In terms of perfecting a work task, there is a time where achieving the maximum, best outcome for a specific task should be strived for, despite diminishing returns. if we spend it with our family and loved ones.Īt the same time, context matters when determining if a gain is diminishing or not. When we have spent 100 hours on work, the 101th hour is not going to be as rewarding if we continue to spend it on work, vs. In terms of improving personal wellness, instead of working non-stop without rest every day and week, we should take time out for our family, relationships, and well-being, especially when we feel tired or burnt out.In terms of perfecting a work task, instead of trying to perfect every little action and rework something to the point of oblivion, we should consider if we are creating real value this way or if we can add better value elsewhere, such as by channeling our time into other new projects or tasks.In terms of improving overall productivity at work, instead of working relentlessly at our desk when we hit minimal or negative gains, we should actually stop, take a breather, and come back later with a more energized mind.Understanding the concept of diminishing returns is important as it helps us learn when to stop, and when to press on. To do this for multiple rounds would lead to diminishing, perhaps even negative returns as the podcast gets over-edited. Doing it the first time helps create a neater listening experience yes, but to do it a second, third, or fourth time? That’s not so productive. Likewise, with podcast editing, there is a point in my editing when spending more time listening to the podcast, splicing the audio track, and cutting out “um’s” and “ah’s” don’t lead to very productive gains. This can be after one, three, or five hours of writing, depending on what I’m writing. The same can be observed when you have an excessive number of meetings each week.Īs a writer, there are points in my writing when I can see that I’ve reached a roadblock, and spending more time writing doesn’t net me productive gains. When a meeting drags on endlessly, it becomes a time suck for everyone involved. The first hour of a work meeting is usually the most productive, while the subsequent second or third hour, not so much. (The exception is if the book is exceptionally written with its unique value-add to the topic.) But to read 20, 30, 50 books on the exact same thing? You will find the gains minimal as the authors talk about the same things in different ways. Reading 10 books on that very topic may be even more helpful. The first book we read on a particular topic is usually the most helpful as we learn the fundamental concepts on the topic. That’s negative returns, where an activity drains rather than uplifts you.) (Do it excessively and we start to feel drained instead. While using Facebook can be fun as part of catching up with your news feed and seeing what everyone is up to, the gains are diminishing after some time of using it and after checking it for the nth time. While working non-stop from day to night, for seven days a week, sounds like a good idea to get ahead work-wise, the reality is that we get diminishing returns in our productivity after long hours of work. If you examine different areas of your life, you’ll find the law of diminishing returns at work: (Image: Personal Excellence) Diminishing Returns in Our Life If you keep adding more fertilizer beyond this point, you will eventually get negative returns, where your total yield decreases because the field is over-fertilized! The point when it tapers off is called the point of diminishing returns, and every unit of fertilizer from this point on will give you a smaller increase in corn yield, even though this fertilizer is the exact same quality as before. This is known as diminishing returns. Let’s say you have a corn field and you are trying to increase the yield with fertilizer. While adding fertilizer initially will lead to a sharp increase in yield, this increase tapers off when an optimal amount of fertilizer has been added. The law of diminishing returns states that in productive processes, increasing a factor of production by one, while holding all others constant, will at some point return lower output per incremental input unit. The law of diminishing returns is a concept that I learned in Economics and I find it very applicable to personal growth.
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