Effectiveness of Talent Management: A Study on Arcadia Fashion Retailer
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This study explores the effectiveness of talent management in Arcadia fashion retailer and its impact on employee performance and retention. It examines the meaning of talent management, benefits, issues, and strategies for managing and retaining talent within the organization.
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Contents TITLE: To identify effectiveness of talent management. A study on Arcadia fashion retailer......2 P1 Research proposal...................................................................................................................2 INTRODUCTION...........................................................................................................................2 Background..................................................................................................................................2 Aims and Objectives....................................................................................................................2 LITERATURE REVIEW................................................................................................................3 Meaning of talent management...................................................................................................3 Benefits of effective talent management.....................................................................................3 Issues in managing talent within the company............................................................................4 The best strategy or key of managing and retaining talent within an organization.....................4 RESEARCH METHODOLOGY....................................................................................................5 P2 Appropriate research method.................................................................................................5 P3 Conduct primary and secondary research using appropriate methods for a business research project that consider costs, access and ethical issues..................................................................6 P4 Research findings and data.....................................................................................................7 P5 Research outcomes (600).....................................................................................................11 P6 Reflection on learning..........................................................................................................11 P7 Recommendations for improvement....................................................................................12 CONCLUSION..............................................................................................................................12 REFERENCES..............................................................................................................................13 APPENDIX....................................................................................................................................15 Questionnaire.............................................................................................................................15 1
TITLE: To identify effectiveness of talent management. A study on Arcadia fashion retailer P1 Research proposal INTRODUCTION Talent management is a constant process that contains attraction and retention of skilled workforce within an organization (Taylor, 2018). This preset study is based on Arcadia group that is fashion retailer and owns several brands. Talent management is considered one of the main key of success of company and support companies in developing their business. Some employees resist to adapt changes and work according to policies of companies and it creates barriers in talent management. But with the help of motivation, training and using appropriate selection and recruitment strategies, companies can solve this problem and can make a pool of talent workforce within organization. Background Talentmanagementisaprocessofrecruitingandretainingemployeeswithinan organization that has several advantages for both company and employees. This study is going to show effectiveness of talent management along with approaches and the best strategy by which Arcadia group and other companies can retain their talent. Further, it will discuss some problems which occur while managing talent. Lastly, it will show effectiveness of research methodologies for accomplishing goals by gathering appropriate information. Aims and Objectives Aim “To explore advantages of talent management and retention”. Objectives To identify the process and meaning of talent management. To explore benefits of effective talent management. To identify issues faced by Arcadia Group in managing talent. To identify the best strategy or key of managing and retaining talent within an organization. Research questions 2
1.What is the process and meaning of talent management? 2.What are some benefits that Arcadia group can have by managing workforce its business? 3.Which kinds of issues occur while employer manages talent within their company? 4.What is the best activity that makes successful talent management? Rationale Talent is one of the main important resource and key of the success but there are some retailers that do not know some ways of managing and retaining talent (Bratton and Watson, 2018). So, making them aware about importance of talent management along with the best strategy by which they can increase employees’ retention rate or manager talent is the main reason of conducting this research. LITERATURE REVIEW Meaning of talent management. According to theKrishnan and Scullion, (2017)talent management is one of the effective business strategy that is being used by HR for retaining their topmost talent within organization and motivating them towards accomplishing goals. On the other hand,Wiblenand McDonnell, (2018)stated that talent management is organization’s commitment towards recruiting, hiring as well as making employees able to stay with the company and help them out in meeting their objectives. For more supporting above view,Cotton and et.al., (2017)said that talent management is one of the most important business strategy that makes employers able to become successful and developingbusiness.Itconsistsofseveralactivitiessuchas:recruitmentplanning,job description, motivation, training, making job offer, goal setting, feedbacks and promotion. So, it can be said that all those activities that help company in employing and retaining talented workforce within organization is called talent management. Benefits of effective talent management. There are several benefits of talent management. As per the view ofKaliannan, Abraham and Ponnusamy,(2016)talent management increase employees’ experience and motivate them towards improving performance and accomplishing goals. On the other hand,Mupepi, (2017) 3
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.stated and said that talent management is beneficial for company as it improves their image in the market and in the eyes of customers when they make their employees able to stay with the company. Onthecontrarynote,Wilcox,(2016)saidthatmanagementoftalentwithinan organization improves overall productivity and performance of the company because talented employees bring innovation and new ideas that satisfied customers.van den Broek, Boselie, and Paauwe,(2018)also stated that talent management encourages employees and motivate them towards increasing productivity when they get promotional opportunities and motivation from their manager. It also makes them feel valued and motivated. Issues in managing talent within the company Managingtalentisnotaneasytask.AccordingtotheStokesandet.al.,(2016)talent management requires performing several tasks from recruitment planning to motivation or retention of employees. It is time consuming process that sometimes can frustrate employers. in addition, for supporting this viewHolland, (2019)said that due to lack of leadership, i t can de- motivate employees and can make them frustrated. On contrary side,Ansar and Baloch, (2018) said that there are some employees who take undue advantages of talent management as they seek for higher compensation and payment for retaining within organization and supporting them in accomplishing goals. Krishnan and Scullion, (2017).also said that changing business environment or changes happen in external environmental factors are other main problem. Due to these changes, company find problems in influencing employees to adapt changes and stay with the company due to time consuming process.Failure to use available technologies for applicant tracking can also create problems in successful talent management. The best strategy or key of managing and retaining talent within an organization. According to theBeamond, Farndale and Hartel,(2020)talent management startswith recruitment and selection process so, company requires focusing on an effective recruitment strategy. External recruitment is one of the best strategy of getting skilled workforce and bringing new ideas within an organizationMeyer and Xin,(2018).argued and said that talent management means to make employees able to stay with the company and after recruitment HR 4
require motivating them by which skilled workforce canstay with the company. So, according to them providing benefits, training is one of the best strategies of talent management. On the other hand,Naim and Lenka,(2017) also said that motivating employees is one of the effective ways of increasing staff retention rate and managing talent and for that HR requires identifying needs of employees and accordingly provide financial and non financial rewards. Timeframe Activities to be carried out during the project Timeframe Producing aim and objectives1-2 days Conducting literature review7 days Research methodology5-6 days Collection of information4-5 days Analysis and finding of collected data3-4 days Submission of proposal1 day RESEARCH METHODOLOGY P2 Appropriate research method Research type: Qualitative and quantitative are 2 main research type. Data that are being gathered in non-numerical form is known as qualitative and data collected in numerical form is known as quantitative (Boddy, 2016). For this study, researcher will focus on qualitative because non numericaldata provide accurate outcomes. Research approach: Inductive and deductive are 2 approaches that consist of steps of broad assumptions of detailed method. In inductive approach, scholar generates brand new theory and in deductive research approach, scholar develops an existing theory. For this study, researcher will use inductive research generation of new theory increase knowledge of scholar relevant to the topic. 5
Research philosophy:Interpretivism and positivism are mainly 2 research philosophiesthat is a belief about ways in which data are being gathered, analyzed and used. In interpretivism, researchers interpret elements of the study and take human interest into consideration (Ryan, 2018). In positivism also plays an important role researcher tries to understand social world by observing. In this study, scholar will focus on interpretivism because it is associated with inductive research approach. Data collection:For gathering brand new data, researcher use primary data collection and for gathering an existing or second hand data, researcher focuses on secondary data (Franzitta and et.al., 2020). For this study on talent management, scholar will make use of both primary and secondary as in secondary type, he will collect information via literature and for primary he will develop questionnaire. Data analysis:After collecting data it is important to make them accurate and authenticate and it can be done by appropriate data analysis tools. For analysing numerical data, scholar uses quantitative data analysis tools and for non numerical they use qualitative data analysis tools. As it is qualitative research so, qualitative data analysis tools lie thematic analysis will be used. P3 Conduct primary and secondary research using appropriate methods for a business research project that consider costs, access and ethical issues Research There are two types in which research can be done and these types are primary research and secondary research. Primary research is one in which data is collected from the source of data. Secondary research on the other hand is research in which data is collected from published and unpublished journals and papers. For the purpose of this research both research types have been considered with major focus on secondary research as for the selected topic significant research have been done earlier (LaGree, 2020). Literature review is considered in secondary research and for primary research data will be collected through questionnaires. This is because primary research helps in collecting actual and more reliable data which researcher collects and secondary research facilitate research by involving less time and efforts required. Cost 6
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Cost is an important element and involves financial expenses to incur during success. Cost that is likely to incur in research is around £1000. This involves expenses for different resources required for research and cost associated with research processes. Access This is concerned with access to data for research and as this research considers primary and secondary research both it requires access to larger number of resources. This involves those who are likely to answer questionnaire and other published and unpublished papers and journals for the purpose of secondary research. Researcher for the purpose of this research has access to all required resources and sources of information in order to ensure success of research and maintain accuracy of research it is important to access required information. Ethical issues Ethical issues in research involves considering research on the basis of right and wrong conduct. Certain elements on ethics that has been included in this research involves- Honesty and integrity- honest reporting of research based on right data and results Openness- This means that being open to subjects of research regarding research its purpose and their contribution (Facca and et.al., 2020). Confidentiality- Maintaining confidentiality of different participants who has provided data and information for research P4 Research findings and data Theme 1.Leadership style used by your company ParticipantsAnswers 9Autocratic 4Democratic 7Transformational 7
7Transformational 4Democratic 9Autocratic 0 1 2 3 4 5 6 7 8 9 10 Series1 Theme 2. Recruitment strategy followed by company ParticipantsAnswers 14Internal 6External 8
14 6 Internal External Theme 3.Effective strategy for motivating and retaining employees ParticipantsAnswers 8Training 7Financial 5Non financial 5 Non financial7 Financial8 Training 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Series1 9
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Theme 4: According to you how talent management affect employees? ParticipantsAnswers 9Improves their performance 11Boosts confidence Improves their performance 0 0.2 0.4 0.6 0.8 1 11 11 Interpretation: On the basis of above discussion and data it can be said that talent management have several positive impacts not only for employers’ but also for employees. In this regard, out of 20 employees of Arcadia group, majority or 11 employees said that according to them talent 10
management boost their confidence. They also said that for managing talent employers motivate them, provide them training and rewards that makes them feel valued.It improves their performance that boosts their confidence and they try to improve performance in a better way. Whereas, 9 employees said that effective leadership and a activities done by employers improve their performance and productivity. Theme 5:Better strategy of managing talent Interpretation: In this open ended question, employee shared their views and some employees suggested that their company should focus on employing skilled workforce with educational institutes as from educational institutes they can get skilled workforce that can help them out in improving productivity. Some employees said that company should provide flexible working and part time job opportunities as per the convenience of employees as it motivates employees and employees are more likely to stay with the company. P5 Research outcomes Interpretation 1:On the basis of above data it can be interpreted that leadership style plays a vital role in retaining employees. In this regard, 9 employees of Arcadia group said that their company follows autocratic and 4 employees stated that they use democratic. Whereas, 7 employees said that their company uses transformational as per the current situation. Uses of autocratic de-motivate employees because employers do not involve their employees in the process of decision making. Interpretation 2:It can be said that recruitment strategy plays an important role in talent management. In this regards, majority or 14 employees said that internal strategy of recruitment is being used by their company and it motivates existing employees. Whereas, 6 employees said thattheircompanyfocusesonexternalrecruitmentanditbringsinnovationwithinan organization. Interpretation 3:In regards to motivation to employees for retaining them within organization, 8 employees of Arcadia group said that their company focus on training to employees that increases morale of employees and increases their skills. Whereas, 7 employees said that their employers provide financial rewards like bonus, rewards and incentives and 5 employees said 11
thattheirmanagerprovidesnonfinancialrewardslikepromotionalopportunitiesand appreciation in front of others. P6 Reflection on learning Research methods considered for this research primary and secondary are very effective in achieving desired outcomes that are effectiveness and efficiency of data and information and research based on that data and information. Primary research helped me in collecting authentic and real data regarding research and its different aspects and secondary research helped me in saving time for research and also helped me in creating basis for primary research. This means that it allowed me to know and gain understanding regarding how primary research can be conducted. However this research could have been improved as there are different other methods for research and that are more effective and also help in reducing limitations that are there in this researchmethod.Interviewisanexampleofonesuchmethodthatcouldhavegiven comparatively better results but there are limitation for this method as well. This method was selected on the basis of thorough analysis of research requirements and research feasibility. P7 Recommendations for improvement On the basis of above discussion, it can be said that leadership style plays an important role in managing talent and it is found that autocratic de motivate employees. so, it can be recommended to retailers that they should focus on using either democratic or transformational leadership. It can also be suggested to all retailers and companies that they should focus on externalrecruitmentstrategyratherfocusingoninternalbecauseininternalrecruitment, companies limit new ideas and by employing candidates from outside, companies can bring innovation, new ideas and skilled workforce within their business. It can also be recommended that companies should focus on providing non financial rewards along with training because it increases confidence among employees and make them feel valued when they are being appreciated an d given promotional opportunities. CONCLUSION From the above study it has been summarized that talent management is one of the difficult but the most important process of becoming successful. It consists of several activities from 12
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recruitment planning to retention of employees. Further, it has explored some issues that companies face while managing talent within their business such frustration due to time consumingprocess.Further,ithasdiscussedsomeadvantagesofusingeffectivetalent management strategies for employees and companies; performance. It has also shown reasons of performing all elements of research methodologies in a systemic manner along with reason of gathering information. 13
REFERENCES Books and Journals Ansar, N. and Baloch, A., 2018. Talent and Talent Management: DeямБnition and Issues.IBT Journal of Business Studies,14(2). Beamond,M.T.,Farndale,E.andHartel,C.,2020.EmergingEconomiesandTalent Management:CoreChallengesFacingKeyActorsinStrategyTranslation.World Scientific Book Chapters, pp.115-134. Boddy, C.R., 2016. Sample size for qualitative research.Qualitative Market Research: An International Journal. Bratton, J. and Watson, S., 2018. Talent management, emotional labour and the role of line managersintheScottishhospitalityindustry.WorldwideHospitalityandTourism Themes. Cotton, R. and et.al., 2017. Implicit link: Using free association to explore cross-cultural differences in the meaning of talent. InAcademy of Management Proceedings(Vol. 2017, No. 1, p. 17174). Briarcliff Manor, NY 10510: Academy of Management. Facca, D and et.al., 2020. Exploring the ethical issues in research using digital data collection strategies with minors: A scoping review.Plos one.15(8). p.e0237875. Franzitta, V. and et.al.,2020. Primary Data Collection and Environmental/Energy Audit of Hot Mix Asphalt Production.Energies,13(8), p.2045. Holland, P., 2019. Managing Talent: A Contemporary Issue or a Case of Old Wine in New Bottles?. InContemporary HRM Issues in the 21st Century. Emerald Publishing Limited. Kaliannan,M.,Abraham,M.andPonnusamy,V.,2016.Effectivetalentmanagementin Malaysian SMES: A proposed framework.The Journal of Developing Areas,50(5), pp.393-401. Krishnan, T.N. and Scullion, H., 2017. Talent management and dynamic view of talent in small and medium enterprises.Human Resource Management Review,27(3), pp.431-441. Krishnan, T.N. and Scullion, H., 2017. Talent management and dynamic view of talent in small and medium enterprises.Human Resource Management Review,27(3), pp.431-441. LaGree, D., 2020. Synthesizing Primary and Secondary Research to Drive Strategy: A Final ProjectforaStrategicCommunicationResearchCourse.JournalofPublicRelations Education.6(2). pp.142-149. Meyer, K.E. and Xin, K.R., 2018. Managing talentin emerging economymultinationals: Integrating strategic management and human resource management.The International Journal of Human Resource Management,29(11), pp.1827-1855. Mupepi, M. ed., 2017.Effective talent management strategies for organizational success. IGI Global. Naim, M.F. and Lenka, U., 2017. Talent management: a burgeoning strategic focus in Indian IT industry.Industrial and Commercial Training. Ryan,G.,2018.Introductiontopositivism,interpretivismandcriticaltheory.Nurse researcher,25(4), pp.41-49. Stokes, P. and et.al., 2016. Managing talent across advanced and emerging economies: HR issues and challenges in a Sino-German strategic collaboration.The International Journal of Human Resource Management,27(20), pp.2310-2338. Taylor, S., 2018.Resourcing and talent management. Kogan Page Publishers. 14
van den Broek, J., Boselie, P. and Paauwe, J., 2018. Cooperative innovation through a talent managementpool:Aqualitativestudyoncoopetitioninhealthcare.European Management Journal,36(1), pp.135-144. Wiblen, S.L. and McDonnell, A., 2018, July. Examining the Talk about Talent Management to ContextualiseMultiplicityintheMeaningofTalent.InAcademyofManagement Proceedings(Vol. 2018, No. 1, p. 11904). Briarcliff Manor, NY 10510: Academy of Management. Wilcox, M., 2016.Effective talent management: Aligning strategy, people and performance. Routledge. 15
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APPENDIX Questionnaire 1.Which leadership style is being used by your company Autocratic Democratic Transformational 2.Which recruitment strategy is being followed by your company? Internal External 3.What is the best strategy of your company to motivate employees? Training Financial rewards Non financial rewards 4.how talent management affect employees Improves their performance Boosts confidence 5.Recommend better strategy of managing talent? ……….. 16