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Resource Allocation It’s Not Just for Project Managers

At its essence, the dilemma of resource allocation comes down to a simple premise: given a narrow set of resources, how can you best use them to reach the coveted result?

In business, coming up with a policy to allocate resources efficiently can pay huge returns. In the real world, though, we all understand that resource allocation – designating work, making resources, preparing for the future – often gets shoved aside in favor of simply making the work done.

It’s a bit like exercise: we know that it is good for us, but when it comes time actually to hit the gym, it’s easy (a little too easy, sometimes!) to take a pass.

While resource allocation is often handled as an intricacy only for Project Managers, in fact seeing all management through the spectacles of resource allocation can benefit you sort out difficult decisions. Here are some critical opinions on why.

Employee Resource Management Drives Most Managerial Decisions

Managing is about strongly using the means you have to reach your company’s goals. And in most corporations, managers get to run a compelling set of tools: their employees.

Using employees correctly, however, is a challenging goal. As good managers recognize, employees tend to be brightest and most productive when they feel like their talents are being employed well, and when they feel like they’re committing to a more substantial objective. It’s the team that matters the most.

So how to ensure your team works like a well-oiled machine? That’s right: resource management. Understanding what works make various employees succeed gives you the ability to designate resources so that your team goes like a Formula One car.

Thinking about Resource Allocation Makes Hiring Easier

For managers who have to keep an eye on finances, hiring can be a troubling problem. Workers cost a lot, and you need the cost expense to be worth it. This predicament can be particularly acute when the issue is choosing between hiring a full-time worker or hiring a part-time employee.

Here’s a situation: your team only requires a little more assistant now, so hiring a temporary worker seems like the appropriate decision. On the other hand, a full-time worker might help you increase your capabilities, enabling you to take on more work.

How to decide? Again, conceiving strategically about resource allocation can benefit. What are needs getting less attention than they should? Do you have resources you can deploy without hiring? What requirements can you see coming down the road, and how well set up are you to control them?

To sincerely answer these questions, you need to trace your resource allocation, particularly if you need to move away from a “gut feeling” plan to management.

The Resource Allocation Tool You Use Will Change the Way You Allocate Resources

Ok, then you know that thinking about managerial duties as difficulties of resource allocation can support you make more objective choices. Maybe you’re even committed to using a more strategic method.

One thing to bear in mind is that how you designate resources can depend significantly on what resources you hold, and how you measure them.

Given this, it’s worth seeking out various allocation tools, to see which ones work best for your situation. Do you need a tool that concentrates on big-picture issues? Or one that gives you a more granular look at how many resources are employed for specific tasks, projects, and ideas?

In all cases, the time-tracking software such as TimeLive, can provide you a true picture of how employee time gets consumed. According to the business consulting experts at McKinsey, time management is the key to allocating resources appropriately.

Project Managers Should Communicate Resource Allocation Strategies with Their Employees

Employees, usually, hate being put in the dark. Ensuring your team knows not only what you are asking them to do, but why you’re asking them to do it is one surefire way to gain both job satisfaction and productivity. As a Project Manager, you’re often considering all sorts of resources, including (but not limited to) money, time, and people. Letting workers know how you’re balancing these all can go a long way toward making people feel important and empowered.

Alma Reed is an author and researcher dedicated to enhancing productivity. She is deeply interested in areas such as time management, increasing productivity, and fostering healthy routines. Through her writing, she aims to assist people in boosting their job performance and attaining an ideal balance between work and life.

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