Strategies of Talent Management in Aston Martin Project

This project delves into the critical topic of talent management, exploring strategies employed by leading companies to attract and retain skilled employees. The project focuses on Aston Martin, a prominent automotive company, and examines the challenges and opportunities it faces in this area. The project encompasses several key components, including a detailed introduction outlining project aims and objectives, a comprehensive literature review, and a project management plan encompassing cost, quality, time, communication, scope, resources, and risk assessments. A work breakdown structure and Gantt chart are also developed to visualize project tasks and timelines. Furthermore, the project includes a small-scale research component, utilizing quantitative research methods to gather data and present findings. Based on the research, the project provides data-driven recommendations to improve talent management practices. Finally, the project reflects on the value of the undertaking and concludes with a summary of key insights and findings.

Managing a Successful
Business Project

Table of Contents
Topic: Strategies of talent management used by best companies in order to attract and retain
talented people. A project on Aston Martin.....................................................................................1
INTRODUCTION...........................................................................................................................1
P1) Project aims and objectives..............................................................................................1
Literature review....................................................................................................................2
P2) Project management Plan.................................................................................................3
P3) Work breakdown structure and Gantt Chart....................................................................5
P4) Small-scale research.........................................................................................................6
P5) Present findings and data.................................................................................................9
P6) Communicate appropriate recommendations as a result of findings.............................16
P7) Reflect on the value of undertaking...............................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

Topic: Strategies of talent management used by best companies in order to
attract and retain talented people. A project on Aston Martin.
INTRODUCTION
The conception of talent management has become important and vital for every organisation
which comprises of a constant process of attracting as well as retaining high quality skilled
employees along with regularly upgrading their skills along with making efforts to continuously
motivating them to improve performance (Mkrttchian, Chernyshenko and Ivanov, 2021). The
current project is based on the issues faced by organisation while retaining its talented employees
which made it vital for best companies to adopt strategies of talent management to attract and
retain talented employees. The current study is based on Aston martin which is well known
automotive company of UK the headquarter of which is situated at Warwickshire, England, UK.
The current project comprises of a discussion about the aim and object along with project
management plan, Gantt chart and WBS. Further, a small scale research along with presentation
of its findings and recommendations are also made in current project.
P1) Project aims and objectives
In current business situation where a larger number of competition and uncertainty are
prevailing, implication and adoption of effective talent management strategies has seemed vital
and important for all business organisation (Jones, Meckel and Taylor, 2021). It has been
analysed that the talent management facilitates an effective process for companies to properly
recognise and develop talented candidates which lead a positive impact on productivity and
overall performance of their organisation. But, beside this many issues and challenge are being
faced by companies in managing talent and retaining qualified person for a longer period (Kilinc,
2021). Therefore, current study has been conducted on Aston martin to evaluate these challenges
along with getting better understanding about the strategies adopted by best companies to attract
and retain talented candidates. The main aim and objectives set out for current study are provided
as below:
Aim
“To evaluate the main issues faced by companies in managing talent along with analysing
the strategies that has been used by best firms to attract and retain talented people”. A project on
Aston Martin.
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Objective
 To develop effective understanding about the need and importance of talent management
concept.
 To analysis the various issues and challenges faced by companies in managing talent at
their workplace.
 To identify the best talent management strategies which have been adopted by the best
organisation to attract and retain talented people for a longer period of time.
Research questions
 What are the main factors behind the rising need and importance of the concept of talent
management?
 Which can be the various issues and challenges faced by companies in managing talent at
their workplace?
 What can be taken as best talent management strategies which have been adopted by the
best organisation to attract and retain talented people for a longer period of time?
Literature review
On the basis of information provided by the Quirk. E., 2018, it has been observed that vital
phenomenon of the talent management is basically related with the process of attracting and
recruiting talented candidates along with continuously motivating and developing them to gain
higher performance and better accomplishment of set objectives. Beside this, it has been also
analysed that talent management is not only a key component of HR practises but also the
responsibility of leaders and line managers to boost the morale and motivation of employees
towards achieving higher efficiency and improved performance (de Abreu Mancini and Silva,
2021). Along with this, it has been also analysed that the issue of higher employee’s turnover
along with the required time and cost in the recruitment of new candidates which enhance the
operational cost has made the talent management vital and essential for all companies. Thus,
many effective talent management strategies are being adopted by the organisation to ensure
higher retention and attraction of talented and skilled candidates.
It has been analysed on the basis of information provided by the Pocztowski, A. and
Pauli, U., 2021, many advantages and benefits are being related with implication and use of
talent management strategy which comprises of attracting and retaining quality employees along
with ensuring a continuous motivation for them. Beside this, it has been also analysed that
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improved workforce performance and skills of employees along with facilitating enhanced
creativity and innovation through regular training are also the positive impact of talent
management which also ensures reduction in the operational wastage. But, still many challenges
and issues are also faced by companies in managing talent at their Workplace. As per the view
point of Kesavan, C., 2021, it has been analysed that the Bentley which is renowned automotive
company and multinational organisation is facing an issue of lack of leadership at it workplace
which is hampering the management of talent and also leading to the issue of high employee
turnover. Apart from this, many best companies like Rolls Royse are also facing the issue of lack
of leadership along with higher demand of compensation from talented and skilled employees
which is creating it difficult to manage and retain talented employees. Beside this, unpapering
company culture along with lack of proper analysis of dynamic and complex needs of the
employees is also the common issue that is being faced by many best companies with talent
management (Morledge, Smith and Appiah, 2021).
According to the view point Banerjee, K.K., 2021, many strategic talent management
strategies like providing performance based appraisal and incentives to skilled employees has
been used by best companies to attract and retain talented employees for a longer period of time.
Beside this, providing regular training as well as facilitating higher growth opportunity also act
as a suitable strategy for managing talent which boost the motivation and confidence level of
employees and retain them for a longer span of time (Mu and et. al., 2021).
P2) Project management Plan
Project management plan can be stated as which defines the way project is carried out. It
includes budget, timeline, scope, goals and deliverables of the project and is important for
keeping track on project (Drysdale, Gurr and Goode, 2021). The project manager develops a
detailed plan of the project in order to have better planning as well as organisation of all its
activities. The different components cover in project management plan in relation to this
particular project is provided below:
1. Cost - It is one of the crucial aspect of any project which is related to the estimated cost
and expenses incur in completing the project successfully. In relation to the specific
project, the various costs estimation is provided below:
Particulars Amount
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Cost associated with hiring talent £50
Resources £40
Technology £50
Other Expenses £60
Total Cost £200
2. Quality - It is the another crucial aspect of a project which is related to reliability and
authenticity of the data collected in the study. Thus, it is very essential for the project
manager to utilise appropriate method for the data collection and ensure that all the
collected data is authenticated so that quality of the project can be ensured. So, in relation
to this particular project, the data will be gather through using questionnaire and primary
data is collected for ensuring the accuracy (Kovalova and Poradova, 2021).
3. Time - It is the aspect which is associated with the total time required to complete a
particular project (initiation and completion time). In context of this project, the estimated
time for its successful completion decided by project manager is 4 months.
4. Communication - In order to ensure success of a project, proper and effective
communication is very essential aspect. Thus, it is very important for project manager to
use effective communication tools for communicating all the information associated with
the project in an effective way (Harland, 2014). This assist in completing all the activities
and tasks associated with a project on specified time. So, in order to ensure effective
communication, the project manager make use of emails, mobile phones and other
communication tools.
5. Scope - This element of project management plan demonstrates about future project
value. The scope of this project is wide as with the help of this project, project manager
can gain good understanding about significance of managing talent in the organisation.
Apart from this, it also helps in determining the strategies which help in managing talent
effectively within the firm (Aragao and El-Diraby, 2021).
6. Resources - For performing all the activities and tasks of the project in an effective way,
adequate amount of resources are needed. These resources consist of technological
resources, physical, financial and human resource. In relation to this project, adequate
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amount of funds is needed along with the appropriate technology like communication
tools to perform all the activities effectively. The physical resources needed in this
project is pen, notebook, laptop etc. Apart from this, for ensuring productivity and
successful completion of project, skilled and competent workforce is required.
7. Risk - In every project, certain amount of risk is associated which may bring deviations
in the outcomes of project. In relation to this specific project, the associated risk can be
lack of resources and lack of time. These two are the main risks that needs to be taken
into consideration by the project manager in order to ensure successful completion of
project (Runyowa, and Fourie, 2021).
P3) Work breakdown structure and Gantt Chart
Work breakdown structure – It is a reflection of work in a deliverable oriented
decomposition which is executed by the project manager in order to attain the objectives of the
project and develop required deliverables. With the help of WBS, project manager breaks down
the activities into smaller task so that better productivity can be ensured and project can be
managed effectively.
Gantt chart - It is a chart which involves horizontal line series that demonstrates the
amount of production completed or work done in specified period of time in context of amount
planned for those. By the assistance of this project management tool, the project manager can get
help in planning and scheduling of project activities (Mkrttchian, Chernyshenko and Ivanov,
2021).
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P4) Small-scale research
In a small scale research, there are 2 main forms of research methods which are mainly
used including qualitative and quantitative research methods. These methods are provided below:
Qualitative research method- The qualitative method is about collection of detailed data
which administers adequate information about the particular area of study. In this, collection and
analysis of non-numerical data is performed in order to understand the experiences, opinions and
concepts. The different methods through which data is collected in this research includes visual
analysis, observations, interviews etc.
Quantitative research method- The quantitative research method is all about collection
of numerical data from the existing and potential consumer by using sampling methods.
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Quantitative data can be collected through performing online surveys, observation, cross
sectional survey etc. (Jones, Meckel and Taylor, 2021).
In relation to this particular study, the project manager makes use of quantitative research
method so that numerical information can be collected and more accurate and reliable outcomes
can be ensured. By the assistance of this method, project manager draws accurate outcomes of
study.
Beside this, there are two main form of research approach which comprises of deductive
and inductive approach a definition of which is provided as below:
Deductive approach- This form of research approach is applied with quantitative nature
of study which facilitates and ensures more practical and systematic way of study.
Inductive approach- This research approach is more detailed in nature and comprise of
discussion about theoretical opinion and view point of respondents therefore used with
qualitative nature of study.
With respect to current study, use of deductive approach is more appropriate as it is in
line with quantitative method of research and also offers better testing and scanning of numeric
facts in a more systematic manner.
Sources of data collection
The data in the research can be collected by using two sources, primary and secondary, which are
provided below:
Primary sources- It is the method through which completely fresh data is collected,
which is never collected before through anyone else.
Secondary sources - This is the method by which second hand information is gathered
which is already collected by others.
In this project, both primary and secondary methods are used for collecting data
associated with the study. Primary data is collected by using questionnaire and secondary data is
gathered through using books, journals and previously published articles.
Questionnaire
Q1) Is any kind of understanding is hold by you about the conception of Talent
management?
a) Yes
b) No
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c) Neutral perception
Q2) What are the main factors behind the rising need and importance of the concept of
talent management?
a) Higher employee turnover
b) High recruitment cost
c) Enhanced competition
d) Dynamic business environment
Q3) Which option would justify the present need and importance of Talent management
strategies within Aston Martin?
a) Attract and retain High quality employees
b) Continuously Motivate employees
c) Improved workforce performance and skills
d) Enhanced creativity and innovation
e) Reduction in operational Wastage
Q4) Do you agree with the fact that issues and challenges faced by companies in managing
talent at their workplace?
a) Agreed
b) Strongly agreed
c) Disagreed
d) Strongly Disagreed
e) Neither agreed nor disagreed
Q5) Which one is the most common issue that have faced by companies like Bentley and
Rolls Royce with talent management?
a) Lack of leadership
b) Higher demand for compensation
c) Unappealing company culture
d) Complex and diversified needs of employees
Q6) How would you like to justify the role of leaders and line managers in ensuring
improved wellbeing and higher development of the employees?
a) Through managing emotions
b) Having improved integrity
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c) Ensuring a positive and respectful workplace environment
d) Analysing performance and skills gap
e) Providing required training
Q7) Which can be taken as best talent management strategies that has been adopted by the
best organisations like Bentley and Rolls Royce to attract and retain talented people for a
longer period of time?
a) Adoption of participant leadership style
b) Providing performance based perks and incentives
c) Regular technical training and development session
d) Offering Higher growth Opportunity
e) Systematic recruitment process
Q8) Any other Recommendation to mitigate the issues faced in managing talent along with
having higher retention of qualified employees?
Sample Size – It is a method through which project manager select sample size from the
overall population. The sample size selected in this study is 45 participants selected with the help
of random sampling method from the employees of the Aston Martian.
P5) Present findings and data
Use of frequency table along with pie charts has been made for ensuring effective
presentation of raw data that has been collected for current investigation with the help of
questionnaire. A systematic analysis and interpretation of collected raw data has been also
provided below:
Theme 1: Conception of Talent management
Q1) Is any kind of understanding is hold by you about the conception
of Talent management?
Frequency
a) Yes 43
b) No 1
c) Neutral perception 1
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Interpretation
On the basis of above pasted pie chart, an interpretation has been made out that from a
total of 45 participants 43 were holding effective understanding about the topic of talent
management strategies whereas 1 was completely unaware about this together with the
remaining 1 participant who tend to hold a neutral perception on the concept of talent
management.
Theme 2: Main factors behind the rising need and importance of the concept of talent
management
Q2) What are the main factors behind the rising need and
importance of the concept of talent management?
Frequency
a) Higher employee turnover 15
b) High recruitment cost 10
c) Enhanced competition 9
d) Dynamic business environment 11
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