Different talent management strategies used by business organisations

Managing a Successful
Business Project
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Contents
TASK A...........................................................................................................................................3
Title of the Project...........................................................................................................................3
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Research aim and objectives..................................................................................................3
Project management plan.......................................................................................................4
Work breakdown structure and Gantt chart............................................................................6
Research Methodology...........................................................................................................7
Primary Research....................................................................................................................8
Conclusion............................................................................................................................16
Recommendations................................................................................................................17
TASK B.........................................................................................................................................17
Personal Performance Review..............................................................................................17
REFERENCES..............................................................................................................................20
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TASK A
Title of the Project
“Different talent management strategies used by business organisations for attracting and
retaining talent within an organisation.”
Introduction
Managing a project successfully is a very crucial responsibility of project manager in order
to perform the activities systematically. Talent management is crucial concept for all the
businesses and execution of appropriate strategies help in managing talent at workplace. This
business research project is based on Marks and Spencer which is the leading clothing and food
retailer of United Kingdom. The organisation was established in 1884 by Michael marks and
Thomas Spencer and running its operations successfully since 137 years. The organisation put its
efforts towards attracting and retaining best talent in the organisation. Thus, this study is
significant in determining the appropriate strategies and the way organisation can adopt some
strategies in managing talent effectively within the workplace.
Main Body
Research aim and objectives
Research Aim –
The main aim of this business project is “To analyse the different talent management
strategies utilized by best organisations for attracting and retaining talent within business. A
study on Marks & Spencer”.
Research objectives –
1. To gain basic understanding of the talent management concept in the relation to business
organisation.
2. To analyse different strategies of talent management that are executed by businesses like
google and amazon.
3. To ascertain various challenges that human resource managers in Marks & Spencer face
while attracting as well as retaining talent at workplace.
Research Questions –
1. What is the talent management concept in the relation to business organisation?
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2. What are the different strategies of talent management that are executed by businesses
like google and amazon?
3. Which challenges may human resource managers in Marks & Spencer face while
attracting as well as retaining talent at workplace?
Literature Review
According to the opinion of Ghosh (2021), Talent managements is characterized as the
systematic instrument of assessing the varying empty positions inside business through recruiting
the appropriate possibility for the empty profile and breaking down the key abilities and aptitude
of individuals to coordinate with the ideal occupation position. The vital reason for the ability the
board is to investigating, selecting and holds up over the person who is compelling in driving the
accomplishment of the business. it fundamentally named as the main concern technique measure
for forward looking individual business who can comprehend that their business execution is
broadly includes over the performance of the workforce.
Talent management is an important aspect which is widely implemented by the HR
professionals in relation to developing the operational ability of the business. In the modern
business era the key motive of each small as well as large business enterprises is to attaining
higher growth and development. However, there are assorted tools and strategies like rewards
and incentives, compensation, training to the employees, performance appraisal and so on. One
of the talent management strategy which is executed by Google includes empowering workforce
to manage your own career. Apart from this, the organisation also recruits right people at right
position so that the work can be executed properly.
However, there are some challenges also which are facing by organisations by managing
talent. These challenges include unrealistic expectations of employees, high employee turnover,
lack of leadership and unappealing culture of company. Sometimes, expectations of employees
are very unrealistic which the organisation cannot be able to meet. This creates a challenge in
front of management in retaining talent within the workplace. In addition to, lack of leadership is
also one of the biggest challenge that organisation face while managing talent.
Project management plan
A project management plan is mainly defined as the formal document which basically
termed as how a project is going to be carried out in the effective manner. In addition to this, it
basically provides outline specification of the study with the support of presenting the scope,
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time, resources, goals and budget. An effective and better project management plan has been
designed by the project manager for the intention to assisting the entire study in right manner.
1. Scope - The perspective portrays about future worth of the study. The scope of this
specific business project is more extensive. This undertaking is useful in acquiring
understanding about the different talent management strategies that are effective for the
business to attaining and retaining employees at workplace.
2. Cost – It defined as the expense of looking for new techniques and new use of materials.
A particular expense is related with each task that adds to effective fulfilment of
undertaking. The assessed cost related with this particular task is around 250 pounds
which helps in assisting the study in effective manner.
3. Communication - For passing on all the data identified with business project in a proper
manner, viable specialized communication tools assume a critical part. It additionally
profoundly contributes in guaranteeing project achievement. In this undertaking, the
manager utilizes cell phones, messages, document sharing instruments, video
conferencing devices like Skype, zoom and so on are utilized with the goal that data is
imparted to every one of the individuals in powerful manner.
4. Time - It is vital angle which portrays about the time expected to finish the undertaking
effectively. Corresponding to this exploration project, the assessed time is three and half
months which is the settled by the undertaking director to guarantee its ideal
commencement and fruition.
5. Quality - it is vital to underscore on nature of an undertaking with the goal that it tends to
be finished in validated and solid way. For managing the quality of the research, the
manager is implementing qualitative or quantitative research methods along with primary
and secondary sources to gathering suitable information and helps in managing the
quality of study with the emergence of valid and reliable information.
6. Risk - There is specific sort of hazard identified with each task which can get deviations
its outcomes. The key issue of related to the study is connected with the provided time to
execute the research as few activities are time consuming in nature like data collection,
analysis and so on that take a huge time. In addition to this, assessment of asset is also an
another issue as the investigator needs to arrange suitable sources and also gather
information from the authentic sources.
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7. Resources – A wide range of assets are needed for fruitful consummation of task. This
undertaking requires utilization of fitting specialized instruments, some actual assets like
paper, journal, pen, PC; sufficient measure of assets and talented human asset to play out
every one of the exercises of venture effectively.
Work breakdown structure and Gantt chart
Work breakdown structure – In project management, work breakdown structure is an
effective tool of dividing activities into smaller task so that the work of the team can be organise
into manageable sections.
Gantt chart - It is a bar chart that it defines the schedule of project. It demonstrates
dependency relationship among different activities and current schedule status.
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