SWOT analysis denote a strategic planning technique applied to assess the weaknesses, strengths, threats, and opportunities, involved within an organizational business venture (Hill & Westbrook, 2013). On the other hand, talent management denotes the anticipation of needed human resource for a company and the process of planning to achieve those needs. Talent management is significant when it explains a firm’s commitment to recruit, manage, and maintain workers. It consists of systems and processes that are linked to retaining as well as developing or creating a superior workforce (Erhardt & Joshi, 2009).
An organization (consultancy firm) may create the following SWOT analysis
Strengths
The strength for an organization can be that employees are capable of responding fast because of no requirement for approval by higher management. Giving good customer care, because of a small amount of job presently available implies there is enough time for customers. Besides, having a strong reputation within the market and being able to change direction fast if the organization’s marketing is not effective are other strengths (Hill & Westbrook, 2013).
Weaknesses
The organization’s weaknesses may be having small staff/workers, with low skills within many areas. Moreover, unreliable cash flow within the early stages, cases of vital workers being ill, and leaving are some of the weaknesses.
Opportunities
The expansion of the business sector, with numerous prospect opportunities for success, commitment of local government to improve local business, and competitors being slow in adjusting to new technologies are some of opportunities for the organization.
Threats
Advancement within technology can change market beyond the ability of the organization to adjust. In addition, changes within the focus of strong competitors may wipe out available market position the organization achieves (Houben, Lenie & Vanhoof, 2009).
In summary, the SWOT analysis may make the organization specialize within a rapid response and have good value services to customers or local businesses.
References
Erhardt, N. L., & Joshi, A. (2009). Recent Research on Team and Organizational Diversity: SWOT Analysis and Implications. Journal of Management, 5(1), 6. doi:10.1016/S0149-2063(03)00080-1
Hill, T., & Westbrook, R. (2013). SWOT analysis: It's time for a product recall. Long Range Planning, 3(2), 2. doi:10.1016/S0024-6301(96)00095-7
Houben, G., Lenie, K., & Vanhoof, K. (2009). A knowledge-based SWOT-analysis system as an instrument for strategic planning in small and medium sized enterprises. Decision Support Systems, 9(2), 3. doi:10.1016/S0167-9236(99)00024-X
