Analyzing Talent Strategies: A Project on Marks & Spencer's Approach

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This project analyzes talent management strategies, focusing on Marks & Spencer. It begins with an introduction to talent management and the chosen company. The project then outlines clear aims and objectives, followed by a detailed project management plan covering cost, time, quality, communication, risk, and resources. A work breakdown structure and Gantt chart are provided for timeframes and stages. The research methodology section details both qualitative and quantitative research methods, including data collection tools like questionnaires. The project continues with data analysis using appropriate tools and techniques, and communicates effective suggestions as outcomes of the findings. Finally, the project reflects on the value of undertaking the project to meet stated objectives and personal learning. The project aims to determine the tactics applied for retaining and attracting proficient personnel. The project uses Marks & Spencer as a case study, and includes a questionnaire to gather data on employee perceptions and experiences with talent management.
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Higher Nationals
Project Brief –
UnitNumberandTitle Unit 6 – Managing a Successful Business Project
ProjectTitle Considering a Strategic Approach to Talent Management
Learners Declaration: I certify that the work submitted for this unit is my own and the research sources
are fully acknowledged.
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Managing a Successful Business
Project -
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Contents
Higher Nationals................................................................................................................................1
Project Brief –...................................................................................................................................1
Contents...........................................................................................................................................3
Project Title: “What talent strategies do the best companies use to attract and retain people?”.....1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Devise clear aims and objectives for your project................................................................1
P2 Produce a project management plan that covers, aim and deliverables, time, quality,
communication, risk and resources..............................................................................................2
TASK 2............................................................................................................................................3
P3. Produce a work breakdown structure and Gantt chart to provide timeframes and stages for
completion...................................................................................................................................3
P4. Carry out small-scale research by applying qualitative and quantitative research methods
appropriate for meeting project aims and objectives methodology.............................................5
TASK 3............................................................................................................................................8
P5. Analyse research and data using appropriate tools and techniques.......................................8
P6. Communicate effective suggestions as outcome of finding and data analysis....................14
TASK 4..........................................................................................................................................16
P7 Reflect on the value of undertaking the project to meet stated objectives and own learning
and performance........................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18
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Project Title: “What talent strategies do the best companies use to attract and
retain people?”
INTRODUCTION
Talent management is undertaken as the vital part of entity and leads towards having
impacts on overall productivity as well as performance of business. Additionally, it is regarded
as the method of retaining and grabbing attention of workers which are competent to attain goals
(Baldwin and Curley, 2020). The chosen firm for this report is Marks & Spencer that is also
consider to be well developing retailer in British. It's headquarters is in London, England. This
essentially specialized to deal with home products, food products and clothing. The topics which
are discussed in this report are aims and objectives of particular projects, project management
plan, Gantt chart and work breakdown structure to analyze time frame. Moreover, the research
methods and data interpretation are also performed. Apart from this, the recommendation and
reflection are also provided in this particular report
TASK 1
P1: Devise clear aims and objectives for your project.
Background of topic: This project would undertake information related to talent
management as well as preservation which is a method of managing as well as keeping talented
staff of firm and devise effectual involvement into entities growth. Additionally, research project
would involve techniques of research, collection method that is utilized to accumulate effective
as well as accurate data to accomplish project objectives in efficient way (Bru and Hella, 2020)
Overview of Organization: Marks & Spencer as undertaken to be one of the well known
British multinational firm which was established in year 1884 having headquarters is in London,
England, United Kingdom. Moreover, the firm operates their business at global level with aids of
their various outlets that is around 959 as well as commodities such as home products, food
products and clothing. It have about 80,000 staff are employed through entity and it develop
employees engagement in business operations much efficient way.
Research aim:
"To determine the tactics which are applied for retaining and attracting proficient
personnel". A case study on Marks & Spencer.
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Research objectives
To understand the concept of talent management.
To determine different talent management strategies that could be considered by
company for retaining employees
To evaluate the benefits of talent management strategies for respective company.
Research Questions
What is the concept of talent management?
What are the different talent management strategies that could be considered by company
for retaining employees?
What are the benefits of talent management strategies for respective company?
P2 Produce a project management plan that covers, aim and deliverables, time, quality,
communication, risk and resources.
Project management plan is undertaken as tool with assistance of this project manager
highlights whole effectual project components. Additionally, this also aids them to conduct plan
for task attainment (Donada, Mothe and Alegre, 2020). The key components that are
incorporated into project management plan are described below in context of respective project:
Cost: This is undertaken as the costs that are needed through project manager for
accomplishing the project effectively and efficiently. Moreover, the cost needed for this
particular research is £1000 to accomplish this research in successful manner.
Total forecasted budget
Particular 2019-20($)
Laptop 400
Stationery 150
Total cost 550
Time: This is undertaken as the time duration that is required through project manager for
performing whole task appropriately so that they could able to accomplish objectives
efficiently. So, the researcher requires around 2 months for the completion of research
that is from 10th october to 12th december.
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Quality: Within this, the strategies which are utilised through project manager to
maintain research quality are described. In context of this investigation, to maintain the
quality, the project manager opting strategies such as rendering training, perform
assessing at each phases, ascertain risk and others. This reflects directly on the potemtial
and effectiveness of research that help in completion of research timely and effectively. Communication: This is undertaken as the aspects that is utilised to perform
communication. Within respective project, manager would perform meeting and
facilitates email to communicate with their team members. In order to collect
information, the investigator will have to communicate to the employees and managers.
Along with this, it also assist in gaining information about the policies of the company. Risk: It is stated that every study is associated with some kind of risk such as theft and
lost of data, non-completion of resrerach on time and so on. So, it is important to have
analyse the risk and develop strtaegy in order to meet with future circumstances. Time
delays or inaccurate information can also be risks for the project.
Resources: Respective component highlights resources that are needed through
investigators for performing research. Moreover, the research required resources for this
project are proficient staff, funds, time, tablet, internet, stationery and so on.
TASK 2
P3. Produce a work breakdown structure and Gantt chart to provide timeframes and stages for
completion
Work breakdown structure
The work breakdown structure is a process which is used to obtaining a complicate, various
steps project to be done. Work breakdown structure is denoted as hierarchical tree structure
profile your project and various steps into smaller, more capable of being manage portions (Elia,
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Margherita, A. and Secundo, G., 2020). It can also be divided or making folders and subfolders
more over creating single tasks into subtasks. Work breakdown structure can be divided into
team members, team productivity to be better leading and making the project easier or managing
the management. The main focus or vision of a work breakdown structure to create a large
project can be more manageable. So, with assistance of work break down structure M&S to
manage the overall large task in effective and efficient way.
Gantt Chart
A Gantt chart is also known as harmonogram. A Gantt chart is a variety of bar chart that
represents or clear making about duration of project. This chart shows about the task to be
performed which can denote on vertical axis and time duration is denoted on horizontal axis. The
duration of particular task can shows the width of the horizontal bars (Haalan E. and Olsen,
O.A., 2020). Gantt charts also represent the beginning of the task and the ending of the task dates
of the terminal element and overall summary element of the certain project.
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P4. Carry out small-scale research by applying qualitative and quantitative research
methods appropriate for meeting project aims and objectives methodology
Research methodology:
It describes particular methodologies for performing, picking up as well as explaining
details about determine subject matter. In addition to this it have been arranged that systematized
evaluation, investigate, inquiry as well as assessment (Hassandoust, F. and et. al., 2020). Also, it
is an action of gathering information to provide firm’s involvement. Along with this, it is helpful
in describing as well as assessing marketplace which is utilized to resolve upcoming duration
issue of business. Beside this, it expresses the corporate issues, theory development as well as
solution of information and evaluation of market area.
Qualitative method
This is a method which can denote the order of certain type of quality to be concluding
the analysis of examination opinion of the quality and to identify the final result to be obtained.
This also shows the data to be explained in basic forms (Le Dain, Merminod, and Yager, M.,
2020). By representing all the data in technical way that can be analysis data in non statistical
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data based on theories, opinion and inspiration. By doing such things such as issues, problems
and also certain action to be done and for making developing parts is most suitable way for
qualitative method. This can imagine time taken and expensive because of gathering more
information or data, by elaborate the information will take more duration.
Quantitative method:
Within this method, the information is accumulated into level type, areas for project
graphs, columns and rows within tables. Moreover, this explains in particular forms with
statistical, numerical, tables and bars. Along with this, the accumulation of data is into statically
manner like online observations, reports, mail and others. Additionally, it accumulates relative as
well as precise information which is gathered in similar kinds through researcher and effective
for investigation as well as formulates theory with much scope of data accumulation. As
inefficient as well as irrelevant data might impact in adverse manner for mapping and inspecting
data due to longer specimen is needed for relevant data.
Data collection tools
This is undertaken as effective methods as well as instrument that are utilized through
researcher accumulate information (Michalak and Rysavy, 2020). Essentially, these are two
kinds as well as mid of gathering information that is described below: Primary data source: This is regarded as forms of data that is accumulated directly from
the source without obtaining included with other existent sources. In addition to this, the
first handed information that is accumulated through researcher fresh for attaining the
project objectives. Moreover, this time taking as well as quite costly method. In respect
respective project, investigator should accumulate information from this particular tool
with assistance of questions
Secondary data source: This regarded as that information that is already accumulated
through other individuals. Moreover, this is the utilisation of existent information that
aids to maximise research effectualness. Along with this some common tools that s
utilised by researcher are books, journal and others. In respect of specific project,
researcher should utilise this data accumulation techniques in order to attain project
objectives effectively.
Sampling: This is undertaken as procedures that is utilised for evaluating the pre-specified
observations from the huge population to accumulate data. In respect of respective project,
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investigator should have around 30 respondents’ from the overall population who are the
workers of Marks & Spencer in order to determine its conceptions as well as experiences with
regards to Talent management concepts.
Questionnaire:
Questionnaire
Q1. Are you aware about the concept of talent management?
(a) Yes
(b) No
Q2. According to you, What are the strategies implemented by Marks & Spencer to attract
and retain skilled personnel?
(a) Continuous training and development
(b) Mentoring and staff coaching
(c) Rewards and recognition
(d) Candidate Cultural fit
Q3. Do you agree about those tactics which would aids to manage skilful staff within Marks
& Spencer?
(a) Yes
(b) No
Q4. According to you, What are the challenges faced by organization due to lack of talent
management?
(a) Increased employee turnover
(b) Lack of leadership
(c) Tightening talent market
Q5. In context of you, What are the benefits of talent management strategies for respective
company?
(a) Development of company
(b) Retaining high performance workforce
Q6. What are the key functions performed by Marks & Spencer to develop personal skills.
(a) Training and development
(b) Supporting problem solution
Q7. In what way, the organisational managers are involved in respect of retaining
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proficient individuals in workplace?
a) Empower accountable workers
b) Provide opportunities to grow
Q8. Does the company have taken any initiative related to talent management within
workplace?
(a) Yes
(b) No
Q9. In what way, organisation determines the talent of their staff members?
(a) By competencies
(b) By potential
Q10. Any suggestion......
TASK 3
P5. Analyse research and data using appropriate tools and techniques.
Q1. Are you aware about the concept of talent management? Frequency
Yes 26
No 4
Interpretation: Based upon the above graph, it has been interpreted that talent
management is one of the essential concepts as this helps them in retaining and grabbing
attention of workers which are competent to attain goals (Stephenson, 2020). So, among 30
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respondents, 26 are aware about talent management concepts and rest of them is responding
towards no.
Q2. According to you, What are the strategies implemented by Marks &
Spencer to attract and retain skilled personnel?
Frequency
Continuous training and development 7
Mentoring and staff coaching 5
Rewards and recognition 15
Candidate Cultural fit 3
Interpretation: Based upon the above pie chart, it has been interpreted that there are
various strategies such as ongoing training and development, rewarding and recognitions and
others that are implemented through M&S to attract and retain skilled personnel. so, among 30
respondents 15 are in favour of rewards and recognition, 7 towards continuous training &
development, 5 mentoring and staff coaching and rest of them are responding towards candidates
cultural fits.
Q3. Do you agree about those tactics which would aids to manage skilful
staff within Marks & Spencer?
Frequency
Yes 27
No 3
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