Impact of Talent Management Strategies on Retaining Talented Workforce in an Organisation - Palletways UK

Managing a Successful
Business Project
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Table of Contents
Title: What talent strategies the best companies use to attract and retain people ...........................3
Introduction .....................................................................................................................................3
Task 1 ..............................................................................................................................................3
Project aims and objectives.........................................................................................................3
Project Planning ..............................................................................................................................4
Conducting research ........................................................................................................................6
Research methodology ....................................................................................................................7
Task 2 ..............................................................................................................................................8
Present findings ...............................................................................................................................9
Discussion .....................................................................................................................................14
Task 3 ............................................................................................................................................15
Reflective practice.........................................................................................................................15
Recommendation ..........................................................................................................................15
Conclusion ....................................................................................................................................16
References......................................................................................................................................17
Books and journals ...................................................................................................................17
Appendix .......................................................................................................................................18
Questionnaire............................................................................................................................18
Project Logbook........................................................................................................................19
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Title: What talent strategies the best companies use to attract and retain
people
Introduction
This report is aiming the impact of best talent management strategies on retaining
talented workforce in an organisation. Talent management is regarded as retaining and attracting
employees and staff members for long duration of time so that their productivity of organisation
increases. Talent management is helping the organisation in maintaining their existing employees
and providing them growth opportunities as well (Ali, and Anwar, 2021). There can be various
talent management strategies which are being used in the organisation for retaining employees
such as growth opportunities, training and development, rewards an appreciation. These talent
management helps the organisation in retention of talented employees and also by this there
employees turnover ratio get reduced which helps in gaining more profits and revenue. The
organisation selected in this report is Palletways. It is one of the fast growing express palletised
freight network. It was founded in the year 1994 and they are specialised in Palletised freight
networks, supply chain, logistics, pallet freight etc. this report consisting of project aims and
objectives, project planning, conducting research and findings and at last there is a conclusion
and recommendation to the company.
Task 1
Project aims and objectives
AIM: “To analyse the impact of best talent management strategies on retaining talented
workforce in an organisation.” A study on Palletways UK.
OBJECTIVES :
 To determine the understanding of the concept of talent management within a
organisation.
 To analyse talent management strategies used in Palletways organisation for retaining
employees for long time.
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 To determine the impact of talent management strategies on retention of talented
workforce within an organisation.
Project Planning
Project planning is the process of including certain activities which are required to
complete the project task and what components are being needed to achieve project aims and
objectives (Amrutha, and Geetha, 2021). This is starting with initiation, execution,
implementation and closure of the activities.
 Scope : The main scope of conducting this project plan is that talent management is
helping in analysing the importance of it in organisation. Talent management helps in
understanding of various practise and managing employees in most effective manner.
 Time scale: Time scale is referring to the time to be completed for conducting this
project research. In this particular project, the investigator will be able to complete it in
about 9 weeks. For completion of this project, it required proper planning and
implementation of plan which involves Gantt chart and WBS in order to make a proper
schedule of this project.
 Cost: Cost is refers to the amount which is being needed for completion of this project in
most effective manner. The cost needed to complete this projects is about £300. it
includes primary and secondary research both to collect data ad information which
requires proper budget to analyse the results and findings.
 Quality: Quality is to be maintained by researcher while conducting this research
because if quality of information is received then it would be more liked by audience (de
Jong, Zacharias, and Nijssen, 2021). So in this present research project, the quality is
maintained trough conducting primary data sources and secondary data sources. This will
helps in giving reliable and try information about talent management topic.
 Risk: Risk which is being associated with this research is that sometimes respondents do
not take it seriously and they did not provide true information. Then next risk is of lack of
financial resources. As then another risk can be that there might not get try information
about a topic it can be fake information sometimes. Further there could be incomplete
findings of this research. This can be reduced by having complete concentration on a
study and store the information in safe place so that it cannot be leaked.
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 Communication: The communication process which is involving in this present research
is understanding clearly to audience of organisation ho are the respondents of
Questionnaire survey and solve the issues of respondents while having proper
conversation with them.
 Resource: The resources which are being needed in this current study are pen, paper,
time and responses (Haralayya, 2021). These resources will helps the researcher in
completing a the research project and achieving project aims and objectives in most
effective manner.
Gantt chart :Gantt chat is refers to the schedule which is being made by a researcher in
order to complete this project in most effective manner and on a given time period (Haunch,
Thompson, and Verbeek, 2021). Researcher is diving various tasks and activities according to
the schedule and also involves graphs, charts and tables etc.
Activity in
weeks
Week
1
Week
2
Week
3
Week
4
Week
5
Week
6
Week
7
Week
8
Week
9
Choosing
Topic
Identify
aims and
objectives
The project
management
plan,
Literature
review
Data
collection
Data
analysis
Reflection
Conclusion
Final
Submission
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WBS : It is refers to structure which is providing information of every stage which is to
be followed by a researcher in order to complete research project (He, Zhang, and Li, 2021). This
helps the company in managing all the activities and task in a systematic manner.
Conducting research
Understanding of the concept of talent management within a organisation.
According to the views of Li, Li, and Liu, (2021) The concept of talent management
attracting and retaining employees for long time in the organisation. As it can be the process
which is used in organisation for reducing their employees turnover ratio. This is directly
reflecting on employees growth and efficiency and encourage them to work for attainment of
goals and objectives. This concept of talent management helps in being motivated towards
organisational goals and they could be retain in the organisation for long time. Further, it helps
the employees in employees engagement and enhancing their productivity and efficiency as well.
In context with Palletways organisation, they are using effectively talent management strategies
in their working environment to enhance their profits and revenues.
Talent management strategies used in Palletways organisation for retaining employees for
long time.
From the views of Manville, Papadopoulos, and Garengo, (2021) There can be certain
talent management strategies which could be used in organisation now a days to enhance and
retain employees for long time. Some of the strategies used in organisation are training and
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