What Is Resource Bench Strength?
Resource bench strength refers to the pool of available resources within an organization that can be leveraged to deliver professional services. These resources can include people, skills, technology, and equipment.
The term “bench strength” comes from the idea of having a deep bench of resources that can be called upon as needed, much like a sports team has a bench of players who can substitute in during a game.
Why Is Resource Bench Strength so Important?
Resource bench strength is critical to the success of any professional services organization because it enables the delivery of high-quality services to clients while ensuring that resources are utilized efficiently. Here are a few reasons why resource bench strength is so important:
1. Improved resource utilization: With a strong resource bench, organizations can better manage resource allocation, ensuring that the right people are working on the right projects at the right time. This leads to improved resource utilization, reduced costs, and increased profitability.
2. Enhanced client satisfaction: A deep bench of resources allows organizations to deliver high-quality services to clients consistently. Clients appreciate the ability to work with a diverse team of experts, and they’re more likely to remain loyal to an organization that can meet their needs effectively.
3. Increased scalability: A robust resource bench enables organizations to scale their operations more easily. With a pool of available resources, organizations can take on new projects and grow their business without compromising the quality of their services.
Why Is Resource Bench Strength so Important?
How to calculate Resource Bench Strength?
Calculating resource bench strength involves quantifying the number of available resources, their skills, and their utilization rates. Here’s a simple formula to get you started:
Resource Bench Strength = (Total Number of Resources / Total Number of Billable Hours) x (Average Utilization Rate / 100)
Let’s say you have a team of 20 consultants, each with an average utilization rate of 75%. The total number of billable hours for the team is 16,000 hours per year (20 consultants x 2,000 billable hours per consultant per year).
Resource Bench Strength = (20 / 16,000) x (75 / 100) = 0.125 or 12.5%
This means that 12.5% of your total resources are available for project work at any given time. The higher the resource bench strength percentage, the more resources are available for project work, and the more scalable your organization is.
Resource Bench Strength vs Other Resource Metrics
1. Resource Availability: Availability focuses on immediate readiness, while bench strength assesses the preparedness of resources for future deployment.
2. Resource Utilization: Utilization measures the actual usage of available resources, while bench strength evaluates the potential for deployment.
3. Resource Allocation: Allocation deals with assigning resources, whereas bench strength ensures a surplus for contingency.
|Importance / Use
|Resource Bench Strength
|Quantity and quality of additional resources available
|Indicates the pool of available resources for potential allocation
|Resource Utilization Rate
|Percentage of available resources actively used
|Measures the efficiency in using available resources
|Forecasting and planning for future resource needs
|Ensures that adequate resources are available to meet future demands
|Workforce Skills Profiling
|Assessment of skill sets and expertise within the workforce
|Helps identify and leverage the diverse skill sets available
How Is Resource Bench Strength Used?
Resource bench strength is a valuable metric that can be used in various ways to optimize professional services delivery. Here are a few examples:
1. Resource planning: By understanding resource bench strength, organizations can better plan for project resource requirements and allocate resources accordingly. This helps ensure that the right people are working on the right projects at the right time.
2. Staffing: Resource bench strength can help organizations identify skills gaps and staffing needs. By analyzing resource bench strength data, organizations can determine which skills they need to develop in-house
3. Resource Planning: Assists in strategic resource allocation and workload balancing.
Ready to Optimize Your Resource Bench Strength?
KEBS, a comprehensive PSA software, contributes to optimizing Resource Bench Strength. KEBS maintains a comprehensive database of skills and expertise, aiding in identifying available resources for specific project requirements.
Utilizing real-time tracking, KEBS assesses resource readiness, ensuring a strong bench for deployment. KEBS offers forecasting capabilities to predict future resource needs and maintain an adequate bench strength.
Ready to optimize your Resource Bench Strength? Contact us at KEBS or request a demo to explore how our solutions enhance resource management, improve deployment agility, and mitigate risks within your organization.