Managing a Successful Business Project
Task 1
Topic: Challenges occur in the staff retention and talent management of an organisation- a case study of Harrods
1. A brief explanation of your proposed research topic and why you have chosen it
There are various perspectives, which the organisations need to maintain during the business management. Proper strategies are required to overcome various kinds of challenges during the business process of a company. In this case, talent management is also an important part of a business company. Talent management can increase the efficiency of the employees as well as can also develop the productivity of the company. Staff retention is one of the key sections of talent management that organisations should pay attention to. By applying suitable staff retaining techniques, an organisation can strengthen its workforce quality. At the same time, managing talents and gaining sustainability also becomes possible for an organisation. However, challenges and obstacles are part of staff retention and talent management of an organisation. These issues need to be identified by the companies, and it is important to apply proper strategies based on the nature of the issues during staff retention. Harrods is known as the leading luxury departmental store that has expanded its business all around the world (harrods.com 2020). Staff retention and managing talents are highly important for this organisation. In this case, therefore, the research topic is important to understand the issues of staff retention within the company. Thus, the workforce strength of this organisation can be supported. The need and importance of staff retention and its policies for the organisation’s talent management must also be analysed here.
2. An aim and some objectives for your proposed research
Aim:
To understand the challenges that the staff retention policies of Harrods experiences while managing talents.
Objectives:
- To evaluate the importance of staff retention regarding the talent management of Harrods.
- To analyse the needs of implementing staff retaining policies for the talent management of Harrods.
- To find out the issues that the talent management of Harrods face while retaining their employees.
Research questions:
- How the importance of staff retention can facilitate the talent management of Harrods?
- Why Harrods needs the implementation of staff retention policies for their talent management?
- What talent managing issues are Harrods facing while retaining their employees?
3. A brief discussion of the scope and limitations of the proposed research
Scope: The proposed research is based on the concept of talent management and staff retention. The challenges of talent management through the help of analysing staff retaining issues have also been covered here. Due to this, the research can help several learners gain adequate knowledge regarding how these issues can be resolved. At the same time, this research and its gathered information can be used to better the selected organisation and other companies. By studying this research project’s solutions, organisations can understand the value and issues of staff retention. At the same time, gaining knowledge about staff retention policies would also be easy for different organisations. Thus, a high scope in academic and professional areas is being occupied by this research.
Limitation: This proposed research’s possible limitations are the lack of resources to conduct the research properly. Shortage of articles, books, and journals can destroy the smooth flow of this project. Moreover, the lack of time to execute the research can also be a limitation. Along with this, the research participants’ ignorance can be a limitation to this proposed research, as it can restrict the vital information. These limitations are likely to be added to the risk aspects while conducting this research.
4. Resource and cost consideration relating to the proposed research
Resources and Cost:
| Sl. no | Particulars | Cost |
| 1. | Traveling cost | £ 150 |
| 2. | Subscription to online articles and document | £ 150 |
| 3. | Purchase of books and articles | £ 150 |
| 4. | Mobile bill and internet cost | £ 135 |
| 5. | Consultancy fees of professors and lawyers | £ 400 |
| 6. | Miscellaneous cost | £ 250 |
| Total | £ 1235 |
6. A risk register
| Risks | Risk size | Mitigation plan | Residual risk |
| Funding issue | Large | To mitigate this risk, different methods and tools that are cost-effective will be applied | These alternative and cont effective methods may not support the overall research methodology |
| Lack of resource | Medium | To mitigate this risk, the research spectrum will be broadened, and thus, both direct and indirect data will be added | This can include the risk of more information that is not needed to distracting |
| Technical | Medium | To mitigate this issue, stable internet connection and computers and different types of machinery will be installed | While dealing with this risk, the risk of funding may increase, which will affect the budge of the research |
| The vulnerability of the research participants | Large | To mitigate this issue, the participants of the research will be convinced through consent | The companies may not approve the consent, and the company members may not participate in the research |
| Lack of reliable sources of information | Medium | To mitigate this risk, the research will give more emphasis on primary resources. | This risk may involve the risk of time-consuming and costly. Thus, the data collection process may be lengthy. |
Chapter 1 Introduction
Talent management is one of the essential factors of a company to ensure overall success. In this context, talent management involves detailed utilisation of staff retention. Thus, while managing talent, a company like Harrods is likely to face different issues that can negatively impact the company and its employee retaining activities. Issues such as changing the employees’ minds and low satisfaction from organisations are being experienced in this context. In this perspective, this research topic’s significance can be understood, as these issues are potential enough to create a negative impact on the company. This way, the company will not be able to deal with these issues and fail to reach the organisational mission and vision. Thus, while justifying selecting this research topic, it can be said that it can help the selected company known as Harrods. It will take place, as it is a large company and thus, the company has different employees with different skills, talents and efficacies and knowledge. At the same time, due to skills and experience, employees possess chances of selecting substitute companies. Therefore, a staff retaining plan must be prepared by this organisation. In this context, it can be said that this specific research topic will help Harrods in implementing effective staff retaining techniques and policies. Thus, the organisation would be able to retain their skilled workers and develop the business. In this way, the research topic will be advantageous to the company. Along with this, the previous research works of different scholars will help this research project, as the research topic is relevant and has shown its impact on different companies. Apart from this, the conducted research project will be contributing to the literature based on this subject matter. Through this research project, the future aspects related to this subject matter will broaden. Thus, the possibilities of the research topic will provide more in-depth information to the readers. As a result, the gap between the previous researches of various researchers will be fulfilled. Through this way, the research topic will be beneficial to both the company and the academic field.
Aim:
To understand the challenges that the staff retention policies of Harrods experiences while managing talents.
Objectives:
- To evaluate the importance of staff retention regarding the talent management of Harrods.
- To analyse the needs of implementing staff retaining policies for the talent management of Harrods.
- To find out the issues that the talent management of Harrods face while retaining their employees.
Research questions:
- How the importance of staff retention can facilitate the talent management of Harrods?
- Why Harrods needs the implementation of staff retention policies for their talent management?
- What talent managing issues are Harrods facing while retaining their employees?
Chapter 6 Reflections
The above research project has been done on talent management and the utilisation of staff retention. Based on Harrods’ staff retention and talent managing aspects, a research project has been completed here. Challenges and needs of staff retention have been identified in the research project by setting appropriate objectives and questionnaires. I have learned various aspects while taking part in this research. For instance, the concept of talent management has been clear to me. Along with that, I have also learned the participation of staff retaining techniques and policies for an organisation’s talent management. Apart from that, I have also explored some issues of staff retention here. Through the help of this information, I can shape my future entrepreneurial ideas. I personally would not modify the original topic of this project as it helped me gain valuable knowledge. Most of the plans for the research have fulfilled my expectations. However, I did not expect such helpful participation of the employees and management of Harrods. Due to their surprising participation, my project gained in-depth analytical quality. If I get a second chance, I might develop the methodology of the project. Instead of following the mixed method, I might use the qualitative process to add more logic and literary knowledge to my project. However, the mixed method application was apt as it gave me both literary and numerical help. At the same time, the use of both methods has developed my viewpoint.