Talent Strategies for Attracting and Retaining People - A Case Study on Marks & Spencer
Added on 2023-01-05
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Unit 6 – Managing a
Successful Business
Project
Successful Business
Project
TOPIC: “What talent strategies do the best companies use to attract and
retain people?”
INTRODUCTION
Managing a business project is considered to be crucial for any organisation to attain the
specific goal in successful ways. It has been found that, many firms do go through different
range of difficulties while managing the business projects (Gurca and et. al., 2020). On the other
hand, talent management is considered to be an effective process, which consider retaining,
attracting the highly skilled staff members, or to develop skills to motivate or improve the
performance level in much effective and in efficient manner. Primal purpose of managing talent
is said to be an important approach which creates workforce much more productive in nature
(Kordova, Katz and Frank, 2019). In present research report, organisation that has been taken
into consideration is Marks & Spencer. This is famous British multinational retailer which
headquartered at London, England.
Also, it offers customers with food and home related final items and they majorly
consider their own label only. On the other hand, present report will be considering aim and
objectives based on the topic i.e. “What talent strategies do the best companies use to attract and
retain people?” Along with this, report will also be focusing on developing a project
management plan, develop a Gantt chart and work breakdown structure as well. Alongside this,
present investigating report will also consider findings focusing on crucial techniques and tools.
Lastly, reflection will be also going to be included in this report where importance will be
undertaken in this particular project.
TASK 1
P1) Devise aim and objectives
Talent-management (TM) in present time is considered to be an effective process that
helps firms in retaining talented individuals as they may effectively impact positively on overall
performance level of company (Bass and Haxby, 2019). However, it has been found that many
organisations' HR Department goes through difficulties in order to maintain talent at workplace
and they are continuously looking forward to manage talent through considering various
strategies. It can be said that training, morale and staff retention are said to be some of the crucial
1
retain people?”
INTRODUCTION
Managing a business project is considered to be crucial for any organisation to attain the
specific goal in successful ways. It has been found that, many firms do go through different
range of difficulties while managing the business projects (Gurca and et. al., 2020). On the other
hand, talent management is considered to be an effective process, which consider retaining,
attracting the highly skilled staff members, or to develop skills to motivate or improve the
performance level in much effective and in efficient manner. Primal purpose of managing talent
is said to be an important approach which creates workforce much more productive in nature
(Kordova, Katz and Frank, 2019). In present research report, organisation that has been taken
into consideration is Marks & Spencer. This is famous British multinational retailer which
headquartered at London, England.
Also, it offers customers with food and home related final items and they majorly
consider their own label only. On the other hand, present report will be considering aim and
objectives based on the topic i.e. “What talent strategies do the best companies use to attract and
retain people?” Along with this, report will also be focusing on developing a project
management plan, develop a Gantt chart and work breakdown structure as well. Alongside this,
present investigating report will also consider findings focusing on crucial techniques and tools.
Lastly, reflection will be also going to be included in this report where importance will be
undertaken in this particular project.
TASK 1
P1) Devise aim and objectives
Talent-management (TM) in present time is considered to be an effective process that
helps firms in retaining talented individuals as they may effectively impact positively on overall
performance level of company (Bass and Haxby, 2019). However, it has been found that many
organisations' HR Department goes through difficulties in order to maintain talent at workplace
and they are continuously looking forward to manage talent through considering various
strategies. It can be said that training, morale and staff retention are said to be some of the crucial
1
elements for an organisation like Marks & Spencer to gain competitive advancements and also to
maintain profit ratios as well.
Background: Over the years, it is observed that organisations are going through various
difficulties where managing talent is the one, which is important to be resolved in order to
maintain sustainability (Zwikael, Meredith and Smyrk, 2019). There are some of the challenges
that are being faced by organisations like Marks & Spencer to maintain talent at workstation and
some of these are: tightening talent market, unappealing company culture, higher total
compensation demands, lack of leadership and increased employee turnover and so on (Bos-de
Vos, Volker and Wamelink, 2019). In context with Marks & Spencer, organisation is going
through problems while managing the talent at working place. This has raise concerns for the
company because due to this high employee turnover ratio also increased.
Research Aim:
Considering the topic, the aim that has been developed by researcher is “To analyse the
different talent strategies do best companies use to attract and retain people?” A case study on
Marks & Spencer.
Research Objectives:
To understand the concept of Talent-management.
To analyse the challenges faced by Marks & Spencer to manage talent at workstation.
To gain the knowledge in relation with different talent strategies adopted by best organisations to
retain and attract individuals.
To examine the benefits of considering an effective talent management strategy.
Research Questions:
What is the concept of Talent-management?
What are said to be the challenges faced by Marks & Spencer to manage talent at workstation?
What are the different talent strategies that are considered by best organisations to retain and
attract individuals?
What are said to be the benefits of considering an effective talent management strategy for
Marks & Spencer?
Literature review
Concept of Talent-management
2
maintain profit ratios as well.
Background: Over the years, it is observed that organisations are going through various
difficulties where managing talent is the one, which is important to be resolved in order to
maintain sustainability (Zwikael, Meredith and Smyrk, 2019). There are some of the challenges
that are being faced by organisations like Marks & Spencer to maintain talent at workstation and
some of these are: tightening talent market, unappealing company culture, higher total
compensation demands, lack of leadership and increased employee turnover and so on (Bos-de
Vos, Volker and Wamelink, 2019). In context with Marks & Spencer, organisation is going
through problems while managing the talent at working place. This has raise concerns for the
company because due to this high employee turnover ratio also increased.
Research Aim:
Considering the topic, the aim that has been developed by researcher is “To analyse the
different talent strategies do best companies use to attract and retain people?” A case study on
Marks & Spencer.
Research Objectives:
To understand the concept of Talent-management.
To analyse the challenges faced by Marks & Spencer to manage talent at workstation.
To gain the knowledge in relation with different talent strategies adopted by best organisations to
retain and attract individuals.
To examine the benefits of considering an effective talent management strategy.
Research Questions:
What is the concept of Talent-management?
What are said to be the challenges faced by Marks & Spencer to manage talent at workstation?
What are the different talent strategies that are considered by best organisations to retain and
attract individuals?
What are said to be the benefits of considering an effective talent management strategy for
Marks & Spencer?
Literature review
Concept of Talent-management
2
According to Matongolo, Kasekende and Mafabi, (2018), talent management is said to be
a methodology which is organised and helps in following an effective process of getting right
talent on board and helping them grow to their optimal capabilities keeping organizational
objectives in mind. Also, it is said to be a process that helps in getting the right people on board
and enabling them to enable the business at large. This process is specifically focusing on
identifying vacant positions, talent gaps along with sourcing for an organisation as well. Also,
this process helps in on-boarding the suitable candidates, growing them within the system and
developing needed skills, training for expertise with a future-focus (Englund and Graham, 2019).
This would help an organisation in retaining, engaging, also motivating staff members in rightful
ways in order to attain all the short and long term goals of the company.
Challenges faced by Marks & Spencer to manage talent at workstation
As mentioned by Viitanen, (2020), most of the organisations go through various
challenges when it comes to manage talent at the workstation. In context with Marks & Spencer,
some of these are given underneath:
Higher total compensation demands: This is said to be one of the crucial challenge faced by
Marks & Spencer where employees constantly feel pressure while performing their roles and
responsibilities. In this context, when they feel their compensation isn't fair, they won't hesitate
to speak up about the situation (Einhorn, Marnewick and Meredith, 2019). This is where it is
may be possible that Marks & Spencer may go through difficulties while retaining them.
Tightening talent market: It is much difficult for Marks & Spencer to find talented
individuals, as the package of this company given to staff members is not that much high in
nature if it is compared to its rivals.
Unappealing company culture: Marks & Spencer is not pretty much able to deliver befitting
culture, which results into high employee turnover ratio.
Increased employee turnover: Due to rise in employee turnover ratio, where reason can be
anything may also impact negatively on talent management approaches used by Marks &
Spencer.
Different talent strategies that are considered by best organisations to retain and attract
individuals
3
a methodology which is organised and helps in following an effective process of getting right
talent on board and helping them grow to their optimal capabilities keeping organizational
objectives in mind. Also, it is said to be a process that helps in getting the right people on board
and enabling them to enable the business at large. This process is specifically focusing on
identifying vacant positions, talent gaps along with sourcing for an organisation as well. Also,
this process helps in on-boarding the suitable candidates, growing them within the system and
developing needed skills, training for expertise with a future-focus (Englund and Graham, 2019).
This would help an organisation in retaining, engaging, also motivating staff members in rightful
ways in order to attain all the short and long term goals of the company.
Challenges faced by Marks & Spencer to manage talent at workstation
As mentioned by Viitanen, (2020), most of the organisations go through various
challenges when it comes to manage talent at the workstation. In context with Marks & Spencer,
some of these are given underneath:
Higher total compensation demands: This is said to be one of the crucial challenge faced by
Marks & Spencer where employees constantly feel pressure while performing their roles and
responsibilities. In this context, when they feel their compensation isn't fair, they won't hesitate
to speak up about the situation (Einhorn, Marnewick and Meredith, 2019). This is where it is
may be possible that Marks & Spencer may go through difficulties while retaining them.
Tightening talent market: It is much difficult for Marks & Spencer to find talented
individuals, as the package of this company given to staff members is not that much high in
nature if it is compared to its rivals.
Unappealing company culture: Marks & Spencer is not pretty much able to deliver befitting
culture, which results into high employee turnover ratio.
Increased employee turnover: Due to rise in employee turnover ratio, where reason can be
anything may also impact negatively on talent management approaches used by Marks &
Spencer.
Different talent strategies that are considered by best organisations to retain and attract
individuals
3
According to Njemanze, (2016), there are a range of primary talent management
strategies that are specifically being adopted by Marks & Spencer to serve and to attract or retain
individuals for a longer period of time. Some of these are given underneath:
Detailed job descriptions: A crucial strategy where job descriptions given by Marks &
Spencer to staff where detailed information in relation with Job title and location, overall duties,
skills required, reporting lines, tools and equipment used and also salary & benefits will help in
retaining talent for a longer period of time.
Person-organization fit: Another crucial approach to talent management where personal
along with organizational values would require to have, which may lead M&S to develop a
certain degree of overlap for any staff member where they can feel like home within the
organisation (Sospeter, Rwelamila and Gimbi, 2020).
Reward and recognize right: Considering this approach, M&S's staff may want R&R
schemes to motivate them with “prizes” that are most relevant to them as individuals.
Benefits of considering an effective talent management strategy for Marks & Spencer
As mentioned by Walford-Wright and Scott-Jackson, (2018), there are a range of benefits
that can be seen of effective talent management strategies adopted by any organisation like
Marks & Spencer and some of these are improved on-boarding experience, retain top talent,
employee development, improved employee experience and so on. This may help this
organisation to improve its productivity level, profit maximisation, enhancement within staff
member's motivation level and so on.
P2) Produce a project management plan
In order to develop a project management plan, there are a range of elements like time,
cost, scope, quality, communication, risk and resources are required to be considered in an
appropriate way because then only execution and monitoring of project can easily be done right
on time (Hillson and Simon, 2020).
Cost: The cost that is going to occur in order to conduct the project management plan is
considered to be the blend of different elements like travel cost, equipment, cost of legal
compliance, research tool, miscellaneous and so on. In order to produce this project, its going to
cost £99.00 to the investigator in order to finish the project in rightful ways.
4
strategies that are specifically being adopted by Marks & Spencer to serve and to attract or retain
individuals for a longer period of time. Some of these are given underneath:
Detailed job descriptions: A crucial strategy where job descriptions given by Marks &
Spencer to staff where detailed information in relation with Job title and location, overall duties,
skills required, reporting lines, tools and equipment used and also salary & benefits will help in
retaining talent for a longer period of time.
Person-organization fit: Another crucial approach to talent management where personal
along with organizational values would require to have, which may lead M&S to develop a
certain degree of overlap for any staff member where they can feel like home within the
organisation (Sospeter, Rwelamila and Gimbi, 2020).
Reward and recognize right: Considering this approach, M&S's staff may want R&R
schemes to motivate them with “prizes” that are most relevant to them as individuals.
Benefits of considering an effective talent management strategy for Marks & Spencer
As mentioned by Walford-Wright and Scott-Jackson, (2018), there are a range of benefits
that can be seen of effective talent management strategies adopted by any organisation like
Marks & Spencer and some of these are improved on-boarding experience, retain top talent,
employee development, improved employee experience and so on. This may help this
organisation to improve its productivity level, profit maximisation, enhancement within staff
member's motivation level and so on.
P2) Produce a project management plan
In order to develop a project management plan, there are a range of elements like time,
cost, scope, quality, communication, risk and resources are required to be considered in an
appropriate way because then only execution and monitoring of project can easily be done right
on time (Hillson and Simon, 2020).
Cost: The cost that is going to occur in order to conduct the project management plan is
considered to be the blend of different elements like travel cost, equipment, cost of legal
compliance, research tool, miscellaneous and so on. In order to produce this project, its going to
cost £99.00 to the investigator in order to finish the project in rightful ways.
4
Time: Overall investigation will take approximately 3 weeks, which will help in pulling out
favourable outcomes in relation with the chosen topic i.e. “What talent strategies do the best
companies use to attract and retain people?”,
Scope: This particular investigation will be delivering information in relation with talent
management, where readers will get the data about importance of talent management strategies
for an organisation like Marks & Spencer.
Quality: It is needed for investigator to consider good quality information because then only
researcher may become able to present the authentic data in relation with the chosen topic.
Communication: For better communication, researcher has considered both verbal and
nonverbal communication, where computers, internet, consent form and so on. With the help of
proper communication, it is said that investigator may effectively become able to deliver high
range of information about talent management (Cronk and et. al., 2019).
Risk: This is also considered to be a crucial element for a project, where it is needed for
investigator to identify all the risks elements that are present while performing an investigation
on a particular topic.
Resources: Some of the crucial resources that will be considered by investigator while
performing investigation on this particular topic i.e. Talent management are: mobile phone,
printers, human resource and so on. This will help researcher in pulling out favourable outcomes
in specified time frame.
P3) Produce a work breakdown structure and a Gantt chart
Work Breakdown structure: This is also considered to be an effective approach, where
researcher may effectively divide all the segments in smaller sections and it will also reduce all
the risks and also aid in conducting investigation in rightful manner. Also, it may aid in
researcher in performing all the activities in right ways (Tidd and Bessant, 2020).
5
favourable outcomes in relation with the chosen topic i.e. “What talent strategies do the best
companies use to attract and retain people?”,
Scope: This particular investigation will be delivering information in relation with talent
management, where readers will get the data about importance of talent management strategies
for an organisation like Marks & Spencer.
Quality: It is needed for investigator to consider good quality information because then only
researcher may become able to present the authentic data in relation with the chosen topic.
Communication: For better communication, researcher has considered both verbal and
nonverbal communication, where computers, internet, consent form and so on. With the help of
proper communication, it is said that investigator may effectively become able to deliver high
range of information about talent management (Cronk and et. al., 2019).
Risk: This is also considered to be a crucial element for a project, where it is needed for
investigator to identify all the risks elements that are present while performing an investigation
on a particular topic.
Resources: Some of the crucial resources that will be considered by investigator while
performing investigation on this particular topic i.e. Talent management are: mobile phone,
printers, human resource and so on. This will help researcher in pulling out favourable outcomes
in specified time frame.
P3) Produce a work breakdown structure and a Gantt chart
Work Breakdown structure: This is also considered to be an effective approach, where
researcher may effectively divide all the segments in smaller sections and it will also reduce all
the risks and also aid in conducting investigation in rightful manner. Also, it may aid in
researcher in performing all the activities in right ways (Tidd and Bessant, 2020).
5
Gantt chart: This type of chart can be defined as a blend of bars, which specifically
defines schedules of a particular task and it stays interlinked with all the activities as per the
status programme. It is more used to assist the different tools that aid the effectual planning of
the project in simpler manner (Pearlson, Saunders and Galletta, 2019). Researcher will be
considering Gantt Chart to set time frame for all the activities so that better outcomes can
effectively be pulled out right on time in relation with chosen topic i.e. talent management.
6
defines schedules of a particular task and it stays interlinked with all the activities as per the
status programme. It is more used to assist the different tools that aid the effectual planning of
the project in simpler manner (Pearlson, Saunders and Galletta, 2019). Researcher will be
considering Gantt Chart to set time frame for all the activities so that better outcomes can
effectively be pulled out right on time in relation with chosen topic i.e. talent management.
6
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