Talent Management as a Strategic Priority Assignment Help

Qualification - Higher National Diploma in Business

Unit Name - Research Project

Unit Number - Unit 11

Assignment Title - Talent Management

Learning Outcome 1: Conduct appropriate research methodology which integrates knowledge into the research process

Learning Outcome 2: Conduct and analyse research relevant to a business research project

Learning Outcome 3: Communicate the outcomes of a research project to identified stakeholders

Learning Outcome 4: Reflect on the application of research methodologies and concepts

You are working as a business consultant for a consultancy company [named organization/an organization of your choice - your own place of work if appropriate]. You have been approached by a business organization to conduct research into a key area of business and have been provided with a theme which will be the focus of the research. The organization has left it to you to decide what would be appropriate to investigate in this area of business and for you to choose the research topic. You should use the Pearson-set theme in your research - Talent Management.

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Executive summary
Talent management is a very important dimension for any organisation. In this study, the aim and objective and problem statement for doing this research work is also discussed. Moreover, the importance of talent management and its impact on company revenue is also discussed. The talent management model shows different elements of the whole process and it also shows that talent management is a cyclic process. There are various strategies and each strategy has its own advantage and disadvantage. With the help of literature review the effectiveness of the research topic has been illustrated. Apart from that, an adequate method to complete the research has been followed, in which positivism research philosophy, deductive approach, descriptive design, primary and secondary data collection and both qualitative and quantitative data analysis has been used. Apart from that, proper ethical consideration has been maintained to conduct the research. Based on the collected data from primary and secondary data, adequate analysis and recommendation has been included to improve the standard of talent management strategy in organisation and manage successful business project as well.

Talent management as a strategic priority

Chapter 1: Introduction
1.1 Background of the research and company
The research topic is "Talent management as a strategic priority". The research work has highlighted few major points that come under the research topic and these include talent management strategy, challenges related to talent management, the importance of talent management strategies, the role of HR management in adopting talent management strategies and its major impact on the employee (Narayanan, Rajithakumar and Menon, 2019).

It has been found that Rolls Royce is one of the finest multinational business organisations in the global world. It is a British luxurious automobile maker company which has the headquarters in West Sussex, the UK. There are 48,200 employees are working in the company and the company is ranked 9th among the Top 10 competitors (Rolls-royce, 2021). The company adopts various strategies based on talent management to retain the employees and recruiting the best employees.

1.2 Rationale of the study
The research topic is based on talent management as a major strategic approach. Talent management is very important for every business organisation and it helps to attract and retain high-quality employees and developing their skills and motivating them to enhance their performance (Krishnan and Scullion, 2017). Therefore, the research work is very essential to understand the importance of talent management and analyse the impact of talent management strategies on the employee within the company. Moreover, the research work has also highlighted the strategies to improve talent management in the business organisation. Therefore, the research work is focusing on why talent management is considered major strategic approaches of the business organisation.

1.3 Research Aim and objectives
The aim of the research is to know the talent management strategies adopted by Rolls Royce
Objectives
• To evaluate the importance of talent management strategies within the company.
• To evaluate the role of HR management in adopting talent management strategies.
• To analyse the impact of talent management strategies on the employee within the company.
• To recommend the major strategies to enhance talent management in the business organisation

1.4 Research question
1) What is the importance of talent management strategies within the company?
2) What is the major role of HR management in adopting various talent management strategies within the organisation?
3) What is the impact of talent management strategies on the employee within the organisation?
4) What are the possible ways to enhance the talent management strategies within the organisation?

1.5 Problem statement
It has been found that there are various challenges that are faced by the business organisation due to a lack of talent management (Haseeb et al., 2019). It has been evident that the lack of talent management leads to a decline in employee productivity, along with increases turnover and higher personal aspirations (van Zyl, Mathafena and Ras, 2017). Therefore, the research work has highlighted the major issues that are prevailing in the business organization based on talent management. Therefore, the HR manager of the business organisation is adopting the best talent management strategies to reduce the issues. Lack of talent management is a big concern for many big organisations like Rolls Royce. Therefore, the researcher has provided in-depth knowledge on talent management as a major strategic priority of the business organisation.

Complete a Literature Review (Secondary Research)
You need to know what the key literature is related to the research objective in order to plan a research study to explore the phenomenon. Conduct a literature review using a range of sources relating to the research topic. Evaluate the validity and reliability of the sources, discussing current understanding on the research topic area

Chapter 2: Literature Review

2.1 Talent management
To get an idea about talent management strategies, it is very important to understand talent management. As per Claus (2019), talent management is the main scope of the HR management professional to attract, retain and engage the skilled and high performing employees within the organisation. Therefore, the main aim of talent management is to improve the overall business performance. The highly motivated, productive employees also enhance the profits of the overall business organisation. Good talent management is the practice of HR management that helps the company to get a competitive advantage in the marketplace. On the other hand, according to Hughes (2018), the talent management strategy is the plan of action which performs by the HR management to optimise the employee performance.

2.2 Importance of talent management programs within the organisation
According to Mihalcea (2017), it can be stated that a good talent management program is essential to maintain overall business performance. The talent management program in any organisation is consisting of the various process including recruitment, attraction, retention and development of the talented and skilled employees to enhance the performance of the company by 10 times better than before. Talent management has greatly influenced the overall organisational performance. According to Hadi and Ahmed (2018), it has been found that the reputation of the company is important to attracting talented employees towards the organisation. Therefore, it is important to enhance the brand image of the organisation to attract more new and talented employees. As per Rakhra (2018), there are various factors that are affecting the brand image of the organisation. The factors are including work-life balance, employee wellbeing, paying an extra bonus for overtime work, company culture and challenges in work. According to Dousinet al. (2021), the opportunities of career development, work-life balance and extra payment reduce the employee turnover rate within the organisation. The retention rate or turnover rate of the employees from the organisation can harm the reputation of the company and also the brand image. The organisations take various steps to enhance employee retention within the organisation.
As perVinichenkoet al. (2018), the organisation offers various pay hike, a growing and learning environment, incentives and motivational workshops to enhance the motivation of the employees. This also helps to enhance employee morale and performance. Therefore, the company can increase the profit and reputation and also can get a competitive advantage. According to Suryanto, Haseeb and Hartani (2018), there are various reasons for which the companies need to adopt talent management strategies. Form adopting the talent management strategies, the organisations can able to attract top talented and skilled people towards the company by enhancing the employer brand value. This helps to attract ideal and perfect talents to the organisation. On the other hand, as per Liao(2017), it has been stated that,by adopting various talent management strategies, the organisations are able to run operations smoothly and perform all the tasks easily. Therefore, all the stakeholders and clients and employees are satisfied. Moreover, according to Nur et al. (2021), it can be stated that, for performing well in the business market, the employees also not face any extra workload and therefore, this enhances the employee morale. This will enhance the employee retention within the organisation. Also, the turnover rate can also minimise.

2.3 Talent management models
Ganaie and Haque (2017) have said that in order to perform proper talent management, every organisation should opt for proper talent management. This model also works for organisational strategy and makes effective outcomes. There are several components in the model such as planning, attracting, developing, retaining, and transforming. In order to make the optimal workforce, this talent management model has been followed. In the planning stage, the authority has to identify the working need of the potential workforce. The measurement and evaluation of the business will also help in planning and developing the workforce requirement. Even the model has also suggested talent attraction and development. In this stage, the potential candidates are driven as per their skills, knowledge, and capability. The main strategy of the talent management process should be implementing a creative and effective approach to the growth of the business.

According to Mohammed, Gururajan, and Hafeez-Baig (2017), not only attracting the talents but also retains them in the organisation for long-term benefits are also another motive of the talent management model. In order to retain the employees, the talent management board should focus on the organisational culture and wage policy. When an employee is growing in an organisation, it is important to align personal values, mission, and objective with professional values. It helps in creating a sustainable organisational culture. The transition period is also an important part of the talent management model. The employees leave a particular organisation to move forward with a better career opportunity. Knowledge management in exit interviews also helps the talent management team to understand the pitfalls of the organisational development process. When all these elements and talent management principles work together, any company enjoys an efficient set of employees. This model also indicates the talent management framework as in the framework a skill gap in the organisation is identified and respectively proper talent management model is followed by.

2.4 Talent management strategies
There are different strategies for talent management and all the strategy has its own advantage and disadvantage. While hiring employees from the market and managing them, any organisation follows these strategies to get ultimate benefits.

Hiring as per talent: As opined bySavaneviciene and Vilciauskaite (2017), hiring the employees depending upon their talentis one of the crucial talent management aspects. Many organisations have been following the concept of hiring top employees. It means hiring employees who have all the desired skills, capabilities, and knowledge. Moreover, those candidates have experience in the industry. On one hand, it helps in hiring the most talented and skilful employees who can increase efficiency of outcome. On the other hand, it is difficult to retain them and manage their expectations. Talent management frameworks fail when there are too many skilful and top performers.

Assessing the employees: As per Hughes (2018), most the organisations follow the method of performance assessment in tracking the skill. In order to retain the employees and build them for further development, talent assessment is a very crucial part to perform. The talent of the specific employees, who have gained skills after joining, can be recorded and they can be rewarded. It can infuse, high amount of motivation and help the employees to put in their best effort. On the other hand, this strategy can create unhealthy competition in the company and bar the natural growth of individuals.

Finding the cultural fit for the employees: The implementation of cross-cultural diversity is also an important part of the talent management process. Hughes (2018) has also identified that while hiring the employees, their cultural fit for the organisation must be assessed. When any employee applies as per the job description, they should be hired regardless of their social and cultural background and in the training period, they must learn all the aspects of cross-cultural diversity. However, too much diversification can cause cultural and role conflict and it can result in a lack of productivity.

Training and development: According to van Zyl, Mathafena, and Ras (2017), another crucial strategy for talent management is training and development. After hiring any candidate, in the on boarding period, training and development must be done seamlessly to develop the required skills for the organisation. This can help in cultivating an honest career path. Even continuous development and training can help the employees to learn skills while working. However, it can consume too much cost and take a lot of time for the talent management activities.

2.5 Challenges for talent management
Poisat, Mey, and Sharp (2018) have said that the idea of talent management is not as smooth as it is always portrayed by the organisations. One of the biggest challenges is the higher amount of compensation in talent management. Employees can feel pressure while working in a stringent working environment and their lack of knowledge and efficacy can bring them into a difficult situation. When employees raise their voice against the talent management approach, HR has to give compensation. Without a high amount of compensation, the employee may be reluctant to perform certain work and the outcome of the organisation may be disrupted. Talent attraction and selection policy can be biased and employees can raise a question about the effectiveness of the talent management program. If the company wants to attract overseas talent, the global talent management policy can face different types of lawsuits in hiring and developing talents for organisational benefits. As per Poisat, Mey, and Sharp (2018), the training and development method can be inadequate and it may not address the requirement of skills of the employees. If the HR personal is inefficient in understanding the employee's personal and professional goals, the development opportunities cannot be identified properly. As a result, the employees can feel a lack of personal and professional growth. In one word, it can be said that all the challenges in talent management may result in a high amount of employee turnover. It has been evident that if the talent management and performance assessment of the company face conflict and different questions as an employer, the brand name is disrupted. The high amount of employee turnover shows the ineffectiveness of the company and its talent management programs. Hence, there should a single platform in the organisation, which will handle all the scopes of talent management. This will give a unified approach for talent management and employees can experience rapid growth in their career.

2.7 Literature gap
This research has focused on the talent management as strategic priority for an organisation. However, in order to develop this research, the interview could not be conducted, as due to Covid-19, the managers were not ready to attend interview. Therefore, the certain aspects of the management regarding the talent management strategy in Rolls Royce could not be identified through this study.

Develop a project proposal for researching the research objective identified.

Your research proposal identifies the purpose of the research project with clear aim and objectives and justifies the chosen research methods in terms of the research question.

Discuss the ethical issues which will need to be considered and examine the research methods and approaches to be taken.
Prepare an action plan with target dates and methods for monitoring and updating your activities to ensure you meet the deadline for the final written report.

Chapter 3: Research Methodology

3.1 Research philosophy
Research philosophy is stated as the belief of the researcher and it helps collect and analyse data of the research. The epistemology and doxology are associated with the truth of the research. There are three types of philosophies are found during the research like interpretivism, realism and positivism. In this current research, positivism is suitable (Chirkov and Anderson, 2018).

Justification: In this research, interpretivism is not suitable as the research does not require subjective elements of the data, and realism is also not required as the research does not need any order or phenomena of the research (Chirkov and Anderson,2018). Besides, positivism is applicable here to collect the facts about the talent management strategy of the company and how does it maintain employee retention, and the data is analysed through proper scientific evidence.

3.2 Research approach
The research approach guides a researcher in making an effective plan of the research which is based on the nature of the research problem. There are two types of research approaches are found and the first one is inductive and the second one is deductive. In this current research, the deductive approach is applicable (Alase, 2017).

Justification: In the inductive approach, the researcher starts with the observations and identifies the research questions. The researcher does not need to generate any theories of the research rather than, the researcher uses a deductive approach which helps to identify the relationship between the employee retention and talent management strategy of Rolls Royce with the help of pre-existing theories (Alase, 2017).

3.3 Research Design
Research Design helps to make a plan which helps to analyse and collect data of the research (Rahi, 2017). There are three types of research design is followed like explanatory, exploratory, and descriptive. In the current research, descriptive design is appropriate.

Justification: Descriptive research design is suitable here as it identifies the elements of the talent management strategy and its underlying principles. Descriptive research design is helpful to identify the changes in talent management strategy and identifies its impact on employee retention (Rahi, 2017). Besides, exploratory is not required here as the research does not need any new information during research. The explanatory research design is also not applicable as the research does not require any subjective collaboration of the research.

3.4 Data collection
Data collection is the process to collect data from the sources and it is the process of measures the relevant information of the research (Mkandawire, 2019). There are two types of the data collection process is found like primary and secondary. The primary data is the first-hand data where the researcher collects data directly from the field. The secondary data is using many secondary sources like books, journals, and internet. In the current research, both are using to collect data of the research (Mkandawire, 2019).

Justification:Primary data collection method is chosen here to collect more accurate data and it is collected through the survey method (Mkandawire, 2019). The online survey would be conducted to save the time of the research. In this data collection method, the survey is helpful to collect direct data from the employee. There are some data which is not able to collect directly from the field, in this aspect, the researcher use secondary sources like academic journals, company websites, annual report of the company and using the available sources of the internet for knowing the talent management strategy of the organisation. The questionnaire technique is helpful to collect relevant information about talent management.

Sample size: Sample size is the specific group that can give potential data of the research. The two types of sampling are followed during the research and the first one is random sampling and the second one is non-random sampling. In the present context of the research, 25 employees are selected to survey the research.

3.5 Data Analysis
Data analysis helps to transform the raw data of the research and there are two types of data analysis is found during the research (Lester, Cho and Lochmiller, 2020). The first one is qualitative and the second one is quantitative. Qualitative analysis helps to analyse the quality of the data and quantitative analysis helps to analyse the statistical inference of the research. In this research, both are applicable.

Justification: Qualitative analysis analyses the collected secondary data and quantitative analysis helps to analyse the primary data of talent management strategy of the employee(Lester, Cho, and Lochmiller, 2020). The statistical tools are used to give statistical inference of the research regarding the relationship between talent management strategy and the retention of the employee.
Viability of the research: This research needs authentications and the primary data collection method gives the updating and fresh data which helps to provide accuracy of the research. The data is collected from secondary sources which are more reliable and able to give updating information.
Ethical Consideration: ethics ensure that no participants are harm during the research and the researcher maintains confidentiality while taking a survey of each participant. There is no data is used for the personal purpose of the research and the data is protected under the data protection act of 2018 (Legislation.gov.uk, 2021).

Carry out independent primary research
Design, implement, collect and critically analyse data. For example, using a survey/questionnaire/interview or other primary research technique collect data and then present and analyse findings. Present your findings using visual illustrations e.g. bar charts/pie graphs/tables.

Your report will include the critical analysis of data and the advantages and disadvantages of the research methods and approaches taken to data collection.

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Chapter 4: Main body

4.1 Primary data collection
Survey
Question 1: What is your age?

Most of the respondents have an age range between 30-39 year and 40-49 year.

Question 2: What is your gender?

Question 3: Please specify your ethnicity.

Table 4: Ethnicity

Question 4:What is the highest degree or level of education you have completed?

Table 5: Degree

Mostly, the participants have completed master degrees and bachelor's degrees.

Question 5: What is your marital status?

Table 6: Marital status

55% of participants are unmarried.
Question 6: What is your annual income?

Figure 8: Respondents annual income
32% of respondents have annual income $100,000 - $200,000.

Question 7: In which industry you are currently working?

Table 8: Working industry

32% of participants are working in the retail industry and hospitality industry.

Question 8: What is your current employment status?

Figure 10: Respondentsemployability
40% of respondents are employed part-time.

Question 9: How long you have worked?

Table 10: Years of working

36% of participants are working for more than five years.

1. Recruitment/Talent acquisition

2. Training and development for the staff

3. Performance and reward policy

4. Staff retention policies/program

4.2 Secondary data collection

Theme 1: Importance of talent management within Rolls Royce
A company such as Rolls Royce has to implement talent management strategies to establish diversity and inclusion. The company puts in a significant amount of money to train and develop its employees to meet their personal and professional achievements. They ensure that their training is well perceived in order to increase their competitiveness and develop sufficient leadership skills (Careers.rolls-royce, 2021).

Rolls Royce has put significant time and effort into Human Resource Management which plays an important in the event of talent management. HR management at the company has enabled it to create an establishment driven by employee performance it has been effective to implement a sufficient talent management process so as to create a high-performance work culture catered towards achieving its goals (Rolls-royce, 2021). A risk-based work improvement program has also been implemented to induce safety measures in workers as a direct improvement in their performance.

Theme 2: Talent management strategies of Rolls Royce
The talent management strategy at Rolls Royce has had a significant impact on its employees. It has been successful in increasing employee potential and maintaining workplace ethics. A ship designer at Rolls Royce has been entitled to an award for designing offshore support vessels for more than 40 years (Rolls-royce, 2021).

Despite their excellent employees Rolls Royce had cut out around 4,600 employees in an attempt to reorganize management back in 2018. In the course of the Covid-19 lockdown, the company decided to drop out 9,000 employees from its workforce (BBC News, 2021).

The company has further recorded a pay freeze in 2016 where salaries of 8000 managers were frozen as an impact of a profit fall of 49 percent (Bloomberg, 2021).

4.3 Analysis
According to the primary data collection it has been found that most of the respondent's age range was between 30 to 50 years and most of them are male. Most of the respondents are British. The respondents have a good amount of annual incomes. They have also worked for more than five years.

In addition, in the context of Recruitment/Talent acquisition, respondents are strongly agreed with the fact that Rolls Royce recruitment process is based on merit and their working condition influences the recruitment process. Hence, it can be said that salary benefit packages impact employee's recruitment and selection in Rolls Royce. Apart from that, it can be seen that employees are agreed that the company has an effective recruitment process and their management informs employees regarding their roles and responsibilities. Moreover, it has been analysed that company makes their customers comfortable after joining which increase their morale. Therefore, it can be said that Rolls Royce has effectively used a talent management strategy in the recruitment of new talents in their organisation.

In the context of training and development of staff, it has been analysed that Rolls Royce provides effective training and development to employees. The Supervisor is a good mentor for employees. It enhances their skills and morale. Moreover, it has been found that most of the respondent strongly agrees with the fact that employees are encouraged to participate in various seminars and workshops. Therefore, Rolls Royce offers the support and resources for employee development which shows in this organisation talent management is effectively implemented.

Based on the performance and reward fact, it has been found that in Rolls Royce's employees understand their business goals and objective that enhances their performances. In addition, performances management satisfies employees to do their job in a better manner. Also, organisational performance appraisal improves performance and strengthening employee job skills and Rolls Royce's effectively distributed compensation and reward based on individual and team contribution. The organisation maintains equality in rewards and performance management.

The organisational management put the best effort in retaining employees as most of the respondents agrees with that, also, Rolls Royce's effectively distributed compensation and reward based on individual and team contribution which satisfied their employees. Moreover, the organisation provides job security which effectively helps them to retain employees. Therefore, working conditions and salary benefit packages influence retention in Rolls Royce's.

From the set of Secondary data, it can be analysed that the talent management measures implemented by Rolls Royce have been extremely effective to achieve a level of professionalism and cultivate worker's motivation which is evident from the fact that an employee has dedicated his life to developing a support vessel. However, the various employee inconveniences that exist in the company which has an adverse effect on the employee retention potential of the company. They need to incorporate a sufficient leader for efficient decision-making when it comes to their employee payment and satisfaction. It can be further analysed that the company's dedication to talent management is self-centred and not at all employee-oriented.

Communicate outcomes - Report
Develop a report that provides valid and justified recommendations for the business organisation based on the analysis of the research both primary and secondary. Your findings and outcomes must be based on the research proposal objective/s and refer back to this in drawing your conclusions.

Chapter 5: Conclusion and recommendation

5.1 Conclusion
The following study is conclusive of the fact that talent management is necessary for an organization. A proper talent management model has been identified to establish the ground of work of the study. An assortment of various talent management strategies discussed draws attention towards how a company should be efficient with its employee allocation and training. Various sets of research methodology have been implemented in the creation of the study with proper justification on the choices are further identified. The objectives of the project are also discussed to align with the methods of data collection in order to establish a better understanding. From the second variable of the data collection, it has been found that most of the employees stated that talent management is essentially important for their development. This actually meets the first objective. Moreover, from the question number 18, it has been found that Rolls Royce's HR engages employees in different seminars, so that they get to know different thing and think in wider context. Therefore, they become motivated. This meets the second objective. From the secondary data, it has been found that Rolls Royce's talent management strategies are not that much good. They have cut of huge number of jobs and stopped giving salary to managers. Thus, they have to retain their employees very much by providing negotiable amount of ssalary. This meets the third objective.

5.2 Recommendation
Rolls Royce has to step up to take responsibility for its employee injustice and salary cut-offs to avoid any negative influence on workers who are interested to join the company. Proper identification of the skills is required in their training program to perform an effective allocation. The primary issue with Rolls Royce is their decision-making and leadership that does not consider the morale of their employees in the face of crisis which can disrupt the company's brand name and enable lower employee retention. A transformational form of leadership will help benefit the employee with proper motivation and uphold the company's goals to its workers. A change in leadership pattern can enhance the worker's productivity who will share the same vision as their company. Workplace incentives are great motivation to the workforce but the company lacks proper diversity with primary data showing that most of the workers are male. A diverse employee in the workplace helps to motivate diversity in the retention of workers and challenging training protocol that will help the company in a long run. The entire training and other aspects will need 10,000GBP. The company can arrange it from their reserve fund. Moreover, it will cost benefit because their employees will work efficiently and it will benefit the company by increasing the productivity.

5.3 Reflection
A company such as Rolls Royce can reach its desired level of customer satisfaction and goals if its workers are well-coordinated and trained which is highly achievable by proper and strategic talent management. A well set off analysis regarding the resources required and the risk to talent management will serve as a crucial understanding for Rolls Royce to set up their immediate goals and to maintain a proper budget for the said cause. The leaders at Rolls Royce can utilize the study to create sufficient opportunity for any form of improvements in their talent allocation program and make the process more effective after analysing any form of shortcoming in their pre-existing process.

In the process of making the report, we had to consider the importance of talent management strategy and why companies prioritise its essence to improve their efficiency. It provided us with perception and understanding of why an employee needs to be trained and allocated. Talent management offers employee satisfaction which a lot of the organisation tries to achieve. The report offered clarity on how a satisfied and motivated workforce upholds their quality of work and organisational goals. Competent employees are an asset to any organisation and thus, it is the duty of an organisation to prioritize the talent management process to preserve them.

The assessment of the report draws a clear picture of how important prioritizing talent management is to Rolls Royce, which brings us to a set of recommendations that are listed. The recommendations we provided are completely unbiased from our personal opinions and are focused on providing an analytical viewpoint. The study on Rolls Royce has been informative so as to create a perception of the needs of an employee to an organisation and their retention for its growth. The company's strategic talent management process is the core to its sustainability throughout the years of its operation and a better allocation will enhance its performance to provide Rolls Royce with a motivating work environment and sustained competitive advantage in.