Talent Strategies for Attracting and Retaining People | Desklib

This report discusses the importance of talent management strategies for developing organizational productivity and performance. It analyzes the talent management strategies used by Tesla to retain and attract employees for longer durations. The report includes a project plan, data analysis, research methodology, and recommendations for improving talent management strategies. The report also includes a project logbook and performance review.

Unit Number and Title Unit 6 – Managing
Successful Business
Project
Project Title
E- Portfolio: What
talent strategies do the
best companies use to
attract and retain
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Table of Contents
E – Portfolio: What talent strategies do the best companies use to attract
and retain people?
1 – Project planning p
2 – Project Logbook p
3 – Performance Review p
4 – Business Case Presentation p
References p
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INTRODUCTION
Talent management is the important practices of organization which used to develop the
organizational productiveness and profits. The meaning of managing people is influencing, and
retaining people at the workplace by offering good products and services. Strategies to managing
people became important to be use for an industry as it retains people and maintain higher
performance (Hongal, and Kinange, 2020). The report is based on Tesla that is larger auto mobile
manufacturer offering different kind of model with the help of its skilled people. The organization is
facing issue of increasing employee turnover due to lack focused on retaining strategies and
motivation. The researcher's aims to conduct research and analysis strategies which can be used to
develop organizational performance. It is suggested to selected organization to make the use of board
training and performance management for the purpose of retaining people.
STEP-1: PROJECT PLANNING
Scope:
The current project is all about talent management strategies which used by
organization for the purpose of developing their business performance and maintain higher
productivity. To attract and retain people is major task for companies which is performing by
talent management by satisfying people. The scope of current project is wider as it develop
understanding about importance of talent management and states strategies that used by
company to develop productivity.
 Resources: In current research, resources are books, articles, newspapers and many
more which is used to conduct research. These resources are helpful in accomplishing
aims and objectives within research project.
 Risk: Risk is defined as such element cannot be predict and may face anytime. In
relation to current research, researcher faces lack of finance, sources, and changing
behaviour of people that create challenge to complete research.
 Time: Time is important aspects that complete activities in certain period of time.
Investigator has planned various activities that would be complete timely.
Milestones:
The project covers different phases such as conducting research, gathering data,
analysis, and findings that gives relevant results in relation to particular topic.
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Initiation, planning and execution:
The project in relation to talent management strategies will contain introduction, aims
and objectives that connected to planning. Literature review, and research methodology
relates to execution that can help to complete the research and attaining positive outcomes.
This also helps to manage the business activities and performance to develop understandings
and manage productivity.
Aim : “To analyse the impact of talent strategies on retaining and attracting of talented
workforce for longer duration”. A study on Tesla.
Objectives:
 To state the concept of talent management strategies within business environment.
 To determine various talent strategies used at Tesla to retain employees for longer
duration.
 To determine the impact of talent management strategies on retaining and attracting
talented workforce at Tesla.
Research questions:
 What is the basic framework of talent management strategies within business
environment?
 What are the talent strategies that can be used by Tesla for retaining of employees for
longer duration of time?
 What is the impact of talent management strategies used within Tesla in order to
retain and attract employees for long period?
Gantt chart: Work break down structure
Gantt chart is bar chart which used by researcher to analysis the information and receiving
positive outcomes. This can help to schedule the activities into smaller section and develop
understanding.
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WBS
Step 2 – Conduct primary and secondary research
To operate a business and retaining people there is need to focus on strategies such as
motivation, training & development, leadership, and comfortable environment that suits
employees and fill needs of employees. This can help to increase organizational productivity
and performance (Mensah, 2019).
Questionnaire/ interview questions
Primary research
Q.1. According to your perception how will you define talent management? Frequency
a) Process of attracting prominent talent 20
b) Process of motivating employees 20
c) Process of retaining talent 10
Q.2. What are the major talent management strategies used by Tesla in order to
retain employees in their organisation?
Frequency
a) Training and development 14
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b) Promotion 10
c) Job rotation 12
d) Rewards and recognition 14
Q.3. What would you suggest to Tesla for improving talent management
strategies?
Frequency
a) Providing flexible working facilities 15
b) Providing learning sessions 15
c) Providing financial support 10
d) Giving positive environment 10
Secondary research
What is the basic framework of talent management strategies within business environment?
According to Sanjeev and Singh (2017), Talent management is the important aspects which is
used by company to organising and arranging people at the workplace. Employees are main assets of
organization where it became important that it will retain for long period and work continuously that
can help to develop the organizational performance. In other words, talent management associated
with workforce planning and orientation that helps to engage them in business activities. The
components involves talent acquisition, planning, learning, training, and motivation that mainly used
to bring changes in existing performance and increase productivity. This helps to attain business goals
in appropriate manner.
What are the talent strategies that can be used by Tesla for retaining of employees for longer
duration of time?
According to Kalaiselvan and Naachimuthu (2016), strategies to talent management is
important for an industry as it satisfy employees and develop understanding to retain people at the
workplace. If an organization is enough able to apply talent management strategies then it will be
opportunity to grow a business. In relation to Tesla that is larger organization can be use motivation,
learning, training and development, and job rotation schemes that provides an opportunity to
employee retention. This can help to develop organizational productivity and performance in
changing environment. The management of chosen organization should understand needs of
employees and offer kind of services that supports to develop understanding and supports to high
employee retention. The training and development is effective strategy which is used by organization
to adopt changes in existing business environment and increase business productivity. Job rotation is
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also effective strategy that provides flexibility to employees in their working and helps to retain
people for long duration at the workplace.
What is the impact of talent management strategies used within Tesla in order to retain and attract
employees for longer duration of time?
According to Abou-Moghli, ( 2019), the organizational performance and productivity
enhances by using different talent management strategies as it supports to fill employees
demand and make feel them valuable assets. By providing flexible working hours and giving
training and development to staff Tesla could retain and attract staff for longer duration of
time. This is important for chosen organization to provide training session to their staff so
that they could understand changes and adopt it properly that increases business performance.
This also provide a financial support to their employees which helps to attain business goals
and objectives.
Research two organisations to see what kind of talent management initiatives they have
Talent management initiatives
Tesla Bentley Motors
Tesla is larger auto mobile organization that
manufacture different model of cars by using new
technology and innovation that supports to develop
organizational performance. This organization
believes by arranging training session for staff new
skills and technology can be introduced in
organization that can help to develop business
performance.
Bentley Motors is the largest car manufacture
that make the use of reward and recognition
strategy to attract and retaining people at the
workplace. This also follows comfortable
working environment strategy that make feel
good to people and engage in business
activities.
STEP 3: PRESENT FINDINGS
Data analysis
Q.1. According to your perception how will you define talent management? Frequency
a) Process of attracting prominent talent 20
b) Process of motivating employees 20
c) Process of retaining talent 10
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20
20
10
a) Process of attracting prom-
inent talent
b) Process of motivating
employees
c) Process of retaining talent
Interpretation: From the above graph of talent management it is been interpreted that talent
management is the blood of every industry which is used to arranging people at right places. Talent
management is the continuous process of attracting, hiring, retaining the best candidate for the
company. There are total 50 employees out of them 20 says that that management is the process of
attracting prominent talent, 10 of the view that it is more about retaining talent and the rest 20 tells
that it is a technique to enhance motivation of the employee.
Question .2. What are the major talent management strategies used by Tesla in order to retain
employees in their organisation?
Q.2. What are the major talent management strategies used by Tesla in order to
retain employees in their organisation?
Frequency
a) Training and development 14
b) Promotion 10
c) Job rotation 12
d) Rewards and recognition 14
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14
10 12
14
a) Training and development
b) Promotion
c) Job rotation
d) Rewards and recognition
Interpretation: Tesla is the auto motive manufacturer that have good brand image in
changing environment. After analysing data it has been interpreted that talent management
strategy is important to organization which used by company to retaining workforce. As per
14 -14 employees who divided into two groups said that Training & development, Reward &
recognition are effective strategies that used by Tesla to retain employees for long period. On
the other side, as per 12 staff job rotation is used to provide flexibility in their working.
Remaining 10 says that promotion is also strategy that used to get higher retention power and
completing work (Opazo-Basáez, Vendrell-Herrero and Bustinza, 2019).
Q.3. Suggest to Tesla for improving talent management strategies?
Q.3. What would you suggest to Tesla for improving talent management strategies? Frequency
a) Providing flexible working facilities 15
b) Providing learning sessions 15
c) Providing financial support 10
d) Giving positive environment 10
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Interpretation : From the above analysis it can be interpreted that as per 15
employees Tesla should adopt flexible working facilities in terms of time, communication
etc. As per 15, providing learning session employees can bring changes in their existing
performance. 10 is of view that the company should provide financial supports to their staff
that develop a feeling of continuous work. Moreover, remaining 10 staff says, giving positive
working environment is also strategy which can be used by Tesla to develop their business
performance.
Research methodology
Research method: The method of research are qualitative and quantitative which is
used by researcher to conduct research. In relation to current research, researcher used
quantitative that can help to collect numerical information.
Data collection method : Data is collected through two different method. These are
primary and secondary data collection method. In this project, researcher is using both of the
method. Primary data is collected through questionnaire survey which provides statistical
data and findings. It helps in gaining true and reliable information about a topic. On the other
hand, secondary data is collected through analysing books and journals. In present research, it
is collected through literature review which brings in depth information about a topic. This
resulting in developing more knowledge about a topic (Kasemsap 2016).
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Sampling : This is a method of collecting samples and managing data. Sampling is a
method of selecting some of a samples from large number of population. There are two types
of sampling method these are probabilistic sampling and non probabilistic sampling. The
sample size which is selected in a given report is 50 samples who are the employees of Tesla.
2 – Project Logbook
Project Logbook
Name:
Project title: “What talent strategies do the best companies use to attract and retain
people?”
Date:
Update on period of development
“To analyse the impact of talent strategies on retaining and attracting of talented workforce for
longer period”. A study on Tesla. Yes, deadlines have met and there is no need to make any of the
changes.
Risks and/or issues identified
There are certain risks such as lack of interest of people while filling questionnaire and lack of resources.
There is not any of the additional risk identified.
Problems encountered
Challenges like lack of conflict management and lack of time management is faced. It is overcome by
using Gantt chart and Wbs.
New ideas and change of project direction
Yes, I feels like changing of primary data collection method. This can be through using of interview
method.
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What have you learned about yourself through your work?
Primary data collection method helps in collecting true data. This helps in gaining more accurate
information. Further, I have enhanced time management skills and communication skills.
Next steps for your work
The things which becomes priority are data collection method and using of data interpretation part. Yes, I
have sufficient time for completing this research.
Project plan status to date
Points to consider: Do you feel you are on track to complete your work on time? If not, how will you
address this? Do you feel your work shows your achievement of the Learning Outcomes? If not, what do
you need to do?
Yes, I have completed work on given time period.
Tutor Feedback
3 – Performance Review
Performance Review
What did you aim to achieve through your work?
“To analyse the impact of talent strategies on retaining and attracting of talented workforce for
longer duration”. A study on Tesla.
Did your work succeed in achieving your aims? How do you know? Specifically, please
outline any evaluation and assessment undertaken.
Yes, I have achieved my research aim and objectives by conducting this research because via this
report. I have gained true and relevant information about a particular task. I have used
introduction, project management plan, literature review, research aim and objectives, data
analysis and interpretation, research methodology and recommendation to complete this research
on given time period.
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What aspects of your development process do you think worked well and why? Evaluate
all aspects of the project (e.g. initial research, concept development, development
process, presentation, etc.) from a range of perspectives.
Primary and secondary information is used to collect data and findings. Also, there is a use of
WBS and Gantt chart to make a schedule and complete research on definite time.
What problems emerged during the project and how were they tackled? Was there
timely identification of issues and resolution during the project process?
Certain problems such as lack of conflict management and lack of time management comes in
between while conducting research.
What did you learn from undertaking the project?
I have enhanced time management skills and communication skills while undertaking this
research because this helps me in near future in personal and professional career when I apply to
any of the job position.
What are the strengths and weaknesses of your process that you have identified?
While conducting this research, I have worked on my strength and weaknesses as well. My some
of the strength are communication skills, decision making skills which helps in this research to
communicate effectively with respondents. Some of the weakness are problem solving skills and
time management skills which resulting in enhancing these skills.
How could your process improve for the future?
This research is conducting with the help of questionnaire survey in order to collect data and
information. But to make changes, I will change my primary data method. This is conducted
through interview method.
4 – Business Case Presentation
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REFERENCES
Mensah, J. K., 2019. Talent management and employee outcomes: a psychological contract
fulfilment perspective. Public Organization Review. 19(3). pp.325-344.
Hongal, P. and Kinange, U., 2020. A study on talent management and its impact on
organization performance-an empirical review. International Journal of Engineering
and Management Research, 10.
Opazo-Basáez, M., Vendrell-Herrero, F. and Bustinza, O. F., 2019. Talent for services: How
gaining access to talent enables successful servitization. In Research Handbook of
International Talent Management. Edward Elgar Publishing.
Abou-Moghli, A. A., 2019. The influence of compensation management strategy on talent
retention: Exploring the mediating role of structural capital. International Business
Research, 12(3). pp.165-173.
Kalaiselvan, K. and Naachimuthu, K.P., 2016. Strategic Approach to Talent Management: A
Theoretical Model. Journal of Contemporary Research in Management, 11(1).
Kasemsap, K., 2016. Promoting leadership development and talent management in modern
organizations. In Managerial strategies and practice in the Asian business
sector (pp. 238-266). IGI Global.
Hongal, P. and Kinange, U., 2020.Mensah, J. K., 2019.Opazo-Basáez, M., Vendrell-Herrero,
F. and Bustinza, O. F., 2019Abou-Moghli, A. A., 2019
Sanjeev, R. and Singh, A., 2017. Talent management for developing leadership: An empirical
investigation. Independent Journal of Management & Production, 8(3), pp.1130-1146.
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