Do you often struggle to attract, manage, engage or retain top talent?
It is then high time to focus on improving the employee experience within a company. Each resource goes through a series of phases, from the day they apply for a role to the day they leave the organization, known as the resource lifecycle.
It encompasses six stages of an employee’s journey through an organization. It starts with attracting a potential candidate, recruitment, onboarding, career development, retention and ends with resignation, firing or retirement.
So companies will see employees come and go over time. This makes assessing and tracking the lifecycle of an organization’s assets vital.
This article will explain the importance of asset lifecycle management and how asset management software can help you. Let’s start:
1. Why is asset lifecycle management important?
Organizations today need to manage the lifecycle of their resources as efficiently as possible. It helps fill skill gaps and ensures that all resources are used optimally. Additionally, it encourages employers to assess and improve the employee experience at every phase.
Managing a resource’s lifecycle also increases employee productivity and keeps the organization ready to take on new projects. Some well-defined reasons why asset lifecycle management is essential include:
- It helps recruiters plan induction training, an orientation program and team meetings with the newcomer.
- Managers can tailor training and development sessions based on the strengths and weaknesses of each resource.
- Additionally, managers can plan future projects and assign the right resource to the right project at the right time.
- It helps managers to give constructive feedback/rewards to individual employees based on their performance.
- Finally, asset lifecycle management helps organizations improve workplace efficiency and complete their projects.
These are various benefits that you can get when managing the lifecycle of an asset. So now, let’s look at some of its best practices.
2. 6 Ways to Streamline the Resource Lifecycle in Your Organization
Here’s an overview of some essential steps that help streamline a resource’s lifecycle and boost employee engagement and team cohesion:
2.1 Follow an effective resource acquisition process
Organizations should regularly evaluate their recruiting strategies to streamline the acquisition process. For example, recruiters can specify the job title, responsibilities, company culture overview, salary range, and other perks in the job description. In addition, they should also clearly state the skills and credentials applicants must possess to qualify.
Companies can switch to an Applicant Tracking System (ATS) to screen candidates. This will ensure that their unconscious biases do not deviate from the goal of hiring the right candidate. Additionally, recruiters need to ask the right questions on the first call itself so that the next round of interviews is smooth and takes less time.
2.2 Facilitate a systematic induction and orientation program
When a new recruit joins a company, they are excited to learn about the company culture and learn about upcoming projects to showcase their capabilities. Therefore, organizations must have a systematic onboarding and orientation process to demonstrate the company’s purpose and vision, work policies, etc.
Additionally, they can offer a welcome kit with personalized gifts to make the recruit feel welcome and valued. Managers can also set up an in-person or virtual meeting to hand over roles and responsibilities to the newcomer. Additionally, when employees feel connected and find their role meaningful, it leads to greater long-term productivity.
2.3 Provide Opportunity by Capacity
Once resources are onboarded and their training is complete, it is up to resource managers to identify the job that is best for them. It will also depend on various resource metrics such as their qualification, skills, competence, and interest.
Assigning the right resources to the right projects at the right time ensures maximum resource utilization. This will also help maintain the quality of the work to the desired standards. Moreover, it will benefit the organization by generating high profits and revenue in the long run.
2.4 Provide constructive feedback at regular intervals
Managers should hold regular sessions to give constructive feedback to each employee. This will help employees quickly close their gaps and deliver high-quality projects to customers.
Regular feedback will help employees improve their performance. In addition, managers must offer them the support and guidance needed to progress in their respective roles. Additionally, rewarding and recognizing employees’ contribution at the end of the year encourages them to work hard and maximize their potential within the company.
2.5 Create an IDP for each employee
Once a new hire starts working on their project, senior team members and managers can track their performance from time to time. Additionally, assessing new hires will help managers determine if there are any skills gaps that need to be addressed.
As needed, managers can create an Individual Development Program (IDP) for new hires. Providing unique and personalized training and development programs to each employee will help close any performance gaps. Moreover, it will prepare them in the future to take on advanced projects and progress in their career path.
2.6 Establish a smooth exit process
When employees leave the organization, which can happen for a variety of reasons, they should have a smooth and hassle-free exit process. A cordial farewell meeting, exit interview and questions related to the organization will leave a good impression on the employee.
This will allow employees to express their opinion freely and give honest feedback. The discussion will also give managers insight into gaps within the company. It offers the organization the opportunity to work on issues and improve employee retention and engagement.
3. How does asset management software help manage the asset lifecycle?
Saviom’s asset management software includes all the features and functionality needed to manage the asset lifecycle:
- It helps project managers to generate resource requests on time and provide appropriate information on required skills. Then, using advanced filters, resource managers can identify relevant resources to meet the request.
- If there are skills gaps or resource shortages, managers can provide training to the existing workforce or initiate hiring. If the project is long-term, recruiters can hire full-time resources. However, if it is a short-term project, recruiters can hire casual labor.
- The tool enables multi-dimensional resource planning that allows managers to book resources using drag-and-drop functionality. They can also split the booking and reassign the work to another resource if it exceeds the employee’s capacity.
- Vacancies and testbed reports help predict slowdown activities and allocate resources to future projects in advance. Thus ensuring efficient bench management.
- The tool also provides utilization heatmaps and resource metrics information that allows managers to perform performance assessments.
- Using resource management software, managers can also identify skills gaps and create an Individual Development Program or IDP for each employee.
The extensive features of the tool will allow you to effectively regulate and improve the lifecycle of resources and improve productivity and engagement.
Effectively managing each phase of the asset lifecycle is one of the best ways to assess and plan employee interactions with your business. Implementing the above strategies coupled with a resource management tool can help you streamline each step. Improving employee experience and retention rate.
What does each phase of the asset lifecycle look like in your business?