Time management is defined as the process of assigning priorities to tasks and framing demands for task completion within a certain timeframe. The objective of time management is to counter the factors which delay task completion. The common cause for delay in task completion is procrastination. Procrastination can be defined as the process of putting off tasks till the end. Employees can choose to delay tasks either due to dissatisfaction with the management or due to their personal problems (Graycar, 2014). The significance of time in business operations cannot be denied since an organization can afford to lose money and recover from the losses. On the contrary, if the operational tasks of the organization are delayed then the reputation of organization in front of consumers as well as the economical performance of the organization faces severe impacts. Management of time can help a business in earning higher revenues with the least difficulties (Henry, 2015).
Business operations are crucial elements for an organization’s progress. If the tasks of an organization are completed in time then the business has better chances of expansion. However a balanced time management plan or model is required in order to inhibit the detrimental impacts of time wastage. The major impact of inefficient management of time and tasks is the degradation in morale of employees. When employees are unable to cope with the pressure of excessive work in a limited timeframe they are unsatisfied with themselves (Krishnan, Teo & Lim, 2013). This malice can be prevented by executing a personal development plan and regular meeting sessions in which employees can convey their issues to higher management. Stress management is also another crucial process which is included as an impact of inappropriate time management (McAllister, 2014). Employees who are unable to meet deadlines can be under the consistent stress of expulsion from the company or inferiority to other members of the organization. Thus a balanced time management plan should be developed in accordance with the internal environment of an organization.