review on “Time Management” Based on an article published by McKinsey & Company, a business consulting firm. http://www.mckinsey.com/insights/organization/making_time_management_the_organizations_priority An online survey on “efficient time management” was conducted on over 14,000 senior executives around the world, including almost 700 CEOs, by which nearly 50% admits that they are not highly satisfied with how they were spending their time or that their time were not spent in a way that aligned with their companies’ strategies. The findings were further divided by the satisfaction level which shows that 32% of the respondents were somewhat or very dissatisfied, 48% were somewhat satisfied and only 9% were highly satisfied. Since a large number of respondents acknowledge inefficiency in their time management, more studies were put on the characteristic of unsatisfied managers. The following are four main categories. “Online junkies” spent a lot of their time on emails, text messages or voicemail. They hardly ever walk around to meet with employees, discouraging them to come when problems occur. These managers, however, feel that they have contributed a big amount to the company, when in fact the quality of their works is not good. “Schmoozers,” are like politicians. Their time is devoted to outside stakeholders such as analysts, media or customers and they represent their companies well. However, they are not reachable by the inside circles, leaving employees feeling neglected. “Cheerleaders,” often lower level executives, took a lot of time on their people, managing them, conversing with and guiding them. They do not spend enough time with the outsiders and ended up with less long term regulations. “Firefighters,” dedicated their time to last-minute and the latest matters. They normally have fuzzy schedule causing them to reschedule often. They have close to zero face-to-face communication with employees and do not have long term direction. Taking a look at those satisfied executives, who are normally more balanced in how they spend their time. On average, 34% of there is spent on mingling with external stakeholders including decision makers. 39% is devoted to internal meetings on many levels (from individual employee to division meetings) by which 24 percent are their working alone time. Furthermore, some remedies were also suggested to managers who are unsatisfied with their time-budgeting. The suggestions include. 1. Have a ‘time leadership’ budget and a proper process for allocating it: it suggests that companies should analyze and state how much time it really needs to facilitate its ideas. Do not overlook its capacity. 2. Think about time when you introduce organizational change: some changes take time and only need occasional direct reports. 3. Ensure that individuals routinely measure and manage their time: constantly measure how well time is spent in accordance with each individual strategic objectives. 4. Refine the master calendar: identify what actions/meetings are necessary for each project and try to eliminate what are not. 5. Provide high-quality administrative support: some paper works are better dealt with by assistants leaving more room for executives to come up with good ideas for projects. This study shows that time management is a very crucial, but most neglected part of an organization. A large number of organizations failed to provide guidance on how managers should manage their time effectively. They leave time budgeting task to individual managers, and very often, those managers are too overwhelmed to realize their ineffectiveness.