Contextualizing Talent Management to Retain Talent at SAVERS Project

This project analyzes the importance of contextualizing talent management approaches and strategies for employee retention and attraction, using SAVERS as a case study. The introduction provides an overview of talent management, its significance, and the rationale behind the research. The project outlines the background of SAVERS, a thrift store company, and highlights the importance of talent management in achieving business objectives. It defines the research aim, objectives, and questions, along with a project management plan covering costs, time, scope, quality, resources, and risks. The literature review explores the concept of talent management, approaches for employee retention, and relevant theories such as Herzberg's Two Factor Theory. The project aims to determine the impact of talent management on business performance and provide recommendations for SAVERS. The project uses a detailed project management plan with cost analysis, timeline, and risk assessment to conduct a thorough investigation. The research includes both qualitative and quantitative methods to explore talent management strategies, the importance of employee retention, and its impact on business operations. The project is designed to provide valuable insights into talent management practices and their influence on business outcomes for SAVERS and other organizations.

Managing a successful
business project

Table of Contents
.........................................................................................................................................................2
Title of the Research........................................................................................................................1
Chapter 1: Introduction ...................................................................................................................1
Chapter 2: Literature Review ..........................................................................................................5
Chapter 3: Research Methodology...................................................................................................9
Chapter 4: Data Analysis and Discussion .....................................................................................11
Chapter 5: Personal Reflection .....................................................................................................12
Chapter 6: Conclusion, Limitations and Recommendations .........................................................13
Conclusion ...........................................................................................................................13
Limitations ...........................................................................................................................14
Recommendations ...............................................................................................................14
References .....................................................................................................................................16
Appendix .......................................................................................................................................19

Title of the Research
The importance of contextualizing approaches and strategies of talent management to retain
and attract people.
Chapter 1: Introduction
Overview of the Research
The present study initiates to determine the importance of contextualizing approaches and
the strategies of talent management to retain and attract people. Therefore, talent management is
recognised as the most imperative aspect of the human resources management, thus it is
important for the business or its management to manage talent at workplace for the intention to
increasing the operations of the business (Boella and Goss-Turner, 2019). Talent management
(TM) is mainly defined as the exercises and cycles which incorporate the precise fascination, ID,
advancement, commitment, maintenance, and sending of those gifts that are of specific incentive
to a business to create vital manageable achievement. For the effective execution of a study,
SAVERS is select to conduct detailed analysis as it is the most suitable business to understand
the importance of talent management in the context to business. SAVERS are a thrift store
company. The primary obligation of the business is to attaining higher growth and success and
for this the company is concern over implementing effective strategies to attract and retain
effective talent at workplace to enhance the operations of the business widely (Mwai, 2018).
Background of the Organisation
In today’s modern business era, organisations are mainly works for a specific objectives
to reaching at the higher profitability extent to enhance the operations and explore opportunities
at wider scale (Narayanan, 2016). Therefore. talent management is the primary concern of
human resource management as it is significant for the businesses in managing effective talent at
workplace and retaining them for longer run of operations. SAVERS is a privately held profit
thrift store chain which is mainly offering second hand shopping material to the people (Kichuk,
Brown and Ladkin, 2019). The headquarter of the firm is in Bellevue, Washington, United
States. This is an international business and has in excess of 315 areas all through the United
States, Canada, and Australia, and gets its product through paying cash to non-benefit
organizations for gave apparel and family things, and by means of direct gift by people. The
organization basically bargains in Second hand garments, footwear, bedding, furniture, gems,
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gadgets, house wears and the toys. The organization was set up in the time of 1954 by the
possible incorporation and attempts of William O. Ellison. For the purpose of enhancing the
recognition of the businesses within the entire globe, SAVERS is concern over retaining talent at
workplace for the suitable implementation of talent management approaches and strategies at
workplace. hence this creates value for the business in enhancing the entire operations with the
appropriate integration of human efforts within the operations enhancement of the business
(Pantouvakis and Karakasnaki, 2017).
Rationale of the Research
The examination into real activity depends on deciding the importance of contextualizing
approaches and the strategies of talent management to retain and attract people, accordingly, it is
a wide zone of scholastic composing which is basic in giving in-depth recognition in relation to
the aspect of talent management and its significance for the business to gain development with
the assistance of retain and attract employees at workplace (Buhalis and Leung, 2018). The
specific subject related to talent management is mainly select because it is the most common
issue which is widely affecting the operations of the business and needs suitable recognition to
improvise the ways to retain employees. Hence the execution of the study over this aspect is
imperative for the businesses to determine the importance of managing talent at workplace and
the suitable strategies that are significant in retaining and managing talent at workplace. The
project is also conducted for the personal interest of the researcher; therefore, this is also a major
reason for conduct the analysis. Thus, the study over the aspect of talent management is
imperatively executed for the researcher to enhance descriptive evaluation which helps the
investigator to enhance personal as well as professional ability (Mohammed, 2016).
Significance of the Research
The study into corrective aspect in significant in the manner to exploring individual's
skills and knowledge in regards to the aspect of talent management and how the approaches and
the strategies of talent management are supportive for the businesses to attain higher growth and
success. The project is mainly significant for SAVERS, to evaluate the potential significance of
talent management and how it creates benefits for the business in generating more revenue. The
project is also creating value for the other businesses in the manner to using the effective
strategies and approaches to manage talent at workplace, thus effective talent helps the
businesses in increasing the operations, developing profitability, encouraging employees at
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workplace and so on. The project is also creating significance for the businesses to retain top
talent at workplace and how these are generating value for the business to attain asvancement.
Research Aim
The key aim of this study is “To examine the importance of contextualizing approaches
and strategies of talent management to retain and attract people. A case study on SAVERS”.
Research Objectives
The key objectives of this research are associated as under:
 To understand the concept of talent management in the context to business.
 To identify the suitable approaches and strategies implemented by the businesses to retain
and attract talent at workplace.
 To determine the importance for contextualizing approaches of talent management within
SAVERS.
 To access the influence of talent management over the performance of business. To recommend that ways that can effectively be opted by SAVERS to retain and attract
unique talent at workplace.
Research Questions
The suitable questions of this study are defined as below:
 What is the concept of talent management in the context to business?
 What are the suitable approaches and strategies implemented by the businesses to retain
and attract talent at workplace?
 What are the importance for contextualizing approaches of talent management within
SAVERS?
 What is the influence of talent management over the performance of business? What ways that can effectively be opted by SAVERS to retain and attract unique talent at
workplace?
Project management plan:
This defined as the formal document which explains how an investigation is going to be
presented effectively. Therefore, it mainly encompasses over multiple aspect like cost, scope,
budget, quality, communication, risk and resources and so on, which are covered in the project
management plan are describe as below;
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Cost: This is an important aspect within project management plan as it mainly aids the business
in conducting the operations in appropriate manner to reaching the the significant objective. The
management of the cost in important to handling project in valuable manner. Cost of the existing
project is shown as under:
Total forecasted budget
Particular 2019-20($)
Implementing technology cost 30000
Promotional expense 4000
Advertisement expense 4000
Catalogues 1500
Training charges 7000
Total cost 46500
Time: This is also recognised as the another important aspect which is needed to be considered
in the management of a project plan, thus this is mainly effective in completion of the project
within the provided time duration. For managing time of the project, the research is
implementing, Gantt chart as it is effective in providing suitable task description with the
appropriate time to complete the project. Thus, this is also significant in providing the start and
end duration of the project.
Scope: Present investigation is having wide scope as this is useful in upgrading information with
respect to talent management strategies and how these are benefits in the terms to increasing the
operations and performance of the business. This investigation is connected with more extensive
degree as this includes qualitative examination in which theoretical data is being given.
Quality: This is huge that analyst is finishing every action in improved quality way. Qualitative
examination will be utilized inside this point. The effective quality in data helps the investigator
to complement the project in appropriate manner.
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Resources: There are various assets which can be utilized to gather data on the given subject.
These sources incorporate books, distribution, magazines and some more. These are auxiliary
wellspring of information assortment on the specific subject.
Risk: There are multiple risk factors which are existed in this research, for example, absence of
assets, lack of time and some more. These risk are hampering research execution in negative
manner.
Communication: This is a basic component inside task the board plan which is supporting
communication inside all respondents. There are different correspondence channels, for example,
Books, journals published and non published articles, past research over similar area and so on.
This is useful for analyst to accomplish research destinations in conspicuous way.
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Chapter 2: Literature Review
This is the second and most basic part of an examination; subsequently a writing audit is a
far reaching rundown of the past examination on a particular report. This part of investigation is
relay over accumulating information from the secondary sources i.e. books, journals, articles and
the past investigation (Sen and Bhattacharya, 2019). In the setting to this current examination
work dependent on the part of deciding the significance of contextualizing approaches and
strategies of talent management to retain and attract people, literature review is imperative in
developing individual understanding in relation to the specified aspect (Khilji and Schuler,
2017).
The concept of talent management in the context to business.
According to the views of Heathfield (2019), talent management is also termed as the
another one of the important aspect of Human Resources terms. Thus, it is the most imperative
aspect of HR management and needs to be recognised by the businesses to attaining higher
growth and success via exploring the operations with the effective integration of human efforts.
Talent management is refers as the business responsibility to enlist, enlist, hold and build up the
most skilled and unrivaled workers accessible in inside the employment market. Talent
management is effectively recognised as the business strategy which business expectation will
empower them to hold their highest gifted and talented representatives at working environment.
Worker contribution and the acknowledgment, accordingly, it is investigated that business
technique will basically guarantee the fascination of the top ability in rivalry with different
managers (Okumus and et. al., 2019). Furthermore, Talent management is a significant part of
human asset the board; subsequently, it is an ability the board is a business procedure which
organizations desire will engage them to hold their most noteworthy skills and capbilities. In
basic terms, talent management is additionally named as the full extent of HR measure which is
basic to pull in, locally available, creates, propel and hold high performing representatives
(Moayedi and Vaseghi, 2016).
The suitable approaches and strategies implemented by the businesses to retain and attract
talent at workplace.
According to Florentine (2019), employee retention is recognised as the key issue for
each size of business as the businesses compete for retaining talent at workplace. A business or
an organization is an alliance of people who carry out tasks for the growth and development of a
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business and its operations. For developing an effective work area and situation through
advancing commitment delivering serious compensation and advantage or a sound work life
balance. Consequently, to help and dodging high representative turnover, holding key workers
becomes essential, thus, Herzberg’s Two Factor Theory is an imperative approach which is
widely implement by the businesses to establishing connection among the retention of employees
and enhancing the operations of the business (Valerio and et. al 2016).
Figure 1Herzberg Two Factor Theory
(Sources: Herzberg Two Factor Theory, 2019)
This theory is imperative in explaining the interconnection among the employee retention
and the motivation at workplace. This model is encompasses over two set of aspects impacts
over the inspiration in the working environment and these viewpoints are either create
representatives fulfilment or frustrates it. First is the cleanliness factor and it characterizes to the
perspectives which empower motivation inside an association. Cleanliness factors are the
physiological necessities which the representatives hope to be fulfilled. The nonattendance of
these elements prompts worker disappointment (Bailey and Burhouse, 2019). On the contrary the
second one is incorporates over the motivators, thus the it is also important for the businesses to
motivate employees at workplace increasing job satisfaction, opportunities and the attainment.
Suitable employee training and development: This is an important aspect of the business which
is widely implemented by the business and its management to attain higher growth and success.
Thus this is the primary recognition of the management is to provide effective and development
sessions to the employees for the intention to improvising their skills and capabilities which aid
them in suitable implementation of business operations (Silva and et. al., 2017).
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Hiring the Right employee: This is also an important way to enhance the productivity of the
business, thus, it is imperative for the human resource department to set an effective hiring
channel to hire most suitable candidates for the job profile. Hence the right choice of employees
and the assignment of the skilled employees at the right place will help the business to develop
operations.
Rewarding and recognizing employees: This is an effective approach of talent management
which is widely used by the business and its management to attract and retain skilled workforce.
Thus, this is also a major concern of the management and the leaders to provide rewards in the
form of monetary and non-monetary aspects to improvise the operations (Brown and et. al.,
2018). In addition to this, the business also recognise the efforts of the employees in the
progression operation so the business, thus this is effective in developing the operations of the
business.
The importance for contextualizing approaches of talent management within SAVERS.
According to Brooks (2019), Talent management mainly defined as the strategic
development of HR resources to aid the businesses to reaching at their significant goals mainly
through recruiting, creating and holding the best workers on the lookout for a particular industry.
Ability the board isn't only a straightforward human asset key term one will go over, it is
additionally dedicated to recruit, help, create and hold the best and top ability at working
environment. SAVERS are a main second hand shop organization, which has its significant
worry over expanding the activities of the business and holding retaining top talent at workplace
(Gill and et. al., 2018). Thus, there are assorted significance of talent management within
SAVERS like attract top talent at workplace, employee motivation, Continuous coverage to
critical roles, developing employees performance, hire customers satisfaction and so on. in
addition to this, the effective management of human resources are imperative for SAVERS in
developing the entire performance with the ability of attracting more and more customers
towards the firm and its operations. Talent management is the primary obligation of the
management as it aid the operations in the light of the potential strength of the employees to
increasing the entire operations and profitability can be attained effectively (Noe and et.
al.,2017).
The influence of talent management over the performance of business.
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According to Payambarpour and Hooi (2015), with the increasing and emerging
globalisation and the competitors around the globe, businesses have noticed that the skills,
knowledge and the ability of their personnel represents a key source of competitive edge. Talent
management in a business characterized to those uncommon stages a business receives to enlist,
create and hold its pool of top ability. Consequently, the means principally selected necessities
ordinarily be innovative and needs not venture administration (Crane, A., Matten and Spence,
2019). Subsequently, the part of ability the executives likewise means an intentional
methodology taken by a business to draw in, create and hold individual with the inclination and
capacities to meet the current necessities as well as future business targets. Ability the executives
mostly has direct certain effect over the activities of the business, hence organizations are worry
over overseeing ability at work environment for the goal to upgrading the tasks of the business
and increasing the operations at wider level. In addition to this, talent management is imperative
in directing the entire operations of the business effectively. In today’s modern business era
where change becomes inevitable, for run business operations effectively the most valuable and
indispensable aspects business requires is human resources management. Thus, the suitable
assessment of talent within the human resources are important for the business to increasing the
operations of the business (Stoffregen and et. al., 2016).
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