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Yash Joshi
Human Resource (HR) and Corporate Admin Expert
Asked a question 10 months ago

What is Effective Resource Management ?

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Yash Joshi
Human Resource (HR) and Corporate Admin Expert

For any project to be a success, one cannot undermine the importance of effective resource management. The impact of effective resource management can be seen not only on the profits incurred due to resource optimization and reduced bench time but also in the spirit of positive attitude and motivation it generates in the resources.

Given the benefits incurred due to ERM it is no wonder that organizations across the globe are having specific teams whose job is to ensure that the company’s resources are utilized effectively and efficiently. A well thought of ERM solution would reap rich dividends for the organization.

Have a list of the projects planned for the year at hand.  This helps in forecasting the skills required, the resources needed etc accurately so that it becomes easy to allot and move resources for each of the projects. This not only helps in optimum utilization of resources but can also throw light on the actual project effort, project monitoring etc.

Have resource capability database with pertinent information updated on regular basis. Knowing the resource skills helps in efficient assigning of the resources to the projects. The resource database should be continuously updated so that it is useful and fulfills the objective of effective resource utilization and helps in mapping the employee-employer goals better.

Project reporting and project status report automation is very useful in improving the team productivity. Doing the mundane tasks of data collection, report filing, parameter calculations etc can bring down employee performance.  Having a smart tool in place which can extract the needed information and generate the reports accordingly not only saves time and improves accuracy but greatly helps in building employee morale. This also provides the right visibility for the resource manager to know the resource need changes in the projects.

Knowing the future requirements and the future projects in the pipeline helps in not only in the resource utilization optimization but also in your recruitment drive. You would know the resource skills that you need to acquire and can give sufficient lead time to your recruitment division to identify the righter sources. It will also help the organization to know the budgeting requirements and have a balanced portfolio.

EPM has a role to play in employee retention too. Because EPM results in reducing the net bench time of an individual it has direct impact on the employee morale and motivation. This in turn ensures that the team stays intact and you would not have to suffer from high employee turnover.

Thus having an EPM in place provides the management to go toward strategic portfolio planning from being a tactical planning body.