SWOT ANALYSIS
A SWOT analysis is a strategic balance sheet of an organization; that is the strengths of the organization, the weaknesses of the organization, the opportunities facing the organization, and the threats facing the organization. It is one of the cornerstone analytical tools to help an organization develop a preferred future. It is one of the time-tested tools that have the capacity to enable an organization to understand itself, to respond effectively to changes in the environment. The purpose of the SWOT analysis is to provide information on strengths and weaknesses in relation to the opportunities and threats.
The benefits of a SWOT analysis are that it provides learning and knowledge vital to the organization’s survival and prosperity. And other outcome of he SWOT analysis which is becoming extremely important, is an understanding of company’s boundaries and the development of boundary spanning skills and insight to help navigate the changing environment.
SWOT Enhanced with Human Resource Planning Process:
Every company needs to able to forecast and plan for its future people requirements. Human Resource Planning Process involves forecasting the numbers of people which will needed by the organization during a given period and then working out the best way of obtain gig them when they are needed. Human Resource Planning Process helps managers decide what strategies will have to be developed to help maintain a supply of skilled workers who will best contribute to meet the future needs of the organization. Human resource planning (HRP) process is an essential component of the human resource management approach.