Identifying the Best Talent Management Strategy for Employee Retention

Unit 6

TABLE OF CONTENTS
TOPIC: TO IDENTIFY THE BEST TALENT MANAGEMENT STRATEGY TO ATTRACT
AND RETAIN EMPLOYEES........................................................................................................3
INTRODUCTION...........................................................................................................................3
Background of the study..............................................................................................................3
Aim and objectives......................................................................................................................3
Project management plan.............................................................................................................3
Milestone and major events of project.........................................................................................5
Work breakdown structure and Gantt chart.................................................................................5
Research methodologies..............................................................................................................6
Types of talent management initiatives in various organization.................................................7
The value and benefits of talent management.............................................................................8
Areas of good practice in TM......................................................................................................9
Findings.....................................................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
APPENDIX 1.................................................................................................................................14
Performance review report........................................................................................................14
APPENDIX 2.................................................................................................................................16
Project log book.........................................................................................................................16

TOPIC: TO IDENTIFY THE BEST TALENT MANAGEMENT STRATEGY
TO ATTRACT AND RETAIN EMPLOYEES
INTRODUCTION
Talent management is all about making employees feel motivated and happy with their job
roles and their retention. For organizational performance, it is important for companies to attract
candidates and select skilled employees out of them. When employees are being managed in an
effective manner and when their needs are being satisfied then they help companies in taking
competitive advantages, improving productivity and sales as well.
Background of the study
Talent management is a process that starts with identify and selection of employees and
ends to retention of skilled employees within business and making them feel valued. This present
project is based on Sainsbury, second largest chain of supermarkets in the UK. It is facing
intense competition in the market so, it wants to attract as well as retain skilled employees within
business. This project will discuss relationship of motivation, rewards with employees’ retention.
it will further discuss research methodology along with effectiveness of project management
plan. It will also show talent management strategies of other retailers in order to suggest to
Sainsbury’s about the best strategy for retaining employees.
Aim and objectives
Aim: The aim behind conducting this project is: “To select an effective strategy of
attracting and retaining employees within business”. Study on Sainsbury’s
Objectives
 To discuss stages of talent management.
 To identify association of motivation with retention of employees.
 To discuss impacts of staff turnover and poor talent management on organizational
performance.
 To recommend the best talent management strategy for increasing staff retention rate.
Project management plan
A project management plan refers a formal document that defines ways and elements required
for completing project in an effective manner. By estimating all elements of project management
or by preparing this plan, project manager can keep its project on track.

Scope: Talent management has vast scope as it can help companies of all sectors in
retaining their employees and increasing performance. Employees are considered as one of the
most important resource of the company and when they are being treated in an effective manner
then it decreases staff turnover rate. So, as with the name itself it can be said that it has vast
scope and can be applicable in all companies.
Cost: For completing project in an effective manner and protecting project manager
against failure of project due to over costing and lack of financial resources, they need to
estimate cost. For completing project on talent management, project manager needs to invest in
research and development, questionnaire, survey, software application, internet charges and
others. Estimation of cost for completing this project on knowing the best strategy of talent
management will be:
Time: Completing project on time is also important as it improves image of project
manager and helps them out in developing same types of projects in the future in a timely and
effective manner. There are numbers of steps that need to be followed such as: development of
aim and objectives, defining scope, make all financial resources available, secondary research
and others so, it will take approximate 25-30 days
Quality: Quality shows standard of something that can be measured against other similar
things in order to know their excellence. Maintaining quality of projects is important as it is the
main thing that attract viewers and make project successful. There are numbers of tools and
software that can be used for improving quality of project and for this study, project manager
will make use of total quality management and critical thematic evaluation of collected data and
selection of accurate as well as reliable secondary sources.
Resources: For competing any kind of project, project manager requires some resources.
As in this study, project manager wants to know about the best strategy by which companies can
retain as well as attract skilled employees so, for this study, he will make use of laptop,
stationery, financial resources, technological resources like internet, human resources and others.
Communication: For completing project in a successful manner, project managers hire
some human resources and all these resources are known as stakeholders. It is important for
project manager to make them know about project as what is it about and what is the vision and
for that project managers need to make use of appropriate medium of resources. For this project,
telephone, mobile phone, E-mail will be used.