Managing a Successful Business Project

This document is a professional research report on talent strategies used by the best companies to attract and retain people. It focuses on M&S and includes a project management plan, WBS, Gantt chart, methodology, secondary research, primary research, analysis of data, conclusion, and communication of recommendation.

Unit 6: Managing a
Successful Business
Project
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Table of Contents
Task A: Professional research report...............................................................................................1
Topic: “What talent strategies do the best companies use to attract and retain people?”. Research
work on M&S..................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Brief overview of chosen organisation...................................................................................1
Aim and objectives.................................................................................................................1
Project management plan.................................................................................................................2
WBS and Gantt chart.......................................................................................................................3
Methodology....................................................................................................................................5
Secondary research.................................................................................................................6
Primary research.....................................................................................................................7
Analysis of data................................................................................................................................9
Conclusion.....................................................................................................................................14
Communication of the Recommendation......................................................................................15
REFERENCES..............................................................................................................................15
Task B: Performance Review........................................................................................................16
Reflection.............................................................................................................................16
Performance review template...............................................................................................17
Task C: Presentation......................................................................................................................19
Covered in PPT.....................................................................................................................19
Task D: Project Logbook...............................................................................................................19
Template for evidence collection to be attached with the report by the learner:.................19
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Task A: Professional research report
Topic: “What talent strategies do the best companies use to attract and retain
people?”. Research work on M&S.
INTRODUCTION
The concept of talent management can be defined as a process of identifying, recruiting and
holding the skilled and talented people for a longer period to drive improved success of the
organisation (Wiblen, 2021). Thus, the Talent management is related with attracting and
retaining talented candidates along with ensuring their continuous improvement and
development of enhanced business success. The current report is based on M&S company which
a renowned retailer of UK. Beside this, current project comprises of setting aim and objectives
together with a project management plan which involves WBS and Gantt chart also. Further, a
small scale research has been undertaken along with analysis of collected data and
communication of recommendations.
Brief overview of chosen organisation
The organisation that has been selected for current project is Marks and Spencer (M&S)
that is major British multinational retailer the headquarter of which is situated at London, UK.
This firm is having specialisation in selling clothing, home products and food products but know
an enhanced level of competition is being faced by M&S from other retailers like Tesco and
Sainsbury (Li, 2021). Thus, a rising threat of high employee turnover is being faced by M&S, so
the currents study is undertaken on M&S to analyse about the role of talent management strategy
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in mitigating the issue of high employee turnover along with determining most effective talent
strategies which are being used by the best companies to attract and retain talented employees.
Aim and objectives
Aim
The aim of current study is, “To learn about the importance of talent management along
with identifying most effective talent strategies which are being used by the best companies to
attract and retain talented employees”. A research project on M&S.
Objectives
 To learn about the rising importance and need of the talent management concept within a
business organisation.
 To determine about the role of talent management strategy in mitigating the issue of high
employee turnover and other challenges faced by a firm.
 To identify some most effective talent strategies which are being used by the best
companies to attract and retain talented employees for having improved productivity and
business success.
Research questions
 What are the reason for rising importance and need of the talent management concept
within a business organisation?
 How a vital role is played by talent management strategy in mitigating the issue of high
employee turnover and other challenges faced by a firm?
 Which are some most effective talent strategies that are being used by the best companies
to attract and retain talented employees for having improved productivity and business
success?
Project management plan
Project management plan forms out a vital document while undertaking a research project
which facilitates information about the ways according to which a project would be accrued out
(Kişi, 2021). This project management plan comprises of discussion about the cost, timeline,
risk, scope, communication, etc. which are important for meeting the set goals along with
keeping the project on track.
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Cost- It is vital aspect of a project which provides information about the estimated cost and
possible expenses during the project. Following budget is presenting the cost of current study on
Marks and Spenser:
Particulars Amount
Cost associated with hiring talent £50
Resources £40
Technology £50
Other Expenses £60
Total Cost £200
Quality- This part is related with maintaining the reliability and authenticity of the collected
data thus forms a vital part of project management as it leads to authenticated data collection and
analysis. Use of efficient research method and questionnaire has been made to maintain the
quality of current project which maintain reliability during collection of facts (Yan, 2021).
Time- It represent the time required for performing the various task and activity from
intention to completion of the project. An estimated 4 months are required to meet the set
objectives and perform various activity of current project.
Communication- Effective communication is a very vital aspect of a project to mitigate the
chances of chaos and confusion during the study. Use of online modes of communication like e-
mails, phones, social media, etc. are made to ensure better communication and sharing of vital
information to meet desired objectives in most efficient manner without having any chaos and
confusion.
Scope- The current project is having a wide a scope it helps the project manager to learn and
gain better underdoing about the theme of talent management that is vital to overcome the issue
of high employees turnover and other recruiting challenges faced while managing workforce
(Utomo, Indiyati and Ramantoko, 2021).
Resources- Use of various financial, human and technical resources are made. Financial
resources are required to meet the cost of project while the human resources are required to
perform various activities. Beside this, technical resources, like computer, MS office, internet,
etc. are also required for collection and recording of data.
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Risk- Obstacles and threat related with lack of time and resources are associated with
current study which limit the efficiency level of current investigation.
WBS and Gantt chart
Work Breakdown structure
Use of following WBS is made for proper bifurcation of all project activities and task in
manageable chunks and groups:
Gantt chart
Use of below stated Gantt chart is made to present about the time duration and sequence
of current project:
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Methodology
There are two main methods that are used by a researcher to carry out an efficient small
scale research which are discussed as below:
Qualitative method- This method comprises of collection of data in the detailed and
subjective form that facilitates in-depth information in form of theoretical information about the
opinion and experience of human being (Anlesinya and Amponsah-Tawiah, 2020).
Quantitative method- This method comprises of leading a research in an objective manner
where data has been collected in numerical form that is easy to collect and present. Further, it
also supports a more measurable and specific set of research result.
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With respect to current study, the project management has made use of quantitative
research method as it seemed to provide more accurate and reliable outcomes through supporting
collection of numerical information. Use of quantitative method is much more cost and time
effective along with supporting more accurate outcomes based on effective presentation and
analysis of data through making use of various statistical chats and tables.
Sources of data collections
There are two main sources of data collection both of which are applied and used for
collecting facts for current investigation which are discussed as below:
Secondary sources- It comprises of second hand information that is pre-existing and
collected by some other scholars and researchers. Making use of secondary source is rationale is
it facilitates a base and improved framework for undertaking further investigation in more
efficient manner (Thomas, 2020).
Primary sources- Use of primary sources of data is rationale as it supports and provide
fresh data that has been never collected before. Thus, ensures higher authenticity and reliability
of facts. Use of questionnaire have been made for collection of primary data.
Secondary research
With respect to the information provided by the Prarthana Ghosh, 2021, it has been
analysed that the concept of talent management basically presents the complete scope of HR
which comprises of attracting, developing and retaining the high performing employees. Thus,
the main reason behind increasing the needs and importance of the talent management concept
comprises of fact that companies are looking to have improvement in the employee performance
and productivity to mitigate enhanced competition in business environment along with fulfilling
the desires of customers (Li, 2021). Beside this, it has been also analysed that lack of effective
employee motivation is also faced by many organisations that is a vital risk creating the
challenge of high employee turnover thus, it become increasingly important for best companies
to adopt effective talent management strategy to overcome this issue of high employee turnover
(Kişi, 2021).
Apart from this, as per the information provided by Dorasamy, N., 2021, it has been
analysed that a vital role is played by talent management in mitigating the risk of high employee
turnover and other recruiting challenges within a firm as it ensures hiring of the right candidate
and also meets the desired needs and expectation of the employees. Apart from this, talent
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management also aim at prioritising the employee engagement and happiness of the employees
which boost the morale and satisfaction level that ensure higher retention of employees (Wiblen,
2021).
Further, it has been observed on the basis of information provided by Shanmuga Priya, G.,
2021, that providing regular training is an effective talent management strategy adopted by the
best company like Tesco which ensure better management of talent along with retaining them for
longer period for improved skills and growth opportunity. Beside this, providing performance
based incentives and other perks has been also adopted by companies like Sainsbury to meet the
financial needs of employees which attract and retain talented candidates (Yan, 2021).
Primary research
Use of following questionnaire has been made for undertaking primary research on selected
topic of talent management. Use of questionnaire is rationale as it provides most cost and time
efficient way of collection of data from a wider number of population to effectively meet the set
research objectives.
Q1) Does any kind of implication or understanding is hold by you on the theme of talent
management?
a) Yes
b) No
c) Average understanding
Q2) Which can be taken as the key benefits and advantages of talent management that has
been rising the need of managing talent within a firm?
a) Identify and attract talented employees
b) Retain skilled candidates
c) Boost morale and performance level
d) Creative positive workplace
Q3) Do you agreed with the fact that, vital role is played by talent management strategy in
mitigating the issue of high employee turnover and other challenges faced by a firm?
a) Strongly agreed
b) Agreed
c) Strongly disagreed
d) Disagreed
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e) Neither agreed nor disagreed
Q4) How would you like to justify the role of talent management in mitigating the risk of
high employee turnover and other recruiting challenges within a firm?
a) Ensure hiring of right candidate
b) Meet needs and expectation of employees
c) Reduce chances of chaos and conflicts
d) Boost morale and satisfaction level of employees
e) Prioritise employee engagement and happiness
Q5) Why talent management has become so important and essential within the best
companies?
a) Enhance competitive strength
b) More skilled and coordinated workforce
c) Encourage innovation and creativity
d) Supports culture of continuous improvement
Q6) With respect to your opinion, which are some most effective talent strategies that are
being used by the best companies like Tesco, M&S and Sainsbury to attract and retain
talented people?
a) Systematic hiring process
b) Continuous training and development session
c) Regular performance based incentives and recognition
d) Higher growth opportunity
e) Adoption of participative management
Q7) Any further recommendation for Marks and Spencer to have better management of
talent and higher business performing through attracting and retaining skilled employees?
Sampling- With respect to current study a sample size of 40 participants has been selected
from the employees of Marks and Spencer with the help of random method of sampling. It is
rationale to make use of random sampling method as reduce the chances of biasness and
discrimination while selection of participants thus, maintain the authenticity and reliability of the
collected fact.
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Evaluation of data collection method- The collection of data has been made from the
selected participants with the help of online survey that ensures reliability and authenticity of
information as it has been not modified by anyone. With respect to current study a sample size of
40 participants has been selected from the employees of Marks and Spencer with the help of
random method of sampling. Beside this, because of covid-19 direct interaction with participants
is not possible thus, use of online channels like e-mails has been made for collection of data.
Proper approval and consent from participants has been also taken to maintain the reliability and
authenticity of research work along with implication of BERA codes of ethics and data
protection act to maintain the privacy and safety of collected information.
Analysis of data
Theme 1: Theme of talent management
Q1) Does any kind of implication or understanding is hold by you
on the theme of talent management?
Frequency
a) Yes 38
b) No 1
c) Average understanding 1
Interpretation
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On the basis of above pie chart, it has been interpreted that from a total of 40 participants,
38 were seemed to hold understanding about the theme of talent management whereas 1 was
unaware of it along with the remaining 1 respondent who tend to hold average understanding.
Theme 2: Key benefits of talent management
Q2) Which can be taken as the key benefits of talent management
that has been rising the need of managing talent within a firm?
Frequency
a) Identify and attract talented employees 10
b) Retain skilled candidates 13
c) Boost morale and performance level 9
d) Creating positive workplace 8
Interpretation
An analysis about the key benefits of talent management has been provided by above
diagram, which consists of identifying and attracting talented employees as per the 10
participants while the other 13 favoured retain skilled candidates as key benefit of managing
talent. Beside this, 9 participants tend to have a view point that boost morale and performance
level of employees is a key benefit of talent management that has been rising the need of
managing talent within a firm while the remaining 8 participants has favoured for the creating
positive workplace as main need of talent management.
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Theme 3: Role of Talent management strategy in mitigating the issue of high employee
turnover
Q3) Do you agreed with the fact that, vital role is played by talent
management strategy in mitigating the issue of high employee
turnover and other challenges faced by a firm?
Frequency
a) Strongly agreed 22
b) Agreed 12
c) Strongly disagreed 4
d) Disagreed 1
e) Neither agreed nor disagreed 1
Interpretation
The above drawn diagram is reflecting that 22 participants from a total of 40 were
strongly agreed with the fact that vital role is played by talent management strategy in mitigating
the issue of high employee turnover and other challenges faced by a firm where as 12 were
seemed agreed on above statement. Apart from this, it has been also analysed that 4 participants
were strongly agreed on the fact that vital role is played by talent management strategy in
mitigating the issue of high employee turnover and other challenges faced by a firm while 1 is
disagreed along with the 1 left out participant who opt for neither agreed nor disagreed.
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Theme 4: Justify the role of talent management
Q4) How would you like to justify the role of talent management in
mitigating the risk of high employee turnover and other recruiting
challenges within a firm?
Frequency
a) Ensure hiring of right candidate 9
b) Meet needs and expectation of employees 8
c) Reduce chances of chaos and conflicts 6
d) Boost morale and satisfaction level of employees 10
e) Prioritise employee engagement and happiness 7
Interpretation
The above pasted diagram is reflecting that the 9 participants were having a thinking that
hiring of right candidate is a vital role of talent management in mitigating the risk of high
employee turnover and other recruiting challenges within a firm where as 8 tend to support Meet
needs and expectation of employees. Beside this, it has been also find out during current study
that 6 participants were having a view point that reduction in chances of chaos and conflicts is a
role of talent management in mitigating the risk of high employee turnover and other recruiting
challenges within a firm where as 10 favoured Boost morale and satisfaction level of employees
while other 7 supported for Prioritise employee engagement and happiness.
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Theme 5: Talent management has become so important and essential
Q5) Why talent management has become so important and essential
within the best companies?
Frequency
a) Enhance competitive strength 11
b) More skilled and coordinated workforce 12
c) Encourage innovation and creativity 7
d) Supports culture of continuous improvement 10
Interpretation
It has been find out during current investigation that talent management has become so
important and essential within the best companies as it Enhance competitive strength with
respect to view point of 11 participants whereas 12 supported for More skilled and coordinated
workforce. Apart from this, 7 participants were having thinking that talent management has
become important for best companies to encourage innovation and creativity whereas 10 tend to
favour supports culture of continuous improvement.
Theme 6: Some most effective talent strategies that are being used by the best companies
Q6) With respect to your opinion, which are some most effective
talent strategies that are being used by the best companies like
Frequency
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Tesco, M&S and Sainsbury to attract and retain talented people?
a) Systematic hiring process 6
b) Continuous training and development session 10
c) Regular performance based incentives and recognition 8
d) Higher growth opportunity 9
e) Adoption of participative management 7
Interpretation
One of the most vital finding of current study is provided by above pie chart that is
reflecting that Systematic hiring process is effective talent strategy that is being used by the best
companies like Tesco, M&S and Sainsbury to attract and retain talented people as per the view
point of 6 participants while 10 favoured continuous training and development while other 8
supported regular performance based incentives and recognition. Further, 9 participants were
also there who supported higher growth opportunity is an effective talent strategy that is being
used by the best companies like Tesco, M&S and Sainsbury to attract and retain talented people
while the remaining 7 supported for adoption of participative management.
Conclusion
With respect to current study it has been analysed that the talent management has become
vital and important for all business organisation that process continuous improvement and higher
retention of talented candidates. Beside this, a summarisation can be made that the key benefits
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and advantages of talent management that has been rising the need of managing talent within a
firm comprises of Identify and attract talented employees, Retain skilled candidates, Boost
morale and performance level, Creative positive workplace. Further, it has been also summarised
that vital role of talent management is seen in mitigating the risk of high employee turnover and
other recruiting challenges within a firm as it Ensure hiring of right candidate, Meet needs and
expectation of employees, reduce chances of chaos and conflicts, Boost morale and satisfaction
level of employees and Prioritise employee engagement and happiness. At last, a summarisation
can be made that Systematic hiring process, Continuous training and development session,
Regular performance based incentives and recognition and Higher growth opportunity are some
most effective talent strategies to attract and retain talented employees.
Communication of the Recommendation
In accordance with the findings of current study it has been analysed that talent management
is vital to mitigate risk of high employee turnover along with having improved success and
productivity of the firm. Thus, following recommendations can be made for M&S to have
improved management of talent to attract and retain people:
 Providing regular training to employee is an effective way to boost the morale and skills
level of the employees. Providing of training helps in enhancing the confidence level in
employees which makes them able to perform their job role in more improved and
effective manner. Beside this, improved skills and responsibility also ensures higher
growth opportunity within the for therefore lead to positive and motivated workplace
environment that attract and retain people for M&S.
 Regular incentives and performance based perks is also a vital way to attract and retain
talented employees through providing higher monetary benefits to meet their financial
needs. Performance based incentives and perks motivate and guide an employee to
perform in efficient and improved way thus, ensures higher productivity and success
along with boosting their satisfaction level. Thus, providing regular incentives and perks
lead to higher motivation and satisfaction in employees which is effective way for M&S
to attract and retain talented people along with motivating them for improved
performance.
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REFERENCES
Books and journal
Anlesinya, A. and Amponsah-Tawiah, K., 2020. Towards a responsible talent management
model. European Journal of Training and Development.
Dorasamy, N., 2021. THE SEARCH FOR TALENT MANAGEMENT COMPETENCE:
INCORPORATING DIGITILIZATION. International Journal of
Entrepreneurship, 25(3), pp.1-21.
Kişi, N., 2021. Developing Leadership Talent for Success in the Fourth Industrial Revolution.
In Future of Work, Work-Family Satisfaction, and Employee Well-Being in the Fourth
Industrial Revolution (pp. 53-68). IGI Global.
Laredo, A., Concepcion, L.P. and Mamani-Macedo, N., 2021. A Proposal for Modeling of the
Management of Talent Recruitment and Training in Peruvian Sports Centers.
In Proceedings of the 5th Brazilian Technology Symposium (pp. 505-513). Springer,
Cham.
Li, Y., 2021. Emergency Logistics Talent Assurance and Emergency Human Resources Supply
Chain Management under Public Health Emergencies. Frontiers in Economics and
Management, 2(3), pp.121-129.
Pham, L. and Dang, Q.T., 2021. ‘Value flows’ between talent and their networks: a case study of
international graduates working in Vietnam’s emerging economy. The International
Journal of Human Resource Management, pp.1-28.
Poursadegh, N., Eslami, A. and Haghighi, M., 2021. Talent Management in Policy Documents of
Islamic Republic of Iran. Resource Management in Police Journal of the Management
Dept, 1400(1), pp.33-59.
Shanmuga Priya, G., 2021. A Study on Strategy of Employer Branding and its impact on Talent
management in IT industries. Ilkogretim Online, 20(5).
Thomas, G., 2020. Data Usage in Talent Management–Challenges for SMEs in the Field of
Skilled Crafts.
Utomo, A., Indiyati, D. and Ramantoko, G., 2021. Talent Acquisition Implementation with
People Analytic Approach. Budapest International Research and Critics Institute
(BIRCI-Journal): Humanities and Social Sciences, 4(1), pp.204-215.
Wiblen, S. ed., 2021. Digitalised Talent Management: Navigating the Human-Technology
Interface. Routledge.
Yan, D., 2021, April. Research on the Curriculum Reform of Recruitment and Talent
Assessment under the Blending Learning Model. In 2021 2nd Asia-Pacific Conference on
Image Processing, Electronics and Computers (pp. 340-344).
Online:
Prarthana Ghosh, 2021. What is Talent Management? Definition, Strategy, Process and Models.
[Online] Available Through:<
https://www.toolbox.com/hr/talent-management/articles/what-is-talent-management/>.
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Task B: Performance Review
Reflection
The current project is vital and very informative for me that has improved my knowledge
and understanding about the theme of talent management. I got to learn about the needs and
Importance of talent management along with its vital role in mitigating the threat of high
employee turnover by the way of boosting their morale and satisfaction level. Beside this, use of
quantitative method of investigation was made by me that enhance the efficiency level of my
work and supported timely accomplishment of set objectives. Along with this use of
questionnaire has supported improvement in communication through interaction and analysing
the opinion of larger number of participants. At last, preparation of Gantt chart and WBS
supported my managerial skills and lead to better accomplishment of desired goals. Thus, current
project, is very knowledge and supportive for me that improved my overall information level
along with improved skills to have better growth opportunity for me in future.
Performance review template
● What was the project supposed to accomplish?
The project was supposed to accomplish, “learning about the importance of talent
management along with identifying most effective talent strategies which are being used by the
best companies to attract and retain talented employees”. A research project on M&S. Further
following objectives are also meet through current project:
 To learn about the rising importance and need of the talent management concept within a
business organisation.
 To determine about the role of talent management strategy in mitigating the issue of high
employee turnover and other challenges faced by a firm.
 To identify some most effective talent strategies which are being used by the best
companies to attract and retain talented employees for having improved productivity and
business success.
● Did the project succeed in its aims? How do you know? Specifically, please outline any
evaluation and assessment undertaken.
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Yes, the project is successful in meeting its aim as it provided the vital information about
the needs and importance of talent management which consists of Identify and attract talented
employees, retain skilled candidates, Boost morale and performance level and Creating positive
workplace along with Ensure hiring of right candidate, Meet needs and expectation of employees
Reduce chances of chaos and conflicts, Boost morale and satisfaction level of employees and
Prioritise employee engagement and happiness.
● What things do you think worked well and why? Evaluate all aspects of the project (e.g.
initial inception, project activities and project outcomes) from a range of perspectives.
My communication and managerial skills work well as it supports better preparation of
project management plan. Further, initial inception comprises of Gantt chart and WBS is also
effective along with performing of other activities like collection and analysis of data through
making use of quantitative research method.
● What problems emerged during the project and how were they tackled? Was there timely
identification of issues and resolution during the project process?
Problem reacted with lack of time and resources was faced that is timely identified and resolved
through making use of WBS, Gantt chart and project management plan.
● What did you learn from undertaking the project?
I had learnt about the importance and need of talent management along with the
information about best talent strategies to attract and retain people.
● How would you rate your performance as project manager?
9 out of 10
● What strengths and weaknesses of your performance did you identify?
Effective communication and managerial skills are my strengths whereas management of
time along with lack of information about method of research was my weakness.
● How will this inform and support your continuous professional development?
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The current project informs and supports my continuous professional development through
improved skills and knowledge level along with facilitating better managerial and professional
skills.
● The success of the project and its usefulness in supporting your chosen organisation’s
organisational performance
The current project is successful and useful in supporting the organisational performance
of the M&S as it communicates effective recommendation about the talent strategies that are
being used by the best companies like Tesco and Sainsbury to attract and retain people which
consists of Continuous training and development session, Regular performance based incentives
and recognition and Higher growth opportunity.
● Your own performance.
My performance during the project was satisfactory as I had performed all the activities
on time and in an efficient manner to achieve desired objectives, application of effective project
management plan along with Gantt chart and WBS together with effective research method was
made by me that supports my effective performance.
Task C: Presentation
Covered in PPT
Task D: Project Logbook
Template for evidence collection to be attached with the report by the learner:
Project Logbook for the chosen organisation:
Name of the learner: Name of the Supervisor:
Project Title: Date:
Update of weekly research/ tasks achieved (Account
for a minimum of six weeks with dates)
 What have you completed?
Comments
I have completed project on “To learn about the
importance of talent management along with
identifying most effective talent strategies which are
being used by the best companies to attract and
retain talented employees”. A research project on
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 Did you fulfil Task requirements?
 Are you on track and within deadlines set?
 Did you need to make any changes to your
project management plan?
M&S.
Yes
Yes
No
Any risks and / or issues identified?
 Did you identify risks/issues with a lack of
skills required for undertaking research
tasks?
 Did you identify any additional risks/issues
that have an impact on the project
management plan?
Yes lack of time and resources were found
No
Problems encountered
 What barriers did you face?
 How did you overcome them?
Lack of adequate amount of resources and time
were the main barrier.
Use of WBS and Gantt chart were made to
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overcome these issues.
New Ideas and change of project direction Needed 1 more week to achieve project targets in
more better way.
What Have I learnt about myself this week?
 How did I feel when I had to deal with
tasks/problems?
 Did I find it useful to complete the tasks?
 How well have I performed? What did I
contribute?
 What can I improve on next week?
 How might this learning apply in the future?
I Feel disgruntled.
Yes
I contributed 100% of my strength and performed
well.
I can make effort to improve my time
management skill.
The knowledge about talent management
strategies is gained from this research together
with improved managerial skills would applied
by me in future.
Tasks planned for next week
 Which tasks are priority?
 Have you set aside sufficient time for
completion?
Collection of reliable and authentic information.
yes
Project plan status to date (on, ahead, behind)
Supervisor comments to address
Signature of the Supervisor and date:
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