Five Factors:
- Changing internal business needs (i.e. the need to cut labor costs, the need to rapidly add talent to meet expanding business goals, the life cycle stage of the business unit, and a need for new product development or global expansion)
- Changes in external economic factors (i.e. changes in the unemployment rate, interest rates, labor quality etc.)
- Changes in the relative “power” of talent (i.e. supply and demand)
- As talent interests relating to motivational factors and desire for long-term employment change (i.e. talent centricity)
- Changes in a competitor’s talent management strategy (i.e. rapid hiring, freezes, layoffs, employer brand building, instituting social network recruiting etc.)
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