International Journal of Management IT and Engineering
Year : 2022, Volume : 12, Issue : 11
First page : ( 1) Last page : ( 5)
Online ISSN : 2249-0558.

Effective workforce utilization in organizations: Key aspects to consider in portfolio and project management

Sundaram Karthik Trichur

Portfolio & Project Management, Asset Management & Supply chain Pleasanton, CA, USA, karthikts@hotmail.com

Online published on 1 September, 2023.

Abstract

The key asset to any organization is a qualified workforce or skilled resources,that play an important role in growth and success of the organization in a competitive environment. However, with the advent of internet revolution, emergence of new technologies and latest advancements in areas of machine learning, robotics automation and artificial intelligence, it’simperativeto prioritize on learning, upskilling and right skilling the workforce for organizations to thrive. Also, with recent epidemic (COVID-19), organizations are looking at ways to keep the workforce engaged as well increaseutilization for maximizing the bottom-line. By incorporating some of the key best practicesthe onboarding of a resource like updating the key skills of the resource from a predefined skills database, managingskills inventory in the database on an ongoing basisand maintaining resource availability constraints on regular basis for future dates, organizations can ensure maximum utilization of the resources which can help with better productivity, increased margin and an engaged workforce. These practices and processes can also help provide better career advancement opportunities to skilled resources within an organization. In case of contingent situations, when there is an urgent requirement for a rare and critical skill or resource, organizations can ensure the effective execution of a project or tasks on time by following some of the key best practices. By updating and maintaining skills inventory for the workforce and ensuring a proper reporting and analytics mechanism, organizations can ensure to invest training budget effectively on skills which are in demand for better outcomes.

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