Present the project and communicate appropriate recommendations

Qualification - Higher National Diploma in Business

Unit Name - Managing a Successful Business Project

Unit Number - Unit 6

Unit Level - Level 5

Assignment Title - Talent Management

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Learning Outcome 1: Establish project aims, objectives and timeframes based on the chosen theme;

Learning Outcome 2: Conduct small-scale research, information gathering and data collection to generate knowledge to support the project;

Learning Outcome 3: Present the project and communicate appropriate recommendations based on meaningful conclusions drawn from the evidence findings and/or analysis;

Learning Outcome 4: Reflect on the value gained from conducting the project and its usefulness to support sustainable organizational performance.

What talent strategies do the best companies use to attract and retain people?

Solution:

1. Introduction

Talent management is one kind of process, which takes a major role to involve retaining and attracting high quality employees for improving the skills of the employees. Moreover, talent management has taken a major role in improving employees. Most of the organizations have focused on the several talent management strategies, for achieving the organization goal, vision and mission. In this study- ‘What talent strategies do the best companies use to attract and retain people?" the aim and objectives of talent management strategies has been discussed. The project management plan has been discussed in this study. Moreover, the work breakdown structure and Gantt chart has been discussed in this study. The small scale research, data collection on talent management strategies have been discussed in this study. For analyzing the talent management strategies, the tools and techniques have been discussed. The recommendations have been discussed in this study.
2. Project aim, objectives and timeframe
2.1 Aim and objectives of talent management strategies

Aim:
The aim of this project is to analyze what are the strategies most of the organizations have used to attract and retain people within an organization.

Objectives
• To determine the several strategies, which have used by the organization.
• To identify the impacts of the strategies on employee retain.
• To critically analyze how the strategies will help to attract and retain people.
• To analyze the challenges of applying the talent management strategies to attract and retain people.
• To recommend some strategies for attracting and retaining people within an organization.
2.2 Project management plan

Stages of project management:
The project management is consisting of - Initiating, planning, executing, monitoring and control and closure.

Initiating:
In the initiating stage, the topic selection has been discussed. Moreover, in this stage, the finalization of the topic has been discussed.

Planning:
In the planning stage of project management, the data collection methods has been discussed as well as in this stage, the participants have been selected for collecting data. In this stage, planning to take different participants has been discussed.

Executing:
In the execution stage, the survey has been conducted on 21 employees as well as the finding prepared has been discussed.
Monitoring and controlling:
In the monitoring and controlling stage, the plan performance and measurement of planning for the project has been discussed. Apart from this, in this stage, through the controlling system the project management issues have been analyzed.

Closure:
The closure stage of project management is one kind of process, which used to finalizing all the project activities. In the closure stage, the project submission has been done.

Scope:
The project will help to determine the different strategies of the other organizations. On the other hand, the project will help to know the impacts of the strategies on employees. It will also help to understand the needs of talent management to increase the employee performance. Moreover, it will help to know the number of employee turnover, due to the lack of employee engagement within an organization. This project will help to find the gap of employee engagement within the various organizations (Claus, 2019). Apart from this, the project will help to provide the knowledge about the advantages and disadvantages of the strategies, which have been used by the other organization to attract and retain people. The making of this project will help to provide an effective vision of the necessities of employee engagement for increasing the employee performance.

Quality:
The project will be done after gathering a lot of data and information from the other organization; this will help to increase the project quality. Moreover, for making the project, the common strategies which are followed by most of the organization will be denoted. Apart from this, for making the project the data and information will be collected from the authentic sources, which will increase the project quality. In order to make this project, all the project quality will be maintained properly. For maintaining the good quality of the project, the necessary image chart will be added in the project, which will explain the impacts of the talent management strategies and its impacts on employees within the organization (Mahjoub et al., 2018). Apart from this to increase the project quality, the necessary data and information will be gathered from the authentic websites. For making the explanation easy, in this project, various data related images will be attached; it will provide a good quality of the project.

Communication:
For making this project, which is all about the talent strategies, the managers of different organizations and their employees will be involved. To know the different strategies within an organization, a meeting will be arranged with the manager. For the communication purposes, the employees will be involved. Apart from this, for gathering necessary data, information and impacts of talent strategies, for making the project, the communication will be done through face-to-face, e-mail, via telephonic and other communication sources.

Risk:
In order to make the project, a lot of common risks could be faced, such as - the cost risk. The managing of the necessary costs which is mandatory for the project purposes could be a risk for making the project. To gather the necessary information about the different management strategies a long time will need, that is why maintaining the schedule could be a risk for this project (N'Cho, 2017). Moreover, the time management can be also a big risk, because sometimes the managers of different organizations and employees could not give their exact time for providing information about the strategies, it could be a risk for making the project (Khoreva et al., 2017).
In order to make this project, the legal risks could be faced, because many organizations could not share their organizational strategies, which they have used to attract and retain people within their organization.
Apart from this, for making the project, performance risk could be one of the major risks, because, sometimes the expected data and information could not be gathered; it could be also a major risk.

Resources
To make the project, the resources for gathering the data and information will be used from the primary and secondary research. For gathering the necessary data which is related to the strategies for attracting and retaining people, the resource will be the manager, because the question will be asked to the managers of the organization. On the other hand, the employees will be involved to know the impacts of the strategies that are why the employees will also be the resource of the project. For making this project the data and information will be collected through a secondary data analysis process, this is why authentic websites will be also one of the effective resources.
Time:
The project will start from 30th November 2020 and it will end on 10th February 2021.

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3. Small scale research, information gathering and data collection

3.1 Research using primary and secondary methods
For the research purposes, the positivism philosophy has been used. The research needs authentic data and information about the strategies that is why the positivism philosophy has been used in this research. It has helped to provide the employee attract and retention strategies. The several knowledge, which have related to management strategies, has helped to provide the knowledge which has related with mistakes as well as it has also helped to provide the recommended strategies for employee attract and retained purposes (Naim and Lenka, 2017).
The research has been done on the basis of theoretical underpinning, focusing on the, the deductive approach has been considered. In this research no theory and model has been used. Moreover, the necessary data has been gathered through the qualitative data analysis method for gathering the brief knowledge about the talent management strategies for attracting and retaining the people within an organization as well to gather the knowledge about the impacts of the talent strategies on the employees (Glaister et al., 2018).
Apart from this the qualitative data has helped to determine the impacts of the strategies of applying the strategies for attracting and retaining people (Whysall et al., 2019). For the research findings on talent management, descriptive design has been used in this research. For gathering a lot of data and information about the talent management strategies as well as to know what are the strategies have been used by most of the other organizations for attracting and retaining people, in this research both primary and secondary analysis have been used.
The qualitative method usually focuses on exploring several ideas and formulating hypothesis. On the other hand, quantitative research usually focuses on hypothesis and testing theories. The qualitative research method expressed in words only, the quantitative method expressed in graphs, tables and numbers. For the qualitative method, few respondents require, but in case of quantitative method, many respondents are requires.
The primary data collection method usually focuses on real time data but secondary data focuses on past data. Moreover, the sources of primary data are - Surveys, experiments, interview and many more. On the other hand, the sources of secondary data are - Websites, journal articles and many more.
The research has been done through the primary and secondary analysis method (Theys and Schultz, 2020). For the primary analysis, the 21employees from different organizations have been selected. On the other hand, for secondary analysis purposes, authentic websites and journals have been used to get a lot of authentic data and information about the several talent management strategies, which have been used by the best companies to attract and retain people. This is a qualitative analysis by selecting Tesco and AstraZeneca.

3.2 Reliability of data collection
The data, which have been used in the research properly verified for understanding the data validity and reliability of the information. In this research all the data has been used from authentic sources (Maheshwari et al., 2017). Moreover, all the data, which have been used in this research has provided as per the recent position of the organizations. In order to primary data analysis method, the all the interviewees have provided the authentic information about the talent management strategies and no any kind of fake information they did not provide, that is why it can be said that, the project was authentic and it has provided a lot of data and information about the talent management strategies for attracting and retain the people within the organization (Meng and Berger, 2018). Apart from this, in this research, the ethical consideration has been maintained properly because of this, the participants did not face any kind of emotional attack and that is why the project has been done without any kind of disturbance.

4. Research findings

4.1 Data Analysis
Primary analysis:
(Survey question for analyzing talent management strategies used by best companies (21 employees)
Questionnaire
Question 1: What is your sex?
• Male
• Female
Question 2: Which age group are you in?
• 18- 25
• 26- 35
• Above 36
Question 3: How far do you agree that the talent management processes at the company help to attract and retain employees?
• Strongly disagree
• Disagree
• Neutral
• Agree
• Strongly Agree
Question 4: How far do you agree that the benefits and salary in this company are equally distributed?
• Strongly disagree
• Disagree
• Neutral
• Agree
• Strongly Agree

Question 5: How far do you agree that motivational strategies help to retain employees?
• Strongly disagree
• Disagree
• Neutral
• Agree
• Strongly Agree
Question 6: How far do you agree that the company follows transparency among employees in the decision making process?
• Strongly disagree
• Disagree
• Neutral
• Agree
• Strongly Agree
Question 7: How far do you agree that this company is the best place to develop your career?
• Strongly disagree
• Disagree
• Neutral
• Agree
• Strongly Agree
Result

Table 1: Result of the questionnaire survey
(Source: Created by author)

In order to analyze the current employee management of the here a survey has been conducted on 21 employees of the company. After analyzing the survey report, it can be said that it helps analyze the current scenario of the company along with the employee retention process of the company. As per the conducted survey here, it can be said that about 43% of the total employees were neutral about the effectiveness of the talent management process of the company. In that way, it can be said that the company must look forward to their current talent management process in order to retain the best talent for the company. Along with that, the survey says that above 50% of the total employees have been mentioned that the distribution of salary and benefits have been done fairly which is a positive attribute of the company. In the matter of practicing motivational strategies over 60% of the total employees agree with that which is also a great execution of the company. Apart from this, in the initiation of transparency above 50% of the total employees have mentioned that practices of the company in decision making among their employees is not that up to the mark. As per the survey there is lack of transparency in the decision making process which needs to be improved. In that way it can be said that the company is a great place to develop careers with installing some relevant and effective practice and strategies of talent management.

Secondary analysis:
Talent management is an effective process that organizations follow in order to retain best talented and high quality employees and develop their skills along with improving their performances. In order to analyze the best practices of talent management here a study of two prestigious companies, which are Tesco and AstraZeneca, is going to be demonstrated. There are so many rivals of Tesco in the market, and for that purpose, the company relies on new employee training and management strategies. Since the cultural shift of the company in 1990, Tesco has become able to empower their employees and provide them tools as per need. In that way the company provided motivational tools and benefits that impacted the level of satisfaction of the employees (THIRUVANATHAPURAM, 2017). In order to increase the rate of employee retention and talent management the has established six to seven layers of employee training and the aim of the program is to train the employees whoever desire it. The training programme of the Tesco was simply to provide external qualification to the internal employees and retain them as long as possible (Tesco-careers.com, 2021).

On the other hand, AstraZeneca dream about building a lifelong learning organization and in that way the purpose of the company can be mitigated by building a strong team. The strategies where the company mostly focuses are following their core value, promoting and maintaining cultural diversity. The focus of the company distributing equal opportunity to every internal and external employee is up to date. In order to develop talent management policy and procedures the company reviews the potential success of the employees and identifies key requirements of the employees annually. Unearthing rare talents is the most effective talent management strategy of the company. In 2018, the company was approaching a new global launch with a respiratory franchise. In this process, the talent management process of the company relies on finding rare talents with clinical background for the cutting edge of drug discovery and medicines. This strategy, it was not that effective to deliver expected results, however it was effective to underneath talents that are hard to find (Astrazeneca.in, 2018). Along with that in the talent management process the talent of the employees reviewed as per the job criteria for valuing long-term business operation. One of the most effective talent management practices of the company is to here leaders are responsible to make the employees usable based on the core value of the company.

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4.2 Recommendation
• The company must ensure to have best talent according to the organizational purpose and should include practices to support the staff to achieve their potential abilities.
• The company must comply with legal requirements such as working hours and wages.
• All the employees and employers of the company must need to treat individuals with sensitivity, respect, integrity, and fairness all time.
• The policy of the company will be developed based on standards of international Labor Organization's the Human Rights set by UN Universal Declaration.
• Managers of the company will be responsible for developing people plans and will have to follow the talent management framework of the organization.
• Respective staff and managers will share their responsibility for the continuous development of talent management plan and process.

5. Reflection on value gained from conducting the project

5.1 Performance review
In this project talent management strategies have been completed to retain the employees. It helped me to determine the various strategies of the different organizations. As opposed to, it has helped me to know the effects of the different strategies on employees in an organization. Therefore, it has also assisted me to know the numbers and reason of employee turnover due to lack of employee engagement of an organization. During this project I have had to face some challenges such as; less time, costing, and not getting proper information. With the dedication I have managed to overcome all these barriers by spending appropriate time and money to the right place. This project was done by analyzing the primary and secondary data from different organizations. In order to gather authentic data about the talent management strategies as well as to gather the knowledge about the impacts on the employees, I have used a qualitative data analysis method.

5.2 Reflection on future development
Talent management strategies will help the organization to attract and retention strategies of the employees. It will help to provide a number of practical knowledge related to mistakes as well as to provide suggested strategies to attract and retain employees. After analyzing the survey report, it can be said that it will help to analyze the future condition of the company along with the process of retaining the employees of the organization. During this study I have learned to manage the time as well as manage the cost of this project. Therefore, it will help me to do the next project and it will also help my working activities in future. Moreover, I have gained practical experience about talent management strategies which will help me in the future. By applying this strategy the companies will know the problem of the employees and companies can develop by reducing the employee turnover.

6. Conclusion
Talent management is one kind of process which is involved with the employee attraction retention. It has played a major role to increase organizational outcomes. The aim of this study- ‘What talent strategies do the best companies use to attract and retain people?" Is to analyze most of the organization and what strategies have applied to attract and retain the people. Moreover, in this study the primary and secondary both data analysis methods have been used. In this research, for primary data analysis, 21 employees from the different organizations have been selected. On the other hand, for the secondary data analysis, the authentic journal and websites have been selected.

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