Impact of Talent Management Strategy on Workforce Retention: A Study on Mark and Spencer

Managing a Successful
Business Project

TABLE OF CONTENTS
Topic................................................................................................................................................3
Introduction......................................................................................................................................3
LO 1.................................................................................................................................................3
P1. Aim and Objectives...............................................................................................................3
Rationale......................................................................................................................................3
Aim..................................................................................................................................................4
Objectives........................................................................................................................................4
Research Questions..........................................................................................................................4
P3.WBS and Gantt chart..............................................................................................................5
LO2..................................................................................................................................................7
P4. Research Methodology..........................................................................................................7
LO3..................................................................................................................................................9
P5. Literature Review..................................................................................................................9
P6. Recommendations...............................................................................................................12
LO4................................................................................................................................................13
P7Value of undertaking project to meet objectives...................................................................13
REFERENCES..............................................................................................................................16

Topic
To analyse impact of talent management strategy use by organisation in attract and retain
people in United Kingdom. A study on Mark and Spencer.
Introduction
Talent management refers to the process in which skilled as well as talented workforce
are retain by organisation for achieving higher goals on time. Mark and Spencer (M&S) well
known retail firm around the globe and because of professional and qualified workforce. There
are number of strategy use by M&S such as focuses on personal growth of employees by
providing incentives, increment, opportunities, promotion etc. Organisation focuses on need of
workers such as types of training and development technique which are required for improving
skills (NiedŸwiecka, 2016). M&S emphasizes on focus on professional growth of workers by
developing various types of qualities for example: it introduces communication programs which
help in maintaining diversified culture and create friendly environment as people understand
each other. Report highlights impact of talent management strategies use by Mark and Spencer in
retaining workforce in globalization. It has four different objectives which are based on aim of
research. Different author also opinion also describes in Literature review in the report.
Research methodology also explains in it which helps in understanding the way in which study
conducted by scholar. In the end data analyses as well as recommendation are explained in
report.
LO 1
P1. Aim and Objectives
Rationale
Research emphasizes on different types of talent management strategy use by Mark and
Spencer in globalization of business. In last few years workforce become potential resource in
gaining competitive advantage and hence study focus on it (Altememi and Almashhadain, 2020).
It helps firm in attracting as well as retaining employees and achieving higher goals on times and
increase profit share of firm in time of globalize business. It also focuses on different challenges
that firm focuses on managing workers at workstation as competitive salary as well as
opportunity by other firm effecting on talent management. Research will help to understand
different types of talent management strategies of M&S and its impact on employees retaining.
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Aim
Evaluate the impact of talent management strategy use by Mark and Spencer to retail as
well as attract talented and skilled workforce.
Objectives
 To understand the concept of talent management in globalization.
 To study different types of talent management strategies used by firm.
 To analyse impact of talent management strategies use by M&S workforce retaining
talented and skilled workforce.
 To identify challenges face by different talent management strategies use by Mark and
Spencer and suggest recommendation.
Research Questions
1. What is the idea behind talent management in time of globalization?
2. What are various types of talent management strategies used by organisation?
3. What is the impact of managing talent strategies on workers of Mark and Spencer?
4. What problems Mark and Spencer facing in talent management strategies and how it can
overcome from it?
According to Altememi and Almashhadain (2020), there are number of talent
management strategies that are use by retail industry of United Kingdom for attracting talented &
skilled workforce as well as retaining existing employees. Human Resource department plays
important role in it. HRM plans different policies as well as procedure related to maintaining
diverse workforce such as communication programs are introduce which create better
understanding of work as well as diversified culture promotion. It reduce isolation as well as
depression chances in organisation and hence it able to achieve higher goals on time. Monthly
feedback by employees related to work help organisation in understanding issued at workstation
and quickly resolved which increase workforce satisfaction level. Talent management strategy
firm align with its employees and hence it can work efficiently and increase efficiency, quality
and productivity of work. There are number of training and development programs that are
launched by organisation in order to improve professional skills of workers and gaining
advantage in changing business. Human Resource department follow strategy of focusing on
growth of workers which helps in gaining their loyalty and decrease chances of workforce
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