Managing a Successful Business Project | My Assignment Tutor

11Session 1:Talent Management &Project ManagementUnit 6: Managing a Successful Business ProjectDr Reza Aboutalebi2OutlinesTalent managementTalent management strategiesTalent management processDefinition of a project & project managementTriple Constraints Theory23Project Theme:Talent ManagementYou have been employed as a Business Researcher byan organisation of your choice to run a project regardingthe existing talent management strategies and suggestnew talent strategies that need to be formulated andimplemented to attract and retain talented staff to supportthe competitive advantage of the organisation.Definition of Talent ManagementTalent management is the process by which businessesand organisations recognise and develop talented peoplewho can have a positive impact on their organisations andtheir productivity.Talent management is a constant process that involvesattracting and retaining high-quality employees, developingtheir skills, and continuously motivating them to improvetheir performance.The primary purpose of talent management is to create amotivated workforce who will stay with your company in thelong run.43Benefits of Talent ManagementA proper talent management that can attract and develophighly talented staff can have variety of benefits:It helps businesses improve performanceIt allows companies to stay competitiveIt drives innovationIt helps form productive teamsIt decreases turnoverIt leads to strong employer brandingIt motivates others to growSource: Valamis (2019) 5Talent Management StrategiesA talent management strategy should match yourorganisation’s goals and clearly define what type of talentyou need. You organise the talent management processbased on the talent management strategy. Three maintalent strategies are as follow:1. Strategy #1: Hire only top employees2. Strategy #2: Hire promising specialists and Develop them3. Strategy #3: Combine Strategies 1 and 2 by hiring topemployees and at the same time hiring and developingwho has the potential to become top employeesSource: Valamis (2019) 64 aetMaaemnStratgie: Strategy 1: Hire only top employeesAdvantages of Strategy 1You immediately receive toptalent.The employees will performwell and probably reach highperformance faster.You are able to grow yourcompany faster.You are more prepared forchallenges and risks.Disadvantages of Strategy 1It’s expensive, and will cost youeven more if you end up needingto hire someone else.It could be more difficult to retaintop talent.The hiring process may takelonger, as you’ll probably want toselect from a wider pool ofcandidates.It can be challenging to manageteam of top talent.Having too many top performerson a team can lead to competitionand result in underperformance.Source: Valamis (2019) 7 TalentMaagementtrategies: Strategy 2: Hire & develop staff with potentialAdvantages of Strategy 2You can find talent faster. Thismay be necessary if you are inurgent need for talent and haveinsufficient time to search for topemployees.You will likely save money onsalaries.The employee has the potentialto become a skilled and loyalprofessional.You can hire two, or even three,promising specialists for thesame amount as for one topperformer.Disadvantages of Strategy 2Your company may grow slower.Compared to top talent, thesehires lack of knowledge. Thiscan lead to lower performance.You may need to hire anotherspecialist if the employee cannothandle the role.It requires a larger investment indevelopment.The strategy may fail entirelyand you’ll need to revert tooption 1.Source: Valamis (2019) 85 aetMaaemnStratgie: Strategy 3: Hire top & with potential staffAdvantages of Strategy 3It gives you the best of bothworlds.It also allows you to takeadvantage of a combination ofnew hires and existing talent.Having top talent andpotentially good specialists(e.g. young employees) willhelp the specialists grow fasterand motivate them.It leads to knowledge transfer— top talent can teach otheremployees.Disadvantages of Strategy 3If you have specificrequirements (such as you arein urgent need of growth or ifyou are on a tight budget),sticking to a single strategymay be more appropriate.Source: Valamis (2019) 9The Talent Management ProcessThe following seven steps cover what you need to do todevelop a continuous talent management process foryour organisation. It covers how to find the most talentedpeople available and then help them stay in your firm.1. Step 1: Specify What Skills You Need: what kinds of hiresyou need and what requirements they should fill.2. Step 2: Attract the Right People: Create targetedadvertisements, Plan interviews and other means to identify thebest person for the job.3. Step 3: Onboard and Organise Work: Help new employeesfeel orientated by being ready for them as soon as they enter thecompany. Know what tasks you will set them.Source: Valamis (2019) 106The Talent Management Process4. Step 4: Organise Learning and Development: Even if youdo hire top talent, they will likely want to learn something in theirnew role.5. Step 5: Hold Performance Appraisals: it allows you to see ifworkers could manage additional responsibilities. This could saveyou hiring new talent and it may help an employee prepare for apromotion.6. Step 6: Strategise to Retain Your Best Talent: Keepemployees satisfied at work through promotions, benefits,motivating tactics, ensuring job satisfaction, and improvingcompany culture.7. Step 7: Plan for Successions: Nurture employees forsuccessions, such as for when a senior member of staff retires.Source: Valamis (2019) 1112Basics of ProjectManagement7Definition of a Project & Project Management“A project is a set of temporary activities undertaken tocreate a unique product or service. It is characterized bythe need for the services of many different people in anorganization while requiring considerable planning andcoordination of tasks” (PMBOK, 2017, p. 4). It is not anongoing set of activities.Project Management is “a set of well-defined methodsand techniques for managing a team of people toaccomplish a series of temporary work tasks within awell-defined schedule and budget” (PMBOK, 2017, p. 6).13Project Management Body of Knowledge (PMBOK)14Triple Constraints TheoryEvery project is constrained indifferent ways by itsScope goals: What should theproject accomplish?Time goals: How long shouldit take to complete?Cost goals: What should itcost?It is the project manager’s dutyto balance these three oftencompeting goalsQuality can be the fourth constraint, (how high should be thequality of the project?)8Project Management Process (Project Life Cycle)15

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