Strategies for Retaining and Managing People in Business

Managing a Successful Business
Project
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Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
Producing Aim and objectives.....................................................................................................3
Research question........................................................................................................................4
Rationale......................................................................................................................................4
Milestone of the project...............................................................................................................5
Work breakdown structure..........................................................................................................6
Gantt chart...................................................................................................................................7
RESEARCH METHODOLOGY....................................................................................................8
FINDINGS AND ANLYSIS...........................................................................................................9
RECOMMENDATIONS...............................................................................................................12
REFLCETION...............................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
APPENDIX....................................................................................................................................16
Questionnaire.............................................................................................................................16
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Topic- To identify strategies and ways of retaining and managing people.
INTRODUCTION
Talent management is a process of attracting and retaining skilled employees within company for
improving image and productivity. Talent management and activities from attracting employees
to retain employees helps company and employees in accomplishing goals (McDonnell and
et.al., 2017). For retaining employees, employers put extra efforts and makes use of effective
strategies and try to satisfy employees. When employees become satisfy then they support
company in meeting their goals. So, from this it can be said that it is beneficial for both
employees and employers. There are several advantages that company can take by using
effective strategies for attracting and increasing staff retention rate with the company. In regards
to strategies of talent management it can be said that different companies make use of different
ways like motivation, training and others.
Research background
Talent management can be defined as strategic process of getting the right people and
helping them out in development and growth. This present project is based on Marks and
Spencer that is a British Multinational retailer, founded in 1884 by Michael Marks. It offers
clothing, food and home products. This present study is going to discuss advantages and benefits
of talent management along with ways by which companies can decrease staff turnover rate. It
will also show effective project development plan that includes: cost, resources, time and
communication modes required by project manager as it helps in completing project effectively.
For making project successfully, it is important to identify some important tasks that are known
as milestones and by focusing on these, project manager can complete project in timely manner.
Producing Aim and objectives
Aim- “To identify effective strategies by which Marks and Spencer can attract and retain skilled
workforce”. Study of Marks and Spencer.
Objectives
 To identify meaning and concept of talent management.
 To discuss benefits that Marks and Spencer can take by managing talent within
organization.
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 To recommend some techniques for staff retention and better people management.
Research question
1. What is the main concept of talent management?
2. How company can make itself beneficial by increasing staff retention rate?
3. What strategies can help Marks and Spencer in attracting as well as retaining its talented
people within organization?
Rationale
Talent management is the main key of success of organizations and in this increasing
competition era it is important for companies to make use of their skilled workforce. It is
believed that skilled workforce is mainly responsible for accomplishing goals of company. It can
be only possible when companies make use of effective strategies of attracting as well as
retaining them. So, one of the main reasons of selecting this topic is supporting companies in
making them able to take competitive advantages (Bratton and Watson, 2018). Making
companies able to be in the market and also make them able to respect values and needs of
employees is other reason.
Producing project development plan
For making a successful business project it is important for project manager to make an
effective plan. Project development plan guides project manager and leads him on a right
direction and by going on that direction, he can accomplish main goal of research. Some
elements of project development plan include:
Cost: It is main elements of project development plan that can lead to success if it is maintained
in an effective manner. It is important for project manager to have financial stability and ability
to invest money in an effective manner and specific activities. For this project there will be
requirement of around £1000 for identifying talent management strategy.
Time: It refers a period in which project can be completed by project manager and he requires
completing project for accomplishing goals (Mustanir, Abadi and Nasri, 2016). For this study, it
will require around 9-10 weeks.
Quality: It is one of the main important elements of project development plan on which success
depend. For accomplishing goals and improving image it is important for manager to maintain
quality and perform all functions in ethical manner. For this project, project manager will make
use of effective monitoring and controlling tools for knowing effectiveness.
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