Managing Small Business Project: ASDA Talent Retention Strategies

This project delves into ASDA's talent retention strategies, aiming to understand and analyze the methods used to retain talented employees. The research begins with an introduction to the topic, outlining the research aims, objectives, and questions. A project management plan is established, detailing costs, scope, time, quality, communication, risks, and resources. The project incorporates a literature review, exploring the concept of talent retention, various strategies for improvement, and the benefits for ASDA. The methodology includes both primary and secondary research, utilizing a questionnaire to gather data from respondents. The data interpretation section presents and analyzes the questionnaire results, providing insights into employee perceptions and the effectiveness of ASDA's retention efforts. The project concludes with a summary of findings and recommendations for ASDA's talent management practices.

Managing small business
project

Table of Contents
Topic of the research is - What are the different strategies used by ASDA to retain talented
employees........................................................................................................................................4
TASK 1............................................................................................................................................4
Research aims and objectives.................................................................................................4
Introduction............................................................................................................................4
Research aim..........................................................................................................................4
P2 Project management plan..................................................................................................4
TASK 2............................................................................................................................................6
Literature review....................................................................................................................8
To understand the term “talent retention”..............................................................................8
To analyse different strategies to improve employee retention..............................................9
To evaluate various benefits to ASDA by talent retention.....................................................9
TASK 3..........................................................................................................................................10
P5 Data interpretation...........................................................................................................10
TASK 4..........................................................................................................................................20
Conclusion.....................................................................................................................................21
REFERENCES..............................................................................................................................22

Topic of the research is - What are the different strategies used by ASDA to
retain talented employees
TASK 1
Introduction
This research is about talent retention in ASDA. Talent retention rates at Asda's
supermarket store have improved dramatically and are currently at an all-time peak. The retail
giant announced that for more than five years, over 67,000 staff members have now been
working at the company (De Angelis, and Grinstein, 2020). It's a 10 per cent rise from last year.
In comparison, job retention is now at an all-time high as well with fewer than 20% of the
workers departing yearly. Asda Chief Financial Officer Judith Johnston said: "Leading to
economy job rotation initiatives and worker benefits, Asda has continually been regarded as
among Britain's best employers." These rewards include a 10% Asda discount, day-out money
off coupons for infants, affordable health insurance, and free financial services.
Research aim
Research objectives
 To understand the term “talent retention”
 To analyse different strategies to improve employee retention
 To evaluate various benefits to ASDA by talent retention
Research questions
 What do company mean by the term “talent retention” ?
 What are the different strategies to improve employee retention?
 Discuss various benefits to ASDA by talent retention ?
P2 Project management plan
Project Management Plan (PMP)
Cost It is the estimation of total money that is
needed for completing the project work. this is
essential for the project manager to complete
all the research activities in estimated budgeted
amount.

Scope The scope of this project is that it will tell us
which is the best talent management strategy
used for attaining organisational goals.
Time This is the time taken for completing all the
activities of project. A proper procedure with
time will help to enhance the accomplishment
of project work. Researcher will take 3 weeks
to complete the aim and 5 weeks for
implementing strategies of talent management.
Quality In this element, data as well as information has
to collect through authenticate as well as
relevant sources. The respective organisation
need to gather their information through
online, certify sources to maintain quality of
work. Similarly, researcher has to keep all
relevant data and information confidential for
avoidance of fraudulent activities in order to
maintain quality of research work regarding
equality at workplace.
Communication The investigator is using both written as well
as oral communication in order to manage all
project activities.
Risk For conducting the research activities properly,
it is evaluated that there are some risks that can
occur. These may include inadequate budget,
limited resources, lack of time, inaccurate
response and many more. Researcher has to
focus upon managing risks properly.
Resources The researcher needs resources like skilled
employees, data, sources, tools, etc, for
completing the project work.

P3 Gantt chart and WBS

Work break down structure
TASK 2
P4 Research methods
The research methodology is defined as a very important process used by investigators
and researchers for ensuring that data collected is relevant and efficient (Henha, 2019). There
are various methods used by researchers for completing the project. These consists of method,
design, approaches, researches, etc. These provide help in managing the data sources and
completing effective project activities. There are different research activities involved in
completing the project work. These include the following steps -
Research philosophy – There are basically two types of philosophies used by
investigators for completing the project work. It is essential to focus upon different research
philosophies to complete the project activity. Positivism and interpritivism are two important
research philosophies used for completing the project work. In this research, interpretivism
philosophy is considered for completing the project work.

Research approach – There are different research approaches used while completing the
research work. These help to manage the completion of goals and objectives effectively and
managing the research projects efficiently. Descriptive approach is used in this project.
Primary research: Primary research is known as the method in which there is indepth
evaluation and analysis of research topic. The primary research is conducted by doing a survey
on employees of ASDA (Holland, and Scullion, 2019). There are lot of ways to conduct the
primary research methods and these include questionnaire, interview, observations, surveys, and
many more. In this research, the primary research is conducted.
Secondary research: This is known as the data which is not the first hand or raw data. It
can be collected through newspaper, journals, magazines, online sites and many more. Such
methods are less expensive and in the following research, secondary source used includes
articles, journals and books.
The use of both primary and secondary data in this research has helped a lot for the
investigator to manage the understanding of talent retention. There is need to evaluate and
analyse the need for developing effective ways to conduct the best research a questionnaire is
developed for managing the survey.
Qualitative research: There are open ended and closed questions asked to respondents.
This helps in conducting a proper analysis of research work.
Quantitative research: This consists of numerical data interpretation and this can be
explained by using numeric data. Methods used in the quantitative search are online sampling.
In this research, a closed ended questionnaire is developed for respondents. This helps in
getting research outcomes effectively.
Questionnaire: There are 30 respondents chosen in this research and this
questionnaire is given to them for filling.
Literature review
To understand the term “talent retention”
It is analysed from the views of (Anaya Ibars,2019), Employee engagement is a crucial
challenge when firms struggle in a tight economy for talent. Employee turnover expenditures are
increasingly high, up to 2.5 times the salary of an employee, depending on the position. And
there are other "soft costs": reduced efficiency, reduced dedication, cost of preparation, and
cultural effects. According to the Society for Human Resource Management, the payoff for

companies that rely on workforce engagement is well worth the time and investment (SHRM).
Increased efficiency, increased productivity, better morale of workers and improved job quality
are all workplace advantages, not to mention a decrease in turnover. The bottom line is that
according to SHRM, by working on employee engagement, companies can attract qualified and
enthusiastic workers who genuinely want to be part of the enterprise and who are focused on
contributing to the greater performance of the company.
To analyse different strategies to improve employee retention
It is analysed from the views of (Behera, and Mohapatra, 2020), A successful retention
strategy starts from the moment the workers are employed to the moment they leave the firm.
Any of the employment strategies that can help build an impact on job retention are below.
In the first place, right and proper resources should be recruited for recruiting and recruitment.
This needs quite a lot of time and commitment. If the interaction with the workforce and the
company is pleasant and the mix between the appropriate skill set for a specific work role is also
correct, retention is less likely to be a challenge.
Orientation and Onboarding Handling workers in the early stages of jobs the correct way is
necessary and increases productivity.
Training and Development The primary factors in helping workers flourish with your business
and remain marketable in their profession are training and development.
Performance Evaluation-When workers are aware of what they are doing and the ways in which
they need to strengthen, both the company and employees are benefitted.
To evaluate various benefits to ASDA by talent retention
From the view point of (Chandrashekara, 2019), Employee Retention reduces time for
acquisition and preparation - Whoever knows turnover of human resources eats lots of time.
Second, recruiting new hires that are skilled and trustworthy takes time. Then the setting up of
interview rounds and negotiations takes time. After that it needs even more effort to have staff
aboard. Finally, incoming hires would actually be qualified by ASDA. Turnover is a human
resource headache, summing up all the hours. Retention of workers increases total efficiency
There are a variety of issues with a continual loss of workers, but the most immediate negative
thing for the workforce is the blow to productivity. There are understaffing challenges, of course:
vacancies that go unfilled can entail delays, overtime, and more frequent or troublesome errors.

Turnover is expensive... Staff retention saves you money
Turnover is costly. Everyone involved with recruitment and training knows how easily it is easy
to clock up hours - particularly if the job goes unfulfilled for a while. There are potentially major
costs involved with staff continuously going in and out: termination or other exit packages,
recruiting and talent retention, and hours wasted on resume review and interviews.
TASK 3
P5 Data interpretation
Questionnaire
Q1) Are company having any knowledge regarding talent retention? Frequency
a) Yes 25
b) No 5
Q 2) Do company think, there is need of of retaining employees and
increasing employee engagement?
Frequency
a) Yes 22
b) No 8
Q 3) As per companyr perception, what are the different ways to
enhance employee retention within ASDA?
Frequency
a) Providing right benefits 20
b) Increasing training programs 10
Q 4). As per companyr opinion, what are the different opportunities
that ASDA will have after managing talent retention?
Frequency
a) Growth opportunities 10
b) Timely attainment of goals 10
c) Positive working condition 10
Q 5). Do company agree that talent retention helps in increasing Frequency

company performance?
a) Yes 20
b) No 10
Q6). What are the various type of strategies used by ASDA to control
employee retention?
Frequency
a) Increasing motivation 15
b) Providing financial benefits 15
Q7). Which is the impact of employee retention on ASDA performance? Frequency
a) Positive impact 20
b) Negative impact 10
Q8). According to companyr vies, is it necessary for ASDA to provide
monitory benefits to it's employees ?
Frequency
a) Yes 25
b) No 5
Q9) Out of the following, what is the main problem with employees for
leaving the organisation?
Frequency
a) Demoralization 10
b)Anxiety and depression 10
c)Ineffective guidance from top authority 10
Q1) Are company having any knowledge regarding talent retention? Frequency

a) Yes 25
b) No 5
Interpretation – From this pie chart, it is concluded that most of the respondents have information
about the term talent retention. This is one of the most essential factor within a company that
reflects the performance of a company for managing the employees.
Q 2) Do company think, there is need of of retaining employees and
increasing employee engagement?
Frequency
a) Yes 22
b) No 8
25
5
a) Yes
b) No

Interpretation – It is considered that there is need to manage the employee retention for
enhancing employee engagement. Out of 30 respondents, there are 22 respondents who think that
talent retention is essential to manage the way of employee engagement.
Q 3) As per companyr perception, what are the different ways to
enhance employee retention within ASDA?
Frequency
a) Providing right benefits 20
b) Increasing training programs 10
22
8
a) Yes
b) No
20
10
a) Providing right benefits
b) Increasing training
programs