With budget cuts affecting how we accomplish our daily work tasks with less resources, it is not surprising that more and more people are overcome with stress and anxiety while absenteeism and employee turnover is at a record high. Where can we turn to to learn some life hacks that could facilitate the challenges we face on a daily level?
Well, there is one in particular technique hat I have always enjoyed using. Have you ever heard of the Pareto Principle? Vilfredo Pareto, an Italian economist, observed that 80% of the land in Italy was owned by 20% of the population. In economics, studies have shown that 80% of a country’s wealth is produced from 20% of its population. In criminology, studies have shown that approximately 80% of crimes are committed by 20% of criminals. There was something definitely intriguing about that ratio.
Richard Koch and Marc Mancini later introduced the 80\20 rule to the field of management. They argued that investing 20% of our effort on a particular task will produce 80% of the desired result.
Although we all find pride in accomplishing a task that clearly exposes the time and effort we invested in it, most of the time all those extra bells and whistles are not necessary. Furthermore, with the time and budget restreints we continually face, it might not even be productive to give in to our desire to please. Sometimes, it is a better option to aim for “good enough”. Especially when we are constrained by time and limited resources. By taking 20% of time alotted to be fully engaged in what you are doing can and will produce positive results. The trick is to not give in to our perfectionism and accept the reality that what we will accomplish will be good enough.
Learning to effectively use the Pareto Principle (or the 80/20 rule) can help us create a little more time. More time to strive towards a balanced lifestyle and engage in activities that bring you joy and create memories for lasting happiness.