Management Report on Talent Management at Marks & Spencer
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Added on Ā 2023/01/17
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This management report discusses the issue of poor talent management at Marks & Spencer and provides recommendations for improvement. It also highlights the benefits of dealing with talent management issue for the company.
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MANAGEMENT REPORT
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Table of Contents INTRODUCTION...........................................................................................................................3 Company overview......................................................................................................................3 Issue statement.............................................................................................................................4 Benefits for M&S in dealing with talent management issue.......................................................6 Recommendations for improvement............................................................................................6 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................8
INTRODUCTION Talent management is the commitment of multinational company to recruit, develop, hire and retain the most applicable and talented workers available in job market (McKean,2014). It is useful and beneficial term when it describes a firm commitment to manage applicants effectively. The present report is based on Marks and Spencer organization established in UK, they operate their business across the world. This study explains the current issue facing by company, applicable theory and justify recommendation to reduce the issue that is poor talent management. Furthermore, it clarifies the benefits for that firm in dealing with problem which impact on overall business operations. Company overview Marks & Spencer is leading British multinational retailer in London, UK, they provide great quality clothing, food as well as home products to its consumers. The company is founded by Michael Marks ad Thomas Spencer in 1884. They have about 1,0000 outlets, a figure that consider 300 main stores and wide network of simply food convenience stores. It is considered as the first British retailer to make pre-tax earning of overĀ£1 billion, in spite of that subsequently M&S went into sudden slump, which took their stakeholders and firm by suspire. Food sales of company increasing more and more rather than clothing sales which fallen down. In order to gain popularity and increase profit, they began to sell branded and high quality food products like Kellogg's corn flakes. In recent time, organization is recognized as UK Fifth biggest retailer, it is undergoing a tumultuous period in their general and fashion merchandise arms. In additional to this, company cater range of financial services to people including current account, credit cards, saving and mortgages, all these services help to build their strong and powerful image within market place. They also launched its new clothing collection for children with eczema by considering their needs and preferences. Firm operates through two segments: International and UK. The global segment consist of M&S owned businesses in republic of Europe, Asia and Ireland together with international franchise functions. Along with this, organization is occupied in delivering its own brand clothing, home and other products in their physical outlets and online both in nation and internationally.
They sells lingerie, menswear, women's wear, kids wear, beauty products and serving consumers through approximately 300 full line websites and stores. It has around 910 UK stores including more over than 220 owned and 350 franchise simply food outlets. Issue statement As per view ofSwenson, Gravitz and Lightner, 2017talent management is effective and systematic procedure of identifying vacant job role, developing skills and hiringās suitable person to match position and retaining them to achieve long term objectives of business. Vaiman, Scullion and Collings, 2017argued that talent management is full scope of Human resource procedure to develop, attract and motivate high performing workers. It is set of HR processes that is integrated with each other; it means that this activity is larger than sum of individual sections. In simple words, talent management helps to increase productivity and performance of workers in company, it supports to manage people effectively and build strong workforce. Due to poor talent management and staff hiring procedure company face issue that impact on its business growth and profit margin. It hinders ability of organization to innovate and respondents, it makes firm enable to expand business into new market. When manager and leader do not motivate their staff for their effective performance in workplace, it directly affects people work abilities and demotivate all of them. They do not appraise people which increase high employee turnover. In order to motivate staff, company can apply different types of framework and theory that help to enhance work capability of people effectively. Training and development of staff members- It is considered as subsystem of company which highlight on performance improvement of teams and individual. Training is one of the best learning procedures that make employees able to contribute in competitive environment. It includes changing of attitude, sharpening of skills, gaining more knowledge and concepts to enhance performance of workers. With the help of training employees work effectivelyand complete daily task on time. In context of M&S, when human resource manager supports in creating plan for workers training, they provide the best opportunity to applicants.Staff enhance their work abilities throughout this procedure which is quite beneficial for them. Company can retain and motivate employees appropriately as well as manage them systematically with the help of training and development program.
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It is the second need of staff working and performing under company since for so long. In order to manage talent and motivate staff, management will provide the best training opportunity to its workers and fulfil their needs that help to retain talented candidates. When management provide training, they have to consider the exiting workers needs.New applicants also get this benefit which help to assure them about company concern towards their career growth as well as skills development which is quite beneficial for business as it helps to retain and motivate staff members for longer period to time. When needs are completed by management of business in workplace it helps to motivate staff. Training also helps to reduce nervousness of new applicants and reduce rate of depression that impact on its work abilities. Good training of workers in workplace and out ofcompany give change to employees belongs with different culture that also work effectively.After obtain all the things including training sessions provided by management of M&S, the interest of employees work with company is increased more than before. It helps to increase their desire to develop and grow professional career. Poor hiring process does not allow HR management to acquire the talented and skill applicants in workplace, it creates many difficulties for M&S forecasting growth. But with the help of training and development plan, organization build strong team. By reconsidering the current training plan with the help of getting suggestions from other people in business, company can be able to trained labour.To manage talent management effectively, organization will prepare better job training with lists of requirements.By improving quality of workers training company get the most applicable and skilled applicants who are able to contribute in achieving business objectives and goal. These things having impact on firm competitive advantage and profit margin. Furthermore, M&S HR management follow the path that drive towards training and development of employees in company. They have to design and develop the best training plan in order to attract individuals available in market. From top to bottom leaders all need to be included while planning for developing workers skills. Employees development is the procedure that strives to build ability of people to achieve new desired state that benefits workers.
Training and development plan is costly but effective for business as well as workers as it needed a lot of efforts from trainers. Benefits for M&S in dealing with talent management issue When Marks & Spencer improve their hiring techniques, they can build strong team of people. High employee motivation is one of the benefits that company will gain while dealing with talent management problem. By making effective selection and recruitment procedures include accuratequalification,strong pool of workers, proactivestrategicalignmentwith business goal, M&S reduce turnover and manage talent. With the help of the best recruitment plan company will increase their business performance and productivity. Manager and leader support encourage employees to complete task on desirable time limit, that provide better results. Talent management is all about retaining, hiring and developing talented workers, by improving current recruitment strategy or process, M&S will increase their productivity rather than before as they have strong team. The another benefits' organization will gain with the help of developing the best hiring procedure that is attracting high quality applicants. Recommendations for improvement M&S company is recommended for providing ranting to its new and existing people in workplace, that enhance work capabilities and performance. Training is the best tool used to manage talent and develop new skills in applicants. Management make training program by considering all the people's in mind, they must trained each worker equally without any discrimination. Training providing by senior applicants in organization increase morale and job satisfaction among workers, it also helps to increase employee motivation, efficiencies in operations management and enhance capacity to adopt new methods and technologies. As per view ofBailey and et.al., 2018training is a great way for talent management as it helps to increase abilities and allow people to obtain better knowledge related to job role. Marks & Spencer is highly suggested creating continuous professional development plan for all people working in company.CPD refer to the procedure of documenting and tracking current skills, experience and knowledge that person gain informally and formally as they work, beyond any initial training. It is quite beneficial for workers as learn in practical and structured manner that boosts knowledge and skills, it also supports people ascertain more knowledge they need to get within short period.Martin, 2015argued by CDP is the best method uses by
companyfortalentmanagement.Itallowsmanagementtofillgapsintheiremployees knowledge and make them able to be more efficient and productive. Performance appraisal plan must apply and develop by M&S that also help to retain applicants in workplace effectively. By providing positive feedback and motivating staff in context of work, management will retain skilled members in staff appropriately. It helps to improveareaswherepeoplefeelweak(MohrmanandLawler,2017).Thepurposeof performance appraisal to cater data to senior authority by which they can judge future job portion. Rational-the purpose of training, appraisal and continuous development plan is to developed new skills and increase level of knowledge among staff. Timescales-the duration of achieving these objectives is depended on procedure of M&S and its decision. Prioritize-in order to deal with issue that impact on managing talent in organization. Cost-the cost of implementing plan, arrangement of training and other things is depended on number of applicants. Skill and knowledge development needed in workplace that help to grow business. CONCLUSION From above, it has been concluded that poor recruitment procedure of M&S impact on its overall business growth. With the help of considering needs of applicants, provide equal training opportunities and developing continuous development plan organization will retain their skilled labour effectively.Training and development systems is the best way for staff members that they can use for enhancing skills as well as performances.
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REFERENCES Book and Jouranls Bailey, C and et.al., 2018.Strategic human resource management. Oxford University Press. Behaghel, L., Caroli, E. and Roger, M., 2014. Ageābiased technical and organizational change, training and employment prospects of older workers.Economica.81(322). pp.368-389. Jiandani, M.M and et.al., 2016. Continuous professional development: Faculty views on need, impact and barriers.Change.7(43.75). pp.43-75. Martin,J.,2015.Thechallengeofintroducingcontinuousprofessionaldevelopmentfor paramedics.Australasian Journal of Paramedicine.4(2). McKean, C.E., 2014. Employee engagement, employer branding and the service-profit chain. Mohrman,A.M. and Lawler, E.E.,2017. Motivationand performance-appraisalbehavior. InPerformance measurement and theory(pp. 173-194). Routledge. SAVCHENKOV, A.V., 2017. Training of workers and specialists relevant to the requirements of high-tech industries in the context of networking cooperation of regional educational institutions and enterprises.Revista ESPACIOS,38(40). Swenson, S., Gravitz, R.M. and Lightner, G.M., 2017. Modeling and Simulation for the Enterprise: Integrating Application Domains for the M&S Professional.The Profession of Modeling and Simulation: Discipline, Ethics, Education, Vocation, Societies, and Economics.253. Vaiman,V.,Scullion,H.andCollings,D.,2017.Talentmanagementdecision making.Management Decision.50(5). pp.925-941.