Porter’s Five Forces

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Part of assessing the future need for your organization is forecasting how the business environment, skills, or technologies, among other factors, will evolve.  Based on the industry (Life Sciences), research the outlook of that sector in the future and identify factors that could impact the workforce needs in that area in the near- to long-term (i.e., next 3 to 10 years).

 

Questions to consider as you formulate your response:

  • Reflecting back on Porter’s Five Forces:
    • Are there competitive new entries or threats of substitutes that could impact the workforce? (e.g., the rise of Uber and the demand for taxi cab drivers)
    • Are there shifts in competitive rivalry or power shifts with either suppliers or buyers?
  • Are their macro elements (e.g., factors from PESTEL)
    • Are there new technologies that may disrupt the industry?  What skills will be needed to meet those needs?
    • Changes in political or environmental factors that impact workforce needs (e.g., healthcare reforms, climate change concerns)?
    • Impact of social changes or worker attitudes that could impact conditions of employment (e.g., increase in freelance workers, trend of a remote workforce)?
  • Going back to SWOT, are any weaknesses within an industry, or threats outside of it, that will effect the talent needed in the future?