Managing Successful Business Project: Talent Strategies for Retention

This project explores talent management strategies used by successful companies to attract and retain employees, focusing on a case study of Morrisons. It identifies key strategies such as growth opportunities and effective compensation. The project management plan, including cost, scope, resources, and risk, is outlined using tools like work breakdown structure and Gantt chart. Primary data is gathered through surveys, while secondary data is collected from existing sources. Recommendations are made to improve leadership practices and reduce employee turnover. Reflective practice highlights improvements in communication and time management skills. The conclusion emphasizes the importance of talent retention and provides insights into overcoming challenges in talent management.

Managing Successful Business Project

TABLE OF CONTENT
 Introduction
 Project aims and objectives
 Project management plan
 Primary and Secondary Research
 Findings
 Recommendations
 Reflective Practice
 Conclusion
 References

INTRODUCTION
 TOPIC: What talent management strategies do best
companies use to attract and retain people
 Introduction
 Talent management is a strategy of utilizing the manpower of
business efficiently. It is a wide term that comprises different
aspects of human resource management. It includes activities from
recruitment to selection to training and retaining the employees
for longer duration (Anlesinya and Amponsah-Tawiah, 2020

PROJECT AIMS AND OBJECTIVES
 Research Aim: “To identify the talent management strategies used
by the companies to attract and retain employees.” A study on
Morrison’s.
 Research objectives:
 To understand the concept of talent management.
 To identify the strategies used by Morrisons to retain the talented
workforce.
 To identify the challenges faced by Morrisons while retaining the
work force

PROJECT MANAGEMENT PLAN
 It is a document that is prepared by the researcher to undertake the research
work in a systematic way. The different elements of project management plan
are mentioned below:
 Cost: This element is associated with the expenditure that will incur
during the entire project. There is requirement of 600 euro to complete the
existing project.
 Scope: In the current study, there is scope to formulate appropriate
talent management strategies to hire, motivate as well as retain talented people
in the organization (Kerzner, 2018).

CONT..
 Resources: In project work, there is requirement of several resources and
equipments which can be further used for the purpose of data analysis and
interpretation.
 Risk: There is significant amount of risk is associated with a project. Due to
the dynamic nature of business environment, it is imperative to identify and
address the risk in appropriate way (Khomyakov, Mirgalimova and Sillitti,
2020).

WORK BREAKDOWN STRUCTURE
It is a widely used tool of project management wherein the entire project is
divided into smaller components. In this, the entire project is classified in
manageable components so that the complexity can be reduced at minimum
level. It helps in defining the roles & responsibilities of each and every member
in completion of project work (Butler, Vijayasarathy and Roberts, 2020).

GANTT CHART
 It is a graphical tool that is often used by the
researcher to complete a project as per the
predefined schedule. It comprises necessary
information like dependencies, timeline,
schedule and more. This tool not only helps
in minimizing the complexity but also make
the people familiar with their roles and
responsibilities in completion of the project
work (Bjorvatn and Wald, 2018).

CONDUCT PRIMARY AND SECONDARY RESEARCH
 Primary data: Primary data is fresh and raw that is gathered through
interviews, service, observation and more. Reliability is high in case of primary
information as it is collected by the investigator without taking help of an
external source (Runco and Beghetto, 2019).
 Secondary data: It is the data that is collected from the existing information
through books, journals, Websites etc. Secondary data lacks in terms of
authenticity and reliability but it assist researcher in gathering detailed
information on a specific topic.

FINDINGS
Q1) Are you familiar with the
concept of talent management?
Frequency
a) Yes 20
b) No 10
 Interpretation:
 Interpretation: Through the above
chart, it is identified that 20
respondents out of 30 are well-
known with the concept of talent
management. On other side, there are
10 respondents who do not have
familiarity with the respective
concept.

a) Yes
b) No

CONT..
What are the strategies can be
used by the Morrisons to attract
and retain talented work force?
Frequency
Equal growth opportunities 16
Effective compensation and
reimbursement
14
 Interpretation: The above chart
shows that 16 respondents consider
growth opportunity as the major
strategy of talent management. On
other side, there are 14 respondents
who are in the favor of effective
compensation and reimbursement to
manage the talent effectively at work
place.53%
47%
Chart Title

RECOMMENDATIONS
 Through the above discussion it is analyzed that the company is required to
undertake some improvements for further betterment. In this context necessary
recommendations are mentioned below:
 It is suggested that the company is required to follow effective leadership practices.
Here, leaders need to provide complete guidance and support to the employees so
that they can face the hardships in an efficient manner and grow in career.
 The organization is facing issue of high employee turnover. To address this
problem, HR managers are required to maintain a positive environment in the
organization so that employees can work with the company for longer duration.