New and Innovative Ways to Achieve Strategic Talent Management: A Study on Marks and Spencer
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This study explores the ways of strategically gaining talent management in an organization. It identifies understanding organizational goal, prioritizing employee needs, planning, and clear objectives as ways to strategically gaining talent management.
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Talent Management (New and Innovative Ways to Achieve Strategic Talent Management. A study on Marks and Spencer) 1
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Contents Abstract............................................................................................................................................3 Chapter I: Introduction.....................................................................................................................4 Aim.........................................................................................................................................4 Objectives...............................................................................................................................4 Rationale of the study.............................................................................................................4 Significance of the research for stakeholders.........................................................................5 Research questions.................................................................................................................5 Chapter II: Literature review...........................................................................................................6 Introduction............................................................................................................................6 Body.......................................................................................................................................6 Talent management conceptual framework............................................................................6 Retain Top Talent...................................................................................................................7 Career Management................................................................................................................7 Strengthen HR planning.........................................................................................................7 Developing talent....................................................................................................................8 Conclusion..............................................................................................................................8 Chapter III: Research Methodology.................................................................................................9 Research philosophies............................................................................................................9 Research Approaches.............................................................................................................9 Research Methods and techniques..........................................................................................9 Research Instruments (Gantt chart, Case Studies, Checklists, Interviews, and Surveys or Questionnaires......................................................................................................................10 Gantt chart............................................................................................................................10 Research design....................................................................................................................12 Data collection......................................................................................................................12 Sampling methods................................................................................................................13 Ethical Issues........................................................................................................................13 Data Analysis and Interpretation..........................................................................................13 2
Chapter IV: Findings and discussions............................................................................................14 Advantages and Pitfalls of data collection approaches........................................................22 Discussion......................................................................................................................................23 Understanding the goal of the organization..........................................................................23 Prioritize employee needs.....................................................................................................23 Planning ahead......................................................................................................................23 Clear objectives and development aspiration.......................................................................24 Chapter 5: Conclusion, Recommendation and reflection..............................................................25 Conclusion............................................................................................................................25 Reflection.............................................................................................................................25 Recommendation..................................................................................................................25 References......................................................................................................................................27 Books and journals...............................................................................................................27 3
Abstract Talent management plays important role in any organization for it to gain success.This study aims to explore the ways of strategically gaining talent management in an organization. For this research descriptive research design is followed and data are collected through both the primaryandsecondarysourcesofdatacollection.Theresearchidentifiesunderstanding organizational goal, prioritizing employee needs, planning, and clear objectives as ways to strategically gaining talent management. 4
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Chapter I: Introduction Talent management refers to the systematic approach of determining the vacant position, recruiting the right person and generating knowledge and skills of the person to match the job description, and retaining a particular person to gain long-term organizational objectives. The talent management process model helps to achieve talent individuals for organizations through the strategic process of hiring Tansley, (2011). Talent management is solely a strategic procedure followed by an organization to point out the actual vacancy, recruiting the right person at the right place, excel the needed capability and skills to be fit for the particular position, and hiring him to obtain longer period business goals. Talent management nowadays is not used as a term for simple human resource elements but it is used as a whole term to hire, develop and retain the most skilled and capable individuals in an organization. Any organization practicing the process of selecting employees in terms of remarkable experience, having the capability of greater accomplishment, good organizational citizenship, poses the skills required for the job and commitment for long term service. This research study undergoes the various ways of achieving strategic talent management in any business organization. Also, this study comprises various methods and research approaches for gaining talented individuals in the organization. This study further carries out the critical evaluation of research methodologies. Aim “To identify the need for new and innovative ways of working to achieve a strategic approach to talent management.” A study on Marks and Spencer. Objectives To identify new and innovative ways of working in talent management. To assess the current practices to a strategic approach. To be able to recommend better strategies of talent management within Marks and Spencer. To examine the challenges faced by managers of Marks and Spencer while implementing talent management best practises. Rationale of the study Talent management nowadays is not used as a term for simple human resource elements but it is used as a whole term to hire, develop and retain the most skilled and capable individuals 5
in an organization. The core focus on developing talent management is becoming continuous to generate attention and recently talent strategies have changed the way an individual thinks, takes action, and performs business. Globally retaining talent and capable people for the organization has been increased, organizations are looking forward to alternative ideas and strategic ways to retain employees winning competitors. Due to this changing pattern of organization, people need to gain a strategic retaining approach to talent management. Significance of the research for stakeholders The significance of this research is that it will helps the researcher in enhancing their skills and knowledge. It will be helping for students in knowing about the informations and benefits of having talent management within business environment. Further, for organisational it will be helpful to enhance their employees productivity and innovation something new and creative way within their business environment. Research questions ď‚·Can innovative ways be purposeful to achieve talent? ď‚·What role strategic approach plays in talent management? ď‚·What innovative ways are needed in talent management strategy? ď‚·What are the challenges faced by managers of Marks and Spencer while implementing talent management best practises? 6
Chapter II: Literature review Introduction Literature review is the overview of the previously published articles. It also uses books and published articles in order to generate true and reliable data and information. In this literature review there is a discussion of talent management. Body Talent management conceptual framework According to theLewis and Heckman (2021), talent management is all about recruiting the right people, balancing with the right job, at the right time doing only the right thing. It is having one model which starts with planning,attracting,developing,retainingand transitioning. Planning phase includes making of job description. Then attracting includes attraction of top talents towards the brand. Further, developing includes training and developing programmes and performancemanagementprogrammes.Furtherretainingincludesthroughrewardsand motivation. At last transitioning is planning of retirement and exit interviews etc. Figure1: Model of talent management Source: Model of talent management, (2021) 7
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From the above mentioned conceptual framework, it has been interpreted that talent management is an effective process of managing talented employees within an organisation (Collings and Mellahi, 2019). There are different steps that are included in talented management model such as planning, attracting, selecting, developing, retaining and transforming. These are effective steps that helps in retaining talented employees at workplace for longer time period. Retain Top Talent Berger and Berger (2011) affirm that retaining capable employees reduces the cost of turnover and other soft costs that consists of productivity, decreased engagement, costs of training, and cultural impact. Retention of an intelligent workforce that meets the company's needs always strengthens productivity and efficiency in the long run. Organization's recruitment process is centered on strengthening only the graduate hiring process, more time investment in training programs and launch of you can policy which figured less of employees turnover. To avoid weak decision-making, organizations have to use the corporate brand for communicating with appropriate signals to make it easier for catching only specific and capable staff. Career Management According to Hitesh Bhasin, 2020, career management can be referred to as the strategic planning which involves choosing the right career of the personal choice. It is a long term and lifetime process which involves drawing, choosing and selecting the strategies in order to achievethepersonalobjectives.Talentmanagementcanbearacompetitiveadvantage permanently. More than 73% of top-level executives agree on the positive bond between business strategy and talent management for any company to be successful. If a company wants to be successful it must be ready to invest in the talent management of its workers for a good business environment. The sustained competitive advantages of a company depend on how the company plans, attract, organizes, develops, retains, manages motivates, and rewards the talent of individuals for productive output. Strengthen HR planning As per the opinion of Alida H, 2020, the HR planning involves the talent management as it is an essential approach in order to retain the skilled and talented employees.Talent management is a continuous process for attracting future talents and the requirement for successful companies, it is more tending to be an art that involves leadership, communication, commitment. Talent 8
management in any retail company is an integrated process followed by HR professionals to retain people with skills and potentials to meet the existing and future aims of organizations. Talent management fulfills the gap between the talent factory and needed talent. Most companies practice learning and developing pathways to increase the potentiality of employees.As HR involves hiring and selecting the best employees so hiring alone be the successful approach for business rather, it requires talent management in order to retain them for longer time period. By bringing best methods of managing talent such and rewards, recognition, etc. the company can do talent management. Developing talent According to Mona, Momtazian, 2021, it is essential for the companies to have the best strategy of talent management so that there is continuous development in employees and their talent is further developed. Developing talent is one of the core talent management strategies that aim to enlarge individual potentiality to meet the organizational demand. Developing skillful individuals in organizations through systematic investments in producing human capital will lead to organizational success through effective productivity. Talent management strategy focusing on the development of employees tends to have greater employers attractiveness. If companies make better communication with the workforce regarding talent management in the organization will have greater chances of overviewing as employee preferred organization. Through this strategyoftalentmanagementemployeescanhaveahigherlevelofjobsatisfaction, organizational citizenship, more trust among the leaders, inspiration to work more effectively. Developing talent in the organization can be conducted by formulating various strategies, policies, training, and actions. Conclusion Fromtheaboveitisconcludedthattalentmanagementishelpingcompaniesin developing talents and creating something new and unique in their business environment. It provides new innovative ways in order to develop more effectively. 9
Chapter III: Research Methodology Research philosophies It incudes positivism and interpretivism philosophy. In this positivism philosophy is used because it helps in collecting quantitative information. Research Approaches The research approach refers to the plans, and patterns to perform the research activities. Mainly two types of research approaches are practices by researchers.They are inductive and deductive research approaches. The deductive research approach is defined as the theoretical approach which measures earlier researches, theories, article, and journals to conduct the research. Whereas the inductive research approach is based on generating new theories to conduct the research. Besides this inductive research, the approach aims at finding broader ideas and information about the subject matter while, the deductive research approach is opposite to that, it considers reliable points from past theories. Also, the inductive research approach involves experimental observations, theorizing the important information for research purposes similarly deductive research approach sets hypotheses from relevant theories, existing patterns, and gathering data and information’s to undergo the research. In this research paper, both inductive and deductive research approaches are used to explore new patterns of talent management and evaluate the trends of competitors. Using the inductive research approach, the probable strategies for the future are developed and through the deductiveresearchapproach,thepasttrendsofmanagingtalentinanorganizationare determined. Research Methods and techniques Research procedure refers to the particular procedures or patterns that are applied to determine, select, process, and analyse the required information about the research topic. In any research paper, research methodology helps readier in examining the research validity and reliability in the real form. There are usually two types of research methodology to identify the process. This research paper employs both quantitative and qualitative methods of research to find out the various strategic ways of talent management in an organization. A quantitative approach is used when the aims and objectives of the research are confirmatory, for instant, it can be used to measure the relationship between two variables this research applies 10
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a quantitative approach since numeric data and information are analysed and interpreted. Qualitative research method is the process that is concerned with gathering, interpreting, and analysing non-numerical data, for instant language. This research uses a qualitative approach to analyse and describe the non-numeric data and information acquired for the research questions. ResearchInstruments(Ganttchart,CaseStudies,Checklists,Interviews,andSurveysor Questionnaires In this questionnaire survey is used to collect data and information and also Gantt chart is used. Gantt chart 11
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Research design Academically research design is defined as the process of making a research framework or methods which helps researchers easily hone in the other research methodologies. Research design helps to explain the subject matter through various types of research methods. There are various types of research design. Some of the common types of research designs are exploratory research design, experimental research design, and descriptive research design, and so on. In this study, descriptive research designs are used to generate more information regarding the subject matter. Research design in any form of research helps to integrate the subject matter logically and in a coherent way to address the issue effectively. Also, the research design is the overall blueprint of the collection of data. The descriptive research design refers to the accurate and systematicjustificationoftotalpopulation,anycircumstances,orphenomenaDescriptive research design aims at describing any situation in when, how, where, what and why form. In general descriptive research, the design is defined as the accurate and systematic justification of the total population, any circumstances, or phenomena. Descriptive research design aims at describing any situation in when, how, where, what and why form. Data collection The primary data collection method is the process of collecting fresh and collected by the researcher about the research topic. Thus, data and information collected are relevant, accurate, and up-to-date, which help to achieve the research aims. Primary research enables the researcher to focus on a particular topic and build question, so they can be addressed correctly and effectively Interview in research refers to the qualitative technique of collecting information by asking open- ended questions to the respondents and gather elicit data about the subject matter. The questions are pre-planned and made in a series of forms. The interview is conducted in a group of participants or individuals hiding the identity with confidentiality.Interview is important while performing research as it gives participants perception towards the subject matter and makes ways to input the desired details.Questionnaires are purposeful to collect various information, facts, personal perceptions, or attitudes of respondents regarding any subject matte. In this paper qualitative questionnaires are used to information as there is no need of collecting exploratory information to solve the research questions. 13
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Secondary research is the method of collecting, analysing, and interpreting the data and information from already conducted sources. It is helpful for the researcher when there is a lack of resources such as money and time. Secondary research can be helpful when the researcher unable to conduct primary research in current conditions like global pandemic Covid-19. Under these conditions, it is impossible to collect the data through the face-to-face interview or using any technique of primary research. Secondary research provides a researcher proper insights and guidelines about the research topic, thereby generating a deductive approach. Sampling methods Sample size taken is 30 employees of Marks and spencer and in this probability random sampling is used. Ethical Issues Ethics is considered as guidelines and rules established which explain the conduct of the researcher within a particular study. This research is based on secondary data analysis. Various journal articles, books, government data, scholarly publications, and various publications of media have been used as secondary sources. Ownership of original data is acknowledged through proper referencing style (Harvard) and authorship. Most of the collected data and information are valid, peer-reviewed, and up-to-date if possible. Limitation and pitfalls in data collection The biggest pitfall or limitation in collecting the data is planning the study as it requires commitment from researcher about its project so that it can collect the relevant data for its study so that relevant result is drawn. Another limitation is choosing the incorrect number of respondents as it plays an important role in collecting the data. The right amount of sample size can lead to better results of research which helps in achieving the research objectives effectively. AsQuestionnaireischoseninthisstudysotherearemanylimitationswhichincludes interpreting the responses wrongly or may be drawing the results in incorrect way. Data Analysis and Interpretation Data analysis is considered as the process of analysing and interpreting the collected data from various sources to find the pattern and develop a new understanding. Secondary analysis is a systematic approach with procedural and assessment process. This research is based on both primary and secondary data collection techniques which use the data analysis approach by 14
developing the research question, locating data, assessing the relevance of data, and evaluating the credibility of data, interviews, and questionnaires. In this researcher is using frequency distribution table to collect a data and information and which uses graphs and charts. 15
Chapter IV: Findings and discussions Questionnaire Q1. What talent management refers? Refers to the systematic approach of determining of the vacant position, recruiting the right person and generating knowledge and skills of the person to match the job description. Q2. Does Marks and Spencer have adopted any specific talent management initiatives? Frequency Yes20 No10 Interpretation From the above, it is interpreted that out of 30 members, 20 said yes their organization have adopted any specific talent management initiatives. The other 10 people said no their organization have adopted any specific talent management initiatives. 16 YesNo 0 5 10 15 20 25 Frequency
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Q3. Are talent management initiatives a top priority in M&S?Frequency Yes22 No8 Interpretation The above graph said that out of 30 members, 22 said yes talent management initiatives is a top priority in M&S. The other 8 people said no talent management initiatives is not a top priority in their organization. Q4. How does Marks and Spencer identify talent?Frequency Based competencies10 Based on results12 Based on potential8 17 YesNo 0 5 10 15 20 25 Column J
Interpretation From the graph it is being analysed that out of 30 people, 10 said M&S identifies talent which is based on competencies. The other 12 people said organization identifies talent which is based on results. The rest of the 8 people said organization identifies talent which is based on potential. Q5. What aspects does the Marks and Spencer organization need to improve in terms of talent management initiatives? Aspects Assess candidates skills during the hiring process10 Aligning employees with the organization’s mission and vision4 Creating a culture that makes employees want to stay8 Creating policies that support career growth and development opportunities8 18 Based competenciesBased on resultsBased on potential 0 2 4 6 8 10 12 14 Frequency
Interpretation From the above graph, it is being analysed that out of 30 people, 10 said Assess candidates skills during the hiring process is the aspect does the organization need to improve in terms of talent management initiatives. The other 4 people said Aligning employees with the organization’s mission and vision is the aspect does the organization need to improve in terms of talent management initiatives. The other 8 people said Creating a culture that makes employees want to stay is the aspect does the organization need to improve in terms of talent management initiatives.Restofthe8peoplesaidCreatingpoliciesthatsupportcareergrowthand development opportunities is the aspect does the organization need to improve in terms of talent management initiatives. Q6. Who is responsible for recruiting, developing, and retaining employees? Department heads4 HR staff8 Internal coach5 Outside consultant5 Others8 19 0 2 4 6 8 10 12 Column E
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Interpretation From the table, it is analysed that out of 30 members, 4 said department heads is responsible for recruiting, developing, and retaining employees. The other 5 people said internal coach is responsible for recruiting, developing, and retaining employees. The next 8 people said HR staff is responsible for recruiting, developing, and retaining employees. The next 5 people said outside consultant is responsible for recruiting, developing, and retaining employees. The remaining of 8 people goes with others. Q7. Does Marks and Spencer have staff who are responsible for overseeing talent management initiatives? Yes20 No10 20 Department heads HR staff Internal coach Outside consultant Others 0 1 2 3 4 5 6 7 8 9 Column F
Interpretation From the graph, it is said that out of 30 people, 20 said yes M&S have staff who are responsible for overseeing talent management initiatives. The other 10 people said no Marks and Spencer have staff who are responsible for overseeing talent management initiatives. Q8. What are Marks and Spencer organization’s talent retention initiatives? Acquisition of new talent8 Retaining current talent8 Leveraging existing talent14 21 YesNo 0 5 10 15 20 25 Series1
Interpretation From the above table, it is analysed that 8 people said acquisition of new talent is the Marks and Spencer organization’s talent retention initiatives. The other 8 people said retaining current talent is the Marks and Spencer organization’s talent retention initiatives. The rest of 14 people said leveraging existing talent is the Marks and Spencer organization’s talent retention initiatives. Q9. What kinds of talent management activities are conducted by Marks and Spencer organization? Coaching5 Workshops10 Action learning5 Projects8 Others2 22 Acquisition of new talentRetaining current talentLeveraging existing talent 0 2 4 6 8 10 12 14 16 Series1
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Interpretation From the graph, it is analysed that out of 30 people, 5 said coaching is the kind of talent management activities are conducted by Marks and Spencer organization. The other 10 people goes with workshop is the kind of talent management activities are conducted by Marks and Spencer organization. Next of 5 people said action learning is the kind of talent management activities are conducted by Marks and Spencer organization. Next of 8 people said projects is the kinds of talent management activities are conducted by Marks and Spencer organization. The last 2 people goes with others. Q10. Which job description is most critical to attract and retain talent in the M&S? Sales15 Marketing10 Business development5 23 CoachingWorkshopsAction learningProjectsOthers 0 2 4 6 8 10 12 Series1
Interpretation From the table, it is analysed that 15 said sales job description is most critical to attract and retain talent in the M&S. The other 10 people answered marketing job description is most critical to attract and retain talent in the organization. The rest of 5 people said business development job description is most critical to attract and retain talent in the organization. Advantages and Pitfalls of data collection approaches Data collection approachesAdvantagesPitfalls QualitativeHelpsingatheringin-depth andsecondaryinformation easily. Requiremaximumtimeand nothelpsingettingvalid outcomes. QuantitativeHelps in collecting numerical informationfromlarger samples. Nothelpsincollectingin- depthandsecondary information. 24 SalesMarketingBusiness development 0 2 4 6 8 10 12 14 16 Series1
Discussion Understanding the goal of the organization With the pace of business demand and responsibility of HR on retaining competent employees are growing rapidly. Leaders of talent management have started working according to the goals and objectives. The top-down approach of business should be started with the alignment of the goals of theM&S. After hiring employees, they should be made aware of the goals of the organization for productivity and efficiency.M&Sgoals for any organization are made strategically to outline the expected employee’s efforts for profitability and accomplish the organizational mission (Jung, 2011). It is found that for innovative strategic talent management it is important for employees andM&Sto be aware of the goals. Prioritize employee needs One of the most challenging tasks of talent management leaders is retaining a great workforce. Retention of employees is directly related to the experience of employees, which is tough to evaluate, challenging to track and hire accordingly. For the innovative strategy of talent management inM&Sprioritizing the needs of employees with that ofM&Sperformance is important. Developing employee motivational programs, training, workshops, seminars are some of the innovative strategies of talent management (Dugguh, and Dennis, 2014). These sorts of programs can be initiated by prioritizing the needs and demands of the employee. One effective way of talent management is focusing on employee’s development with soft skills across companies. Planning ahead The role of talent management is to support the workforce to be successful, for succession and future stability planning ahead is one of the crucial parts of theM&S. To determine potential candidates, succession planning plays a great role. Planning refers to the consideration of learning and development opportunities as well as the distribution of knowledge (Bryson, 2018). Planning of workforce is another strategy of innovative talent management. Workforce planning refers to the pattern of putting a finger on the pulse of your industry. Process of evolving supply and demand, trending skills and services, analysing gaps between company and skills of employees is an important part of talent management. It is found that those 25
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organizationshaveproper planningof future, retentionof employeeshavegreatertalent management. Clear objectives and development aspiration One of the best ways for effective talent management is to uphold theM&Sgoals and mission with individual development aspirations for current and upcoming talents. For any organizationstrategyoftalentmanagementisacknowledgingthepersonalaspirationsof individual talent, despite adjusting them with organizational templates without aligning the overall business strategy. The organization must have distinct and clear objectives matching them with the intelligence of employees.M&Sgenerally evaluate, the effectiveness of potential individuals through performance appraisal, different aspects of individual performance, and evaluations.Talentmanagementtrendsin variouscompaniesare movingforwardasthe identification of competencies among individuals. Performance of employees in an organization with particular objectives, where both seniors and subordinates coordinate on work duties achieving targets in a certain period. If aM&Shas good judgment procedure of employees reviewingthequalityofwork,effectivenessofoutput,behaviouralaspectsthentalent management of individuals will grow up with expected productivity intelligent employees tend to perform better if they are placed at right place 26
Chapter 5: Conclusion, Recommendation and reflection Conclusion It is concluded from the above that Talent management is solely a strategic procedure followed by an organization to point out the actual vacancy, recruiting the right person at the right place, excel the needed capability and skills to be fit for the particular position, and hiring him to obtain longer period business goals. The core focus on developing talent management is becoming continuous to generate attention and recently talent strategies have changed the way an individual thinks, takes action, and performs business. Retention of an intelligent workforce that meets the company's needs always strengthens productivity and efficiency in the long run.If a company wants to be successful it must be ready to invest in the talent management of its workers for a good business environment. Reflection I have used this research paper which employs both quantitative and qualitative method of research to find out the various strategic ways of talent management in an organization. In this research study, descriptive research design becomes an appropriate choice to analyses talent management as it is purposeful to determine various characteristics, trends, categories, and frequencies.In this paper qualitative questionnaires are used to information as there is no need of collecting exploratory information to solve the research questions. Also, I have enhanced some of the skills like communications skills and time management skills. Recommendation It is recommended to the company that Globally retaining talent and capable people for the organization has been increased, organizations are looking forward to alternative ideas and strategic ways to retain employees winning competitors. Retaining capable employees reduces the cost of turnover and other soft costs that consists of productivity, decreased engagement, costs of training, and cultural impact. If companies make better communication with the workforce regarding talent management in the organizationwill have greater chancesof overviewing as employee preferred organization. Through this strategy of talent management employees can have a higher level of job satisfaction, organizational citizenship, more trust among the leaders, inspiration to work more effectively.If a company has good judgement procedure of employees reviewing the quality of work, effectiveness of output, behavioural 27
aspectsthentalentmanagementofindividualswillgrowupwithexpectedproductivity intelligent employees tend to perform better if they are placed at right place. 28
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References Books and journals Berger, L.A. and Berger, D.R. eds., 2011.The talent management handbook: Creating a sustainable competitive advantage by selecting, developing, and promoting the best people. New York, NY: McGraw-Hill. Bryson, J.M., 2018.Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons. Dugguh,S.I.andDennis,A.,2014.Jobsatisfactiontheories:Traceabilitytoemployee performance in organizations.IOSR journal of business and management,16(5), pp.11- 18. Jung,C.S.,2011.Organizationalgoalambiguityandperformance:Conceptualization, measurement,andrelationships.InternationalPublicManagementJournal,14(2), pp.193-217. Tansley, C., 2011. What do we mean by the term “talent” in talent management?Industrial and commercial training. Lewis, R.E. and Heckman, R.J., 2021. Talent management: A critical review.Human resource management review,16(2), pp.139-154. Collings, D.G. and Mellahi, K., 2019. Strategic talent management: A review and research agenda.Human resource management review,19(4), pp.304-313. 29