Question

Swot analysis of Retraining people ( give 3 examples for each category ). 3 for strengths , 3 for weakness, 3 opportunities and 3 threats .

Answer 1

Retraining people strengths: i) There is increase in productivity as people are updated because of the retraining facility. ii) Companies output increases which leads to increase in profitability as productivity enhances. iii) Reach and customer base increases because more number of customers are satisfied with the business because of increased efficiency after people are retrained.

Weakness: i) The company spends more money in providing such facilities which leads to higher expenditure. ii)The training might not be efficient, making it redundant and therefore increasing the cost of training for the company doublefold, iii) people might not apply what they have learned and instead opt to not cooperate with the firm.

Opportunities: i) The company can acquire more business when people are retrained so that they are aware of what the economy needs and demands at this juncture. ii) The company gets to increase its market share because of this retraining and iii) ability to hire skilled labor force as tasks are increasingly automated.

Threats: i) Retrained people can opt to join a competitive firm, wherein the business of the existing firm might decline. ii) New technology might come in at any point in time, making the current training redundant. iii) The cost might be too high in relation to the business it generates in the future.