I've seen people who believe they do a lot for their employers but aren't considered for promotions. They usually have a long list of accomplishments. They are, however, unaware that not all tasks or accomplishments qualify them for a promotion or raise. I was one of them until I discovered Pareto's Principle (aka 80-20 rule).
Pareto's principle states that 80% of the results come from 20% of the efforts. Allow me to explain this further with a simple example. Assume a company discovers that 20% of its customers account for 80% of its sales. If the company wants to increase sales, it should prioritize this 20% of customers. By determining which customers fall into that 20%, the company can prioritize its efforts and devote more time and resources to developing and maintaining those critical relationships.
Similarly, 20% of your tasks and activities account for 80% of your progress and success in your career. Other tasks you perform may be insignificant or trivial, and they may not help you grow. Your contributions should aid in the growth of businesses. Let me show you how you can grow in your career by using Parto's Principle.
1. Determine your core competencies and strengths:
Identifying your core skills and strengths is the first step in applying the 80-20 rule to your career. These are the abilities and skills that you are naturally good at and enjoy. Focus your efforts on improving and developing your core skills once you've identified them. This will allow you to become an expert in your field and set yourself apart from the competition.
2. Concentrate on high-value tasks:
The next step is to concentrate your efforts on high-value tasks. These are the tasks that will have the greatest impact on your career growth and success. They could include networking, establishing relationships with key stakeholders, learning new skills, or taking on key assignments. You can maximize your efforts and achieve better results by focusing on high-value tasks.
3. Delegate low-value tasks:
Another way to apply the 80-20 rule in your career is to delegate low-value tasks. These are the tasks that consume a significant amount of your time but do not contribute significantly to your career advancement. You can free up more time to focus on high-value tasks and activities by delegating these tasks to others.
4. Prioritize your goals:
To effectively apply Pareto's Principle, you must prioritize your career goals. Determine your most important goals and concentrate your efforts on achieving them. You can then prioritize your time and resources to ensure that you are making progress toward your objectives.
5. Evaluate your progress regularly:
It is critical to constantly assess your progress and adjust your efforts accordingly. Review your goals regularly to see if you're making progress toward them. If you're not getting the results you want, shift your focus and efforts to make the most of your time and resources.
Finally, Pareto's Principle can be a critical tool for professional development. You can apply the 80/20 rule to your career and achieve greater success by determining your core competencies and strengths, concentrating on high-value tasks, delegating low-value tasks, prioritizing your goals, and continuously evaluating your progress. You can achieve more with less effort and make significant progress toward your career goals by focusing your efforts on the right tasks. I'm sure now you know how to grow in your career with the help of Pareto's Principle.