Impact of Talent Management on Performance of Tesco Plc

This report analyzes the impact of talent management on the performance of Tesco Plc. It discusses the usefulness, strengths, and weaknesses of project planning tools and the application of risk management in the current project. The report also outlines the aims and objectives of the project.

INDIVIDUAL REVIEW
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Table of Contents
INTRODUCTION...........................................................................................................................3
Brief overview of project proposal topic.....................................................................................3
Aims and Objectives....................................................................................................................3
Project Management Plan, Work Breakdown Structure, Timeline and Gantt Chart...................4
Usefulness of project planning tools along with its strength and weaknesses............................8
Application of risk management process in present project........................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Project management plan is a process which help in the achievement of aim and objectives
of project. The present report is based on analysis of impact of talent management over
performance of Tesco plc. The report will also discuss the different planning tools usefulness,
strength and weakness along with the risk management process application on current project.
Brief overview of project proposal topic
Talent Management plays vital role in the performance improvement of the organization
because it focusses towards retaining the talented employees within the company. Tesco Plc is
one of the leading and second largest retailer of the organization that has implemented talent
management within their organization to motivate, retain its existing employee as well as
attracting new talents from local and international places. The impact of which the company has
because world’s ninth largest retailer. Hence, for the present report, the talent management
impact on business performance has been selected as it is influencing the people all around the
world. The talent management of an organization strongly focus on potential leaders who can
encourage its workforce rather than demotivating it (Meyers and et.al., 2020). Not only that,
talent management also helps the HR team of the company in their recruitment process in the
alignment of manpower needs. Tesco plc, has adopted talent management in order to reduce its
employee turnover because employee are the assets of the organization who largely contributes
towards the success of business.
Aims and Objectives
Aim:
 “The aim of project is to analyse the impact of talent management over the performance
of the organization. A case study of Tesco Plc.”
Objectives:
 To understand the talent management and its benefits to organization.
 To assess the practices of talent management used by Tesco plc in order to improve the
performance of its organization.
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 To identify the challenges face by organization while implementing talent management
within business.
 To suggest different ways through which company can improvise its talent management
practice within organization.
Project Management Plan, Work Breakdown Structure, Timeline and Gantt Chart
Project management plan basically state the list of activities and aspects with the help of which
aims and objectives of project are achieved. The aim of this project is to identify the impact of
talent management over the performance of Tesco Plc which involve the following steps and list
of activities:
Initiation: In the first step of project management plan, the scholar needs to identify and
create a project aims and objective based on unique idea and project topic. The idea must be a
new opportunity for the business or it can be a solution to existing problem. For example, the
current project aim is to identify and assess the impact of talent management over company
performance with the help of which high employee turnover problem get solved.
Planning: This is the second step of the project management plan which state planning
regarding the tasks, resources, cost and timeline. This also cover the communication and quality
plan (Ţicu, 2021). For example, Gantt chart is the most significant document that should be
created in the planning stage of current project which indicate the timeline of various tasks. Not
only that, this stage also states the methodology such as qualitative method adopted in order to
complete the project in successful manner.
Execution: This is the third stage of project management plan which involve the
execution of work that is planned in previous stage. It means putting the plan into action. For
example, in order to successful complete the present project with the achievement of aims and
objective, the scholar has allocated the resource, assign the task to team members, take meetings
and on that meeting prepare the status report of the project.
Controlling: This is the fourth stage of project management plan which is basically
merged with the execution stage because both stages move along with each other. For example,
in order to complete the current project and analyse the impact of talent management over Tesco,
the scholar has continually updated its plan to meet the deadline of 3 month. They have also
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monitored the quality of project on daily basis so that the users can use this project to solve its
problem.
Closure: This is the closing phase of project management plan which involve releasing the
deliverables to the users or stakeholder of project. For example, the current project of
identification of talent management impact and practices which help in improvement of talent
management is closed by scholar via delivering it to stakeholders. In this stage, the scholar has
also documented the lesson learned and best practice adopted during the project which they will
also use in future (Vujović and et.al., 2020).
Work Breakdown Structure:
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Timeline:
Activities /
Weeks
1
wee
k
2
wee
ks
3
week
s
4
week
s
5
week
s
6
week
s
7
week
s
8
week
s
9
week
s
10
week
s
11
week
s
12
weeks
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Selecting
Topic
Developin
g aims and
objectives
Conductin
g literature
review
Selecting
research
methodolo
gy
Collecting
data
Designing
questionna
ire
Sending
questionna
ire
Interpretat
ing results
Conclusio
n
Formattin
g and
submissio
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n
Waiting
for
approval
Modificati
on and
final
submissio
n
Usefulness of project planning tools along with its strength and weaknesses
The various project planning tools used by scholar to complete the present project in successful
manner along with its usefulness, strength and weaknesses are as follows:
Work Breakdown Structure: This is a planning tool which is used in present project to
help teams so that they can visualize project and dependency-related deliverables.
Strength:
 It is best for boost the productivity of research team and overall project results.
 It is best for allocating the time and cost estimates among the teams (Bibi, 2019).
Weaknesses:
 With this, the team have plenty of task that they need to do at one go is difficult.
Timeline: It is a representation of list of activities in a chronological order. For example, this
tool is used by scholar in present project to identify which activity to start when and to finish
when (Kerzner, 2019).
Strength:
 It is one of the great ways to plan a project start time and show the progress through
timeline.
 Effective time management.
Weaknesses:
 It is required lot of time thus consider as time consuming planning tool.
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Gantt Chart: This is another tool of project planning with the help of which scholar has
allocate the time to each task. It is useful for identifying the start date and finish date of each task
of whole project.
Strength:
 It is easy to construct as it is done on software.
 It also provides earliest completion date.
Weaknesses:
 It provides only one possible schedule for completing project is a weakness of this tool.
Survey: The survey is also one of the project planning tools with the help of which scholar
can successfully achieve its project aims and objectives. For example, in order to identify the
impact of talent management over Tesco plc, they have use survey method via mean of
questionnaire to collect the primary data (Kafile, 2021).
Strength:
 It is one of the cost-effective and reliable way to collect the real data and analyse the
same in order to achieve aims and objective of project.
 Another benefit of this tool is versatility.
Weaknesses:
 The drawback of this tool is lack of depth and inflexibility.
Application of risk management process in present project
The risk management process involves the five steps with the help of which scholar can
identify and reduce the possible risk attached with the current project. These steps are as follows:
 Identify the risk: This step involves the identification of risk based on the deep research
of market and own project. For example, it is identified that delay in project, cost overrun
is the risk attached with the present project.
 Analyse the risk: This step involves analysis of risk after identifying it. The analysis
includes the identification of likelihood and consequences of the risk. For example, the
likelihood of the risk cost overrun and delay in project is high and its consequence is also
high (Damayanti, Wijaya and Hartono, 2019).
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 Evaluate the risk: In this step, after analysing the risk, the ranking of risk is being taken
place. For example, after analysing the likelihood and consequence of risk of cost
overrun and delay in project, the rank of both the risk is on the top.
 Treat the risk: This step state the treatment of risk so that its impact gets reduced. For
example, to reduce the risk of cost overrun, budget preparation is best treatment and on
the other hand, to reduce the risk of delay in project, using Gantt chart is best treatment.
With the help of this treatment, the risk attached with current project is easily get reduced
or eliminated.
 Monitor and review the risk: The last stage involves the monitoring the risk using the
project risk register and track it.
CONCLUSION
The above report has concluded the four-project planning tool used in current project to
make its successful along with its strength and weakness. The report has also concluded the
application of risk management process in current project in order to successfully identify and
analyse the impact of talent management over organization such as Tesco.
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REFERENCES
Books and journals
Damayanti, R. W., Wijaya, A. R. and Hartono, B., 2019, August. Seven Management and
Planning Tools in Megaproject Management: A Literature Review. In IOP Conference
Series: Materials Science and Engineering (Vol. 598, No. 1, p. 012014). IOP Publishing.
Kafile, M., 2021. Project Planning and Scheduling in the Face of the Fourth Industrial
Revolution (4IR). Journal of Business Administration Research. 4(3).
Kerzner, H., 2019. Using the project management maturity model: strategic planning for project
management. John Wiley & Sons.
Vujović, V. and et.al., 2020. Project planning and risk management as a success factor for IT
projects in agricultural schools in Serbia. Technology in Society. 63. p.101371.
Ţicu, D., 2021. DIGITAL TOOLS APPLIED IN PROJECT MANAGEMENT. TOWARDS A
CASE STUDY. Scientific Annals of'Alexandru Ioan Cuza'University of Iasi: Political
Science. 16(1).
Meyers, M. C. and et.al., 2020. HR managers’ talent philosophies: prevalence and relationships
with perceived talent management practices. The International Journal of Human
Resource Management. 31(4). pp.562-588.
Bibi, M., 2019. Impact of talent management practices on employee performance: An empirical
study among healthcare employees. SEISENSE Journal of Management. 2(1). pp.22-32.
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