Simply put, chargeability is a rational and scientific expression of efficiency, efficiency equals outputs divided by inputs. How empowering and engaging is viewing your staff and your team through a purely scientific and economic lens?
Nearly every consulting firm utilizes "chargeability" or "utilization" as a metric to determine company and individual performance. High chargeability equals high performance, right? Not so if your employees are "billing" to projects that are over budget, and therefore will not produce revenue. High chargeability is not a singular goal, it is a result of a different approach to management.
High performance teams are engaged and empowered, it is extremely difficult to empower your team through purely scientific and economic means. How many times have you seen upper management pound on the desk screaming "you've got to increase your chargeability!!!"? How many times have you seen upper management actually explain how?
Taking an ongoing non-rational, non-scientific, humanistic approach by conducting a robust inquiry into who your people are and what they want to do in their careers (not just during an annual review), and then, through building a foundation of common values, performing the same exercise with your team, will greatly increase your chances of creating a high performing team consisting of engaged, empowered individuals. And who knows, you might even see an increase in efficiency!