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2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44
Become the employee who brings the most value to the company and reap the full benefits of it.
What is the essence of Price's Law
Derek Price, a British physicist and historian of science, noticed a curious pattern regarding his colleagues. In any industry, more than a few people have published work. The ratio of labor and results is asymmetrical. This rule is now called Price's Law.
The square root of the total workforce does 50% of that work.
Usually only a few people bring the most value to the company. And it works in all areas. In sales, a few people make the most deals and make the most profits. In the book business, several authors have been sales leaders for years. Think, for example, Stephen King, who has sold over 350 million copies of his books.
This law is interesting not only from a theoretical point of view. Entrepreneur and blogger Darius Foroux told how to change your life by putting it into practice.
How to apply it in life
Of course, Price's Law is more information for thought than an ironclad rule. But if you understand the underlying principle, life will become much easier.
You can criticize the injustice that you work but get nothing. And you can improve in your business and bring more benefits. Think about your current job. Are you of significant value there? If not, look for a place where you can become the minority that generates most of the results.
There is no shortcut - you need to work on yourself, develop in your field. Then, over time, you will become a valuable contributor who contributes asymmetrically. These are the ones that all companies try to hire.
Do what you are good at.
This is perhaps the best career advice. When you do something that you are good at, you are more beneficial. This means you both feel better and earn more.
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