Introduction Of Project Planning
Due to less value and importance in the organizations, the employees feel demotivated and try to change their employees (Kravariti and Johnston, 2020). It leads to reduce the talent of the company. The research paper will describe the areas through which managers can maintain the talents of the company.
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The purpose of the research paper is to share ideas for talent management. it also aims at delivering necessary suggestions to boost employee retention by managing their talents.
Research aims and objectives
The aim of the paper is to highlight the talent management strategies which the organization can adopt to manage the employees and their retention.
The objectives are:
To identify the strategies of talent management in the organization
To identify the processes of employee retention through necessary strategies.
Project Management Plan
The project will focus on the talent management of two organizations. The main focus is on the strategies that a business organization for retaining and managing the talents of employees.
The milestone of the project has been set for 5 weeks.
Initiation, Planning and execution
The plan for the project includes
The project members will communicate with one another using various communication tools like e-mails, phone calls, messages etc.
For the project, the project members will use financial, physical as well as human resources.
The data will be collected for the project with the help of primary and secondary research.
The development of research aims and objectives will be done in the first week. The data collection process will be done in the second week. The data analysis process will be done in the third week. The findings of the research data will be performed in the fourth week. And on the fifth week of the research work, a conclusion and recommendation will be performed.
Work Breakdown Structure
A “work breakdown structure” (WBS) is a distributable split of development into more controllable components used in project management and systems integration. The team's workload is divided into small sections by work packages, a vital project outcome. The “work breakdown structure” can be described in the 5th edition of the “Project Management Body of Knowledge” (PMBOK). A hierarchical analysis of the total scope of the work that the project team must do to satisfy the project's goals and generate quality specifications. Any combination of a product, data, service, or work breakdown structure element is allowed. Along with offering advice for plan creation and management, a WBS also proposes the framework required for comprehensive cost estimating and control. For several reasons, the work breakdown structure is a useful tool for project management. In the start, it breaks the project into digestible, making it less daunting. Second, it gives the many people and squads involved in the scheme a road map. Many initiatives involve multiple teams working alongside, and for the project to be accomplished, all the teams must communicate and collaborate. In conclusion, a WBS is a great technique for evaluating milestones, allocating budgetary allocations, and measuring successful delivery. Some management entities, such as project quality organisation, project human resource management, project risk management, project procurement management, and project communication management, are necessary to finish this research.
Project Scope Management:
Project scope supervision is the procedure that assures all the elements and conditions needed for creating and overseeing the project are there. This involves developing a scope-of-work declaration, confirming the budget, initiating a change control process, project schedule and cost controller, trade-off examination, project charter development, and project review briefings.
Project Time Management:
One of the principal concerns for any project executive is guaranteeing that a project is completed on time. A project management plan ensures this. It covers the description and order of the activities, estimation of the length, development, and control of the schedule. To efficiently oversee the project schedule, bar diagrams, the CPM/PERT method, distribution of resources and levelling, network crashing, and quick project monitoring are all used.
Project Cost Management:
Project cost management allows the completion of the project within the authorised budget. Cost budgeting cost estimating, earned analyses, cost budget control, and maintenance and capital budgeting are all included during the planning process. Life-cycle costing is employed and managed, and resource planning and cost estimation are well-coordinated.
Project Risk Management
To manage project risk, it must be discovered, evaluated, and resolved. In addition to defining, evaluating, and assessing risk, developing effectively affects how quickly and controlling the state is also a part of it.
Primary and secondary research
The research work focuses on the primary and secondary research processes. In the primary research method, an interview will be conducted to gather relevant information regarding the research objectives.
The employees of two organizations including Tesco and Amazon will be interviewed to gather information about the talent management practices and strategies followed by these organizations.
As per Narayanan, Rajithakumar and Menon, (2019), rewards can assist reduce the likelihood of employees looking for work elsewhere when they do not feel valued. Employee retention is promoted by a combination of training as well as rewards and recognition. The staff need to feel recognised, valued, as well as important to the organization. It thus plays a very critical role in managing employee retention and also talent management of the organization.
As per Shockley, Smith, and Knudsen, (2017), Employee well-being also helps in boosting the confidence of the employees. Getting confident can assist them to become productive. This is how it helps in managing the talents of the employees. Providing necessary schemes and policies to the employees helps in enhancing their well-being of the employees. It thereby helps in increasing the productivity of the employees. And thus it helps in employee retention.
According to Lapointe and Vandenberghe, (2017), employee mentoring and coaching are critical to keeping the employees satisfied and, more crucially, committed. Employees should be thanked whenever the managers see them accomplish some challenging tasks, as well as constructive feedback, should be given wherever required. It is vital to create a sense of trust between the managers and the staff. A valuable appraisal helps the employees valued and thus they become confident and motivated. It thereby can help the company enhance employee retention and management of the organizational talents.
Data Analysis and Presentation
For data analysis of primary research, Qualitative data is information that is presented verbally or through a narrative. This kind of information is gathered through interviews, open-ended questions on questionnaires, and other less structured methods. Consider qualitative data in the form of words for a straightforward way to view it.
With the help of primary research is done with interviews with the employees of the two organizations named Amazon and Tesco. In this interview, the interviewer can understand the point of view of every employee and their experience of the specific company. However, the interviewer can know about the questionnaires. The advantages of using the interview as primary research are to get a full series and depth of evidence and develop affairs with clients and can be supple with clients. Although this interview has some challenges, it can take time, can be hard to analyse and compare, and the interviewer can bias clients' responses.
The use of data which has already been produced by academics or researchers and is somehow documented or available on the internet is known as secondary data. Then, data is extracted from several other data files. Books, papers, journals, and other printed items are sources of secondary data. The results from the primary data are further interpreted using secondary data. To reduce the limitations of scientific surveys and models, secondary data is used. Primary data is data that is composed directly of applicants. As a direct reflection of respondents' opinions and perceptions, these data are considered the most dependable in the study (Beach and Rasmus, 2016). Furthermore, primary data is less susceptible to researcher manipulation, particularly when employing survey technologies (Goertzen, 2017). In directive to answer research questions and fulfil research goals, this improves the validity of primary data. Tesco, Aldi, and Super Value provided the key data used in this study, which focused on personnel management in the Irish retail industry. The distribution of questionnaires was utilized to collect information from respondents and the target population.
This supports the investigative plan and adheres to positivism's model. Primary data was also gathered in addition to the secondary sources to deepen and confirm the researchers' grasp of Amazon contest business models through data triangulation (Creswell & Miller, 2000). The researcher conducted two semi-structured interviews with a manager of one of Amazon’s foreign websites. The first interview centred on the Amazon Marketplace, infrastructure, and web services generally, while the second covered inquiries about the researcher's perceptions of the three co-petition-based business models of Amazon.com as well as the evaluation of the role of competition in Amazon business model moving forward. 2010 and 2013 saw the completion of the interviews.
Especially in aiding the researchers in evaluating the secondary data sources, the insights gathered from these interviews were used to supplement them. To create a thorough picture of the competitive business models used throughout Amazon. Com’s history specifically set out to achieve this when collecting data. Due to the extraordinary level of public interest in Amazon.com, there is a wealth of secondary data available. The company primarily rely on more or less direct interview data from Amazon.com insiders (particularly the CEO, Jeff Bezos); also uses Harvard business school cases, official and subjective reports authored by Amazon.com insiders or industry experts, as well as Harvard business school cases. To make the study clear, also include a tonne of illustrative straight quotes. Secondary data also has constraints that need to be considered in this situation. It should be recognized that there are limits to the secondary data as well, and those thoughts are to be addressed in this case. These limitations include the difficulty of determining the data's reliability and the lack of access to relevant data (Saunders, Lewis, &Thornhill, 2009). Through the above-mentioned steps, hope to address these restrictions.
Business Case Two Companies’ Comparison
The main two companies, Tesco and amazon are the two famous companies in the UK. Consumer purchasing tastes have largely changed as a result of the advancements made in the realm of information and communication technologies. Tesco currently offers products for sale both online and through its physical shops. Tesco was the first "explorer" of the emerging sector when online sales first started in 1994. Tesco, a leading multinational retailer with operations in 14 countries, is the largest retailer in the UK (Tescoplc.com, 2022). The UK saw the emergence of several internet shops throughout the following ten years, both to saturate the online market and to compete with established brick-and-mortar stores. Among them was Amazon, which started doing business in the UK in 1998. In October 1998, bookpages.co.uk, a website that had been acquired by amazon.com and rebranded, first debuted online (Brown, 2008). Since its inception, it has been a bookstore with a larger selection of books than any conventional bookstore. In addition to books, Amazon now offers a large variety of other products, including music, movies, games, electronics, computers, home & garden items, toys, kid's accessories, clothing, sports equipment, DIY supplies, and (so far) a limited selection of groceries. Since 2006, Tesco has expanded its product line to include furniture, DIY supplies, home and office electronics, and other non-grocery products like DVDs, CDs, Blu-ray players, and games. The UK branch of Tesco's non-food division is expanding at a rate of nearly 13% annually (Tesco, 2013a). Through its Hertfordshire distribution centre, which is in charge of supplying goods to the southeastern region of England, Tesco maintains its supply chain. Additionally, Tesco is increasing sales by advertising the concept of low prices every day both in-store and online. By purchasing We7 (free music), Mobcast, and blink box (online movie service) in 2011, Wesco's non-food internet business also expanded.
People feel one step ahead of the competition by comparing employers based on employee ratings, wages, reviews, pros/cons, job vacancies, and more. Employees who are employed by Tesco vs. Amazon have posted all wages and reviews. Find out more about each organization, then apply for employment in the region.
Overall Rating, Culture & Values, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, recommend to a Friend, and Positive Business Outlook were the nine categories in which Amazon performed better. Both have a similar focus on work-life balance.
The Amazon pro most often mentioned was "good work culture." The Tesco Pro most frequently cited was "flexible working hours." As a con, "Long hours" was mentioned in 4,252 more reviews on Amazon than Tesco.
The human resource managers provide necessary training and coaching to the employees for improving their skills and knowledge. It thereby helps the employees improve their abilities. This is how the talents of the employees are managed (Krishnan, and Scullion, 2017). Talents are managed in the organisation by offering encouragement and support to employers when they make some achievements.
It has also been found from the primary and secondary research that a strong talent management strategy, organisational unity, strong management support, and work-life balance are all essential factors in keeping talented employees in businesses (Savanevi?ien? and Vil?iauskait?, 2017).
The influence of talent management practices and activities impact on employee retention and the accuracy with which they are implemented. The study found that employee experience has an impact on job satisfaction that can be improved with talent management methods.
I have developed my understanding of talent management and strategies of talent management through which an organisation can boost employee retention. I have learnt that gathering information related to the research paper is important. Information gathering for the research work can be performed by two modes: primary and secondary data collection process. Interviews can be a highly effective data collection process as it gives real-time data to the researchers. It thereby avoids creating confusion by multiple types of data. I have also gathered knowledge about how human resource managers play a central role in managing the talents of employees. They can provide important and relevant training to the employees for developing their skills and knowledge. It helps the employees become confident in the organisation leading to lessening the chance of employee leave.
Based on the foregoing analysis, it can be determined that this research was conducted properly, with all of the objectives of the research being met. Apart from that, it is decided that the study was conducted in several segments, each of which is thoroughly discussed in the above-mentioned document. Therefore, I hope that this study is successful in meeting the goal and in improving my advanced analytics abilities.
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