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Managing a Successful Business Project Assignment Sample

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Managing a Successful Business Project Assignment Sample

Introduction

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This particular research study reveals valuable information about the different talent strategies that the best companies use to attract and retain their customers. This research moves further to provide an in-depth analysis of the talent management strategies that are used by the best companies.

Aim

The main aim of this particular study is to provide a detailed description of the different talent management strategies that the best companies use so that they can increase their rate of customer retention and customer attraction as well (Claus, 2019). This study provides information about the importance of talent management strategies in the company and the different strategies that the companies use to increase their ability to retain customers. Moreover, this study also talks about the various effects that are faced by the companies due to the application of these strategies. Finally, this study moves on to recommend some preferable talent management strategies which will help the companies develop themselves.

Research Objectives

The main objectives of this particular research study are -

  • To identify the different talent management strategies that exist.
  • To discover the importance of using these talent management strategies in the company.
  • To reveal the different talent management strategies that are used by the best companies currently.
  • To recommend several talent management strategies that will be beneficial for the development of the companies.

Time frame

WBS is also known as working breakdown structure and it is a particular method that is used for the completion of a complex or multi-step project. It mainly comprises of breaking down the projects in smaller parts so that different works can work simultaneously. It is beneficial for the projects because it defines and organises the work that is required to be done and it provides a vision of the entire scope of the project.

Literature Review

Importance of talent strategies in business

The companies use talent management strategies for their own well-being. This is because the application of the different talent management strategies provides a handful of different benefits. The application of talent management strategies helps the companies to attract the best talents that exist all around the world. Narayanan (2019) said that the availability of an efficient talent management program at a company helps in increasing the opportunity to attract talented and skilful employees. This is done by the companies because recruiting the best talents and specialised employees in the company will lead to a better quality of performance which will give a boost to the company to develop itself and increase its rate of customer retention. Application of the talent management strategies creates an employer brand at the companies which also provides assistance in attracting the upcoming talents. Collings (2017) argued that this feature of the strategies is beneficial because it helps in building the future of the company. Moreover, a few other benefits of the application of talent management strategies at the companies are employee motivation, continuous courage of the employees for their critical roles, an increase in the performance of the employees and higher client satisfaction of the companies.

Specific strategies which the best companies use to attract and retain people

vanZyl (2017) advised that knowing the power of the job description is the most essential way of maintaining an effective talent management strategy. This is because a proper job description is key to attract the best and appropriate talent to the company. This is because a proper job description is needed to specify which talent is needed in the company currently. The absence of a proper job description will lead to talent mismanagement which eventually results in the recruitment of inappropriate employee into the company. Therefore, to set up a proper job description the company must include the job title, overall duties, necessary skills, work relationships and the salary and benefits of the company. The provision of continuous training and development opportunities is another key method of effective talent management in companies. The skilful employees and potential talents always look forward to developing themselves and increase their working efficiency. Therefore, Sheehan (2018) stated that providing the best training and personal development opportunities in the most effective talent management strategy because it attracts the best employees from all around the world. Moreover, a company that provides development opportunities to its employees will eventually get access to employee retention as well. This is because when the employees at a company will get different facilities like personal development opportunities and will feel valued at the company, the employees will find themselves to be comfortable at the company and as a result, their loyalty to the company will increase. Besides, Tafti (2017) has suggested another most essential talent management strategy for the companies to attract the best talents to themselves which is to have good leaders at the company. This is because a company will only be able to secure positive results and ensure employees satisfaction with the help of a proper leader. The leaders at the companies should have the qualities to communicate with the employees freely, give them knowledge about their roles and responsibilities and also, the leaders should make their employees feel valued at the company and the leaders should encourage the employees to take part in the decision making of the company. This will help the employees to gain motivation and this will create a positive employer brand at the company and will result in efficient talent management. Therefore, the presence of a proper leader is a must at the company for securing efficient talent management.

Effects of talent strategies in business

Pramono (2021) stated about the application of talent management strategies helps the company in attracting the best talents and skilful employees to itself. Moreover, the proper application of talent management strategies is done through advertising the proper job description, providing personal training and development opportunities to the employees and the presence of a good leader in the company. Attracting the best talents to the companies is beneficial because the company starts preparing for the future of itself by creating a specialized workforce. Besides, Glaister (2018) said about the proper application of the talent management strategies results in employee retention and employee motivation as well. This is because the provision of personal development opportunities and training will increase the interest of the employees to work for the company. Eventually, this will lead to an increased rate of employee retention. On the other hand, the proper application of talent management strategy will help in increasing the motivation of the company and also their loyalty to the company. This is because the strategy of making the employees valued at the company helps in employee satisfaction and they automatically get motivated to work for the company as they are empowered to take part in the decision making of the company as well. Another major effect of the application of the talent management strategies is that the overall performance of the company increases. This is because the best talents are recruited into the company and they are provided personal development opportunities as well as training to develop them. De Boeck (2018) argued that this eventually creates a situation for the company where it sees itself to be producing the output of the best quality and gets access to better profitability and greater profit margins. Therefore, these are the effects of applying talent management strategies in the companies.

Gap analysis

In this particular research, the researcher has not added the factors that are faced by the companies due to the implementation of the talent management strategies in the companies. The companies face higher compensation demands, a strict talent market and unappealing company culture therefore, if any researches are done in the future on this topic. A brief description of all of these should be included.

Summary

It can finally be concluded that talent management strategies are very much beneficial for companies. This is because the application of the different talent management strategies provides a handful of different benefits. The application of talent management strategies helps the companies to attract the best talents that exist all around the world. Harsch (2020) revealed about the availability of an efficient talent management program at a company helps in increasing the opportunity to attract talented and skilful employees. It also provides different benefits like increment in the overall performances of the companies and the best talent management strategies that are used by the companies are the recruitment of a proper leader into the company, providing facilities like personal development and training and a few more.

Research Methodology

Primary data analysis

  1. What is your age?

Variables

Percentage

18-24

20

25-34

30

35-44

40

Above 50

10

Findings: It can be concluded that the maximum number of participants are around the age of 35-44 of this survey. On the other hand, 20 percent of the participants in the survey are in the age of 18-24 and 30 percnt of the participants are belonging to the age of 25-34. Moreover, 10 percent of the participants are above the age of 50.

  1. What is your gender?

Variables

Percentage

Male

30

Female

70

Findings: It is found through the survey that 70 percent of the participants of the survey are female. On the other hand, 30 percent of the participants are male.

  1. Do you think that there is a connection between employee talent and people?

Variables

Percentage

Yes

80

No

20

Findings: It is found that 80 percent of the people agree to the fact that there exists a connection between employee talent and people. However, 20 percent of the participants of the survey disagree to this fact.

  1. How far do you agree that all the companies mainly use talent strategies to drag people?

Variables

Percentage

Strongly Agree

30

Agree

50

Disagree

15

Strongly Disagree

5

Findings: Half of the participants of the survey agreed that the companies mainly use talent management strategies to drag people into their company. However, around 30 percent of them strong agreed to this statement. On the other hand, 15 percent of the people disagreed to the fact that companies mainly use talent management strategies to attract people and 5 percent of the people strongly disagreed to it.

  1. Do you think that talent strategies are effective to attract and retain people?

Variables

Percentage

Yes

90

No

10

Findings: 90 percent of the participants in this survey agreed to the fact that talent management strategies are very much effective to attract and retain people to this company. However, 10 percent of the people disagreed to it.

  1. How far do you agree that a flexible forecast is effective to attract people?

Variables

Percentage

Strongly Agree

20

Agree

50

Disagree

20

Strongly Disagree

10

Findings: Half of the participants in the survey agreed to the fact that a flexible forecast is effective to attract people. However, 20 percent of them strongly agreed to it. On the other hand, 20 percent of the people disagreed to it and 10 percent of the participants in the survey strongly denied to this.

  1. According to you which talent strategy is mostly used to attract and retain people?

Variables

Percentage

Knowing competition

30

Reaching in market

30

Transparent activities

20

Value proposition

20

Findings: 30 percent of the people stated that Knowing the competition is the most used. Another 30 per cent stated that reaching in the market is the talent management strategy that is mostly used to attract and retain people to the companies. However, 20 percent of the participants in the market said that transparent activities are used to attract people but another 20 percent say that value proposition is mostly used to attract and retain people.

  1. As per your opinion, which strategy can be used the most for better performance in attracting?

Variables

Percentage

ATS or Application Tracking System

40

Boosted brand

30

Proper and long-term invest policy

30

Findings: Majority of the people revealed that ATS or Application Tracking System can be used mostly for better performance in attracting people. However, 30 per cent of the people said boosted brand can attract people. On the other hand, another 30 percent of the people said that proper and long-term investment policy can be used to attract people to the customers.

Secondary data analysis

From the Secondary Data collection method, necessary data and information has been collected about the different talent management strategies that are used by TESCO and ASDA. The talent management strategy that is used by TESCO is the implementation of proper leadership (Pandita and Ray, 2018). This has been selected by TESCO because it would help them to ensure employee motivation and employee retention at their workplace. This is because proper leadership helps in motivating the employees by giving them enough validation at the company. The leaders opt for the strategy of empowering their employees by giving them the freedom of taking part in the decision making process at the company. This eventually results in increasing the level of motivation in the employees and eventually the employees feel safe and valuable at the company, therefore, the level of their loyalty to the company increases and this eventually results in the increased rate of employee retention at TESCO. On the other hand, ASDA implements the strategy of providing rewards and benefits to its employees. This particular talent management strategy is very effective in attracting the best talents from any corner of the world. This is because, if a company provides an additional sum of money in the form of rewards and benefits, the employees will obviously look to join the company for the additional rewards and benefits (Whysall, Owtramand Brittain, 2019). In addition to this, by providing additional rewards to the employees, ASDA makes their employees to feel safe and secure at the company which adds to another reason for the employees for joining ASDA. Therefore, these are the two talent management strategies that are used by TESCO and ASDA respectively to attract people to their company and increase their retention rate.

Analysis

Through the Primary Data collection method, it can be concluded that the majority of the people who are the participants of the survey are from the age between 35-44 and 70 per cent of the participants of the survey are female (Gallardo-Gallardo, Thunnissen and Scullion, 2020). Moreover, the majority of the people agree that there exists a connection between employee talent and people. 50 per cent of the people also agree that companies use talent management strategies to attract people to themselves and 90 per cent of the people also agreed that the usages of talent management strategies at the companies are eventually fruitful. On the other hand, the secondary data collection reveals information about the different talent management strategies that are used by TESCO and ASDA. It has revealed that TESCO prioritizes the use of proper leadership strategy as their talent management strategy (McDonnell et al., 2017). Alongside this, the research has revealed that ASDA uses the system of offering rewards and benefits to its employees so that it can maintain the high level of motivation of the employees and can continue the process of attracting people to itself by using the talent management strategies.

Comparison between LR and Research Findings

From the literature review, it has been revealed that about the importance of the talent management strategies that the companies use to attract people and employees to their company. Therefore, the availability of an efficient talent management program at a company helps in increasing the opportunity to attract talented and skilful employees. This is done by the companies because recruiting the best talents and specialised employees in the company will lead to a better quality of performance which will give a boost to the company to develop itself and increase its rate of customer retention. Therefore, from the data analysis section, it has been revealed that the talent management strategy that is used by TESCO is the implementation of proper leadership (Muratbekova?Touron, Kabalina and Festing, 2018). This has been selected by TESCO because it would help them to ensure employee motivation and employee retention at their workplace. This is because proper leadership helps in motivating the employees by giving them enough validation at the company. The leaders opt for the strategy of empowering their employees by giving them the freedom of taking part in the decision making process at the company. This eventually results in increasing the level of motivation in the employees and eventually the employees feel safe and valuable at the company, therefore, the level of their loyalty to the company increases and this eventually results in the increased rate of employee retention at TESCO. Alongside TESCO, ASDA implements the strategy of providing rewards and benefits to its employees. This particular talent management strategy is very effective in attracting the best talents from any corner of the world. This is because, if a company provides an additional sum of money in the form of rewards and benefits, the employees will obviously look to join the company for the additional rewards and benefits (Khoreva, Vaiman and Van Zalk, 2017). By providing additional rewards to the employees, ASDA makes their employees feel safe and secure at the company which adds to another reason for the employees for joining ASDA. Therefore, these are the two talent management strategies that are used by TESCO and ASDA respectively to attract people to their company and increase their retention rate. The literature review of this particular reveals different positive effects that the companies get access to by implementing the different talent management strategies. However, from the data analysis section it has been revealed that from the recommended talent management strategies of the literature review, TESCO uses the strategy of recruiting the best leader for their company. In addition to this, ASDA uses the strategy of providing rewards and benefits to its employees for getting access to the benefits of implementing the different talent management strategies. On the other hand, the main comparison of the data analysis section is that TESCO uses the strategy of recruiting the best leader to their company so that employee motivation and employee development and retention can be achieved. On the other hand, ASDA uses the strategy of providing additional rewards and benefits to its employee so that it can maintain the level of motivation of the employees and can attract more potential talents to its companies. Therefore, it can be concluded that in comparison of the Literature review with the data analysis section the companies have gained the benefits of using the talent management strategies that have been recommended by the literature review of this study.

Recommendations for best talent management strategies

The two best talent management strategies that can be recommended to the companies to experience the advantages of it will be the provision of personal development opportunities for the employees and the presence of a proper leader at the company (Krishnan and Scullion, 2017). These are the two best talent management strategies because the provision of personal development opportunities and training for the employees will help the employees of the company to develop and specialise themselves and also it will add a boost to the overall performance of the company. This will eventually help the company to get access to better profitability and higher profit margins. On the other hand, another most recommended talent management strategy is recruiting a proper leader into the company. This strategy is essential because the presence of a proper leader in the company will help the employees to feel they to be valued at the company. Moreover, these leaders also empower their employees to take part in the decision making of the company (Collings, Mellahi and Cascio, 2019). Eventually, the application of this strategy will help to increase the motivation of the employees and employee retention will also increase. Moreover, it will result in attracting better talents from all over the world as every employee looks to work in a suitable working environment.

Personal learning from the research

My personal learning from this particular study is that I got to know about the different benefits that talent management strategies offer to companies (Taylor, 2018). Moreover, I have learnt that the application of these strategies efficiently, often leads the company to get access to higher profitability and higher profit margin. This is the sole reason why companies decide to use talent management strategies at their workplace. Moreover, I have learned about the best-recommended talent management strategies that the companies can use. The most recommended strategies to attract talent is to recruit a proper leader into the company to help the employees feel better and safe at the company and the provision of personal development opportunities and training to the employees (Crane and Hartwell, 2019). This is essential and most recommended because it directly results in the betterment of the company because the development opportunities help the employees to improve and later they work for the company and produce a higher quality of output which is beneficial for the company.

Conclusion

This study reveals a detailed description of the talent management strategies that companies use to attract and retain people. In addition to this, it provides the importance of these strategies and their effects on the companies. Finally, it provides a recommendation of the different talent management strategies that the companies can opt to use.

References

Claus, L., 2019. HR disruption—Time already to reinvent talent management.BRQ Business Research Quarterly, 22(3), pp.207-215.

Collings, D.G., Mellahi, K. and Cascio, W.F. eds., 2017.The Oxford handbook of talent management.Oxford University Press.

Collings, D.G., Mellahi, K. and Cascio, W.F., 2019. Global talent management and performance in multinational enterprises: A multilevel perspective. Journal of management, 45(2), pp.540-566.

Crane, B. and Hartwell, C.J., 2019. Global talent management: A life cycle view of the interaction between human and social capital. Journal of World Business, 54(2), pp.82-92.

De Boeck, G., Meyers, M.C. and Dries, N., 2018. Employee reactions to talent management: Assumptions versus evidence. Journal of Organizational Behavior, 39(2), pp.199-213.

Gallardo-Gallardo, E., Thunnissen, M. and Scullion, H., 2020. Talent management: Context matters.

Glaister, A.J., Karacay, G., Demirbag, M. and Tatoglu, E., 2018. HRM and performance—The role of talent management as a transmission mechanism in an emerging market context. Human Resource Management Journal, 28(1), pp.148-166.

Harsch, K. and Festing, M., 2020.Dynamic talent management capabilities and organizational agility—A qualitative exploration.Human Resource Management, 59(1), pp.43-61.

Khoreva, V., Vaiman, V. and Van Zalk, M., 2017. Talent management practice effectiveness: investigating employee perspective. Employee Relations.

Krishnan, T.N. and Scullion, H., 2017.Talent management and dynamic view of talent in small and medium enterprises.Human Resource Management Review, 27(3), pp.431-441.

McDonnell, A., Collings, D.G., Mellahi, K. and Schuler, R., 2017. Talent management: a systematic review and future prospects. European Journal of International Management, 11(1), pp.86-128.

Muratbekova?Touron, M., Kabalina, V. and Festing, M., 2018.The phenomenon of young talent management in Russia—A context?embedded analysis.Human Resource Management, 57(2), pp.437-455.

Narayanan, A., Rajithakumar, S. and Menon, M., 2019. Talent management and employee retention: An integrative research framework. Human Resource Development Review, 18(2), pp.228-247.

Pandita, D. and Ray, S., 2018. Talent management and employee engagement–a meta-analysis of their impact on talent retention.Industrial and Commercial Training.

Pramono, R., 2021. Implementation Of Analysis Of Talent Management In Family Business.

Sheehan, M., Grant, K. and Garavan, T., 2018.Strategic talent management.Worldwide Hospitality and Tourism Themes.

Tafti, M.M., Mahmoudsalehi, M. and Amiri, M., 2017. Critical success factors, challenges and obstacles in talent management. Industrial and Commercial Training.

Taylor, S., 2018.Resourcing and talent management.Kogan Page Publishers.

vanZyl, E.S., Mathafena, R.B. and Ras, J., 2017. The development of a talent management framework for the private sector.SA Journal of Human Resource Management, 15(1), pp.1-19.

Whysall, Z., Owtram, M. and Brittain, S., 2019. The new talent management challenges of Industry 4.0. Journal of management development.

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