Swot Analysis : ' Markov Analysis And Forecasting '

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Markov Analysis and Forecasting For organizations to carry out their strategic plans effectively and efficiently, it is very important to have and forecast the best talent in order to thrive in this hyper-competitive and increasingly complex global business environment. According to Wellins, Smith, and Erker (n.d), talent management is "a mission-critical process that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities". It is therefore imperative for organizations to consider human capital or workforce as the foundation for organizational growth, development, and success, by having the best employees as a strategic asset for most advantageous performance, and aligning such endowments with the organizations ' strategic goals. It can also be said that the success of any organization is directly linked to the performance of those who work in it. This implies that failure to properly tackle and anticipate the employment or personnel needs can jeopardize the viability of the entire organization. Based on these premises, organizations need to be proactive enough by predicting their staffing needs so that they would always have the needed human resource capability to execute their strategies. To effectively plan for the future staffing needs, the human resource practitioners may rely on some analytical tools to determine future workforce requirements and availabilities, in order to find out if the

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