Different Talent Management Strategies to Attract and Retain Employees

This report, centered on a case study of Ascope Shipping Services, examines various talent management strategies aimed at attracting and retaining employees. The project begins with an introduction outlining the significance of talent management in today's competitive business environment. Task 1 details the project's aims, objectives, and research questions, followed by a project management plan encompassing cost, time, quality, communication, risk, and resources, along with a work breakdown structure and Gantt chart. Task 2 delves into the research methodology, including primary and secondary research methods, analysis of findings, and recommendations. The report concludes with a reflection on the value of undertaking the project, offering insights into the challenges and benefits of implementing effective talent management practices within the organization, including strategies for employee development, rewards, and recognition. The report also includes a literature review, project logbook and references.

(Person set theme) Talent
Management

1

Contents
TITLE – “Different talent management strategies to attract and retain people”.............................3
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
PART A...........................................................................................................................................3
Project aims and objectives....................................................................................................3
Project management plan.......................................................................................................6
Work breakdown structure and Gantt chart............................................................................7
Part B...............................................................................................................................................9
Task 2...............................................................................................................................................9
Conducting research: Primary and secondary methods to meet set aim and objectives........9
Analysis and presentation of Findings.................................................................................13
Recommendations................................................................................................................23
Task 3.............................................................................................................................................24
CONCLUSION..............................................................................................................................25
REFERENCES..............................................................................................................................25
Appendix........................................................................................................................................27
Project Logbook...................................................................................................................27
2

TITLE – “Different talent management strategies to attract and retain people”
INTRODUCTION
Aim of the research is to ascertain different talent management strategies for attracting and
retaining people within the. business organisations play an integral role in the overall business
scenario. In order to establish a successful business, maintaining, organising and regulating the
activities of business is very important. Talent management is very significant part of each
organisation and it is very crucial for the business managers that they emphasize on managing
and retaining talent in the organisation for long term (Afonin and et. al., 2021). This project is
based on Ascope Shipping Services which is specialist in vehicle and container shipping services
in United Kingdom. It offers affordable shipping prices and deliver vehicle to the destination
securely and safely. The organisation is facing an issue associated with managing and retaining
talent within the company. In order to overcome this issue and stay ahead in competitive market
environment, firm wants to execute talent management within the workplace (Bhatti and et. al.,
2021).
This project covers aim and objectives of project along with project management plan that
consists of some aspects including cost, time, quality, communication, deliverables, resources
and risk. It also includes work breakdown structure along with Gantt chart so that time frames
with completion stages of project can be provided. Apart from this, primary and secondary
research methods are used for mitigating the aim and objectives of project. Findings are
presented and appropriate recommendations are also provided with meaningful conclusion. At
last, a reflection on the value of undertaking project is provided in the report.
TASK 1
PART A
Project aims and objectives
In current competitive business environment, talent management is becoming a
significant aspect of every organisation. It is a set of integrated human resource processes of
organisation developed to attract, retain, engage and motivate employees. It includes the
practices pertaining to on boarding, recruiting, compensation planning, learning and
development, succession planning, performance management and workforce planning (Harb and
3

et. al., 2021). It is very crucial to think about objectives, goals and initiatives of organisation
while executing the strategies so that these can be accomplished effectively. This project is based
on implementing the talent management strategies within the organisation so that employees can
be retain for long term. In order to complete this project successfully, some objectives are
developed which act as guidance in completing the project. the aim, objectives and research
questions in relation to this project are provided below -
Research Aim:
The main aim of performing this study is “To ascertain different talent management
strategies for attracting and retaining people within the organisation”. A case study of Ascope
Shipping Services
Research Objective:
The main objectives in relation to this particular project are provided below:
1. To understand the significance of talent management for organisation.
2. To ascertain benefits of managing and retaining talent in the Ascope Shipping Services.
3. To identify different strategies that help in managing and retaining talent in the Ascope
Shipping Services.
4. To analyse the impact of talent management on the performance and productivity of
company
5. To evaluate different challenges faced by Ascope Shipping Services in order to
implement talent management.
Research Questions:
The key questions in relation to this particular study are as follows –
1. What is the significance of talent management for organisation?
2. What are the various benefits of managing and retaining talent in the Ascope Shipping
Services?
3. How different strategies that help in managing and retaining talent in the Ascope
Shipping Services?
4. What is the impact of talent management on the performance and productivity of
company?
5. What are different challenges faced by Ascope Shipping Services in order to implement
talent management.
4

Rational of project
Literature Review:
Significance of talent management for organisation
As per the opinions presented by Bertoldi (2021), Talent management is very important
in attracting top talent towards organisation. It provides organisation with an opportunity to
attract highly skilled, competent and talented employees in the organisation and develops a better
employer brand. Apart from this, it also equips organisation with tasks which needs critical skills
in order to plan and address significant as well as highly specialised roles in employees (Stingl
and Geraldi, 2021).. It increases the performance of employees and engages them more in the
organisation which in turn help in improving the productivity and performance of Ascope
Shipping Services.
Various benefits of managing and retaining talent in the workplace
As per the opinion presented by Nthamb, Markova-Nenova and Wätzold (2021), there are
several benefits gain by organisation by managing and retaining talent in the company. It helps in
increasing the engagement of employees within the organisation which in turn improve its
productivity as well as assist in maintaining a healthy workplace culture. In addition to this,
effective talent management and retention improve morale of employees which intern improve
quality of work in Ascope Shipping Services. This reduce the turnover of company and enable it
to retain work force within an organisation for longer term. It also helped organisation to ensure
high customer satisfaction as when systems integrate, customer satisfaction rate becomes high.
Different strategies that help in managing and retaining talent in the organisation
As per the view point of by Khalifa and Daim (2021), providing constant training and
development opportunities to employees is one of the strategy which help human resource
manager in managing talent. Opportunities of training and development will provide employees
with growth and development which will help them in attaining growth in their future career.
Apart from this, giving them appropriate rewards and recognition is also an another way of
managing and retaining talent in company (Kim, Gupta and Lee, 2021).. When employees are
provided with rewards and recognition, then their motivation level and morale enhance and they
get more satisfied while working in the Ascope Shipping Services. This will develop a sense of
5

satisfaction and belongingness among them and they want to work with the similar company for
long term
Impact of talent management on the performance and productivity of company
As per the opinions presented by Nielsen, Klausing and Nyhuis, (2021) Talent
management impact positively on the productivity and performance of company as when
company manage talent in the organisation, then it will help in creating a healthy culture within
the workplace which in turn improve its productivity and leads the organisation towards success.
Apart from this, this also declines the turnover of company which in turn increase its
performance. If competent and skilled employees are retained in the Ascope Shipping Services,
then provide competitive advantage to it over the rivals and ensure its long term sustainability in
market. All this will ultimately impact positively on the performance and productivity of
business organisation by accomplishing its goals and objectives (Bienkowski and McGowan,
2021).
To evaluate different challenges faced by Ascope Shipping Services in order to implement
talent management.
There are several important and successful approaches to address problems associated with
talent management, according to Holwerda (2021). These will be explained in the following
manner:
Growth and training: This is a vital step in reducing the problems involved with talent
management. Morrison's human resources must offer instruction to their workers as a result of
this. As it will aid in the expansion of company expertise within the workers, resulting in
increased job efficiency and productivity.
Creating possibilities: Jobs are more inspired as they are given the charge of difficult tasks,
as well as the accountability and power that comes with it.
Project management plan
A project management plan can be stated as a document which includes all the information
about how project is going to be performed. It involves some aspects associated with project
including cost, time, resources, risk, scope, quality and communication. All these are essential
part of the project which assist in its successful completion (Harika and et. al., 2021). By the
assistance of project management plan, the project manager ensures proper execution,
monitoring and control of the project. It defines the approach taken by project team in order to
6

deliver intended scope of the project. In relation to the project of executing talent management
within the company, the project management plan including various aspects is provided below -
Cost This aspect involves funds that are invested so as to acquire effective project
outcomes. For finishing the project successfully, the estimated cost chosen
by project manager is 1700 pounds. The various costs incur in this project are
as follows:
Cost breakdown of Project:
Investment £250
Research & Development cost £150
Expertise £250
Resources for execution of talent management
strategies
£300
Employees Training £350
Cost of executing variations in workplace £400
Total £1700
Scope This element ascertains the future value of project. This project has wider
scope as assist organisation in gaining good understanding about significance
of maintaining equally diverse workplace determining and executing the
strategies that assist in removing discrimination and maintaining diverse
workplace (Kozłowski, 2021).
Time In any project, time is the most essential aspect which depicts initiation and
completion of project. For completing this project in a successful way,
approximately 4 months are needed by the project manager.
Quality For ensuring effective and accurate outcomes of project, quality is the crucial
aspect. So, it is needed by the project manager to use appropriate method for
gathering data. Questionnaire is used in this project to ensure collection of
7

accurate data and maintaining the quality of project.
Communication Effective communication of project activities and tasks is very necessary to
make sure its completion on specified time. The project manager make use of
emails and telephone to exchange or communicate information associated
with the project (Frahm and Rahebi, 2021).
Risk For each and every project, some kind of risk is associated. It is the
uncertainty which brings deviations in original outcomes of project. Lack of
time and lack of funds are the two major risks associated with this project
which may hamper its performance and completion time.
Resources For completing a particular project, some resources are needed involving
physical, technological, human and financial resource. To complete this
project successfully, adequate amount of funds is needed along with skilled
and competent team members to perform each activity of project in an
effective way (Rajagopal, 2021).
Work breakdown structure and Gantt chart
Work Breakdown structure
It is related to the project management tool that are basically used by the project manager
as well as researchers in order to appropriately allocate the entire complex tasks into the smaller
sections which are managed and controlled efficiently (Etemadinia and Tavakolan, 2021).
8

Gantt chart
It is considered as a time management tool that facilitates graphical presentation of all
steps of tasks in order to provide work simplicity and transparency (Rajagopal, 2021). Use of
following Gantt chart has been made to present time scale of current investigation.
9

Part B
Task 2
Conducting research: Primary and secondary methods to meet set aim and objectives
This section of every project and research forms out an important part of investigation
which provide and expansion about the main research methods and techniques which are used
and applied by a researcher for conducting an investigation.
Research philosophy- There are four main types of research philosophy which can be used
and applied for a researcher for undertaking an investigation which consists of positivism,
realism, pragmatism, and interpretivisim (Ram, 2021). Out of these four type of research
philosophy use of positivism is seemed most suitable for current investigation which support
better study in a more systematic and practical way to evaluate about the various types of talent
management strategies.
10

Research approach- Deductive and inductive analysis methods are the two major forms of
research approaches, with deductive becoming more suitable with positivism theory and
inductive being more appropriate with interpretivism philosophy, which promotes in-depth and
detailed knowledge. Due to the nature of the present inquiry, it has been decided that using a
deductive method is more relevant and acceptable because it is more in line with positivism
theory and also offers help for successful scanning and checking of numeric and statistical
evidence. (Gianoncelli and Gaggiotti, 2021).
Research strategy- This forms out to be the main design and complete framework for an
investigation through providing information about the technique which has been used and
applied for collection of data. The main forms of research strategy which could be utilised by an
investigator comprises of action research, experiments, survey, observation, interview and
various other data collection tool. Out of these vital strategies, use of survey strategies looks out
most suitable and effective for current investigation. The main reason behind making use of
survey strategy is based on the fact that it provides a most cost and time efficient way for
collecting data from a larger number of population with the help of questionnaire thus, ensures
ample amount of information to meet its objectives (Bienkowski and McGowan, 2021).
Choices of method- There are two main methods of conducting and leading out a research
work which comprises of qualitative and quantitative method. Out of these two form of research
method, choice of quantitative method has been made for current investigation as it supports and
leads out to a more effective collection of data in numeric terms and statistical form which is
much more easy to present and analysis. Thus, selection of quantitative research method is
appropriate as it support a more measurable and specific set of result based on numeric facts and
statistical data presented with the help of tables and pie chart.
Collection of data- Gathering of information could be made from primary and secondary
sources of data both of which are applied and utilised for current investigation. The use of
primary sources of data collection seemed vital and appropriate to have authentic and first hand
data where as secondary data is also required to have a base and framework for investigation
with the help of past findings and records (Harika and et. al., 2021). Use of questionnaire has
been made as research tool for collection of primary data where as secondary information has
been gathered from online journals and articles related to chosen topic .
11