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The business world is becoming complex day by day. With the increasing technological advancement in the business world the complexities for businesses are increasing to a greater extent. The firms operating in diverse industries are facing several organisational and management issues in managing the firm in an effective manner. In the competitive business world employees are considered as a valued resource for organisations (Beck, 2018). Due to this the concept of talent management had gained a lot of importance in the recent decades. Talent management is referred as the concept of attracting and retaining talented employees in the firm. Businesses focus on developing effective strategies for retaining employees for a longer period.
In this report the researcher would be explaining that how the chosen organisation is managing talent in different departments. Along with this the report will explain the different retention strategies and the succession planning of the chosen company for managing the talented employees in an appropriate manner. For explaining this in detail the report will consider the case of Tesla Motor. Tesla is a multinational company that offer electric cars, solar and other renewable energy solutions for homes and businesses. The company is having great market presence in the international business world and is growing effectively. The researcher would focus on critically evaluating the talent management practices of the case company. Based on the analysis the researcher would be providing different recommendation to the case company that can help them in managing talent and diversity in an effective manner.
Managing talent is one of the significant tasks for human resource management. Tesla is a technological advanced company, and it is essential for such firms to have highly talented and skilled employees. Tesla focus on selecting the best candidates that can help them in delivering better performance in the international market. The organisation focuses on better selection process and effective human resource management that can help them in managing the employees in efficient manner (De Winneet. al.2019).Tesla is working on great technologies and with the better use of technologies they are bringing major changes in the automobile sector. For such an organisation it is essential to have abetter employee in all the different departments that can perform their work properly and can help the company in managing the business operations effectively. The businesses are having different strategies for managing talent, but it is essential to manage different group of staff differently according to their specification.In this report the researcher focuses on explaining that how Tesla is using different talent management approaches for managing professional group and technical group in an effective manner.
Technical staff of the company is playing a major role in the automobile sector firms. The case company focuses on making the technical team satisfied with their job that can help them in motivating them to deliver high quality work to the employees. Tesla focuses on offering an attracting salary to their technical staff that helps them in attracting and retaining talented employees (Narayanan, et. al. 2019). It can be said that the company understands that the technical team is an important for the businesses. The approach of offering better pay to the employees is an effective strategy that can help the company in attracting the talented employees. Along with this the company also offers compensations and rewards to the employees working in the technical team based on their performance (Heeand Rhung, 2019).
This is also an effective strategy that is helping the firm in keeping the employees motivated and retaining them for longer duration.But the company should also focus on using better approaches for attracting the talented pool of employees. This is important for the firm as they are already facing issues related to high employee turnover. The company is having well-structured recruitment process and, but they can also use the latest approaches of recruitment. This can help them in having selected and having talented employees in the technical team. With the technological changes it is significant for Tesla to have young employees with better technical knowledge that can work effectively in the manufacturing units and can become an important part of the technical teams (Aniah, 2019).
The leader of the company Elon Musk focuses on motivating the employees with better recognition and he always focus on appreciating the employee for their creativity and hard work. This is an also an effective strategy that can help the company in being motivating the employees and satisfying them with their job roles. It can be said that the company is having effective strategies for managing the talent, but it is essential for the firm to focus on making the workplace environment stress-free and positive. This would help the company in managing the employees properly.
The professional staff of Tesla is also playing a major role in the success of the company and due to this reason, it is essential for the firm to have effective employees in this team. The industry experts are having a major role to play in the firm and due to this reason, the case company needs to focus on managing their professional staff in an efficient manner. The company is having an effective selection process for their professional team (Kriz, et. al.2021). Tesla focuses on hiring the best employees in their professional team as it would be having a direct impact on their performance. They focus on skills of the employees while hiring them in the professional team. This is an effective approach that can help them in having the specific employees as per the job description. It can be said that this approach of managing talent is having better potential to offer better benefits to the employees.
Tesla focuses on managing the performance of their employees and for this they are working effectively for offering them better training for developing their skills and knowledge. Offering better training helps them in developing the skills and knowledge of the employees and expanding their knowledge that led to their professional development (Kimet. al.2017). This is also a better initiative that is helping the company in keeping the employees satisfied with their job roles and managing talented employees properly.
For the Professional staff, Tesla is one of the innovative companies and thus their focus is on building a good reputation in the eyes of their stakeholders including the investors, staff, suppliers, other third parties, etc. For this, hiring the right people is important and thus, the Human Resource Department has focused on developing an internal system to make the staff look extremely professional when dealing with customers from different countries and other authorities. This team developed an internal system namely the Tesla 360 Summary. It was a survey for the entire workforce who was engaged in technical and administrative roles so that their needs are understood by the company’s management. It was mainly based on the famous motivational theory referred as Maslow’s Hierarchy of Needs. The main objective was to know about their requirements, workplace environment, cultural aspects, and other physical attributes to improve existing performance management (Aguenzaand Som, 2018). There was Approximately 91 percent of attendance who gave their views and helped the team to exact knowledge about the ongoing progression rate. Tesla’s customer relationship handling was having mixed reviews. Additionally, it was also notified that the management had again decided to use the traditional methodology to give their employees from all the departments an annual appraisal cycle. They also decided to review their employees on an annual based demotion or terminations with prior notice so that they can improve themselves and reinstate their positions.
For the technical staff, their HR department focused on making the environment more integrated and upgraded so that they can easily tap on their potential. The team at Tesla is trying to set up a production unit that is lean and means. It not only helps in streamlining the processes but also minimizes wastage generation. Their agenda is to make inclusive growth and improvise the assessment to give a fair chance to their employees for innovation and personal career growth. The employees at the technical department are under tremendous pressure to become the undisputed leader in the targeted market that is only possible when they are highly motivated and given the best of resources to excel. A four-member methodology is adopted for the same by the high-paced environment at this company. These are fast-tracking leaders, technical experts, senior or executive roles, and skilled professionals. Each category is well defined in terms of its roles and responsibilities that help make the projects be delivered with the best outcomes (Shet, 2020). Along with this, a talent grading system is created to know that any lateral development or performance difficulties are encountered or not. The lateral development means that the performer must be able to give consistent performance to convert the deliverables into possible outcomes in the specific chosen area. Here profiling must be done as per the four categories mentioned by the HR manager so that any risks can be easily identified and further removed to make the gaps be gone.
Employee retention had become an important issue for the businesses because human resource is a most important resource of the employers, and it is essential for them to retain them for a longer period. Higher employee retention is having an several other factors such as employee motivation, satisfaction, and turnover as well. Employers needs to develop effective strategies for retaining the employees that would help them in reducing turnover and increasing retention in an appropriate manner (Kumarand Mathimaran, 2017). Tesla is one of the leading international brands that is having effective brand image and due to this it is essential for them to have effective retention strategies that can help them in retaining the employees for longer period. The chosen company is having higher employee turnover that reflects that the retention strategies are not much effective in retaining the employees for longer period.
The company focuses on retaining the professional employees and for this they are offering different rewards and attractive pay to their employees (Alamand Raut-Roy, 2019).Along with this the company is applying different motivational theories and strategies in the firm that can help them in influencing positive behaviour of the employees and motivating them to deliver better perform in the workplace. The company is using different theories such as Maslow’s theory of needs for motivating the employees working in both the technical team and the professional team of the firm.
Tesla is facing issues related to higher employee turnover and due to this reason, they are focusing on investing better capital in retaining the employees for a longer period as it affects the overall business performance. The company is focusing on offering safe and secure workplace and a positive organisational culture that holds better ethical values. This is helping Tesla in retaining the employees for longer by motivating them and satisfying them with their job roles (Al Mamunand Hasan, 2017).Along with this Tesla is also having effective talent management strategies, leadership and employee engagement strategies that are helping them in retaining their employees. It can be said that companies need to focus on developing multiple strategies for retaining the employees and decreasing the turnover.
The organisation culture of the firm is an significant factor that affects the employee retention and different factors associated with it. Tesla is having diverse workforce and for managing them they needs to manage diversity also. For the international businesses diversity is also an significant factor that is having an impact on the employee retention of the firm (Kurdiand Alshurideh, 2020). Tesla is focusing on having non bias training for managers and recruiter that can help them in understanding the significant of offering equal opportunities and maintaining equality in the workplace.
Succession planning is also important for the firms, and it is essential for the businesses to have proper succession planning in the firm. Both the technical team and the professional team is important for the firm and due to this reason, the company had developed an effective succession planning strategy that can help them in better talent management (Ali and Mehreen, 2019). Tesla is focusing on this in an effective manner as it is acost-effective method that can help the organisations in having better employees at different positions in the firm. The case company understand the importance of having effective succession planning, but they are not working on it in efficient manner.But then also Elon musk the leader of the company is not having succession planning for the firm, and this is having a negative impact on the talent management (Trujillo, 2017).
Based on the evaluation, it can be said that the case company is working effectively for managing talent in an effective manner but then also facing issues related to it and experiencing high employee turnover. It can be recommended that the company needs to understand that leadership is also having a higher influence on employee retention. The leader of the company needs to have better relations with the employees of the company as this would help them in retaining the employees in an effective manner. If the employers and the leaders are not having better relations, then it demotivates the employees to work effectively. Along with this lack of better relations affect the overall organisational behaviour and is having negative impact on the employee retention. It can be said that the leader needs to be effective and must focus on developing better relations with the employees (Bake, 2019). This would help them in motivating the employees to work effectively for the firm and increasing employee satisfaction. Thus, it decreases employee turnover and helps the firm in retaining the valuable employees of firm. It can be said that Elon Musk should focus on making changes in his leadership strategy and should focus on developing positive relations with their employees.
Tesla should focus on developing an effective culture in the workplace that can help them in reducing the issues related to employee turnover. Along with this it can help them in managing diversity in a efficient manner that can help them inbetter talent management. The company should organise an training program related to diversity management. Also the company can focus on conducting an survey with the employees of different department such as technical department and the professional staff that related to the different factors related to employee retention and talent management. Tesla should also focus on developing effective strategies for satisfying the employees. For this they can work of different factors such as leadership and motivation of the employees. Tesla need to focus on offering better development opportunities to their employees (Kunduand Lata, 2017). This is also an important factor that affects the motivational level of the employees and helps the company in developing more productive workforce. When the employees of the company are satisfied and motivation then they stay with the firm for longer duration and this increases employee retention in an effective manner.
The above-mentioned report had explained regarding the concept of talent management and different employee retention strategies of the firm. Talent management is an important task for the human resource management of the company. The report had mentioned that the chosen organisation Tesla motors is focusing on managing the employees of all the different department, but the report had mentioned that technical and professional teams are having better job opportunities. Due to this reason the firm needs to be effective in these employees. In this study it had been found that Tesla had developed effective strategies and approaches for managing the talented employees in an effective manner.
The study had found that businesses need to develop effective strategies for retaining the employees for a longer period because it helps them in having more productive workforce that can deliver better work.It had been found that Tesla is having high employee turnover affects the overall business performance and productivity.It can be concluded that effective retention policies are important for the businesses as they play major role in attracting and retaining more productive and talented employees of the firm. Based on the critical analysis of the different approaches used by the case company for retaining and managing the talented employees the report had mentioned different recommendations. It can be concluded that the case company should focus on different recommendations made in the report that can help them in better talent management.
Aguenza, B.B. and Som, A.P.M., 2018. Motivational factors of employee retention and engagement in organizations. International Journal of Advances in Agriculture Sciences.
Al Mamun, C.A. and Hasan, M.N., 2017. Factors affecting employee turnover and sound retention strategies in business organization: A conceptual view. Problems and Perspectives in Management, (15, Iss. 1), pp.63-71.
Alam, S. and Raut-Roy, U., 2019. Evaluating the Effectiveness of Reward Strategy at Tesco: Evidence from Selected Stores in UK. Indian Journal of Industrial Relations, 55(1).
Ali, Z. and Mehreen, A., 2019. Understanding succession planning as a combating strategy for turnover intentions. Journal of Advances in Management Research.
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Kriz, A., Moeller, M., Russo, E. and Liesch, P., 2021. The Value of Talent Management to Entrepreneurial Spinoff Teams. In Contemporary Entrepreneurship Issues in International Business (pp. 169-192).
Kumar, A.A. and Mathimaran, K.B., 2017. Employee Retention Strategies â€“An Empirical Research. Global Journal of Management and Business Research.
Kundu, S.C. and Lata, K., 2017. Effects of supportive work environment on employee retention. International Journal of Organizational Analysis.
Kurdi, B. and Alshurideh, M., 2020. Employee retention and organizational performance: Evidence from banking industry. Management Science Letters, 10(16), pp.3981-3990.
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.
Shet, S.V., 2020. Strategic talent management–contemporary issues in international context. Human Resource Development International, 23(1), pp.98-102.
Trujillo, J., 2017. The Thinking of SpaceX/Tesla CEO Elon Musk. Existentia, 17, pp.231-61.
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