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Multi-tasking could be costing you money!

RICHMOND, Va – Financial expert Phil Umansky was in the studio talking about the downside to multitasking. He said that splitting your attention too much could actually put a dent in your wallet. Here are Phil’s tips:

Multitasking and Its Financial Impact on You, Your Organization, and the Country’s Economy

  1. Examples: (1) Surfing net or looking a e-mails while in a business meeting or on a phone call, (2) Texting or using mobile device while driving or at a stop sign, (3) Listening to music while writing a paper or taking a test.
  2. Based on article on CNBC web-site (October 2017), a study by Bryan College indicated that on average millennials switch between media platforms 27 times per hour.  It also indicates multitasking costs the global economy $450 Billion per year.

https://www.cnbc.com/2017/10/06/why-you-should-stop-multitasking-if-you-want-to-be-productive.html

  1. The major costs (1) Switching costs, (2) Impulsive and poor  decision making and errors at work, (3) Stress, (4) Lack of deep thinking, (5) Poor attention span, and (6) Poor interpersonal/soft skills. ,

And most importantly:  (6) Catastrophes:

(A) Oscars last year—Wrong Best Movie Award 

(B) Hawaii bomb threat—Incoming Bomb

(C)  Car Accidents 

  1. Solutions—(1) Group like tasks together, (2)  Practice meditation and do activities that require deep focus/thinking/learning,  (3) Take breaks, (4) Keep things simple and plan ahead. (5) Practice active listening.  It is alright to be busy but not hurried.

Practice Moderation Regarding Social Media and Do Not Do While at Work   

http://www.vscpa.com