Talent Management Impact on Business: A Strategic Priority

This report delves into the critical concept of talent management, examining its role as a strategic priority for businesses. It explores the background, aims, and objectives of talent management, emphasizing its importance in attracting and retaining skilled employees, particularly in dynamic business environments. The report investigates the effectiveness of talent management within large organizations, its impact on local companies and SMEs, and compares talent management strategies between large and small organizations. It also offers recommendations for budding entrepreneurs to enhance staff training and retention, ultimately improving performance and success. The research methodology, data analysis, and interpretation of findings are presented, culminating in conclusions and recommendations for effective talent management practices. The report covers key elements like recruitment, performance management, corporate learning, and compensation management to address issues like employee turnover and enhance overall business performance. This report is designed to provide a comprehensive understanding of talent management, its strategic importance, and practical applications for organizational success.

Talent Management
Table of Contents

Proposed Title: Talent management as a strategic priority..............................................................1
INTRODUCTION...........................................................................................................................1
Background of study...............................................................................................................1
Aim and objectives of research..............................................................................................1
Rationale for selection of topic...............................................................................................2
Research questions.................................................................................................................2
Scope and limitation...............................................................................................................3
Literature review..............................................................................................................................3
2.1. To review about the phenomena of talent management..................................................3
2.2. To analyse about main reasons which has led to increased importance of talent
management that makes it a strategic priority for all business firms.....................................5
2.3. To investigate about the effectiveness of talent management within a range of large
organisation in improving their productivity and expansion level.........................................6
2.4. To determine about the impact of talent management on the performance and productivity
level of local companies and SME’s......................................................................................7
2.5. To compare about the talent management strategies within a large and small organisation
in order to analyse its influence on opportunities...................................................................8
2.6. To recommend some more effective ways of talent management that can be adopted by a
budding entrepreneur to ensure better staff training and retention for improved performance
and success level.....................................................................................................................9
Research methodology...................................................................................................................10
Analysis and interpretation of data................................................................................................16
Interpretation of research findings........................................................................................19
Communication of research findings.............................................................................................32
Conclusion and recommendation...................................................................................................33
Conclusion............................................................................................................................33
Recommendation..................................................................................................................34
Reflection.......................................................................................................................................35
REFERENCES..............................................................................................................................37

Proposed Title: Talent management as a strategic priority
INTRODUCTION
Background of study
Talent management is vital concept and important process for all business organisation
which ensures attraction and retention of talented employees. Talent management is a vital
business process which comprises of many activities like identifying skilled candidate, attracting
them, selecting them along with ensuring improved development of these selected employees
(Gomes and Berman, 2020). The dynamic nature of business environment and uncertainty in the
market has created a pressure on business organisation especially in SME and Budding
enterprise to focus on effectively managing talent. The other issues like enhancing cost of hiring,
issues related with staff retention and lack of motivation in employees are the other main reasons
that has enhanced the need and importance of talent management (Solook and Long, et. al.,
2020). Thus, the current investigation has been conducted and lead out to analyses about this
vital concept of talent management along with evaluating it as a strategic priority in current
business environment.
Aim and objectives of research
Research aim
The main aim of current investigation is, “To evaluate about the phenomena of talent
management along with analysing its impact and effectiveness within a range of organisation to
gain understanding about its priority”.
Research Objectives
 To review about the phenomena of talent management.
 To analyse about main reasons which has led to increased importance of talent
management that makes it a strategic priority for all business firms.
 To investigate about the effectiveness of talent management within a range of large
organisation in improving their productivity and expansion level.
 To determine about the impact of talent management on the performance and
productivity level of local companies and SME’s.
 To compare about the talent management strategies within a large and small
organisation in order to analyse its influence on opportunities.
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 To recommend some more effective ways of talent management that can be adopted by a
budding entrepreneur to ensure better staff training and retention for improved
performance and success level.
Rationale for selection of topic
The selection of current research topic and project is seemed rationale as it ensures
improved managerial skills as well as betterment in communication. During the course of current
investigation, enhanced opportunity is there to have interaction with larger number of
participants which would lead and bring improvement in knowledge along with facilitating better
development of key skills and competencies. Beside this, selection of current topic based on
talent management is also important and significant from the educational and academic
perspective of researcher and also meet the personal interest of investigator. Beside this, it has
been observed that talent management is important topic and significant concept in current
business environment to ensure better workplace planning and improved competencies in
employees. Therefore, analysing about the concept of talent management would ensures and
bring out improved development of understanding and knowledge in researcher. Therefore,
current research project ensures improved future growth and opportunity for investigator through
leading better knowledge and improved skills.
Research questions
 What is meant by the phenomena of talent management?
 What are the main reasons which has led to increased importance of managing talent that
makes talent management a strategic priority for all business firms?
 How talent management plays an effective role within the range of large organisation in
improving their productivity and expansion level?
 What impact is led by talent management on the performance and productivity level of
local companies and SME’s?
 What possible comparison can be made about the talent management strategies within a
large and small organisation in order to analyse its influence on opportunities?
 Which can be the some more effective ways of talent management that can be adopted by
a budding entrepreneur to ensure better staff training and retention for improved
performance and success level?
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Scope and limitation
The current investigation is having a wide scope as it supports better analysis of phenomena
of talent management which is vital to successfully operate in a dynamic business environment.
Apart from this, information about the main reasons which has led to increased importance of
talent management that makes it a strategic priority for all business firms which is further
enhance the scope of current investigation. Along with this, the role of talent management in
leading enhanced performance and productivity for large as well as SME and budding enterprise
is as provided to get better implication about the significance of talent management. At last, valid
recommendations about the ways and strategies to ensure effective talent management is also
provided which has improved future scope of current project through facilitating and ensuring an
effective tool which ensure better staff training and retention for improved performance and
success level.
Many obstacles and risk are faced while conducting an investigation which comprises of
effective data collection along with maintaining its authenticity and reliability. Beside this, the
main limitation faced during current investigation which limits its efficiency level and scope
comprises of lack of sufficient time and resources. Beside this, lack of sufficient time collection
of data has been made from limited participants and lack of resources also effect efficiency of
current project.
Literature review
This forms a vital part of every research project which provide systematic analysis of
secondary data to set out a base for further investigation (Kyrychenko, 2020). The current
literature review is based on topic of talent management as strategic priority along with its set out
objective for which various online journals and articles are reviewed, an analysis and discussion
of which is provide as below:
2.1. To review about the phenomena of talent management.
As pet the view point of Sehatpour, M.H., Abedin, B. and Kazemi, A., 2021, the
phenomena of talent management is related with constant process of attracting, developing and
retaining talented and high –quality employees along with continuously motivating them to have
improved performance and efficiency level. Thus, the main purpose and objective of talent
management phenomena is to create a motivated and satisfied workforce which will stay in a
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firm for long run and also ensures continuous improvement in their skills and competencies
level. They key elements of phenomena of talent management are discussed below which leads
to improvement in HR effectiveness to ensure better business operation and performance.
Recruitment- the first and foremost step of talent management phenomena is getting and
hiring a high quality candidate within the firm. Implication of improved recruitment software aid
to better talented acquisition and ensures effective research, communication and improved
engagement with potential candidate to meet the requirements and needs of the firm. Thus, talent
management phenomena support an extremely dynamic and innovative recruitment process to
revolutionized recruitment process for more effective talent acquisition within the firm (Naim,
2020).
Performance management- the another vital aspect of talent management phenomena
comprises of bringing out and creating best in people. The concept of talent management also
comprises of improving the performance and skills level of employees through creating an
ensuring a culture discussion and continuously analysing key areas for further improvements.
Talent management also copies of annual assessment based reviews in favour along with
coaching oriented model which comprise of proper involvement of all employees to ensure
improved performance management (Christina, Claire and Sarah, 2020).
Corporate learning- effective learning management system also forms out a vital part of
talent management phenomena which aim at developing employees to their full potential. Talent
management phenomena is supporting new ways of employee’s development through creating
an environment of learning beyond rigid course delivery which comprises of administer courses
and formal training programs for employees.
Compensation management- ensuring appropriate reward is also a vital element of talent
management phenomena which plays a vital role in meeting and satisfying the financial need of
employees. Appropriate rewards and compensation keeps an employee’s satisfied and motivated
towards their work thus, attract and retain talented employees for longer period of time along
with motivating them for improved performance through meeting their financial expectation
(Black, and van Esch, 2021).
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2.2. To analyse about main reasons which has led to increased importance of talent management
that makes it a strategic priority for all business firms.
With respect to the information provided by Kriz, A., Moeller, M., Russo, E. and Liesch,
P., 2021 it has been observed that talent management is important and vital for all business
organisation as it keep current employees within a form for long run along with advancing their
skills and compensation to ensure higher position of business. An analysis can be made out that
significance and importance of talent management has increased now a days because of
enhancing complexities and issues in hiring of employees along with the fact that issue of high
employees turnover is also increasing in the business environment (Kennedy and Chan, 2020).
Therefore, implication of talent management has become strategic priority for all business
organisation which saves money through mitigate issue of employee turnover along with retain
key talents to have improved firm performance. The other reasons and factors which has led to
increased importance of talent management and made it a strategic priority for all business firms
are evaluated as below:
Attract top talent- One of the key benefit of having strategic talent management within the
firm comprises of the fact that it attracts and cater interest of larger number of talent candidates.
An analysis can be made out that talent management comprises of preparation of effective job
description for all position within the firm thus, ensures attracting top talent based on the job
roles and responsibilities (The importance of talent management and why companies should
invest in it, 2018). Apart from this, implication of talent management also leads to improved
brand image which enhance its ability to attract potential talents which contributes in
improvement in business results and performance.
Higher employee’s motivation- Another vital advantage of talent management comprises
of fact that it improves motivation level of employees which directs them towards improved
performance and higher efficiency level. An analysis can be made out that talent management
ensures regular compensation and development programmes for employees which boost their
motivation level and also meet their financial expectation which drives the towards better
performance and higher business success (Kimia and Allameh, 2020).
Retain top talent- The implication of talent management phenomena within a firm ensures
higher development and growth opportunity for employees which motivates them to remain in
the company for long run. Thus, talent management ensures mitigation of issues of high
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employees turnover and leads out a more experienced and talent workforce for better and more
timely accomplishment of set organisational goals and targets.
2.3. To investigate about the effectiveness of talent management within a range of large
organisation in improving their productivity and expansion level.
According to the information provided by Wiblen, S. ed., 2021, it has been analysed that
talent management is effective in sustaining and improving organisational performance and
productivity by the way of providing all the essential knowledge and strategies for better
improvement and required change. An analysis can be made out that in current dynamic nature
of environment every organisation needs to have improved creativity and higher skills level that
is possible by the way of improve management of talent. It has been observed that the
phenomena of talent management ensures improved hiring of talented candidates along with
boosting there morale and satisfaction level which helps in retaining experienced and skilled
employees for long run (Yogalakshmi and Supriya, 2020). Thus, an analysis can be made out
that effective role is played by talent management within the large organisation through ensuring
improved coordination and skilled employees in improving their productivity and expansion
level.
According to the information provided by Nangia, R. and Dudeja, A., 2021, it has been
seen that within in Aston martin company which is large multinational automotive company of
UK, talent management plays a vital role in enhancing its productivity and performance level.
An analysis can be made out that concept of talent management ensures regular training and
proper development programmes for the employees and engineer of Aston martin which
improved the design and quality of its cares and other vehicles. Thus, effectives of talent
management are seen in enhancing the productivity and performance level of Aston Martin at
global level through ensuring improved skills and competencies of employees to deliver and a
manufacture a better quality product (Klaffke, 2020).
Apart from this, with respect to the information provided by the Abu-Darwish, N.J., Al-
Kasasbeh, M.M. and Al-Khasawneh, M.M., 2021, it has been observed that within the Tesco Plc
which is a larger retail organisation of UK and operating in various region of world it has been
analysed that talent management has led to improved performance level. It has been seen within
Tesco plc that talent management leads to hiring and recruitment of most talented and suitable
candidate within this from across the world which has improved the knowledge and
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competencies level of Tesco plc. thus, an analysis can be made out that talent management is
effective in improving the performance and productivity level of Tesco plc through leading a
more effective and skilled workforce which support higher performance and success for a large
organisation (Deeba, 2020). Beside this, within the Hilton Hotel that is global brand within
hospitality industry, talent management has ensured improved success and performance by the
way of offering improved coordination and collaboration of its workplace. An effective role is
played by Talent management in setting better engagement in employees and ensured improved
communication among them which supported higher productivity through better coordination
and exchange of views among employees.
2.4. To determine about the impact of talent management on the performance and productivity
level of local companies and SME’s.
As per the information provide by Afshari, L. and Hadian Nasab, A., 2021, a positive and
optimistic form of impact is lead out by talent management concept on the productivity and
performance level of SME and other local companies. It has been analysed that talent
management is a vital tool for SME and local business to ensure effective business leverage to
remain successful in a very competitive as well as uncertain form of market. It has been observed
that SME and local business can optimize their performance and also reduce their costs and
expenses through having an effective talent management strategy (Why is it important for Small
Business Owners to Focus on Talent Management?, 2021). Talent management comprises of
identifying and evaluating the most important needs of rare skills in the limited employees of
local company and SME by the way of offering a systematic recruitment hiring for selection of
suitable candidate which ensures business success. It has been analysed that small business have
very few employees and performance and success of company depends on these few individuals
thus, continuous training and development become more important for them. Apart from this,
talent management also plays an important role in selecting and leading out a higher performer
and high fit candidate for SME which ensure higher productivity to lead a positive impact on
success and performance of a SME. Thus, an analysis can be made out that an optimistic and
positive impact is created by talent management on the performance and productivity level of
local companies and SME’s by the way ensuring hiring of right people for business success
along with emphasis on continuous skills development to meet and cope up successful in
dynamic business environment (Spina and Spina, 2020).
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2.5. To compare about the talent management strategies within a large and small organisation in
order to analyse its influence on opportunities.
According to the view point of McCowan, J.D., 2020, it has been observed that talent
management strategies are important and vital for both small as well as larger organisation which
influence and brings out higher success and improved opportunities. A comparison can be made
between the talent management strategies in a larger and a small organisation as within large
organisation the main focus of company is on improving the coordination and collaboration level
at workplace along with retaining its talented employees for a long run. It has been analysed that
the large business organisation like Tesco and Aston martin are having talent management
strategies which are more inclined on recruitment of a diverse workforce with improved skills
and competencies level (Davis, 2020). Apart from this, effective workforce planning is also a
most needed and vital talent management strategy within a larger company as they need to
maintain and manage a wide number of employees at global level. Beside this, improving brand
image of company by the way of ensuring better growth and development opportunities for
employees is also seen in larger company as crucial talent management strategy along with
facilitating improved communication and coordination among diverse employees (Ehrenberg,
2021).
According to the information provided by Lim, P. and Parker, A., 2020, a comparison can
be made that the talent management strategies within a small or local company is mainly focused
on improving the skills and knowledge level of employees instead of focusing on workplace
collaboration as they only have a limited number of individual. Apart from this, the main focus
and purpose of talent management strategy within a SME is based on reducing the cost of
operation by the way of improving efficiency and productivity level of employees. Beside this,
providing continuous training to employees is also a vital talent management concept of small
business to upgrade the skills and competencies of employees to successful operate within
domestic market through mitigating uncertainty of business environment (Turner, 2020). Thus,
implication of effective talent management strategies leads to positive influence on assess to
opportunity for SME by ensuring cost efficiency and more productivity individuals for improved
success.
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2.6. To recommend some more effective ways of talent management that can be adopted by a
budding entrepreneur to ensure better staff training and retention for improved
performance and success level.
According to the view point of Scott Clark. 2020, following are the some of the vital and
effective ways of talent management that can be applied by a budding entrepreneur to have
recruitment of better staff along with improved training and retention of employees for higher
performance and success level:
Systematic recruitment process- Implication of an analytical and effective recruitment
process which is systematic in nature would ensure hiring of competent and more skilled
employees for a budding entrepreneur. A suitable and skilled employee plays a vital role in
success of budding entrepreneur through effectively meeting set organisational goals and target
(Gomes and Berman, 2020).
Regular training and development- To ensure continuous improvement in the skills ad
competencies of employees, implication of regular training and development programme is
suitable and recommended for a budding entrepreneur. An analysis can be made that regular
training on development sharpen the skills and competencies level of employees which are vital
to mitigate the risk of uncertainty in business environment thus, ensures improved management
of talent to have higher performance ad success level for a budding entrepreneur (Solook and
Long, et. al., 2020).
Performance based appraisal and recognition- It is another effective talent management
strategy to boost the morale and satisfaction level of employees which is necessary to retain
talented employees for a long run. An analysis can be made it the performance based approval
and recognition motivates employees towards achieving higher performance and also lead
improvement in their efficiency level therefore, lead to higher success level for a budding
entrepreneur through better accomplishment of organisational goals (Kyrychenko, 2020).
Implication of participative management- Adoption of participant management ensures
higher employee involvement and better communication within organisation that is vital talent
management strategy for a building entrepreneur to have improved creativity and innovation
level. Further, implication of participative management also ensures improved collaboration and
better communication at workplace which ensures and leads a positive impact on performance
and success level of a bussing entrepreneur (Naim, 2020).
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