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DQ1 SWOT Analysis - Assignment Example

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Talent management is important towards the success of a company. Talent management can be defined as the integrated process of…
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DQ1 SWOT Analysis
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A SWOT is an internal and external analysis composed of the following four factors: strengths, weaknesses, opportunities, and threats (Kotler, 2003).Talent management is important towards the success of a company. Talent management can be defined as the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time (Sullivan, 2004). A SWOT analysis of talent management is illustrated below:
Strengths
The use of talent management can help a company identify which employees are good candidates for ascension. A second strength of talent management is that it can help enhance the skills and capabilities of the employees. Companies that have solid talent management plans tend to have higher employee retention rates. Using talent management can also enhance the human capital of a firm. The human capital of a firm is its most valuable asset (Investopedia, 2013).
Weaknesses
A weakness of talent management is that is costs money to implement an adequate talent management plan. Companies spend money on training and development, seminars, and educational opportunities to effectively implement an adequate talent management plan. If a company is not able to identify the skills gap of the workforce the training initiatives of the firm can become ineffective.
Opportunities
An opportunity associated with talent management is the ability to identify the potential of young talented employees. Another opportunity of talent management is that it helps foster a strong corporate culture. A strong corporate culture enhances the productivity of a firm.
Threats
A threat of talent management is that companies may spend money and resources developing talent to have those employees leave the company for the competition. A second threat of the implementation of a talent management is potential for interpersonal conflict. A talent management plan can create internal competition between the staff.
Reference
Investopedia.com (2013). Human Capital: The Most Overlooked Asset Class. Retrieved March 8, 2013 from http://www.investopedia.com/articles/younginvestors/09/human-capital.asp#axzz2MvAkWIUC
Kotler, P. (2003). Managerial Marketing (11th ed.). New Jersey: Prentice Hall.
Sullivan, J. (2004). Talent Management Defined: Is It a Buzzword or a Major Breakthrough? Retrieved March 8, 2013 from http://www.ere.net/2004/09/13/talent-management-defined-is-it-a-buzzword-or-a-major-breakthrough/ Read More
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