Talent Management Strategies in Lloyds Bank

Managing a
Successful Business
Project

Contents
Introduction ....................................................................................................................................3
Introduction to the organisation ......................................................................................................3
Topic Background ...........................................................................................................................3
Aims and Objectives........................................................................................................................4
Research questions .....................................................................................................................4
Rationale of the research .................................................................................................................4
Significance of the research project ................................................................................................5
Project Management Planning ....................................................................................................5
Chapter 2: Literature review ...........................................................................................................7
Current Talent management strategies used by bank .................................................................7
Importance of talent management within an organisation ..........................................................8
Stages of Talent Management used by bank................................................................................8
Effects of ineffective talent management .................................................................................10
Challenges of talent management .............................................................................................10
Chapter 3: Research methodology ................................................................................................10
Work Breakdown Structure and Gantt chart for the Project on Lloyds Bank ..............................13
Questionnaire survey ....................................................................................................................14
Finding and data interpretation .....................................................................................................16
Chapter 4: Data analysis and discussion .......................................................................................21
Chapter 5: Personal Reflection .....................................................................................................24
Chapter 6: Conclusions, Limitations and Recommendations .......................................................26
Recommendation...........................................................................................................................26
References......................................................................................................................................28
Appendices ....................................................................................................................................30

Introduction
Organisations appoint people to complete different organisational function. To appoint
employees, the firm has to create certain inducement factors. The process is called attracting or
recruitment. After appointing a worker, the firm invests to increase employee’s contribution to
the organisational function. This is called employee retention (Joyce and Slocum, 2012). The
improper application of attracting and retaining causes employee turnover. The typical rate of
employee turnover is below 15%. There are different strategies organisations adopt for reducing
staff turnover and increasing employee retention percentage. Best companies of the UK such as
Tesco, Burberry, Sainsbury’s, British Airways, BBC, etc. apply a wide range of employee
retention strategy. This report contains a research on these strategies for evaluating how a
particular company applies strategies to attract and retain employees for long term within the
organisation. This is why it will be a project report on a conducted research on Lloyds Bank. The
firm provides financial and banking services to their customers. In order to maintain a large
workforce, the firm applies its all strategic wings.
Introduction to the organisation
Lloyds Bank is one of the oldest retail and commercial banks of the UK. It has been providing
banking and financial services since 1765. The organisation is running its operations for more
than 255 years. 45,856 employees are currently working in this financial service providing
company. The bank promotes cultural diversity. This multicultural workforce follows high
power distance culture. The organisational structure of Lloyds Bank is divisional structure.
Workers are appointed in each division for contributing within the nation. The latest
organisational report was published in 2019. The report shows an employee turnover rate of
17%. This is above the average turnover for multinational companies. This is why the current
research was conducted to identify organisational strategies in attracting and retaining employees
to the firm in long term.
Topic Background
Talent management is a mandatory strategic operation for business organisation. Employees are
the human resources for an organisation. They are to be retained in the organisation for two main
reasons, ROI of HR cost and reducing HR sourcing cost (Kollewe and Butler, 2020). Employee
retention strategy begins right from the orientation of an employee within a firm. Lloyds Bank

PLC is a large enterprise. They are experiencing high staff turnover. This reflects that there are
some gaps in their attracting and retaining strategies. Further strategic developments are needed
for improving the situation. This is why the topic has been selected to investigate gaps for
managing talents in the bank to improve those gaps for reducing employee turnover rate.
Aims and Objectives
Research aim
“To determine the various talent management strategies used by an organisation to retain
employees for long run” A case study on Lloyds bank plc.
Research objectives
i) To investigate current talent management strategies followed by Lloyds Bank
ii) To analyse the importance of talent management strategies for retaining employees for long
run.
iii) To determine the stages that are used by bank to make use of talent management strategies.
Research questions
The research has to investigate in the HRM strategies of Lloyds Bank PLC for the following
research questions. Finding these answers will succeed the research project and provide
knowledge about organisation’s strategies for talent management purpose.
a) Which current talent management strategies followed by Lloyds Bank?
b) What are the importance of talent management strategies for retaining employees for long
run?
c) What are the stages that are used by bank to make use of talent management strategies?
Rationale of the research
Lloyds Bank PLC is a leading financial organisation. Their HRM strategy for talent management
will provide me a lot of skills about project management and research projects. Because of the
knowledge and scope of learning, this research project was selected. This research is important
for the researcher because this helps them in knowing about the talent management strategies and
what techniques are used an organisation to retain employees for long run. This investigation is

important for investigator to conduct because this will enhance his knowledge and skills about
talent management strategies. This will enhance his communication skills and analytical skills.
Significance of the research project
Talent management is an inevitable context for organisations. The topic helps to retain
employees for a long period of time. This will support me following a particular aspect for
continuing development and overall organisational functions. The 21st century is all about skills
and knowledge. To improve the knowledge regarding talent management, I have selected this
research project. The importance of choosing this research project is that it will helps
investigator in knowi9ng about the talent management strategies and how they can help company
in retaining employees for long run. Retaining employees will results in increasing productivity
of bank.
Project Management Planning
Planning is the outlining process of different activities of a project. A range of factors are
discussed during the planning session to allocate resources efficiently during the project.
Efficient allocation of resource is prerequisite of completing a successful project. In project
management approach, the role of planning is considered as second priority for the manager
(Hook and Jenkins, 2019). The manager has to secure different ways to maintain the plan.
Associated cost, required time, scopes in the project, quality of the research outcomes, risk
assessment and mitigation policies, and resource allocation aspects are described in the planning
phases (Collings, Scullion and Caligiuri, 2019). This is the reason for prioritising planning. The
current project required developing project management plan. Each consideration was discussed
within the plan effectively for making an efficient allocation of resources.
Costing: The cost of the project was set about 1,50,000. as in this both primary and secondary
methods are used so this consumes a lot more amount. This research is conducting among 1,50
respondents. So this takers more budget. This will results in increasing of the financial resources.
Investigator is conducting this research in this amount because in this research is conducted
through questionnaire survey by which information and data is collected and this also consumes
time.
Scope: Practical experiences about project management and research were the principal scope
for conducting the research. Another scope of conducting the research project is acquiring in-

depth knowledge on talent management. For organisational management and HR management,
the knowledge about talent management is highly valuable. The knowledge provides a
distinctive outcome for business purpose. Research skill, practical understanding of project
management and opportunity to learn about talent management within the organisation are the
major scopes existing in the research project (Collings, Scullion and Caligiuri, 2019).
Quality: The quality of the research is justified from its results. During developing project
management plan, the quality assurance was properly completed. Research results or outcomes
will satisfy both the organisation and research stakeholders. By repeating the research with a
different sample, the result will be almost the same or lookalike.
Communication: The project was conducted using secondary research data during the covid-19
pandemic. Therefore, it did not require much communication. The only communication channel
existed between the tutor and the researcher.
Risk: The project management plan for conducting the research on Lloyds Bank PLC requires
assessing and minimising risks. The project is associated with several risks. The first risk is
availability of secondary data about talent management and Lloyds Bank PLC’s operation.
Libraries are closed. The next risk was to summarise secondary sources successfully (Adobor,
2014). In case of failing to summarise the secondary research, it would provide different research
outcome. The data safety is another risk. Collected data, report and other documents are needed
to be saved in the proper storage device.
Resources: The research project required gathering both tangible and intangible resources to
accomplish all the derived project milestones. Laptop was the intangible resource for conducting
all the secondary researches. Internet connection, research skill and use of knowledge in different
scenarios were intangible resources for the project. Each of them fulfilled the requirement for a
successful project completion.
Cost: The cost for undertaking the project and completing it is given in the following:
Particulars Amount (pounds)
Admin exp. 70000
Project exp. 40000

Controlling exp. 20000
Monitoring exp. 10000
Other exp. 10000
Total 150000
Chapter 2: Literature review
The purpose of this chapter is to review some relevant literatures with talent management
process. A range of concepts regarding the talent management process will be applied in this
chapter.
Current Talent management strategies used by bank
According to the views of Susan M, 2019, Talent management is an HRM activity to attract,
hire, develop and retain the most talented and suitable candidates for the organisation from the
available job marketplace. An organisation must appoint employees and build a productive
workforce. The concept of “productive workforce” is the basis of managing talent (The Best
Talent Management Practices, 2019).
If an organisation announces for hiring employees in marketing section, it will have intention to
hire candidates who have the most perfect knowledge about marketing and experiences to deal
with marketing. Otherwise, the efficiency will not occur at the firm’s workforce. Now, if the
most talented employee is hired, the organisation will need to make sure he works for a long time
without shifting the job in order to seek for a better employment opportunity at another
organisation. This is where the firm will have to apply employee retention strategies. The process
of attracting the most suitable candidate for a job position, appointing them in the firm,
developing their skills for organisations’ profitability and finally retaining them for the optimum
period of time is called talent management (Sparrow and Scullion, 2015). strategies that are used
by bank is providing proper training and development sessions to the employees so that they
could learn something new and enhancing their knowledge and skills. In addition, they also focus
on doing performance management programmes so that employees efficiency can be calculated

and according to that they provides rewards and recognisation. This will results in motivating
employees and they will work towards the achievement of gaols and objectives.
The HR department of a firm is responsible for completing every step of talent management.
Importance of talent management within an organisation
According to the views of Writer, 2020, Talent management increase employees’ productivity.
Employers seek for better efficiency and maximum productivity. HR is a must for maintaining
organisational outcomes. During the workforce planning, the organisation will need to consider
selecting the best candidate from the job marketplace according to his proficiency in knowledge,
skills and experience (Reis, 2016). Talent management approach introduces with the recruitment
process (Robbins, Judge and Campbell, 2017). The organisation announces job advertisement in
an attractive manner. Employees meeting the eligibility criteria apply for the position. This is a
filtering process for candidates. Within no time, employees are hired in the firm. As the firm
invests certain capital to train employees, they must need ROI. The importance of talent
management is applicable here as well. Training effectively will retain employees. Workers must
see the organisation as an opportunity to develop expertise (Krishnan and Scullion, 2017). In
short, talent management is the major method to improve an organisation’s workforce. This is
why it is given the maximum importance by HR department while executing any function.
Talent management strategies are more important for the company because it helps them in
achieving their gaols and increasing productivity of employees in effective manner. By this
employees will retain in the organisation for long time.
Stages of Talent Management used by bank
An organisation has to fulfil six stages to manage talent within the workforce. These stages are
described in the following with some organisational examples:
Planning for talent management: The first stage is to create a blueprint about talent
management process. The planning includes where a newly hired employee will be appointed.
The qualification requirements are also specified in the planning (Ohemeng and McCall-Thomas,
2013). For example, if Tesco requires some manpower at their sales department, the HR
department will have to plan specifically for hiring sales executives. Then, the HR will have to
conduct a plan about advertising the job announcement, selecting, and developing employee’s