How To Use SWOT Analysis for Better Talent Acquisition
Whatever the size of your organisation, the right talent is crucial to your daily operations and long-term goals. How can Malaysian HR professionals of small and medium enterprises (SMEs) develop an efficient talent acquisition strategy that meets their company's needs—now and in the future? The answer is by doing a SWOT analysis.
Read on to learn what a SWOT analysis is, and how you can apply it to create an efficient talent acquisition strategy.
What is a SWOT analysis? A SWOT analysis is a strategic planning technique to assess your company’s Strengths, Weaknesses, Opportunities, and Threats to come up with sound business decisions.
Strengths and weaknesses concern the conditions within the company. With opportunities and threats, you go outside your organisation to external factors that your company should prepare for.
Use these four metrics to know your organisation inside-out, and learn what kind of talents you should be hiring.
(S) Strengths
Look at the plus points your company has. Here are some questions to guide you:
What is your edge or advantage over the other players in the market?
What do your competitors view as your strengths?
What is the selling point of your company's products or services?
What career growth opportunities can you offer to applicants?
Identifying your company's strengths will help set you apart from competitors in the race for top-calibre talent. For example, if your company is known for research and development, you can highlight this in your job ads. This way, you will attract candidates who are passionate about data, problem-solving, and innovation.
Knowing your strengths can also help you assess your company's growth. You will be able to pinpoint which areas you can still improve on or which goals no longer serve your company's vision.
(W) Weakness
For your company to improve, you first need to know where you are lacking. Identifying your organisation's weaknesses will help HR professionals determine skill sets that you need to boost the company's overall performance.
Weaknesses also alert decision-makers to which aspects of your business need more attention. It could be a lack of digital marketing expertise, problems with handling customer queries, or bottlenecks in your supply chain. Knowing what is holding your company back, you will be able to make informed decisions about which positions to hire for.
Here are some questions to guide you:
What expertise do we lack?
Which areas of our business need improvement?
What do our competitors see as our weaknesses?
What would make jobseekers hesitant to apply in our company?
(O) Opportunities
Opportunities are external factors that can positively affect your organisation. Identify changes in the business landscape that you can leverage to make your business more resilient, adaptive, and profitable.
Here are some questions to guide you:
Is the talent pool of our industry expanding?
Are particular skill sets becoming more in demand?
What are the new trends or growth areas in my business?
Is it time to expand into other areas within my line of business?
By identifying the trends and technologies that are relevant to your industry, you can recruit talents with the right skills and experience to help you maximise these market shifts.
(T) Threats Threats are external factors that can negatively impact your organisation. Identifying these will help you decide what positions to hire for, so you can mitigate these threats or minimise their impact.
Here are some questions to guide you:
Is the industry slowing down?
Are the company's operating costs rising?
Are competitors gaining market share?
Is the talent pool shrinking?
Threats against your organisation may be short-term or long-term. Either way, they should inform your recruitment strategy. If your operating costs are rising, you may consider hiring talents who have the right skills but have lower salary expectations. If your competitors are gaining market share, you may want to prioritise hiring jobseekers with proven track records in marketing and sales.
A SWOT analysis is a low-cost but powerful method to give you an objective view of your business. Simple to use, you can quickly identify areas that need immediate attention. You can then create an effective recruitment strategy—one that prioritises #JobsThatMatter to the range, reach, and success of your business.
Find top-calibre talents with Talent Search, and gain access to one of the largest databases in the region. Learn more about what Malaysian candidates want out of their careers with Laws of Attraction. For more industry news, expert insights, and practical advice, visit our Employers Insights page.
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