Change

<input id="timedurationpicker" />
<script>
    var picker = $("#timedurationpicker").kendoTimeDurationPicker({
        columns: [ "hours", "minutes" ],
        change: function(e){
            var value = this.value();
/* The result can be observed in the DevTools(F12) console of the browser. */
            console.log(value);
            // Use the value of the widget
        }
    })
</script>

<input id="timedurationpicker" />
<script>
    function picker_change(e) {
        var value = this.value();
/* The result can be observed in the DevTools(F12) console of the browser. */
        console.log(value);
        // Use the value of the widget
    };

    var picker = $("#timedurationpicker").kendoTimeDurationPicker({ columns: [ "hours", "minutes" ] }).data('kendoTimeDurationPicker');

    picker.bind("change", picker_change)
</script>