Management Strategies to Attract and Retain Talented People

This report explores the management strategies applied by organizations, with a case study on Ernst & Young. It discusses the importance of management in attracting and retaining talented people. The report also analyzes the benefits of these strategies and their impact on business performance.

Management
strategies applied by
organisation to attract
and retain talented
people

Table of Contents
Table of Contents.............................................................................................................................3
Title: ‘What management strategies applied by organization to attract and
retain people”- A Case study Ernst & Young.......................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Formulate project aims and objectives for a chosen scenario................................................1
LITERATURE REVIEW................................................................................................................2
P2 Description of project management plan that consider cost, scope, time, quality,
communication, risk and resources..............................................................................................4
P3 Produce a work breakdown structure and a Gantt chart to provide timeframes and stages
for completion..............................................................................................................................5
TASK 2............................................................................................................................................8
P4 To carry out the small scale research by using the primary and secondary method that
covers aims and objectives..........................................................................................................8
TASK 3..........................................................................................................................................10
P5 Analyse research and data using appropriate tools and techniques......................................10
P6 Communicate appropriate recommendations as a result of research and data analysis to
draw valid and meaningful conclusions....................................................................................15
P7 Reflection on the value of taking the research to meet stated objectives.............................15
CONCLUSION..............................................................................................................................16
REFERENCE................................................................................................................................18

Title: ‘What management strategies applied by organization to
attract and retain people”- A Case study Ernst & Young
INTRODUCTION
Managing a successful business is important for each business concern as it develop the
business performance and increase the profitability. Being successful a business owner there is
requirement of brilliant idea and skills which can be used to introduce the new products and
services that can help to operate the business and attain the higher performance (Englund and
Graham, 2019). Herein, people learn and manage and grow the activities by focusing on each
function. The management is a person who conduct the research in market to know what people
wants and how they can be satisfied. The current report is based on Ernst & Young that are
multinational professional service network headquarter in London, England. This is one of the
largest professional service in whole world where it provide assurance, tax, consulting, and
advisory services to its clients. This can help to operate the business regularly and accomplish
the goals effectively. This report covers project aims and objectives, project plan involving cost,
scope, time, quality, communication and resources, work break down structure, research on the
basis of secondary and primary method, data analysis tools and techniques, reflection and project
management process which can help to develop the understanding effectively.
TASK 1
P1 Formulate project aims and objectives for a chosen scenario
Overview of the Research:
For every business organization it is important to decide the project and perform their
actions accordingly. Ernst & Young is the large size professional service provider organization
that operates its business by managing each function and activities properly. The management
identify the requirement of people at the workplace and recruit talented people who performs
well by contributing in each activity. This organization maintains strong position at the global
market with the help of skilled people and makes the right decision for the betterment of its
employees and organisation (McVay Lynch and Roecker, 2019). The management of such
organisation understand the requirement of their customers and provide the products and services
accordingly. The aims and objectives of current project are as defined:
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The aim of research : To explore management strategies and their importance in
attracting and retaining of people. A Case study on Ernst & Young
Objectives of the research: The objectives of the research are:
 To analyze the basic understanding about management and its important at the
organization.
 To identify the management strategies which can be applied by Ernst & Young to
attracting and retaining the top talent?
 To determine the benefits of management strategy that are taken by organization for
improving business performance.
Research Questions:
 What is conceptual framework of management and its significance in the organization?
 What management strategies can be applied by Ernst & Young to attracting and retaining
the top talent?
 What benefits of management strategies are getting by Ernst & Young that leads to
improvement in performance?
LITERATURE REVIEW
The basic understanding about management and it’s important at the organization.
As per opinion of Anderson (2020), Management is the administration of organization
that involves planning, organizing, directing, and controlling the company functions in order to
attain the business goals. This is important for each organization to understand require of their
employees and make efforts to satisfy them that can help to increase the business performance.
In other words, management is process of dealing with managing and controlling the things and
people. In each organization management is important as it understand the require of employees,
motivating the staff, getting the work done, communication and guidance, innovation, and
solving problems that can help to operate the business and increase the profitability. In Ernst &
Young, management is most important as it is used to managing and handling its professional
services and developing the business effectively.
The management strategies which can be applied by Ernst & Young to attracting and retaining
the top talent?
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As per view point of Kohl (2019), Management strategies is the kind of planning which is
formulated by management in order to operate and regulate their business effectively.
Management is important for each organization as it identify the vacancy and fill it by recruiting
and selecting the right people at the workplace. Ernst & Young is the large size organization
which is running and managing by the human resource management by recruiting and selecting
the best people as it helps to accomplish the business goals. This organization is applying the
different management strategies to attracting and retaining the top talent such as:
Filling employees needs and expectation: Employees are the assets of organization where
management is playing role of identifying the needs and make efforts to fill them by applying
this strategy.
Motivation – The management of company know the problems of their employees who
works at the Ernst & Young and provide optimum solution that can help to motivate the staff to
work effectively and manage each function by reducing employee turn over (Groarke and Durst,
2019).
Collecting feedback and implementing the suitable changes: This management strategy is
applying by HR of Ernst & Young by collecting the feedback from their employees and making
the appropriate the changes which can help to develop the business performance.
Different benefits of management strategy that are taken by organization for improving business
performance.
As per view point of Lee (2019), Management planning is the important task for
companies where human resource management introduces different strategies and planning to
run business and increase the performance. This can help to bring the changes in existing
performance and develop the business productivity in changing environment. In context to Ernst
& Young, different management strategies are applied by management that helps to improve the
business performance and productivity. This can help to fill the vacant position by selecting
skilled people, motivating the staff, providing training that helps employees to accept the
challenges, inspiring to work hard, filling their needs, understanding the problems and providing
benefits and handling the all functions which can help to retain the employees for long period
and attaining the competitive advantages effectively.
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P2 Description of project management plan that consider cost, scope, time, quality,
communication, risk and resources
A project management plan is considered as formal document that contains aims and
objectives of an organization and strategies are followed accordingly. The current project is
about management a strategy which is applied by Ernst & Young to attracting and retaining the
top talent at the workplace. This project promote the learning and skills to communicate
effectively and managing the performance. Different aspects in relation to project is defined
below:
 Cost – This is important component in any project and task which is require making
better estimation regarding budget and cost of particular project. While working any
function and task there is need to know the cost that might be occurs and supports to
complete the project. Cost is actually offered by researcher by involving travelling, legal
compliances, research tool, equipment, and travelling expenses that supports the project
for managing it successfully. This also provide appropriate pathway by allocating fund in
to different task and complete it properly (Turner, McIntosh, Reid, and Buckley, 2019).
 Time – This component is related to time that needs to consider while doing any project
as it develop the understand that at what time project will be completed. This is important
for each person and researcher set a time period for its project and provides the outcome
that can help to develop the performance on time basis. In relation to current project,
researcher need a time period of 3 weeks that will help to segment the task and managing
higher performance (Saffar and Obeidat, 2020).
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 Scope – This is an ability, states scope of research or project which needs to complete on
time and getting the positive outcomes. This tells research is favourable and supports o
grow the business. In relation to current project management strategies applied by
organisation scope is wider number of people involved in this task and who share their
knowledge and skills by managing resources effectively (Goestjahjanti and et.al., 2020).
 Quality – This is another component states the quality of project and ways of maintaining
good performance. According to this, information which is collected by research should
be better quality and reliable to study that can help to managing the higher performance.
In relation to current research, investigator has collected qualitative information by
conducting the proper research and managing the project properly (Arasanmi and
Krishna, 2019). Communication: For running a business and managing the functions of any project there
is need to focus on communication as it solve the problems which are pertaining in the
business or project and provide the solution. This is a suitable aspects that relates to a
project by sharing information and data which can help to develop the activities. In
relation to, current project management strategies for attracting and retaining talent
executives by sharing information that can help to complete the project timely. Risk – Risk management is the practice of identifying, evaluating, and preventing the risk
or issues that relates to particular project. This is important for researcher to identify the
risk and get the optimum solution. Lack of resources, knowledge, and cost is the main
risk that might be arise in current project (Basterretxea, Heras‐Saizarbitoria and
Lertxundi, 2019).
 Resources: To complete the research there is need to focus on resources and capital
which supports to managing the each function and task. In relation to current research
resources are printers, equipment, mobile phone, tools and techniques, and human
resources are the main resource which complete the project.
P3 Produce a work breakdown structure and a Gantt chart to provide timeframes and stages for
completion
Work breakdown structure – This can be defined as important structure in project
management that is a method for completing the complex task and multiple step project. This is
useful structure which uses by researcher to break down the project in to small activities and task
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for managing and handling the project properly. The current project is management strategies
that applied by Ernst & Young, to break the task in to small chunks between different team
members that can help to lead the better productivity and managing project effectively
(Narayanan, Rajithakumar and Menon, 2019).
Gantt Chart – This is a chart commonly used in managing the project which is one of
the popular and useful way of showing the path and activities. There are many activities which
needs to done in a project and supports to complete the project in certain period of time. on the
left side of chart list of activities are shown in suitable time. in relation to current project a Gantt
chart is designed below:
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TASK 2
P4 To carry out the small scale research by using the primary and secondary method that covers
aims and objectives
Research is the activity that conducting by researcher by using its knowledge and skills
that relates to particular topic. For conducting the research, different methods and techniques is
require to use that can help to managing the work and task properly. In relation to current project
two types of methods are using that are as defined:
Qualitative method: This can be explained as technique of research being used by a person to
collect and analysing non numerical data by understanding the concepts, experiences, and
opinion. This make easier ways for researcher in which non-numerical data can be interpreted.
This involves subject such as anthropology, education, health science, sociology, and history that
develop the knowledge and understanding in particular field. In relation to current research main
methods that can be used by researcher are observation, focus group, and survey (Bilan,
Mishchuk, Roshchyk and Joshi, 2020).
Quantitative method – This is another method emphasize objectives measures and the
statistical, numerical, mathematical, and analysis of information that relates to topic of research.
This can help to develop the skills and knowledge in particular field by gathering the relevant
information in less time and funds.
From the above discussion it can be analysed by researcher that quantitative research has
been carried out for the current project. This helps to collect the sufficient information in less
time period and complete the project.
Sources of data collection: Primary sources: This defined as source of data collecting which is used by researcher to
gather the reliable information from the first hand resources and getting the valid
outcomes. This involves interview, questionnaire, and survey.
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Secondary sources: - This is another source which uses by individual to collect the data and
information from secondary resources in less time. This involves magazines, books, journal and
others where data is already published (Irabor and Okolie, 2019).
In the present research, primary and secondary resources being used by researcher that relates
to study of management strategies that applied by Ernst & Young organization to collect the data
and information to draw the accurate and valid conclusion. In primary sources, questionnaire has
been used and in secondary sources literature review is used by researcher.
Sampling: This is another method of research that involves population whose opinions and
views is require to undertaken that relates to research topic. In relation to present research, 40
respondents are taken by using the random sampling method that can help to respond towards
question properly.
Questionnaire
Quantitative questions
Q1) Do you have knowledge about management within an organisation?
a) Yes
b) No
Q2) Do you think that talent-management is beneficial for organization and its development?
a) Yes
b) No
Q3) What are the strategies that is used by Ernst &Young in order to attract and retain employees
at the workplace?
a) Providing job specification in detailed
b) Motivating the staff
c) Offering good path and solving problems
Q4) What are the important of management strategies in an organization?
a) Enhancement of human capital and resources
b) Planning, organising, directing and controlling
c) Increment in productivity and performance
d) Retention of skilled worker
Q5) Determine the different benefits that taken by Ernst & Young in prospects to talent
management?
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a) recruitment and selection of skilled employees
b) Provide motivation and encouragement
c) Attracting and retaining the employees for long period.
Qualitative questions
Q6) Different strategies that is used by Ernst & Young in order to enhance productivity and
performance of business?
a) Provide training and development programme
b) Recognise skills and talent
c) Motivating the employees
Q7) Recommendation
TASK 3
P5 Analyse research and data using appropriate tools and techniques
Q1) Do you have knowledge about management within an
organisation?
Frequency
a) Yes 35
b) No 5
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Interpretation: From the analysis it can be interpreted that there are 40 respondent out
them 35 people have knowledge about talent management and remaining 5 does not have that
needs to understand.
Q2) Do you think that talent-management is beneficial for
organization and its development?
Frequency
a) Yes 38
b) No 2
Interpretation : From the analysis interpreted that 38 candidates agree with the
statement of talent management benefits and other 2 are not.
Q3) What are the strategies that is used by Ernst &Young in order
to attract and retain employees at the workplace?
Frequency
a) Providing job specification in detailed 10
b) Motivating the staff 15
c) Offering good path and solving problems 15
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Interpretation: This analysis states 15 each of two group stating that motivation to employees
and offering good pathway is the best talent management strategy which can be used by
organization to develop business performance. On the other side, remaining 10 people focused
on Providing job specification strategy that used to running a business (Kundu, Mor, Kumarand
Bansal, 2019).
Q4) What are the important of management strategies in an
organization?
Frequency
a) Enhancement of human capital and resources 10
b) Planning, organising, directing and controlling 10
c) Increment in productivity and performance 10
d) Retention of skilled worker 10
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Interpretation: There are total 40 respondents who share their opinion on important of
management strategies such as each 10 member of 4 groups explained Enhancement of human
capital and resources, Planning, organising, directing and controlling, Retention of skilled
worker, and Increment in productivity and performance that can help to managing the higher
performance.
Q5) Determine the different benefits that taken by Ernst & Young
in prospects to talent management?
Frequency
a) Recruitment and selection of skilled employees 20
b) Provide motivation and encouragement 5
c) Attracting and retaining the employees for long period. 10
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Interpretation: From the analysis it can be interpreted that 20 respondents agree with the
benefits of Recruitment and selection of skilled employees, 10 for Attracting and retaining the
employees for long period and remaining 5 favour on motivation and encouragement that
supports to develop the business.
Q6) Different strategies that is used by Ernst & Young in order to
enhance productivity and performance of business?
Frequency
a) Provide training and development programme 20
b) Recognise skills and talent 15
c) Motivating the employees 5
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Interpretation : From the analysis it has been interpreted that 20 respondent agree for
providing training and development programme to employees, 15 for recognising skills and
talent, and remaining 5 for motivation to employees that develop the business performance.
P6 Communicate appropriate recommendations as a result of research and data analysis to draw
valid and meaningful conclusions
From the above discussion it can be understand that management is the important task for
business organization as it used to formulate plans, organising, directing, and controlling the
functions. There is need to skilled and talented employees who can perform each activities and
give their contribution to accomplish the organizational goals. In relation to current project Ernst
& Young, management plays important role as it identify the vacant position and fill them by
recruiting skilled employees (Kliem and Ludin, 2019). The employer communicate with each
employees and provide the motivation that can help to retain the employees at the workplace.
Recommendation
 The management should be understand the problem of employees and provide the
optimum solution by applying the different management strategies (Sjödin, 2019).
 In Ernst & Young, human resource management should provide training and
development programme that helps to accept the challenges and attain the business goals.
 The management should be follow all talent management strategies and planning which
used to develop the business productivity and profitability.
P7 Reflection on the value of taking the research to meet stated objectives
The present report about management strategies applied by organization is developed my
knowledge and skills in particular field. Herein, I learnt that every organization should be adopt
different strategies to management and talent management that can attracts and retain the top
talent at the work workplace. I conduct the research by using primary sources ion which different
questions require to prepare as it helps to understand what needs to do and how. While working
on project I noticed that my communication skills and writing skills was not good that have been
improved by working with team member and observing my mentors. Some skills in which I was
good that are leading, team building, research, and problem solving skills which supported me to
complete the research and managing the each project effectively.
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CONCLUSION
From the report it can be to managing and small business successfully there is need to
have good skills that supports to complete the study. A project plan is the structure which is
designed by researcher to managing and handling the project. This involves scope, cost, quality,
time, communication, risk and resources which helps to develop the understanding. A Gantt
chart states the list of activities along with schedule that should be focused. Work break down
structure is used to allocate the task and fund in to smaller task which can help to complete the
project in certain period of time and accomplishing goals.
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REFERENCE
Books and journal
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retention: An integrative research framework. Human Resource Development
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Commercial Training.
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performance: The moderating role of knowledge sharing. Management Science
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2019.
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organizational performance: employees’ perspective. Journal of Advances in
Management Research.
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Employee Engagement on Job Satisfaction: Evidence From South East Asian
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Basterretxea, I., Heras‐Saizarbitoria, I. and Lertxundi, A., 2019. Can employee ownership and
human resource management policies clash in worker cooperatives? Lessons from a
defunct cooperative. Human Resource Management. 58(6). pp.585-601.
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McVay Lynch, M. and Roecker, J., 2019. Project managing e-learning: A handbook for
successful design, delivery and management. Routledge.
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Koehler Publishers.
Sjödin, D., 2019. Knowledge processing and ecosystem co-creation for process innovation:
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Kohl, K., 2019. Becoming a sustainable organization: A project and portfolio management
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Lee, A., 2019. Successful research supervision: Advising students doing research. Routledge.
Kliem, R. L. and Ludin, I. S., 2019. Reducing project risk. Routledge.
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