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Resource Management Best Practice 4 – Ongoing Assessment of the Market Availability of Strategic Resources
Market changes can make once plentiful resources scarce. The recent retirement eligibility of Baby Boomer generation workers and the relatively small size of the follow-on Generation X workforce represents one example of a market change that is creating a shortage of experienced workers in many industries. While this change could be readily anticipated, others such as government sponsored large scale infrastructure projects which consume significant quantities of materials, heavy equipment, and personnel are less predictable. Thus, it is important for organizations to identify needed strategic resources and assess their market availability on an ongoing basis.
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Additional Resources
Trade associations and industry groups are often a good source of refined information regarding resource availability. Many provide Congressional testimony and make other public presentations; making this valuable information publicly available. Remember, other industries competing for like resources may be supported by similar organizations providing a view on these resources also. Consider these data sources especially if no industry specific studies are available.
Absent this refined information, a wealth of raw data can be obtained from government sources such as:
- FedStats – www.FedStats.gov
- Bureau of Labor Statistics – www.BLS.gov
- US Census Bureau – www.Census.gov
- Bureau of Economic Analysis – www.BEA.gov
No longer can personnel resources be underutilized in either skill or capacity. Today’s dynamic business environment demands a degree of responsiveness and cost competitiveness that can only be achieved through heightened personnel flexibility and interchangeability. To achieve this requires the building of a foundation of standardized policies and procedures that align personnel resource management practices across the organization.
“Work expands so as to fill the time available for its completion.”
All organizations face the dilemma of limited resources. Some organizations, through the use of deliberate work prioritization and sound resource needs estimation, ensure their resources are appropriately allocated to maximize the organization’s overall value. In other organizations, however, there exists an adversarial relationship between seniors and subordinates that results in inaccurate resource estimation and subsequently diminishes the overall value the organization is capable of producing.
An organization’s mission defines its purpose for being. Making the mission measurable and then prioritizing those measures helps create a sense of where the organization should focus its efforts. However, prioritization at this level does not create the clarity needed for individuals making resource allocation choices between their day-to-day activities, especially if the activities all serve the same mission measure.
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