The Significance of Talent Management Strategies with respect to AstraZeneca Plc

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Assignment Code: (S-D 2020) RQFBM-MSBP0602052

Programme: BTEC HND in Business Marketing (RQF)

Unit Title and Number: Managing a Successful Business Project (Unit 6)

RQF Level: 4

Unit Code: D/508/0491

Credit value: 15 credits

Module Tutor johnoakshott/Mohammed Sameer

Email: johnoakshott@mrcollege.ac.uk/m.sameer@mrcollege.ac.uk

Date Set: 7^th Sep, 2020

Distribution Date:     14^th Sep 2020 

Name: Christina Roxana Ursachi

Registration Number: MRC/25084/B.M

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Title: The Significance of Talent Management Strategies with respect to AstraZeneca Plc

Chapter1: Introduction

Project Background

Managing talent retention has been generally regarded as a remedy to the HR problems presented by today's employment market. While a study of the research indicates that talent acquisition is an increasing arena, the usefulness and additional benefit of talent management have not yet been adequately established. Besides, there is some dearth of studies on talent acquisition techniques and organizational effectiveness; the issue of whether settling on the correct approach would have the intended outcome on corporate efficiency has still not been addressed yet.

As a consequence, there is clearly a strong need for scientific studies to study the complexities and effects of techniques for talent acquisition with reference to AstraZeneca. It must also be noted that the study that occurs is primarily limited to the United States, prompting the concern as to the degree to which talent acquisition impacts corporate success in other job market environments or civilizations.

Project Aim and Objectives

The aim of the project is to identify the significant factors affecting talent management and cultural change within an organisation.

The key objectives are:

• To evaluate the factors influencing on the relationship between managers and leaders working in a workplace environment

• To examine the rising cost and key potential areas and concerns changing attitudes of the employees

• To analyze the barriers of strategic development approaches caused by daily operational pressures

• To provide effective solution to the organisation for managing and retaining staffs in the organisation

Research Questions

• What would be the key significant factors required to be identified from the organisation’s internal management affecting the talent management?

• What would be the method of examining the rising cost and potential areas of employee changing behaviour?

• What are the barriers and approaches to manage operational pressures in the chosen organisation?

• What will be the strategic solution to be provided by the organisation to manage and retain its staffs working in the organisation?

Project Management Plan

Cost

The total cost of this project would be nearly within the budget of £ 50,000 million for completing the entire project.

Scope

The scope of this project would be to enhance future development plan and operating the talent management programs and managing the organisation internal issues that are associated with the chosen organisation, AstraZeneca in its innovation program while monitoring and motivating the employees.

Time

The approximate time that is required for this project is approximately, by twenty weeks completing the rest of the breakdown of the tasks to be done on daily basis. Using Gantt Chart, it can be illustrated below:

Responsibilities	First wk	2nd -4th wk	5th -7th wk	8th -10th wk	11th -14th wk	15th -17th wk	18th -20th wk
Budget Plan
Quality measurement
Communication plan
Communicating to the people
Managing Risk Plan
Managing the Resources
Final Submission

Chapter 2: Literature Review:

2.1: Introduction

The primary literature to be reviewed is the management of talent acquisitions by Collins, which elucidates the role of talent management strategies. While the topic of talent acquisition is widely debated, there have only been a few longitudinal researches to date that examine the effect on business effectiveness of employee engagement. Despite these challenges, a series of researches relating to the development of creativity to the institutional findings have been reported. Many of these surveys are inter-industrial, while some deal with specific markets or particular participant categories, or emphasis on research articles. Most experiments are based entirely on web-based polls, in particular.

As a consequence, a favourable association between talent development and business effectiveness has repeatedly been observed in previous studies. However, in evaluating the influence of talent acquisition techniques on the company's performance, difficulties emerge when employee effectiveness is characterized in a myriad of areas. This is, for instance, since success is tied to multiple metrics and priorities based on organizational policy and scale or because of the numerous definitions of "good performance" by stakeholders. (Vaiman, Scullion and Collings, 2012)

2.2 Significant Factors affecting on managing and controlling Talent Management

The research article on Human resource strategies and firm performance has also been reviewed with reference to this research paper. What do we know and where do we need to go?: The ties amongst people management practices and organizational efficacy are the subject of this study analysis. Humble bundle of, or modifications of, operations are probably to be more critical than any practice session in improving labour efficiency. According to Delale-O’Connor et al. (2017), in methodological diligent experiments have usually minimal, have very random batches, and are highly irregular-cumulative. Therefore, the scientific foundation of the strategic practice of project management is minimal. We interpret business effectiveness as a multi-faceted operational efficiency in our research. Construction, as indicated by Dyer and Reeves (1994), applies to three forms of organizational success assessment. On the other hand, Ferrero-Ferrero et al. (2016), stated that, as such, business effectiveness is a mix of (a) economic results ( e.g. benefit or trading price of the company), (b) administrative results (e.g. efficiency or employee satisfaction), and (c) development or consequences of services ( e.g. work retention or engagement ( Dyer and Reeves, 1994).

2.3 Evaluation of changing Employee behaviour in managing talent

Secondarily, research on The Role of Talent Management on Organizational Performance in Academia has also been reviewed while attempting to comprehend management strategies and talent acquisitions. Portuguez Castro and Gómez Zermeño (2020), stated with a monetary viewpoint, researchers analyze the correlation between business development expertise and financial operational success and prove that talent acquisition is a profitable undertaking. Organizations with a proposed mission for talent acquisition dramatically show especially in comparison to their business rivals, better financial efficiency, for instance, in terms of gross profit, sales income, and growth, gross profit margin, the yield on assets and earnings per share or equity on demand and market value of investors.

However, as per Grover et al. (2018), in corporate success, the incorporation of talent acquisition techniques makes a huge difference. They find that knowledge-intensive businesses tend to prioritize improving and linking their workers, banks and financial institutions focus primarily on hiring and maintaining personnel, with hardly any emphasis on growth or cooperation, while distributors emphasize extensively on strategy formulation. (Divekar and Raman, 2020)

2.4 Drivers of organising talent Management and advantages and disadvantages

The review of Strategic Talent Management-A review and research agenda by David Collins and Kamel Mellahi: has also been taken into ambit. The concept of employee engagement remains deeply flawed, amid a large degree of scholarly and professional interest. Narayanan, Rajithakumar and Menon (2010), mentioned that the reality that talent acquisition requires a standardized meaning and specific logical limits is a crucial weakness. The present paper makes a unique commitment to the creation of a simple and succinct study of organizational employee engagement. We are also creating a theoretical framework for handling strategic creativity. By so doing, we take lessons from a variety of subtle pillars of literary works. The research could also promote prospective talent management studies by (1) assisting scholars in clarifying the philosophical limits of employee engagement and (2) presenting a theoretical context that could allow participants to articulate their analysis projects in the area. In turn, it allows leaders to resolve some of the challenges they may face with respect to talent acquisition. (Collings and Mellahi, 2009)

Moreover, it was observed from Ferrero-Ferrero et al. (2016), that from over the past several decades, the significance of skilled workers in the workplace has grown immensely. Organizations are trying new ways to handle and attract their assets and have recently been recognized as influential in talent acquisition. The theoretical tasks in the field of employee engagement are minimal, considering the immense interest obtained in the conversations.

The following analysis systematically reviews the existing literature on talent acquisition to get a comprehensive interpretation of the need for performance management in companies from an analytical viewpoint and discusses the key motivating factors and advantages of employee engagement (Delale-O’Connor et al. 2017). Developments in the market climate, the demand-supply disparity between skilled workers, and developments in the mindset of individuals have been described as key forces that make talent acquisition essential for companies. At the individual level and corporate level, the advantages of talent acquisition are outlined, and their potential repercussions (Narayanan, Rajithakumar and Menon, 2018).

Lastly, the literature on Intellectual Capital: An exploratory study from Lebanon: has also been reviewed in the process. By recruiting highly skilled people, companies devote sufficient time to developing their knowledge assets; a caliber which has become a vital commodity in the corporate world, particularly because it is difficult to locate brilliant individuals. It is the awareness that people gain from their business operations; as such, it is an operational strategic advantage that tends to generate profit. The HRD generates value for these companies by offering innovative strategies relating to human capital and new concepts for coping with and attracting persons with the necessary skills. In order to accomplish the above, the credentials of workers must be tested in terms of experience, expertise, schooling, in accordance with future success and the capacity to interact with the transition. Consequentially, through improving the expertise, operational understanding, business process, customer interactions, and technical skills of their workers, companies have become involved in producing their human resources. As a new HR idea that has shaped company strategies and initiatives, this article identifies "Intellectual Capital". It seeks to analyze and examine the level of understanding of such an idea, the existing obstacles it faces, its potential, as well as the various viewpoints and thoughts about it. Furthermore, the report reflects on how human resources can be utilized and maintained and addresses the monetary and non - monetary organizational advantages obtained by workers. (Hejase, Hejase, Tabsh and Chalak, 2016)

2.5 Examination on the key approaches for managing talent and reducing barriers of approaches taken for talent management

We go on through with the secondary inspection and acknowledge that talent acquisition is a characteristic mechanism that emphasizes exclusively those individuals who possess the ability to include an organization with a strategic edge by handling those individuals in a productive and efficient manner and thereby maintaining an organization's long-term competitive position. As influenced by Meyer, and Xin (2018), advanced skill in the context of this strategic management should encompass HR practices, such as recruiting and resourcing, succession planning and development opportunities, appraisal and pay, and concentrate on those employees who have the best skills, ability, and success level from the viewpoint of their business to achieve the required outcomes.

For example, our research looks at the fundamental technique of employee engagement and not specific leadership development insulation procedures (Portuguez Castro, M. and Gómez Zermeño, 2020). We claim that the tactical stage represents more adequately the different paths by which success can be affected by talent acquisition practices. In order to connect with our interpretation; we concentrate on four potential talent recruitment policy facets. Noticeably, there are several distinct activities in both of these techniques that shape an interconnected method of talent acquisition.(A Critical Review of Talent Management: A Research Agenda, 2016)

• Skills development to endorse the policy of the company:

In this scenario, talent acquisition is interpreted as a sum of operations that directly help the organizational plan (e.g. to extend business practices efficiently). There seems to be some evidence for the argument that better (economic) success rates are posted by certain corporations with a clear correlation between talent recruitment strategies and business strategy. In comparison, if organizations prioritize one strategic target over other targets, preferences will be determined at the executive level and staff on the front hand can no further determine. The amount of operations is then deliberately centered on a higher strategic target, and the effect on monetary and operational performance is larger. In addition, if talent acquisition is understood and recognized as part of an organizational Strategy will introduce a company-wide skill frame of mind; also, Skills are respected and have more drive and more determination.(Kramarenko, 2015)

• Talent acquisition to allow strategic planning:

The utilization of talent recruitment reduces the hours spent recruiting executives and consultants for substitutes. The emphasis is to satisfy the requirement for the right individuals with the correct qualifications at the precise moment in time that they are needed, and with implementing solutions (Phillips-Wren et al. 2016). Inheritors or outside of the business of candidates, according to prior reports, the constructive preparation of inner inheritance decreases. Operating costs and, consequently, company revenues rise. In addition, a smooth succession will reduce the lack of experience and enhances the effectiveness of work, for instance, so it is possible to transfer expertise and activities directly. And, because, among several other factors, user satisfaction is influenced by job efficiency, this approach leads to an improvement in client satisfaction.

• Talent Management in inculcating leadership qualities:

In addition, if leaders educate experts about their prospects and the future, Skills and abilities support stakeholders as long as they uphold their commitments as talents follow their demands, enabling paths available to them; this honesty is a distinguishing element in the establishment of competence (Kramarenko, 2015). And thereafter, as per Vroom's expectation principle, this methodology persuades the performer to show even higher levels of skill output motivation, given that the proposed progression is the product of human expectations (valences), that the talents become secure of what he is able of accomplishing (expectation) and that he knows he can get what he has been offered (instrumentality) (Alqahtani, 2019).

• Talent management in recruiting and retaining workforce:

Talent recruitment strategies guarantee that the best persons choose to enter the business and get young, skilled hires into the business efficiently. In addition, skilled employees are noticed and respected, and rewards exist to maintain them. The organization wants to consider what individuals desire to draw and retain employees and, therefore, have to put the reward structure in accordance with their needs (Hejase et al. 2016). Following that, their recognition criteria are met and, as a consequence, skills indicate greater work fulfilment and inspiration. In addition, skills are recognized and maintained by unique initiatives that occur within the organization; paired with special incentives, they get valuable jobs.

This respect and validation contributes to greater engagement and work fulfilment, as per previous research. In addition, in considering the fact that knowledge is an important process of education, the level of quality of work can be improved by using this technique (Meyer, K.E. and Xin, 2018). The more the skills stay in an organization, the greater the experience level and competence unique to the business remains. In addition, customer loyalty is influenced by the standard of work and by employee participation, and that is why customer retention levels are induced by this approach. Finally, because employee engagement and customer retention are important elements of the value quality dimensions, corporate profitability is increased by this approach (Harsha, 2019)

• Development of talent in order to grow talent:

Although career opportunities and pathways are presented, the growth needs of talent are defined and addressed in an appropriate manner. Talents then intend to improve their company-specific related abilities. According to Phillips-Wren et al. (2016), the philosophy of the agency, talent management is the technique that could be used to guide the actions of workers in a way that meets business requirements. In addition, talent growth is an opportunity to fulfil personal requirements and, consequently, talent (agents) pursue the course of the organization (principal). Not only does this systemic investment in intellectual resources make workers more highly capable of being eligible and consequently produced work of superior quality, but knowledge management is also improved. Because this is part of the equity of a corporation, a company's stock value rises as well.

Additionally, provided that more skilled workers are more efficient, this approach contributes to greater benefit for the organization (Donaldson and Davis, 1991). However, according to earlier findings, employment prospects and development are important for talent development, work fulfilment, on-material compensation over financial compensation, such as work experiences, demanding task material and range of intervention, and apparently searching for increasing significance. Furthermore, by sharing this talent acquisition approach, enterprises that have this emphasis increase their appeal as a chosen employer quite quickly.

• Concentrate on business strategy:

Talent acquisition strategies with a heavy emphasis on organizational planning and compliance with broader corporate priorities have a substantially stronger influence on investor profit, one that would be stronger than most another emphasis on business development activities (Ployhart et al. 2018). For instance, this may be because firms associating their Hr functions along a specified sustainable vision have a cheaper price of collaboration and gain synergy benefits. In addition, talent management is essentially mostly about making market planning work, to the degree that adjustments in the organizational climate elicit a clear talent development reaction. Boxall and Purcell, therefore, debate the merits of a harmonious relationship of agreement between business strategy and leadership development. The clear effect that organizations that thrive in talent acquisition strategies show on corporate success underscores the importance of this contest. Consequently, this process improvement approach successively followed a heavy competitive emphasis on one predominant target. The higher degree of effectiveness in meeting market results is also clarified. In addition, it appears that having specific targets and being respected by the top executive level greatly increases the success drive of talent.(Boxall, 2014)

• Emphasis on managing inheritance:

Talent acquisition has a strong effect on organizational performance, perceived as a technique to satisfy the need for an organization for the necessary skills at the exact right time. On the one hand, it is related to reduce transaction prices, as it is easier to find and implement existing replacements to new environments than to foreign counterparts (Aithal, 2017). But at the other end, this approach tends to achieve data flow efficiently and diminish the lack of transparency so existing and validated practices can be more rapidly proved and established. Individually acknowledged by predecessors, and would also illustrate the positive effect on the job output of talents.

The fictitious impact on client satisfaction could be because the amount of service is just one employee satisfaction parameter and may not have been rated as a continued customer-employee partnership, many of this review. The theoretically extremely significant improvement in morale and enthusiasm for success could benefit from the presumed predictability of the prospects and the honesty of the futures (Cropanzano et al. 2017). Talents understand which directions are exciting and also know regarding their likely future roles. As per the principle of anticipation, this is why skilled individuals exhibit greater drive. In addition, this assumption held by talents was that the commitments of their capabilities.  It seems that politicians can be counted upon to play a significant part in creating trust in other representatives. (Vroom, 1964).

• Emphasis on recruiting talents and sustaining them:

It is very shocking to see the supposed non-existent impact on business benefits. It could be that the expenses involved in maintaining expertise are wildly overvalued than the gain itself, and it is, therefore, difficult to determine the direct effect on earnings. This talent acquisition approach, however, contributes to greater customer loyalty, which confirms the outcomes of earlier research. This may be the product of a greater engagement of staff followed in this approach, which then builds long-term client partnerships. A certain extent of repetition and reinforcement is clearly strongly regarded. The presented clearly an important effect on skill levels demonstrates that finding the best candidates and providing special services to retain them in the business increases their standard of performance and competence levels.(Caldwell, 2011)

• Emphasis on talent growth:

Concentrating on developing young talent acquisition is equivalent to making comprehensive intellectual productivity gains. As a consequence, intellectual resources not only raise and affect the present business demand, as well as that of the prospect. With respect to corporate results, performance acquisition with an emphasis on growth has a significantly stronger substantial impact on the popularity of a manager. This happens because it is obvious that creative staff are searching for career options, viewpoints on growth, and demanding job material. Businesses in this study tend to consistently articulate their workforce acquisition approach when they maintain a strong position as a favoured workplace in the surveys. Changes found at the interpersonal basis after the introduction of this talent acquisition approach were systematically substantially higher work engagement, enthusiasm for success, dedication, and greater faith in leaders because advancement and growth were offered to workers. (Blakesley Lindsay, 2003)

Research Methodology

A particular method of information gathering was followed by this study. Background documentation was required and data was collected through a secondary source, including the use of textual books, journals, newspapers, knowledge from the Internet and other existing and undocumented work-related resources presented by leading writers on the theme. The material was evaluated using the qualitative research methodology. That's because the relevant and published secondary sources of data is highly based on it.

The current investigation was largely focused on the methodology of the study. Principal data was obtained by individually sending survey questionnaire to employees working in the IT field. Two questionnaires were prepared and distributed for the compilation of current research, one for existing workers and one for organization HR departments. In the first set of questions were based on a dozen particular fields, specifically, Workforce compensation and practices, Adherence to principles, Consumer attention, Compliance with salaries and bonuses, Advancement of everyone else, Creativity, Success improvement, Quality participation, Outcome orientation, Open climate stimulus, teamwork skills, Involvement with the influence of business development activities

The second part of the survey, designed for HR professionals, addresses the element of company transformation, the maintenance of a managerial position, strategic advancement, the organisation's supportive employees, a comprehensive approach, the recognition of talents by expertise and performance, the capacity to recruit new talents, the utilisation of emerging talents and the preservation of current sector abilities. The influence of talent recruitment strategies has also been supported by insightful thoughts, conversations with colleagues, trips to the IT sector and interviews with HR professionals. Supplementary data needed from the numerous relevant blogs, magazines, newspapers and reference materials for the analysis of the background of all the businesses that operate during the planning time from the United Kingdom were obtained.

This research explores the impacts of distinct workforce categories of organizational success improvement techniques. We present four various techniques and explain how corporate efficiency is influenced by them. We believe that talent acquisition based on the preservation and growth of expertise has a systematically important positive effect on the performance of human resources. As career fulfilment, encouragement, loyalty, and faith in representatives. In comparison, business development activities with a heavy emphasis on strategic strategies have a significantly stronger effect on firm performance, such as consumer preferences, business priorities, customer loyalty, and, above everything, organizational benefit, instead of other fields that performance appraisal relies on. (King and Vaiman, 2020)

A major origin of knowledge has been academic research. Ph.D. published studies, especially valuable references. They became one among the several significant papers for this analysis and are therefore added as an appendix section to their overviews. Emerald Group Publishing Limited's Education + Training articles and the Analysis of Small Business and Entrepreneurship Growth have both delivered a lot of useful educational resources. (de Kok, 2003)

Limitations:

By considering its drawbacks into account, this analysis should be viewed. The non - arbitrary experimental structure and the comparatively small analysis mean that the data are constrained in terms of comprehensiveness. In addition, by a study of heads of HR, personal assistants, administrators, and subordinates, all information was acquired. In order to assess more precisely the results of talent management, especially at the level of competence, a complete 360-degree method would be beneficial. The numerous priorities in talent acquisition techniques are often not generally associated with totally separate activities, but with distinct central fields. This should be taken into consideration by future studies. This research currently reports a positive correlation between recognizable techniques and results for talent acquisition, but we are still not in a situation to conclude correlation and causation. Consequently, including other indicators and monetary assessments, this detail can be checked. This exploratory study, however, paves the way for some further investigation on an assessment of the interpretation of employment-level talent acquisition. (Armstrong, 2006).

Data Analysis and Interpretation:

This study's methodological structure is focused on the four methods for talent acquisition as well as the three corporate success metrics, including financial results, administrative results, and results from human resources. The survey consisted of three parts: personal and organizational knowledge, knowledge on the personnel, and talent acquisition practices of organizations, details on tools for managing talent acquisition. In order to define the key strategic objectives of leading companies' strategic human resource management, we encouraged the questions to rank the various strategic objectives pursued in their company. We concentrate on the above-mentioned four techniques in the following review and examine the impact of each talent acquisition approach on three sets of data. With two metrics, business benefits, and stock valuation, we assessed the financial results. The participants had to determine whether or not the corresponding technique for talent acquisition had an impact.

The ordinal-scaled was used to calculate administrative performance, Projections: the attractiveness of the enterprise, accomplishment of corporate priorities, and customer loyalty. Since its application on these metrics, the participants had to measure the perceived efficacy of performance management, utilizing a five-point Likert scale, from 'extremely low' to 'no effect' to 'very high'. We used six performance metrics for people management outcomes: employee satisfaction, enthusiasm for efficiency, participation, quality of employment, competence, and confidence. The participants had to test the impact here again using a Likert scale of five points, from 'very low' to 'no impact' to 'very high'. We were using a logistic regression model to analyze the impact of various human resource management practices on the binary explanatory variable, business benefit, and market valuation since we were fascinated by how a specific strategic marketing plan affects the likelihood of positive appraisal of success quality.

We conducted a logit approximation in the linear example to evaluate the proposals on the financial results. The influence of talent acquisition techniques on the corporate and public development output parameters of the ordinal scale is evaluated using an organized logit model. They were fascinated by how the likelihood of achieving a higher assessment in the corresponding predictor variable is influenced by a given talent acquisition approach. There are vectors representing a series of control variables such as market area, business scale, company profits period, and dummy parameters of the corporation's territorial layout, like how long businesses have undertaken a systematic talent acquisition scheme, ? is the corresponding coefficient vector, and ?i is a discrete and normal distributed error word for logistics.

Findings Using Primary Research

Quantitative Data:

Do you agree with the organisation should take this new approach of Talent Management practices?

Agree	Strong Agree	Disagree	Strong Disagree
10	4	5	11

Graph 1

Do you believe in overall development by using this medium of platform?

Agree	Strong Agree	Disagree	Strong Disagree
10	4	5	11

Graph 2

Is there any possibility of gaining complete knowledge about significant learning and under leadership of the organisation?

Agree	Strong Agree	Disagree	Strong Disagree
10	4	5	11

Graph 3

Data analysis

By the data that was collected through the primary data it can be predicted that the employees in the organization are ready to accept the new strategies of talent management as it will lead them to career excellence in the future by the training and development that talent management strategies offers and also the employees were ready to accept this medium of learning in the organization.

Reflection

Talent management is pretty new term to the world of corporate if compared to other strategies of human resource management. It was in late 90’s that talent management gained recognition in increasing the efficiency of the firm. In conducting the research on talent management I came across many factors related to talent management and how talent management can help organization to acquire the required talent needed in the firm to make it work more efficiently and effectively. To complete the report I researched about the talent management strategies and tools that the company can apply and follow in order to properly manage the talent in the organization. The research gave me immense knowledge about how important it is for the organizations to hire the correct people for the right job positions. Through the research I was able to know the various strategies of talent management for example providing continuous training and development to the employees’ increases there work efficiency and also helps the organization to maintain the talent of the organization. By the end report made me knowledgeable about the strategies and there efficient use in the context of the organization

Conclusion:

In this article, by analyzing perceived efficiency, we tried to define talent acquisition techniques and their influence on organizational efficiency with reference to Astrazeneca ltd. We're revealing why talent acquisition is a valuable investment, demonstrating the influence on the economic, operational, and human capital performance of implementing a business development approach. We discovered that talent acquisition activities with a heavy emphasis on corporate strategies have a positively significant, favourable influence on investor profit; an effect that surpasses all other talent acquisition emphasis. Tactics for talent acquisition, which tries to support strategic planning, has the poorest effect on the efficiency of the company, especially on non - monetary results at both the level of the company and the level of human resources. It seems as though conventional human resource planning is often comprised of this aspect, handling human capital, but doing so in a rather productive manner. (Thompson and Heron, 2005)

We considered the implementation of a policy in AstraZeneca that focuses on recruiting and maintaining expertise to have the biggest impact on the performance of human resources, underscoring its importance for enhancing the effectiveness of work and competence standards. A statistically important, positive influence on nearly all results is the emphasis on emerging talents.  This illustrates the importance of reflecting on the needs of workers and fulfilling their desires. In general, both tactics have a significant influence on the morale of talent: Undoubtedly being part of a fortunate community and having recognition and praise would have a distinctive influence on the motivation of talents for success, mostly because sensations want to stay in an elected community of staff or whether they want the commitment and trust given by the business to be accountable.

Talent development has a significant effect on the organizations’ productivity, competitiveness in the workforce, and creativity. Besides, it lets managers prepare, inspire, and maintain their depth of people. In essence, this assists in producing a competitive edge and growth in the knowledge-based economy nowadays. All in all, it is inferred that resource acquisition is a phenomenon in small to medium-sized companies, but is viewed from a particular perspective than in large corporations. Based on the type of organization, the director, his or her principles and position in the Strategic human resource management decision-making process, etc., it may be somewhat different. The primary emphasis is usually casual practices; there is, nevertheless, a desire to migrate into formal practices when the business expands.

Recommendations

Having the best employee force is not just enough to gain competitive advantage in the corporate world but it is also essential to maintain this this through talent management. There are many tools that can become a helping hand for the managers in order to implement the talent management strategies. Following are the few recommendations that the organization can adopt in order to improve their application of talent management strategies.

Identify the definition of talent for your organization.

Offer training and development to the employees

Predetermine the goal and select the talent accordingly

Keep your goal result oriented

Prioritise smart work over hard work

Offer a healthy work environment

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Appendix

Project Logbook
Name and ID
Project Title:
WEEK 1 (from… to …)
Your progress
What have you completed? I have completed the basic analysis of the project, which includes assessing it’s limitations and advantages. The various metrics of the success have also been graphically represented in the file. Did you fulfil task requirements? Yes. All task requirements are fulfilled. Are you on track and within deadlines set? Yes, I’m in track with all deadlines. Did you need to make any changes to your project management plan? Yes, I had to add further references to the preliminary findings and data analysis section
Risks and issues
Did you identify risks/issues with a lack of skills required for undertaking research/tasks? Yes. Did you identify any additional risks/issues that have an impact on the project management plan? Yes What barriers did you face? The real market scenarios with respect to the project at hand were difficult to access, therefore a lot of secondary sources had to be used for taking out an accurate picture of the real threats and risks present in the market. How did you overcome them? By analysing the data available, I was able to overcome them.
New ideas and change of project direction
Are you considering to change your project direction? If yes, provide details. No.
What have I learnt about myself this week?
Points to consider: How did I feel when I had to deal with tasks/problems? Ifelt really energetic and optimistic about the problems. Although there were preliminary hurdles, I succeeded in overcoming them with ease. Did I find it useful to complete the tasks? Yes How well have I performed? What did I contribute? I think I have performed moderately, however there is always scope for improving. What can I improve on next week? I can better reference add to the models of analysis next week. How might this learning apply in the future? This will help me in gaining experience about the project.
Tasks planned for next week
Which tasks are priority? To take in the corrections given by the faculty will be my top priority. Have you set aside sufficient time for completion? Yes.
Project plan status to date
Behind On time Ahead
Comments from tutor (To be addressed by student)
Comments: Everything so Name:Dr. Felicia Olaitan/ Muhammad SameerDate:

Performance Review Template

Performance Review • What was the project supposed to accomplish? • Did the project succeed in its aims? How do you know? Specifically, please outline any evaluation andassessment undertaken. • What things do you think worked well and why? Evaluate all aspects of the project (e.g. initial inception,project activities and project outcomes) from a range of perspectives. • What problems emerged during the project and how were they tackled? Was there timely identification ofissues and resolution during the project process? • What did you learn from undertaking the project? • How would you rate your performance as project manager? • What strengths and weaknesses of your performance did you identify? • How will this inform and support your continuous professional development?