In any organization there is the need to utilize available resources for better performance. The term, management of organizational resources, refers to proper utilization of such resources as assets, information, human and financial resources. Many organizations fail to reach their set targets due to lack of proper management of these resources. This article in brief describes how to manage organizational resources.
How to manage organizational resources remains one of the fundamental organizational management questions. It is about the management of three main resources:-
- Human Resources – Human resource is a key resource in any organization. As such, the motivation of the employees in an organization is essential in improving productivity and attitude. Employee motivation can be achieved by giving good remuneration, medical allowances and bonuses. It is fundamentally established that employees embrace a company that caters for their well being as people. Mutual and cordial relationship between the employer and the employee translates into better performance. Further, proper planning in an organization greatly contributes to productivity of the human resource. Planning ensures that the staff are not overwhelmed with tight schedules and assigned duties. Therefore, investment in a policy framework that outlines a working plan for the employees would ease their frustrations.
- Time Resources – Time and human resources can be argued to be the most crucial resources in contemporary time. Time is an infinite resource. If not properly managed in an organization, it can have a negative impact on both employer’s and employee’s productivity. Organizations should ensure that workers are well equipped to manage time in their duties.Some of the ways time can be managed in an organization include but not limited to ensuring that there is a routine measure of time by workers and having a master calendar. The culture of an organization can also have a major impact on the time productivity of the employees. Such should be changed by continued positive culture of managing time.
- Financial Resources – An organization can also establish a proper plan to manage its financial resource. For example budgets are established, funding gaps identified and costs are tracked and documented. With this, the company is able to assign resources to the resilience activities and the rest can be invested to improve the organization’s revenue.
Effective management of assets is also another important component which contributes to organizational performance. Assets include both physical and intellectual property that belongs to a particular organization. A company can maximize output by ensuring that its assets are properly catered for in terms of servicing and even patents for its intellectual property.
The impact of effective resource management in an organization can never be underestimated.It is one major source of organizational stability. Review of literature shows that financial sustainability in an organization for instance, cannot be achieved without sound resource management systems that are put in place. Such systems include but not limited to the management of not only financial resources, but also other associated resources like human skills, production resources.
It is also commonly established that large organizations have well defined resource management systems which mainly guarantee that resources are evenly allocated in order enhance the overall organizational performance. Thus, since an organization’s productivity is tied to its ability to effectively and efficiently manage, there is a need for organizations to put effective resource management systems in place.