Qualification - Higher National Diploma in Business Administration
Unit Name - Research Project
Unit Level - Level 5
Unit Number - Unit 11
Assignment Title - The Role of Talent Management in the Organization
Learning Outcome 1: Examine appropriate research methodologies and approaches as part of the research process
Learning Outcome 2: Conduct and analyse research relevant for 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
Assignment Brief: Rising costs, rapidly changing customers preferences, and highly competitive business environment made the traditional approach of recruitment, training, and employees retaining no longer effective in terms of achieving strategic organizational goals such as attaining sustainable growth and competitive advantage. Furthermore, the bloody competition in different industries stimulates top managers to concentrate their efforts on building creativity and innovation culture in their organizations.
Select Miracleskills.Com For Unit 11 Research Project - Higher National Diploma in Business Administration Assignment Help!!
The process of employee retention and talent management is very challenging and critical for many organizations. The human resource manager needs to plan several strategies to manage the talent and also hire new talent for the progress of the organization. The current research topic is "The Impact of Talent Management Practices on Business Performance". Therefore, this paper will carefully move ahead by considering all essential aspects like problem statement, aims, and objectives, hypothesis, and variables, significance kif this research. It will gradually carry out a literature review and research methodology to have complete information about this aspect. Finally, a critical reflection of the topic would help.
In the present year, it is noticed that there is a high employee turnover and the organizations are also at risk of losing productivity and the employees. Without proper salaries and proper incentives, the organizations may lose several talents which are a potential threat to diminish the condition of the organization. Therefore the problem statement is based on the fact that unavailability of talent management practices can hinder business performance within organizations. therefore the current research would try to find out associated problems and seek solutions accordingly.
Research proposal that includes problem statement, research questions, hypotheses, and critical evaluation of different research methodologies and that one adopted with a clear justification.
Aims and objectives
This paper aims to understand the impact of talent management in different organizations and the business world and how it influences business performance.
The objectives of the paper are as follows-
1. To understand the importance of talent in an organization
2. To check on the different ways to retain talent and talent management practices
1. What are the different ways by which talent management helps an organization to become perfect in terms of productivity and output and business performance?
2. What are the ways by which human resource management utilizes different strategies principles and tools to manage talent and retain the best performing individual in a particular organization?
Hypothesis and variables
H0: There is no Impact of Talent Management Practices on Business Performance.
HI: There is an Impact of Talent Management Practices on Business Performance.
HII: There is no Impact of Talent Management Practices on Business Performance in many ways.
The main significance of the research work is to find out the useful areas of talent management in an organization's business performance. The research work will put much stress on the different aspects of talent management in an organization and the different ways by which it can contribute to the wellbeing and productivity of an organization. Therefore it will understand what "talent management" is all about, and how far blue ocean strategies can be met. Here, the business researcher assistant has picked up Apple INC as the company, to carry out further analysis.
Need Business Assignment Help!! Miracleskills.Com Ready For You!!
Secondary and primary research where you should discuss and critically evaluate data collection and data analysis methods and adopt those ones fit your research with clear justifications.
Defining talent management
Talent management is a process by which an organization manages the high skills of the most efficient workers and employees within an organization, by retaining them and providing them with different benefits and extra privileges. The talent management process is internally a part of human resource management. There are different strategies and practices in human resource management (Claus, 2019). Talent management includes not only retaining the exceptionally talented workers in an organization but also hire efficient staff/workers in an organization and maintain them. The task of talent management is very challenging mainly because the number of organizations providing employment opportunities is increasing with each passing day and as a result of which the demands for talented individuals to get employed within their organizations have considerably increased. For this reason, organizations like Apple INC have had to face issues to retain staff with maximum talent, even though they managed to be successful as per Mihalcea, (2017).
The importance of talent in an organization
There are several important reasons why talent is essential in an organization. First of all, an organization can be called the best when there is sufficient talented staff with skills and creativity (Bolander et al., 2017). The most important part of talent is the ability to create something new and unique that will distinguish the organization from other organizations. This creativity can be a part of the product description, details packaging, or even the service that the organization is providing. Talent helps to bring this kind of uniqueness to the organization as a result of which the productivity of the organization and its output is also improved through the entire process and strategy of talent management. Talent also helps to improve the decision making strategy and problem-solving ability of an organization. The staffs provide quality work as a result of which the reputation and brand value of the organization increases (Whysall et al., 2019). An organization without proper talent and talent management skills can never be in a proper position in the market and competitive advantage over other rival companies.
Strategies to retain talent
The most important strategy that an organization utilizes to retain talent is a strategy of providing rewards and incentives. Every unique work or output of an organization is properly addressing, and to recognize the efforts of staff by providing good incentives and rewards from time to time. As a result of this, the organization can manage to create a kind of engagement with talented individuals and continue to acknowledge their importance within the organization. It helps to boost business performance. A yearly hike in salary and regular feedback can help the organization to understand the needs and demands of talented individuals (Mihalsea, 2017). So in this way, it is possible to retain talent and even look after the business performance. Also, promotions can help talented individuals to remain in the organization as they feel that they are getting all the benefits that they deserve. Talent management not only improves the strategy of retaining talent but also to hire new talent. The process of recruitment has to be very short and strong so that only the best individuals get a chance to enter the organization and improve their working capacity by functioning well within the organization in a better manner as identified by Ntonga, (2010).
Communication of results to the stakeholders with evidences that the research objectives have been achieved and with valid recommendations.
Critical Evaluation of Research Methodology, along with clear justification
Combined form olf exploratory research design and descriptive research design have been used in the current research. (Johennesse et al., 2017). For example, certain be aspects are relating to total quality management and others that have been explored. On the other hand, most of the aspects have been described further even though their roots have been from previous researches by researchers. There has been the utilization of different primary and secondary data as a detailed analysis in a descriptive manner. This helped to maintain the authenticity of the entity search and favor the readers with all the important information regarding talent management in an organization and its role in influencing business performance positively.
Data collection and data analysis methods
There are three types of Data Collection method. These are primary data collection methods, secondary data collection methods, and mixed data collection methods. For this particular research work, the researchers have utilized both primary as well as secondary data collection and analysis methods. Data has been acquired from different secondary journals, articles, books, and search research papers taken into account to create the research work. The information has been properly analyzed as to how talent management practices can positively shape up business performance in most cases. At this stage, a survey or questionnaire was carried out while conducting the entire research work only at a basic level by involving only 10 respondents. Also, secondary data were taken into account at this stage. Therefore, this research used both primary and secondary forms ie primary quantitative and secondary qualitative forms for analysis.
Reflective report that should include critical reflections and insights regarding effective of applied research methods and lessons learned and recommended actions for future improvements.
Data findings and Analysis, communication of results to stakeholders and recommendation areas
This research has effectively used combined form olf interpretivism research philosophy (at this stage), combined form olf inductive and deductive research approach, the combined form of exploratory and descriptive research strategy, and combined form of primary snd secondary forms of data collection methods. Findings of data acquired during the literature review of internet-based journals have revealed the fact that in most cases, an organization can be successful only when t can effectively carry out talent management practices. This has been well evidenced in Apple INC chosen here.
Result Ethics and limitations
The inter research work was conducted on different ethical grounds. The respondents had the free will to take part in the research out of their free will, without any sheer pressure and they could opt out of it whenever they wished to do so. All the data acquired from journals and others were true to their sources and presented facts. There was no kind of copyright infringement or plagiarism of any kind. The researchers researched as per a suitable date and convenient timings of the respondents without intervening in their day to day work. The research effectively utilized both tangible and intangible means of resources and was carried out within a stipulated time frame and by making the best utilization of all resources. No question was asked to respondents that could hurt their sentiments or emotions. There were general questions asked only.
I conducted an internet search to understand the importance of talent management in an organization like Apple INC and how far it can influence business performance. I have understood after conducting the inter research work that talent management practices play a very important role to maintain the success of every organization. Organizations like McDonald's and Starbucks have strong talent management and the best talent retention strategy. Also, new talent is not drawn by recruiting new employees since a lot of effort needs to be given to train them and make them aware of the organizational needs. Therefore adopting talent management practices is the best strategy to retain talented employees by providing them with rewards and incentives. It is also important to create a strong bond between the employees and see to it that they are quite satisfied while working in the organization.