Author: Future Manager Research Center
Among the many factors to be taken into consideration, a small and medium-sized company overcomes the daily challenges that the market imposes through the containment and reduction of costs, the expansion of revenues, paying particular attention to the company selection process. Specifically, the acquisition of new talents is one of these priorities, which is why human resources professionals must ensure that the strategies in their possession are effective and productive.
To be sure that this happens, an optimal solution would be the SWOT analysis. It is a real evaluation system that analyzes, as can be seen from the acronym, “Strength, Weaknesses, Opportunities, and Threats”.
Strengths relate to capabilities that provide a distinct advantage over the competition; the weaknesses may concern both the company and the candidate in question and which, if properly identified, can be improved; opportunities are favorable environmental factors that pave the way for new possibilities; threats, on the other hand, are unfavorable environmental factors that can undermine success. As with any other company activity, a SWOT analysis on recruiting and Talent Acquisition can be conducted, through which the manager in charge will have a complete picture of the candidates.
Based on these four parameters it will be possible to modulate the decision-making process, bearing in mind that the strengths and weaknesses concern the internal environment of the company (Looking In), while the opportunities and threats concern the external environment (Looking Out) , acting as a warning for what will be any precautions and measures to be taken. The essence of the correct formulation of a strategy is manifested when there is a careful correspondence between the opportunities and threats that the company must face, all supported by the awareness of its strengths and weaknesses.
With regard to the talent development and management program, there is a need to have a strategic program that is based on the actual skills of a new recruit, which is however parameterized to the available budget. In practice, developing a SWOT analysis to be applied to Talent Acquisition means asking a certain number of questions. What are the skills, the room for improvement and what is the potential advantage that the candidate would bring to the company? With regard to the parameters influenced by the external environment, it is useful to examine the other possible career opportunities that the candidate could seize, if he/she is suitable to operate in the current market, what is the gap between this individual and the other candidates or how he/she would relate to any future colleagues. In general, it is necessary to analyze everything that could threaten both the company and the career progression of the talent.
It is important to consider all the variables, and to do so it is essential to discuss with other members of the HR department: in most cases colleagues have a perspective and a point of view that will help and that can serve to recognize a weakness or a strength that had not been taken into consideration.
If the SWOT analysis is carried out properly it will lead to excellent talent management, with a consequent advantage for the entire company.