Talent Management in Service Industry

Research Project
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Table of Contents
INTRODUCTION...........................................................................................................................3
Aim and objectives......................................................................................................................3
LITERATURE REVIEW................................................................................................................4
Benefits of staff or talent retention in an organization................................................................4
Ways of recruiting the best talent in an organization..................................................................5
Problem companies face while managing talent..........................................................................6
Ways to increase staff retention in an organization.....................................................................7
RESEARCH METHODOLOGY.....................................................................................................8
DATA Analysis.............................................................................................................................11
CONCLUSION..............................................................................................................................23
REFLECTION...............................................................................................................................24
REFERENCES..............................................................................................................................26
APPENDIX....................................................................................................................................27
Questionnaire.............................................................................................................................27
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TOPIC: Talent management in service industry
INTRODUCTION
Talent management is a process of selecting, hiring and retaining the best talent within an
organization in order to improve business value and accomplishing goals. Talent management is
one of the main and critical task which is not limited to selecting the best workforce but also
motivate them and identifying ways to retain them with the company for the long run (Scullion
and et.al., 2016). By an effective talent management, companies of travel and tourism like TUI
can take several benefits like competitive advantages, increasing sales, improving brand image
etc. Talent management is known as the key of the success of an organization. For an effective
talent management, manager or employers of an organization require several skills by which they
can influence and motivate employees to retain or stay with the company for the long run.
Companies face some problems in talent management which needs to be solved in a timely
manner.
Background of the study
This present study is based on TUI which is an Anglo German multinational travel and
tourism company. It important for this company to satisfy customers' needs and it can be
possible when it has skilled workforce. This present study is going to show some advantages and
requirement of retaining skilled workforce along with ways. Further, it will also show effective
ways to select and recruit the best employees as it is the important function of talent management
(McDonnell and et.al., 2017). Lastly, it will discuss effectiveness of research methodologies in
conducting research.
Aim and objectives
Aim
“To identify importance and ways of talent acquisition or retention in company. A case
study on TUI tourism company.”
Objectives:
 To identify importance or benefits of staff or talent retention in an organization.
 To identify effective ways of recruiting the best talent in an organization.
 To discuss some problems companies have to face while managing talent.
 To suggest some ways of retaining skilled workforce within the company.
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Research Questions:
1. What are some benefits which TUI can have by talent retention?
2. What is the best way of recruiting the best and talented people at workplace?
3. Which problems companies face while managing and retaining talent within business?
4. Which techniques and ways can help TUI in retaining skilled workforces with them?
LITERATURE REVIEW
Benefits of staff or talent retention in an organization
As per the Manogharan, Thivaharan and Rahman, (2018). Talent and skilled workforce
retention in an organization can have several advantages as by retaining skilled workforce
company can bring innovation in business. Skilled workforce are more likely to bring creativity
which can allow companies in satisfying customers needs. Satisfied customers are more likely to
stay with the company which can improve image and productivity as well. So, it can be said that
talent retention can give several advantages like becoming market leader, improving engagement
of employees and improving working environment.
In addition, Pandita and Ray, (2018) stated that talent retention in an organization have
several advantages and benefits to company as by retaining talent as well as managing them in an
effective manner they can attract customers to the great extent because skilled workforce in an
organization focus on their functions and work in an effective manner which reduces errors and
improve their productivity. When they focus on their function effectively then they are more
likely to provide qualitative and unique features of products and services to them which satisfy
customers' needs and allow them to retain with the company. Increase customers and employees
retention rate in an organization improve image of the company in the market. Improved image
and brand directly help companies in becoming the market leader as well as taking competitive
advantages. They also said that talent management like effective hiring, recruitment, retention
process allow companies to develop consistent performers. Because talented workforce have all
informations of company like purpose, objectives, strategies and others, and they take interest in
knowing more which allow them to perform better in the company. When company make an
effective use of talent management strategies and satisfy their needs then employees are more
likely to help managers in planning for the future for expanding business.
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For more supporting this view Matongolo, Kasekende and Mafabi, (2018) said that an
effective talent management structure builds more trust in the company because talent
management structure is built on ideas as well as needs of employees as what they want. When
companies consider their needs and try to fulfil them then it allows both employers and
employees to tighten their bond in the company. Succession planning and talent management
lead to a streamlined as well as structured vision of the company. Improved loyalty and trust
among employees also allow companies and employees to build good customer support and sales
team as well. So, overall it can be said that by using effective strategy and structure of talent
management companies can accomplish all its pre determined goals.
Ways of recruiting the best talent in an organization
There are several ways of selection and recruitment but identifying the best talent and
recruit them with company is one of the main aims of using recruitment strategies. As per the
Pandita and Ray, (2018) one of the best way of recruiting the best talent and employees is
internal recruitment or filling vacant post within organization. Companies do not have to invest
time in searching employees. In addition, it is also stated that by approaching existing employees
who have worked with the company before but have left now, can also be the best way of
recruiting talent workforce. By doing so company can employ skilled workforce and it can also
save their time and cost as well. There are several other benefits of using this strategy and way of
talent management as by doing so company can reduce its recruitment and training cost
Employees are aware about all policies and way of working of the company, so they do not
require training as like new employees. Other main benefit of using internal recruitment strategy
is it can increase morale of employees and motivate towards working more effectively. It helps
them out in improving their performance and getting promotional and other benefits.
Other best way of attracting as well as recruiting the best talent according to Robert
Richardson and Alexander Gabbin, (2016) within an organization is attracting passive job
seekers with recruiting marketing. For attracting talent and passive job seekers there is
requirement for HR to take a page from marketing's play book and adopt some effective and the
best practices of recruitment marketing. There are several strategies and ways of recruitment
marketing and one of the common and the best ways of this recruitment marketing is GE
(General electric). This way innovates in the home automation and industrial internet of things
spaces. By doing so, business model rely on hiring as well as recruiting the top technical talent in
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company. Social media, content marketing are ways of reaching to skilled tech professionals and
students directly and make them able or agree to retain with the company for the long run. So, it
can be said that by making an effective use of advanced technology and digital marketing
company can attract as well as recruit the best talent by reviewing their person specification and
resume.
Problem companies face while managing talent
There are some factors which can create several problems in talent management or
related functions like identifying talent, recruitment, selection and retain them with the company.
According to the Krishnan and Scullion, (2017) one of the main factors is ineffective recruitment
and ineffective organizational culture. Inexperience or lack of skills of using technologies in
talent management by leader and manager can also create problems in attracting the best
workforce. Lack of knowledge can lead ineffective recruitment and increased staff turnover rate.
This staff turnover rate direct affect brand image of the company. In addition, Zhang and et.al.,
(2020) in the context of unappealing company culture it can be said that younger employees
expect and seek for unique and different working environment than elders and predecessors used
to follow. Nowadays, workers do not want to sit on their desk, completing their duties and go
home after completing duties and at the end of the workday. As they look for those jobs who can
offer them perks like open communication policies, flexibility, relaxation, activities rather job
duties etc. For fulfilling needs of talent and younger workforce companies require changing their
working culture and environment and if they fail to fulfil anyone of these requirements then they
find difficulties in getting skilled workforce. It is believed that younger employees as compare to
older are more likely to bring innovation and creativity within an organization so, they need to
focus on attracting and managing talent and it is the main problems.
According to the Stokes and et.al., (2016) higher total compensation demand is one of the
main problems which companies face while managing talent. In this context it is stated that when
employees do not get fair compensation then they directly talk and speak up about their
situations to employers. One of the main factors of employees retention and job satisfaction is
pay and when they find that company is not paying them according to their worth and
qualification then they leave company. It is one of the main problems which HR department face
and for solving this problem they need to focus on this area to satisfy employees along with
keeping costs low. At the time of deciding employees retention, HR needs to evaluate and decide
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