Professional Research Report: M&S Talent Strategies - Unit 6 Project

This report is a comprehensive analysis of talent management strategies, focusing on Marks and Spencer (M&S). It begins with an introduction to talent management and its significance, followed by an overview of M&S. The report outlines the aim and objectives of the study, along with a detailed project management plan including cost analysis, timelines, and risk assessment. A work breakdown structure (WBS) and Gantt chart are included for project organization. The methodology section explains the use of quantitative research methods, detailing both secondary and primary data collection through questionnaires. The analysis section examines secondary research findings and presents the results of the primary research. The report concludes with recommendations for M&S to improve its talent management practices, followed by a communication plan for the recommendations. The report also includes references and appendices with supporting documents such as a performance review template and project logbook.

Unit 6: Managing a
Successful Business
Project
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Table of Contents
Task A: Professional research report...............................................................................................1
Topic: “What talent strategies do the best companies use to attract and retain people?”. Research
work on M&S..................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Brief overview of chosen organisation...................................................................................1
Aim and objectives.................................................................................................................1
Project management plan.................................................................................................................2
WBS and Gantt chart.......................................................................................................................3
Methodology....................................................................................................................................5
Secondary research.................................................................................................................6
Primary research.....................................................................................................................7
Analysis of data................................................................................................................................9
Conclusion.....................................................................................................................................14
Communication of the Recommendation......................................................................................15
REFERENCES..............................................................................................................................15
Task B: Performance Review........................................................................................................16
Reflection.............................................................................................................................16
Performance review template...............................................................................................17
Task C: Presentation......................................................................................................................19
Covered in PPT.....................................................................................................................19
Task D: Project Logbook...............................................................................................................19
Template for evidence collection to be attached with the report by the learner:.................19
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Task A: Professional research report
Topic: “What talent strategies do the best companies use to attract and retain
people?”. Research work on M&S.
INTRODUCTION
The concept of talent management can be defined as a process of identifying, recruiting and
holding the skilled and talented people for a longer period to drive improved success of the
organisation (Wiblen, 2021). Thus, the Talent management is related with attracting and
retaining talented candidates along with ensuring their continuous improvement and
development of enhanced business success. The current report is based on M&S company which
a renowned retailer of UK. Beside this, current project comprises of setting aim and objectives
together with a project management plan which involves WBS and Gantt chart also. Further, a
small scale research has been undertaken along with analysis of collected data and
communication of recommendations.
Brief overview of chosen organisation
The organisation that has been selected for current project is Marks and Spencer (M&S)
that is major British multinational retailer the headquarter of which is situated at London, UK.
This firm is having specialisation in selling clothing, home products and food products but know
an enhanced level of competition is being faced by M&S from other retailers like Tesco and
Sainsbury (Li, 2021). Thus, a rising threat of high employee turnover is being faced by M&S, so
the currents study is undertaken on M&S to analyse about the role of talent management strategy
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in mitigating the issue of high employee turnover along with determining most effective talent
strategies which are being used by the best companies to attract and retain talented employees.
Aim and objectives
Aim
The aim of current study is, “To learn about the importance of talent management along
with identifying most effective talent strategies which are being used by the best companies to
attract and retain talented employees”. A research project on M&S.
Objectives
 To learn about the rising importance and need of the talent management concept within a
business organisation.
 To determine about the role of talent management strategy in mitigating the issue of high
employee turnover and other challenges faced by a firm.
 To identify some most effective talent strategies which are being used by the best
companies to attract and retain talented employees for having improved productivity and
business success.
Research questions
 What are the reason for rising importance and need of the talent management concept
within a business organisation?
 How a vital role is played by talent management strategy in mitigating the issue of high
employee turnover and other challenges faced by a firm?
 Which are some most effective talent strategies that are being used by the best companies
to attract and retain talented employees for having improved productivity and business
success?
Project management plan
Project management plan forms out a vital document while undertaking a research project
which facilitates information about the ways according to which a project would be accrued out
(Kişi, 2021). This project management plan comprises of discussion about the cost, timeline,
risk, scope, communication, etc. which are important for meeting the set goals along with
keeping the project on track.
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Cost- It is vital aspect of a project which provides information about the estimated cost and
possible expenses during the project. Following budget is presenting the cost of current study on
Marks and Spenser:
Particulars Amount
Cost associated with hiring talent £50
Resources £40
Technology £50
Other Expenses £60
Total Cost £200
Quality- This part is related with maintaining the reliability and authenticity of the collected
data thus forms a vital part of project management as it leads to authenticated data collection and
analysis. Use of efficient research method and questionnaire has been made to maintain the
quality of current project which maintain reliability during collection of facts (Yan, 2021).
Time- It represent the time required for performing the various task and activity from
intention to completion of the project. An estimated 4 months are required to meet the set
objectives and perform various activity of current project.
Communication- Effective communication is a very vital aspect of a project to mitigate the
chances of chaos and confusion during the study. Use of online modes of communication like e-
mails, phones, social media, etc. are made to ensure better communication and sharing of vital
information to meet desired objectives in most efficient manner without having any chaos and
confusion.
Scope- The current project is having a wide a scope it helps the project manager to learn and
gain better underdoing about the theme of talent management that is vital to overcome the issue
of high employees turnover and other recruiting challenges faced while managing workforce
(Utomo, Indiyati and Ramantoko, 2021).
Resources- Use of various financial, human and technical resources are made. Financial
resources are required to meet the cost of project while the human resources are required to
perform various activities. Beside this, technical resources, like computer, MS office, internet,
etc. are also required for collection and recording of data.
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Risk- Obstacles and threat related with lack of time and resources are associated with
current study which limit the efficiency level of current investigation.
WBS and Gantt chart
Work Breakdown structure
Use of following WBS is made for proper bifurcation of all project activities and task in
manageable chunks and groups:
Gantt chart
Use of below stated Gantt chart is made to present about the time duration and sequence
of current project:
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Methodology
There are two main methods that are used by a researcher to carry out an efficient small
scale research which are discussed as below:
Qualitative method- This method comprises of collection of data in the detailed and
subjective form that facilitates in-depth information in form of theoretical information about the
opinion and experience of human being (Anlesinya and Amponsah-Tawiah, 2020).
Quantitative method- This method comprises of leading a research in an objective manner
where data has been collected in numerical form that is easy to collect and present. Further, it
also supports a more measurable and specific set of research result.
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With respect to current study, the project management has made use of quantitative
research method as it seemed to provide more accurate and reliable outcomes through supporting
collection of numerical information. Use of quantitative method is much more cost and time
effective along with supporting more accurate outcomes based on effective presentation and
analysis of data through making use of various statistical chats and tables.
Sources of data collections
There are two main sources of data collection both of which are applied and used for
collecting facts for current investigation which are discussed as below:
Secondary sources- It comprises of second hand information that is pre-existing and
collected by some other scholars and researchers. Making use of secondary source is rationale is
it facilitates a base and improved framework for undertaking further investigation in more
efficient manner (Thomas, 2020).
Primary sources- Use of primary sources of data is rationale as it supports and provide
fresh data that has been never collected before. Thus, ensures higher authenticity and reliability
of facts. Use of questionnaire have been made for collection of primary data.
Secondary research
With respect to the information provided by the Prarthana Ghosh, 2021, it has been
analysed that the concept of talent management basically presents the complete scope of HR
which comprises of attracting, developing and retaining the high performing employees. Thus,
the main reason behind increasing the needs and importance of the talent management concept
comprises of fact that companies are looking to have improvement in the employee performance
and productivity to mitigate enhanced competition in business environment along with fulfilling
the desires of customers (Li, 2021). Beside this, it has been also analysed that lack of effective
employee motivation is also faced by many organisations that is a vital risk creating the
challenge of high employee turnover thus, it become increasingly important for best companies
to adopt effective talent management strategy to overcome this issue of high employee turnover
(Kişi, 2021).
Apart from this, as per the information provided by Dorasamy, N., 2021, it has been
analysed that a vital role is played by talent management in mitigating the risk of high employee
turnover and other recruiting challenges within a firm as it ensures hiring of the right candidate
and also meets the desired needs and expectation of the employees. Apart from this, talent
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management also aim at prioritising the employee engagement and happiness of the employees
which boost the morale and satisfaction level that ensure higher retention of employees (Wiblen,
2021).
Further, it has been observed on the basis of information provided by Shanmuga Priya, G.,
2021, that providing regular training is an effective talent management strategy adopted by the
best company like Tesco which ensure better management of talent along with retaining them for
longer period for improved skills and growth opportunity. Beside this, providing performance
based incentives and other perks has been also adopted by companies like Sainsbury to meet the
financial needs of employees which attract and retain talented candidates (Yan, 2021).
Primary research
Use of following questionnaire has been made for undertaking primary research on selected
topic of talent management. Use of questionnaire is rationale as it provides most cost and time
efficient way of collection of data from a wider number of population to effectively meet the set
research objectives.
Q1) Does any kind of implication or understanding is hold by you on the theme of talent
management?
a) Yes
b) No
c) Average understanding
Q2) Which can be taken as the key benefits and advantages of talent management that has
been rising the need of managing talent within a firm?
a) Identify and attract talented employees
b) Retain skilled candidates
c) Boost morale and performance level
d) Creative positive workplace
Q3) Do you agreed with the fact that, vital role is played by talent management strategy in
mitigating the issue of high employee turnover and other challenges faced by a firm?
a) Strongly agreed
b) Agreed
c) Strongly disagreed
d) Disagreed
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e) Neither agreed nor disagreed
Q4) How would you like to justify the role of talent management in mitigating the risk of
high employee turnover and other recruiting challenges within a firm?
a) Ensure hiring of right candidate
b) Meet needs and expectation of employees
c) Reduce chances of chaos and conflicts
d) Boost morale and satisfaction level of employees
e) Prioritise employee engagement and happiness
Q5) Why talent management has become so important and essential within the best
companies?
a) Enhance competitive strength
b) More skilled and coordinated workforce
c) Encourage innovation and creativity
d) Supports culture of continuous improvement
Q6) With respect to your opinion, which are some most effective talent strategies that are
being used by the best companies like Tesco, M&S and Sainsbury to attract and retain
talented people?
a) Systematic hiring process
b) Continuous training and development session
c) Regular performance based incentives and recognition
d) Higher growth opportunity
e) Adoption of participative management
Q7) Any further recommendation for Marks and Spencer to have better management of
talent and higher business performing through attracting and retaining skilled employees?
Sampling- With respect to current study a sample size of 40 participants has been selected
from the employees of Marks and Spencer with the help of random method of sampling. It is
rationale to make use of random sampling method as reduce the chances of biasness and
discrimination while selection of participants thus, maintain the authenticity and reliability of the
collected fact.
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Evaluation of data collection method- The collection of data has been made from the
selected participants with the help of online survey that ensures reliability and authenticity of
information as it has been not modified by anyone. With respect to current study a sample size of
40 participants has been selected from the employees of Marks and Spencer with the help of
random method of sampling. Beside this, because of covid-19 direct interaction with participants
is not possible thus, use of online channels like e-mails has been made for collection of data.
Proper approval and consent from participants has been also taken to maintain the reliability and
authenticity of research work along with implication of BERA codes of ethics and data
protection act to maintain the privacy and safety of collected information.
Analysis of data
Theme 1: Theme of talent management
Q1) Does any kind of implication or understanding is hold by you
on the theme of talent management?
Frequency
a) Yes 38
b) No 1
c) Average understanding 1
Interpretation
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On the basis of above pie chart, it has been interpreted that from a total of 40 participants,
38 were seemed to hold understanding about the theme of talent management whereas 1 was
unaware of it along with the remaining 1 respondent who tend to hold average understanding.
Theme 2: Key benefits of talent management
Q2) Which can be taken as the key benefits of talent management
that has been rising the need of managing talent within a firm?
Frequency
a) Identify and attract talented employees 10
b) Retain skilled candidates 13
c) Boost morale and performance level 9
d) Creating positive workplace 8
Interpretation
An analysis about the key benefits of talent management has been provided by above
diagram, which consists of identifying and attracting talented employees as per the 10
participants while the other 13 favoured retain skilled candidates as key benefit of managing
talent. Beside this, 9 participants tend to have a view point that boost morale and performance
level of employees is a key benefit of talent management that has been rising the need of
managing talent within a firm while the remaining 8 participants has favoured for the creating
positive workplace as main need of talent management.
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