The Impact of Strategic Foresight on Strategic Renewal by Talent Management - An Exploratory Study in the Central Bank of Iraq

Abstract

Strategic foresight and understanding its impact in achieving a renewable strategy that provides organizations with an opportunity to sustain competitive advantage and understand the impact of talent management in promoting  it, that is one of the contemporary topics of interest in strategic management. The research has two main objectives, the first is to measure the levels of application of research variables that include strategic foresight as an independent variable through three dimensions (environmental scanning capability, strategic choice capability and strategic integration capability), and strategic renewal as dependent variable through four mechanisms of renewal (revival, adventure and Rejuvenation, restructuring), and talent management through six dimensions (identifying talent, attracting talent, developing talent, activating the performance of talent, retaining talent, evaluation and modeling) as the mediating variable between the independent variable and the dependent variable. And the second main objective is determining the mediation role of talent management in strengthening the impact of strategic foresight on the mechanisms of strategic renewal. The Central Bank of Iraq was chosen as the researched organization and a research model was presented that includes four basic hypotheses for the influence between the independent and dependent variable and the role of the mediating variable, and the research adopted the descriptive analytical approach as an input to describe the research data, interpret the relationships between them, and absorb the potential field results, resulting from the relationships between the different research variables. The questionnaire was used as the main research tool, and direct personal interviews as a supporting tool, as well as the use of some related research published in the journal of the organization in question to enhance the research results. The research data were analyzed through a group of computer programs, the most important of which are (SPSS AMOS) and the Seven-Likert Scale to determine the levels of application of the research variables and determine the gap, to measure the validity of building research measures, and to analyze the influence relationships between them. The results of the research showed the presence of high levels of application of the three research variables with gaps for knowledge and application reasons, and proving the existence of a positive effect of the independent variable (strategic foresight) on the dependent variable (strategic renewal mechanisms) mediated by (talent management), and the validity of the model presented within The organization under study, and the research concluded the necessity of introducing strategic foresight approaches into current strategies to ensure the process of their continuous renewal. The importance of activating evaluation, review and continuous modeling in the process of talent management and field ripening for renewal mechanisms. Intellectual and practical recommendations were provided that support the sustainability of the high levels of application of the variables investigated, overcome the gaps in application, and strengthen the positive influences to choose the best strategic renewal mechanisms to sustain the success of the researched organization.