Analyzing Talent Retention Strategies: Marks and Spencer Project

This project investigates talent management strategies within Marks & Spencer, a British multinational retailer. It aims to identify effective methods for attracting and retaining skilled employees, examining the concept of talent management, its benefits for M&S, and specific techniques for staff retention. The project includes a project development plan, outlining costs, timeframes, resources, and communication strategies. It also details a work breakdown structure, Gantt chart, and research methodology, including qualitative research and inductive approach. Findings are presented through thematic analysis of survey data, exploring leadership styles, recruitment strategies, and the impact of various talent management practices on employee satisfaction and retention. The project concludes with recommendations for M&S to improve its talent management and retention efforts, based on the research findings and analysis.

Managing a Successful Business
Project
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Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
Producing Aim and objectives.....................................................................................................3
Research question........................................................................................................................4
Rationale......................................................................................................................................4
Milestone of the project...............................................................................................................5
Work breakdown structure..........................................................................................................6
Gantt chart...................................................................................................................................7
RESEARCH METHODOLOGY....................................................................................................8
FINDINGS AND ANLYSIS...........................................................................................................9
RECOMMENDATIONS...............................................................................................................12
REFLCETION...............................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
APPENDIX....................................................................................................................................16
Questionnaire.............................................................................................................................16
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Topic- To identify strategies and ways of retaining and managing people.
INTRODUCTION
Talent management is a process of attracting and retaining skilled employees within company for
improving image and productivity. Talent management and activities from attracting employees
to retain employees helps company and employees in accomplishing goals (McDonnell and
et.al., 2017). For retaining employees, employers put extra efforts and makes use of effective
strategies and try to satisfy employees. When employees become satisfy then they support
company in meeting their goals. So, from this it can be said that it is beneficial for both
employees and employers. There are several advantages that company can take by using
effective strategies for attracting and increasing staff retention rate with the company. In regards
to strategies of talent management it can be said that different companies make use of different
ways like motivation, training and others.
Research background
Talent management can be defined as strategic process of getting the right people and
helping them out in development and growth. This present project is based on Marks and
Spencer that is a British Multinational retailer, founded in 1884 by Michael Marks. It offers
clothing, food and home products. This present study is going to discuss advantages and benefits
of talent management along with ways by which companies can decrease staff turnover rate. It
will also show effective project development plan that includes: cost, resources, time and
communication modes required by project manager as it helps in completing project effectively.
For making project successfully, it is important to identify some important tasks that are known
as milestones and by focusing on these, project manager can complete project in timely manner.
Producing Aim and objectives
Aim- “To identify effective strategies by which Marks and Spencer can attract and retain skilled
workforce”. Study of Marks and Spencer.
Objectives
 To identify meaning and concept of talent management.
 To discuss benefits that Marks and Spencer can take by managing talent within
organization.
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 To recommend some techniques for staff retention and better people management.
Research question
1. What is the main concept of talent management?
2. How company can make itself beneficial by increasing staff retention rate?
3. What strategies can help Marks and Spencer in attracting as well as retaining its talented
people within organization?
Rationale
Talent management is the main key of success of organizations and in this increasing
competition era it is important for companies to make use of their skilled workforce. It is
believed that skilled workforce is mainly responsible for accomplishing goals of company. It can
be only possible when companies make use of effective strategies of attracting as well as
retaining them. So, one of the main reasons of selecting this topic is supporting companies in
making them able to take competitive advantages (Bratton and Watson, 2018). Making
companies able to be in the market and also make them able to respect values and needs of
employees is other reason.
Producing project development plan
For making a successful business project it is important for project manager to make an
effective plan. Project development plan guides project manager and leads him on a right
direction and by going on that direction, he can accomplish main goal of research. Some
elements of project development plan include:
Cost: It is main elements of project development plan that can lead to success if it is maintained
in an effective manner. It is important for project manager to have financial stability and ability
to invest money in an effective manner and specific activities. For this project there will be
requirement of around £1000 for identifying talent management strategy.
Time: It refers a period in which project can be completed by project manager and he requires
completing project for accomplishing goals (Mustanir, Abadi and Nasri, 2016). For this study, it
will require around 9-10 weeks.
Quality: It is one of the main important elements of project development plan on which success
depend. For accomplishing goals and improving image it is important for manager to maintain
quality and perform all functions in ethical manner. For this project, project manager will make
use of effective monitoring and controlling tools for knowing effectiveness.
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Communication: It is other element that allows project manager in interacting with internal and
external stakeholders and provides them information about project. It can reduce
miscommunication if modes of communication are being selected in an effective manner. For
this project, E-mail, telephone will be used for communication (Nilsalab and Gheewala, 2017).
Resources: For completing project on any topic, project manager requires having several
resources. Without resources it is not possible to complete study. It helps project manager in
completing study in a timely manner if resources are being selected effectively. For this project
several resources like: technology, HR resources, financial resources will be selected (Molale,
2019).
Risk: While making a plan, it is important for project manager to identify risk for protecting
themselves against failure and making use of effective strategy. The topic of this project is talent
management and identifying ways of attracting as well as retaining them so, increasing
competition and lack of time may create some barriers.
Milestone of the project
There are some important tasks that can be considered as milestone such as:
Producing aim and objectives Without producing aim and objectives, project manager
cannot perform further steps and all furthers functions depend
on it.
Producing project development
plan
It works as a guide for project manager and by assuming all
elements of project development plan he can complete project
in timely and cost effective manner.
Data collection As like development of aim and objectives, project manager
requires information on which basis they can accomplish goal
and take decision.
Analysis and findings For making final decision, it is important to analyse collected
data and improve quality of research project.
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Work breakdown structure
It is an effective way or tool that breaks project down into smaller in more manageable
portion. By making use of this, project manager can accomplish its goals and prioritize tasks in
an effective manner.
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Gantt chart
Acti
vitie
s
Wee
k 1st
week
2nd
Week
3rd
Week
4th
Week
5th
Week
6th
Week
7th
Week
8th
Week
9th
Week
10th
Identifyi
ng topic
Developi
ng aim
and
objectiv
es
Produci
ng
project
develop
ment
plan
Conduct
ing
primary
and
seconda
ry
research
Conduct
ing
question
naire or
collectin
g data
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Analysis
of
collected
data
Reflecti
on
Conclusi
on and
Recom
mendati
on
Submiss
ion
RESEARCH METHODOLOGY
Research type: There are 2 types of research as per the form of data. If researcher collects data
in non numerical form then such data is known as qualitative research (Rutberg and Bouikidis,
2018). Whereas, data that are being collected in numerical form is known as quantitative
research. For this project of talent management, qualitative research type will be selected
because it can give detailed information to researcher about the topic. It can help in making
appropriate decision.
Research approach: As like research strategy, research approaches are also being divided into 2
types such as inductive and deductive. In inductive research, researcher generate new theory as
he believes that by generating new theory as per his own, he can gather appropriate information
related to the topic. Whereas, in deductive approach, researcher believes that rather generating
new theory, he can gather information by developing existing theory of hypothesis. For this
project inductive approach will be selected as it is associated with qualitative research (Opie,
2019).
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Research philosophy: Research philosophy is a belief about ways in which researcher should
gather data about phenomenon. Interpretivism and positivism are 2 philosophies. In
interpretivism, research interprets all elements in an effective manner by taking human
consideration in it. In positivism, researcher believes that he can understand social world by
observation and society changes human behaviour. For this project, interpretive will be chosen
because it is associated with inductive approach.
Data collection: Data collection is the most important element because it helps researcher or
project manager in having appropriate data on which basis they can accomplish goals. Primary
and secondary are 2 data collection types. In primary data collection, project manager gathers
new data by making use of questionnaire, survey and others (Franzitta and et.al., 2020). In
secondary data collection, second hand data are being gathered via books and journals, internet,
literature and others. For this study, questionnaire will be conducted for gathering primary data.
Sampling: After identifying the type of data collection, project manager requires targeting some
people if they want to gather primary data. Sample refers target people and the whole process of
selecting them is known as sampling that is being divided into 2 types such as random and non
random. In random, people are being targeted randomly and in non random, people are being
selected in non random method that can de-motivate them. For this study, random sampling
method will be used for promoting diversity and 30 employees of Marks and Spencer will be
targeted as a sample.
Data analysis: After collecting data, project manager requires analysing them for making better
decision and accomplishing goals. There are 2 types of data analysis tools such as qualitative and
quantitative. For analysing non numerical data, researcher makes use of qualitative data analysis
tools and for analysing numerical data, quantitative data analysis tools are being used. For this
study, qualitative data analysis tools or thematic analysis will be used because the project
research type is qualitative (Etikan and Bala, 2017).
FINDINGS AND ANLYSIS
Theme 1: benefits your company can take by managing talent?
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Answers Frequency
Improves brand image 12
Increases productivity 10
Increases customers experience 8
Interpretation: On the basis of above data, it can be interpreted that talent management has
several benefits for employers. In this regard, 12 employees of Marks and Spencer among 30
stated that it can help their retailer in improving image. 10 employees believe that with effective
people management and having skilled workforce, it can take advantage of improved
productivity. 8 employees believe that by providing qualitative products with the help of talented
people, it can increase customers’ experience.
Theme 2: Leadership style does your company follow?
Answers Frequency
Democratic 15
Autocratic 11
Transformational 4
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Interpretation: From the above graph, it can be said that leadership style plays a vital role in
managing talent within company. In this regards, 15 employees said that their company follows
or make use of democratic leadership and it makes employees feel valued. Whereas, 11
employees said that their company follows autocratic leadership style as per the situation of the
company but this style de-motivate employees. In this regard, they also said that when
employees do not give opportunity in decision making process to employees then it de-motivate
them and increase staff retention rate. 4 employees said that Marks and Spencer make use or
transformational leadership and it is beneficial for both employees and employers.
Theme 3: Which recruitment strategy does your company use?
Answers Frequency
Internal 8
External 22
Interpretation: On the basis of above data it can be interpreted that recruitment strategy plays a
vital role in an effective talent management. In this context, 8 employees said that their company
employs people with internal recruitment or by promoting employees on upper post and by
transferring them, they fill vacant post. 22 or majority of employee said that their company
employ skilled workforce by external recruitment or making use of institutional, employees
referral and advertisement. They also said that it helps company in bringing innovation within
company but sometimes it de-motivates them. So, it can be said that recruitment strategy can
affect performance of employees of existing employees.
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Theme 4: What strategy is being used by your retailer for managing talent workforce and
increasing staff retention rate?
Answers Frequency
Rewards to employees 13
Training to employees 10
Safety at workplace 7
Interpretation: From the above graph it can be said that talent management strategy is the main
key of success of company by which they can increase performance and take all advantages. In
this regard, 13 employees said that their company provides financial and non financial rewards
as per the needs of them. It makes them feel valued and motivate them. 10 employees said that
they provide training to employees that increase their knowledge. It helps them out in reducing
errors and improving overall performance and makes them loyal towards company. 7 employees
stated that employers implement safety policy and use safety tools and makes their feel safe and
secure. So, it can be said that company can manage their skilled workforce within company.
RECOMMENDATIONS
On the basis of above discussion, several strategies have been identified that are being used
by company for motivating and retaining them. In the regards to staff retention it is found that
company only provides rewards, training and safety at workplace but it is not enough for them.
Nowadays people want to work with companies that provide those perks like flexibility, work
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