Strategies of Talent Management in Aston Martin

Managing a Successful
Business Project

Table of Contents
Topic: Strategies of talent management used by best companies in order to attract and retain
talented people. A project on Aston Martin.....................................................................................1
INTRODUCTION...........................................................................................................................1
P1) Project aims and objectives..............................................................................................1
Literature review....................................................................................................................2
P2) Project management Plan.................................................................................................3
P3) Work breakdown structure and Gantt Chart....................................................................5
P4) Small-scale research.........................................................................................................6
P5) Present findings and data.................................................................................................9
P6) Communicate appropriate recommendations as a result of findings.............................16
P7) Reflect on the value of undertaking...............................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

Topic: Strategies of talent management used by best companies in order to
attract and retain talented people. A project on Aston Martin.
INTRODUCTION
The conception of talent management has become important and vital for every organisation
which comprises of a constant process of attracting as well as retaining high quality skilled
employees along with regularly upgrading their skills along with making efforts to continuously
motivating them to improve performance (Mkrttchian, Chernyshenko and Ivanov, 2021). The
current project is based on the issues faced by organisation while retaining its talented employees
which made it vital for best companies to adopt strategies of talent management to attract and
retain talented employees. The current study is based on Aston martin which is well known
automotive company of UK the headquarter of which is situated at Warwickshire, England, UK.
The current project comprises of a discussion about the aim and object along with project
management plan, Gantt chart and WBS. Further, a small scale research along with presentation
of its findings and recommendations are also made in current project.
P1) Project aims and objectives
In current business situation where a larger number of competition and uncertainty are
prevailing, implication and adoption of effective talent management strategies has seemed vital
and important for all business organisation (Jones, Meckel and Taylor, 2021). It has been
analysed that the talent management facilitates an effective process for companies to properly
recognise and develop talented candidates which lead a positive impact on productivity and
overall performance of their organisation. But, beside this many issues and challenge are being
faced by companies in managing talent and retaining qualified person for a longer period (Kilinc,
2021). Therefore, current study has been conducted on Aston martin to evaluate these challenges
along with getting better understanding about the strategies adopted by best companies to attract
and retain talented candidates. The main aim and objectives set out for current study are provided
as below:
Aim
“To evaluate the main issues faced by companies in managing talent along with analysing
the strategies that has been used by best firms to attract and retain talented people”. A project on
Aston Martin.
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Objective
 To develop effective understanding about the need and importance of talent management
concept.
 To analysis the various issues and challenges faced by companies in managing talent at
their workplace.
 To identify the best talent management strategies which have been adopted by the best
organisation to attract and retain talented people for a longer period of time.
Research questions
 What are the main factors behind the rising need and importance of the concept of talent
management?
 Which can be the various issues and challenges faced by companies in managing talent at
their workplace?
 What can be taken as best talent management strategies which have been adopted by the
best organisation to attract and retain talented people for a longer period of time?
Literature review
On the basis of information provided by the Quirk. E., 2018, it has been observed that vital
phenomenon of the talent management is basically related with the process of attracting and
recruiting talented candidates along with continuously motivating and developing them to gain
higher performance and better accomplishment of set objectives. Beside this, it has been also
analysed that talent management is not only a key component of HR practises but also the
responsibility of leaders and line managers to boost the morale and motivation of employees
towards achieving higher efficiency and improved performance (de Abreu Mancini and Silva,
2021). Along with this, it has been also analysed that the issue of higher employee’s turnover
along with the required time and cost in the recruitment of new candidates which enhance the
operational cost has made the talent management vital and essential for all companies. Thus,
many effective talent management strategies are being adopted by the organisation to ensure
higher retention and attraction of talented and skilled candidates.
It has been analysed on the basis of information provided by the Pocztowski, A. and
Pauli, U., 2021, many advantages and benefits are being related with implication and use of
talent management strategy which comprises of attracting and retaining quality employees along
with ensuring a continuous motivation for them. Beside this, it has been also analysed that
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improved workforce performance and skills of employees along with facilitating enhanced
creativity and innovation through regular training are also the positive impact of talent
management which also ensures reduction in the operational wastage. But, still many challenges
and issues are also faced by companies in managing talent at their Workplace. As per the view
point of Kesavan, C., 2021, it has been analysed that the Bentley which is renowned automotive
company and multinational organisation is facing an issue of lack of leadership at it workplace
which is hampering the management of talent and also leading to the issue of high employee
turnover. Apart from this, many best companies like Rolls Royse are also facing the issue of lack
of leadership along with higher demand of compensation from talented and skilled employees
which is creating it difficult to manage and retain talented employees. Beside this, unpapering
company culture along with lack of proper analysis of dynamic and complex needs of the
employees is also the common issue that is being faced by many best companies with talent
management (Morledge, Smith and Appiah, 2021).
According to the view point Banerjee, K.K., 2021, many strategic talent management
strategies like providing performance based appraisal and incentives to skilled employees has
been used by best companies to attract and retain talented employees for a longer period of time.
Beside this, providing regular training as well as facilitating higher growth opportunity also act
as a suitable strategy for managing talent which boost the motivation and confidence level of
employees and retain them for a longer span of time (Mu and et. al., 2021).
P2) Project management Plan
Project management plan can be stated as which defines the way project is carried out. It
includes budget, timeline, scope, goals and deliverables of the project and is important for
keeping track on project (Drysdale, Gurr and Goode, 2021). The project manager develops a
detailed plan of the project in order to have better planning as well as organisation of all its
activities. The different components cover in project management plan in relation to this
particular project is provided below:
1. Cost - It is one of the crucial aspect of any project which is related to the estimated cost
and expenses incur in completing the project successfully. In relation to the specific
project, the various costs estimation is provided below:
Particulars Amount
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Cost associated with hiring talent £50
Resources £40
Technology £50
Other Expenses £60
Total Cost £200
2. Quality - It is the another crucial aspect of a project which is related to reliability and
authenticity of the data collected in the study. Thus, it is very essential for the project
manager to utilise appropriate method for the data collection and ensure that all the
collected data is authenticated so that quality of the project can be ensured. So, in relation
to this particular project, the data will be gather through using questionnaire and primary
data is collected for ensuring the accuracy (Kovalova and Poradova, 2021).
3. Time - It is the aspect which is associated with the total time required to complete a
particular project (initiation and completion time). In context of this project, the estimated
time for its successful completion decided by project manager is 4 months.
4. Communication - In order to ensure success of a project, proper and effective
communication is very essential aspect. Thus, it is very important for project manager to
use effective communication tools for communicating all the information associated with
the project in an effective way (Harland, 2014). This assist in completing all the activities
and tasks associated with a project on specified time. So, in order to ensure effective
communication, the project manager make use of emails, mobile phones and other
communication tools.
5. Scope - This element of project management plan demonstrates about future project
value. The scope of this project is wide as with the help of this project, project manager
can gain good understanding about significance of managing talent in the organisation.
Apart from this, it also helps in determining the strategies which help in managing talent
effectively within the firm (Aragao and El-Diraby, 2021).
6. Resources - For performing all the activities and tasks of the project in an effective way,
adequate amount of resources are needed. These resources consist of technological
resources, physical, financial and human resource. In relation to this project, adequate
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