Challenges with the Most Impact on Business over the Next Five Years

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Organizations face challenges day to day and year to year. The challenges could be due to the declining sales, or due to the quality as a result of poor workforce management. Many of the organizations in the world have suffered a huge challenge so far due to a bad global economy. This has resulted in the lay-offs in the organizations. As a come-back to the declining market growth and making a stand in the global market, organizations are surviving these challenges by making the cuts in the workforce. And with the cuts they try to balance the budget but at the same time they are having challenge to meet the demands and fulfilling the market needs. [pic]

Exhibit 1. Challenges that have most effect on Business over next 5 Years. Source:

According to (Price C., Turnbull D., 2007), In the survey conducted, the exhibit 1. depicts the challenges that and organization can face over next 5 (Price C., Turnbull D., 2007), the exhibit 1. Depicts the challenges that and organization can face over next 5 years. As explained above the exhibit 1. Competition for talent will intensify has won the survey with 47%. The competition for talent may be described as Workforce and Succession Planning.

Workforce and Succession Planning

According to an article published by the State of Delaware, Office of Management and Budget/ Human Resource Management,(State of Delaware, 2010) Work force Planning is defined as “Workforce planning is having the right number of people, with the right skills, experience, and competencies in the right job at the right time. It is a strategy and set of processes by management make human resource decision based on the agencies mission, strategic plan, budgetary resources, and the required knowledge, skills, and experience to get the job done”. (State of Delaware, 2010).

And also Succession Planning is...
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