Talent Strategies for Attracting and Retaining Employees

Managing a Successful
Business Project

Contents
Introduction......................................................................................................................................3
TASK 1............................................................................................................................................3
P1) Aims and objectives of the research................................................................................3
LITERATURE REVIEW................................................................................................................4
P2) Project management plan for the research.......................................................................6
Project Management plan................................................................................................................6
P3) Work breakdown Structure and Gantt chart ...................................................................7
TASK 2..........................................................................................................................................10
P4) Small scale research with the help of qualitative and quantitative research..................10
TASK 3..........................................................................................................................................12
P5) Analysis of the data with the help of various tools and techniques...............................12
P6) Recommendations...................................................................................................................17
TASK 4..........................................................................................................................................18
P7) Reflection on the values while undertaking the research ..............................................18
Conclusion.....................................................................................................................................19
REFERENCES..............................................................................................................................20
APPENDIX I.................................................................................................................................21
APPENDIX II ...............................................................................................................................23

Title: “What talent strategies do the best companies use to attract and retain people?’
Introduction
Staff retention is regarded as the ability of organisation to retain the employees for long
run. It is associated with retaining of competent talent that can help in the process of maximizing
the contribution of talented workforce in long run. Staff retention schemes are also helpful in
managing the employee employer relationships that may affect the employee mind set. Further
lack of employee commitment and job dissatisfaction can be a reason of employee leaving the
organisation. So, there is requirement of effective staff retention schemes as a part of talent
management process that can help in maximizing the overall benefit from present work force in
long run.
Talent management encompasses everything that involves attracting motivating engaging
developing and for the retaining of highly potential employees. Talent management strategy is
used for supporting organisations at various stages of recruitment and for the retention cycle. It is
used for the purpose of managing the high cost of employee turnover and retaining of talented
workforce for long run. In present research report there is analysis of talent management
strategies in sollatek (Ary and et.al. 2018). They are manufacturer of innovative products in
energy saving power control solar energy and temperature control. There is analysis of various
talent management strategies that are to be applied in the course of organisational approach
towards strategic talent management.
TASK 1
P1) Aims and objectives of the research
Aim: “To analyse various strategies for the purpose of retaining of competent staff
members in long run.” A case study on sollatek.
Objectives
 To analyse the basic concept of staff retention as part of talent management in
organisations
 To evaluate talent management strategies for staff retention employees in sollatek
 To understand various challenges associated with staff retention in sollatek.

Questions:
 What is the basic concept of staff retention as part of talent management in in
organisations?
 What are various talent management strategies to strategies for staff retention in sollatek?
 Identify some of the challenges associated with staff retention in sollatek?
LITERATURE REVIEW
To analysis the basic concept of staff retention as part of talent management in organisation.
According to Pararthana Ghosh, (2021), Staff retention refers to the ability of an
organisation to retain its employees. It is a strategic process of getting the right employee on
board and helps them to develop their capabilities by keeping objective of organisation in mind.
This process will include various activities such as identification of talent gap and vacant
position in organisation, selection of an appropriate candidate and retain & motivate their
employees for achieving the long-term goal of organisation by providing effective training and
developing their skills. It was analysis that staff retention will play a crucial role in the success of
an organisation. In other words it is related to attract, on board, developing, motivating and retain
high- performance employees for long period (Mills and et.al., 2017). Its main objective is to
improve the performance of an organisation with the help of various practices which will make
their employees more productive. By effectively managing the talent an organisation will operate
its functions smoothly and effectively achieve the goal of company. It will assist in improving
the performance of their employees and help company to stay competitive in market. It was
analysis that better staff retention will reduce the labour turnover rate for company which will
create a positive image of company and attract more and more skilled and talented employees
towards company.
To evaluate talent management strategies for staff retention in sollatek.
According to Karim Ansari (2021), It was analysis that staff retention strategy re
designed by an organisation for attract and retain the top talent for company. In context of
selected company they will adopt various strategies of staff retention which is discussed below:
 Attractive job description- It is consider as a simple but an essential strategy which will
define the success of company. It was analysis that for attracting the best talent company
will require preparing their job description on the bases of their requirements (Nayak and
Singh, 2021) . The job description will clearly mention the qualification and other skills

which are required by company that will help company to select the best talent for their
organisation.
 Provide continuous training and development opportunities- It was analysis that now
a day’s employees are attracted towards an organisation which will offer better growth
development opportunity. By providing regular training company will increase the
efficiency and productivity of their employees. This will help company to effectively
achieve their objective and also retain their employees for long period of time. This
strategy is considered as best as it will help company to reduce their labour turnover and
also attract highly skilled and talented employees towards company. In context of
selected company, they will provide regular training to both new and old customers. They
will also conduct various seminars, and development programs which enhance the
knowledge of their employees.
 Provide better reward and recognition- This staff retention strategy will not only
attract and retain employees but also motivate them towards the achievement of
organisation goal. By providing effective reward on the bases of their performance and
make their employees to feel reorganized, appreciated and importance they work
maintain their employees in organisation. Reward will help an organisation to mitigate
the chance that their employees go somewhere else because they will feel appreciated.
This will help them to keep their employees for long period.
 Cultivate an honest career path- As per this strategy selected organisation is able to
attract and retain their top employees in organisation (Ayed and et.al., 2019). As per this
strategy company will require to don’t make any unfair promise, but tell their employees
that company will provide them various effective tools which will assist them in
achieving better growth.
To understand various challenges associated with staff retention in sollatek.
As per Top Echelon, 2020, an organisation will face various challenges and problems at
the time of effective talent management. Which are mention below:
 Poor hiring strategy- The process of staff retention is start with hiring a right person for
the right job in organisation. But it was analysis that without a strong staffing
management plan, an organisation will face difficulties in all staff retention process. With

an ineffective hiring strategy a company is not able to attract top talent towards company
and also their employees will not stay with company for long period of time.
 Ineffective leadership- Another challenge that Sollatek company management will face
at the time of retaining and attracting top talent is their ineffective leadership style. As it
was analysis that strong leadership style in an organisation is the basis of staff retention
because of their ineffective leadership style their employees will not get proper guidance
in developing their talent which will affect the process of talent management.
 Employee turnover- In context of selected company, main focus of staff retention is on
developing an employee because of which their employees will feel valued, challenged
and satisfied with their job. But without successful implementation of staff retention
organisation will face high employee turnover rate which will also affect the brand image
of company (Shields, 2019).
P2) Project management plan for the research
Project Management plan
Project refers to a study which main objective is to effectively fulfilling some particular
aspect through attaining objective related to the study. It was analysis that with the help of
project management plan, researcher will successfully complete the research work. It will
include various phase like initiation, planning, implementation and monitoring the work and so
on. Project management plan will include various components which are mention below:
Time- It is considering as an important component which will help the researcher to
achieve the objective of project on specific time (Siddiqui and Bisaria, 2019). It will assist in
avoiding the delay in the project. For effectively conducting the research it is very essential for
the researcher to set time for all activities related with research. For the present project 3 months’
time is provided for successfully achieve the goal of research.
Cost- It refers to the total expenses which are required by the researcher for effectively
conducting the research. Other than this it will also include various components of cost which
will cover all projections which are done for smoothly completing the work ((Pettey, Bracken
and Pask, 2017). It was analysis that it is very important for a researcher to prepare an effective
budget related to the research project and divide their various research activities according to it.