As the chief human resources officer in a multinational corporation, I recognize that businesses need to take a more enduring approach and adhere to their talent acquisition policy. With the theme The need for innovative and innovative working methods to achieve a holistic approach to talent, is the basis for research in this project. Theories learned to complete this research paper.
Introduction
As the Chief Human Resources Officer of a multinational corporation, I understand the importance of adopting a sustainable approach to talent acquisition This project is centered around the theme of "the necessity for innovative working methods to create a holistic talent strategy," which serves as the foundation for my research The theories explored will enhance the understanding and execution of effective talent management practices.
Hypothesis
H1: Does setting KPI by month help employees to work better than setting KPI by year or not?
H2: Is employee time-based management more efficient instead of task-based management?
H3: Does the employee follow the promotion roadmap in specific jobs or rely on breakthrough projects to promote?
Tittle: Management strategy to talent management
Access: Google Form, randomly (use Google to create survey)
Literature Review
KPI
Regularly encouraging and motivating employees is crucial for achieving KPIs and enhancing overall labor efficiency Even if employees have only met half of their targets, timely recognition and praise for their efforts can significantly boost their morale and commitment to their work This approach not only fosters a positive work environment but also drives employees to improve their performance.
The KPIs system developer establishes connections between evaluation results and specific remuneration levels within each score framework Managers, based on departmental titles and fields of activity, should develop flexible KPIs in a step-by-step manner It is advisable to hire experienced consultants to collaborate with employees, ensuring that the targets implemented enhance efficiency and align with the company's overarching management goals, particularly in human resource management (citisteel, 2021).
Managers utilize Key Performance Indicators (KPIs) to monitor employee job performance, enabling them to determine appropriate salary and bonus structures for each role Additionally, they implement disciplinary regulations and strategies aimed at enhancing overall work efficiency.
Task Management
In his 2019 report, Michael Hocking emphasizes the importance of enhancing talent management strategies to elevate organizational efficiency He advocates for moving beyond basic processes like talent acquisition and management, urging organizations to focus on talent growth By fostering well-managed and respected talent relationships, organizations can establish a strong foundation for ongoing talent development.
Effective time management enhances your reliability as an employee, enabling you to consistently deliver high-quality work ahead of deadlines This not only increases your value in the workplace but also boosts your professional reputation, opening doors to new career opportunities.
Centralized task management systems enable teams to monitor their activities, track time spent on tasks, and assess overall effectiveness These tools typically offer visual management of tasks and provide insights into completed, pending, overdue, and ongoing assignments Additionally, generated reports can include essential details such as start dates, deadlines, task budgets, primary tasks, side quests, and time allocation.
Promotion in Work
Alfandi, Ashraf and Mohammad (2014) conducted a study to evaluate the role of various forms of benefits in enhancing and improving employee performance
Achie, Samuel, and Joshua (2016) highlight that despite receiving cash benefits and opportunities for advancement, employees continue to face challenges in meeting workplace demands To enhance productivity, it is essential for businesses to improve benefits for all categories of workers.
The competition for top talent in the Architecture, Engineering, and Construction (AEC) sectors, as well as design fields, has intensified in Canada and the UK To attract and retain skilled employees, companies need a strong brand and compelling value proposition Today's workforce has heightened expectations and is more open to negotiation, prompting organizations to enhance employee experiences and offer meaningful career paths Addressing these factors is essential for maintaining a competitive workforce.
To enhance employee performance management, companies should implement a goal-oriented strategy that balances the recognition of past achievements with a strong emphasis on professional development This approach must align with evolving business needs, employee interests, and individual potential By actively managing performance and providing continuous feedback and support, organizations can foster improvements in both individual and overall performance.
Data Collection
Descriptive Data
In order to ensure accuracy and transparency in my responses and to achieve the most controllable data,
To gather precise information, I would employ a questionnaire approach utilizing a quantitative system that offers participants various options To ensure the findings are assessable, evaluable, and easily monitored, all questions will be structured as closed-ended This method will facilitate effective management and review of the issue based on previously anticipated outcomes.
Raw Data Collection
I asked 15 related questions about the working environment and employee needs about KPI aspects, management structure and specific promotion roadmap The survey went on over 12 days and collected
30 responses via Google's form link.
Cost
The expenses for this study are minimal, as the features provided by Google are free to use All data collected through Google Forms is cost-free, securely stored by Google, and analyzed by me.
Analyzation
From collecting 31 responses of the survey, we have got:
To enhance the reliability of the survey, all questions are designed to address the three hypotheses The initial question will focus on gathering insights regarding common skills and suggestions related to the job environment Subsequent questions will be structured to delve deeper into each hypothesis, facilitating a comprehensive reflection on the topics discussed.
The importance of a Talent Management Strategy for a company's growth is underscored by survey results indicating that 58.1% of respondents believe that the preparation and selection of high-quality employees are crucial Additionally, 22.6% emphasize the need to retain existing employees to prevent turnover, while 19.4% note that older employees can train younger ones more efficiently.
According to the survey results for question 2, which asked if the KPI setting for employees needs to change, 61.3% of the 31 respondents answered "Yes," while 38.7% answered "No."
In response to question 3 regarding changes in KPI settings and strategies to enhance employee efficiency, 31 participants provided their insights The most favored option was dividing the work and establishing a fixed completion time, which garnered 45.2% of the responses Following this, 19.4% suggested implementing support policies, such as salary allowances and bonuses, to boost employee morale Additionally, 12.9% of respondents advocated for reducing the number of jobs, while 22.6% opted for a combination of all the proposed measures.
In response to the question, "Do you want to work in monthly or yearly KPIs?" 51.6% of the 31 respondents preferred monthly KPIs, while 35.5% favored yearly KPIs, and 12.9% chose another option.
The chart for question 5, which asked respondents to evaluate the effectiveness of their previous KPI setup on a scale of 1 to 5, revealed that 12.9% found it ineffective, while 29% rated it inefficient Additionally, 25.8% considered it efficient, 19.4% rated it very efficient, and another 12.9% deemed it extremely efficient.
In response to question 6 regarding the necessity of determining specific salaries and bonuses for employees based on KPI completion levels, 77.4% of the 31 respondents answered "Yes," while 22.6% answered "No."
In response to question 7, which asked participants whether they prefer focusing on the amount of work completed in a day or the time taken to complete tasks, the data revealed that 38.7% of employees favor the quantity of work done, while 51.6% prioritize the time spent on tasks Additionally, 9.7% of respondents expressed a preference for both options.
According to the results of question 8, "Does imposing a time limit to complete an assigned task put you under pressure?", 48.4% of the 31 respondents indicated that they feel pressured, while 51.6% reported that they do not experience pressure from time constraints.
According to the responses to question 9, which asked whether individuals prefer to work individually or in groups, 51.6% of participants indicated a preference for working alone, while 48.4% favored group collaboration.
In response to question 10, which asked if participants prefer a straightforward promotional direction to work more confidently and patiently, 64.5% of the 31 respondents answered "Yes," while 35.5% chose "No."
In response to the question, "If the company gave you a chance and challenge to get ahead in your job, would you do it?", 51.6% of employees indicated they would accept the opportunity, while 41.9% declined Additionally, 6.5% of respondents have not yet considered or provided an answer to the question.
The survey results for question 12 indicate that 51.6% of respondents believe that advancing quickly at work requires significant courage and personal effort, while 35.5% feel satisfied with their current job and are not motivated to strive for advancement Additionally, 12.9% of employees remain uncertain about their ability to progress in their careers.
According to the results from question 13, which asked employees if they would adapt to an upcoming change in management strategy, 51.6% of the 31 respondents indicated they would accept the change if it promised significant benefits In contrast, 38.7% preferred to maintain the current strategy, believing it to be effective as it is, while 9.7% remained undecided between the two options.
In response to question 14 regarding bonus preferences, data collected from 31 participants revealed that 54.8% of employees favor a quarterly bonus, while 29% prefer a year-end bonus, often referred to as the 13th salary Additionally, only 16.1% of employees expressed a preference for a monthly bonus.
With the chart for question 15, "What are your feelings and desires when you do this survey ?.", from the
Finding
The first chart highlights the critical role of talent management strategy in company development, with 58.1% of employees recognizing its significant importance This strategy enables the company to effectively prepare and select qualified candidates who can contribute their best efforts Additionally, 19.4% of employees believe that hiring individuals with prior work experience can expedite the training process compared to onboarding inexperienced youth Furthermore, 22.4% of employees assert that a robust talent management strategy is essential for retaining staff and mitigating employee turnover in today's competitive job market.
Charts from questions 2 to 6 support the hypothesis that setting monthly KPIs enhances employee performance compared to annual KPIs Chart 2 indicates that 61.3% of employees believe adjusting KPIs is essential for effective work, demonstrating a 2:1 ratio favoring KPI changes that boost productivity and benefit both employees and the company Chart 3 reveals that 45.2% of employees prefer clear task division with deadlines when KPIs change, while 19.4% support enhanced salary and bonus policies Additionally, 12.9% agree on reducing workloads, with 22.6% advocating for various strategies to improve performance Chart 4 shows that 51.6% of employees favor monthly KPIs, as they provide immediate motivation and rewards, unlike annual assessments Chart 5 evaluates previous KPI effectiveness, with 41.9% rating them as ineffective, while 58.1% acknowledge the benefits of past KPI settings Finally, Chart 6 highlights that 77.4% of employees prefer receiving bonuses for KPI achievements, emphasizing the importance of rewards in driving motivation and performance.
Charts from questions 7, 8, and 9 support the second hypothesis regarding whether a time-based or task-based management strategy is more effective According to Figure 7, 51.7% of employees prefer a time-based approach, indicating they require time to complete their tasks, while 38.7% favor a task-based approach based on their daily workload Only 9.7% of staff members have mixed preferences This data suggests that imposing a task-based approach may hinder the effectiveness of talent management strategies Prioritizing a time-based work environment could alleviate pressure on employees, fostering a more productive atmosphere Figure 8 further emphasizes that pressuring employees to meet deadlines may not yield the desired results.
Almost half of employees (48.4%) report feeling pressured by the company's management strategies, while a slightly larger portion (51.6%) do not experience this pressure This nearly equal ratio indicates a need for the company to reassess its management approach to enhance employee engagement with talent management strategies According to Chart 9, to alleviate feelings of pressure, the company should implement suitable strategies, as 48.4% of employees prefer group work, while 51.6% favor individual tasks This suggests that while most employees appreciate the benefits of working independently, they also value collaboration Therefore, a balanced integration of both working styles is essential for improving overall employee performance.
Charts 10 to 14 support the hypothesis that employee promotions should follow a clear roadmap Chart 10 reveals that 64.5% of employees desire a detailed advancement plan, while 35.5% feel lost without guidance In Chart 11, 51.6% of employees are willing to tackle challenges for faster advancement, indicating a strong motivation for promotion, despite 41.9% feeling no need for such support Chart 12 shows that 51.6% of employees are ready to put in extra effort for promotions, while 12.9% are satisfied with their current roles Chart 13 highlights that 51.6% of employees can adapt to management changes, although 38.7% find these transitions problematic Finally, Chart 14 indicates that 54.8% of employees prefer quarterly rewards, suggesting that aligning bonuses with employee efforts can enhance motivation and promote a culture of hard work and advancement.
The results from question 15 indicate that most employees felt neutral about the survey, likely due to their familiarity with such changes However, a significant portion, 39.3%, expressed happiness, recognizing the company's increased focus on employee benefits Additionally, 17.9% of employees reported feeling very excited, as they believe these changes will lead to improved outcomes for both the company and its workforce.
Discussion and Recommendations
Discussion
In today's competitive landscape, effective talent management is crucial for business growth Companies that fail to implement beneficial policies for employees risk losing their commitment and loyalty A successful talent management strategy requires an understanding of employees' needs and desires; when executed well, it motivates employees to perform at their best However, many organizations struggle with this aspect as they prioritize growth over employee compensation and support To ensure long-term development, businesses must recognize that retaining top talent is essential for sustained success.
About 10 years ago talent management focused primarily on talented people and the manager's role and how their influence affects lower-level employees, as opposed to HR management focus on the life cycle of each employee in the organization Talent management has an enormous role and responsibility in anticipating the human resources needed and planning to meet that need through the recruitment,development and engagement process In some organizations, only the top employees are in the talent management system Elsewhere, all employees are involved in the process In some companies, the talent management system is accessible through software engineering, others through meetings between the talent's direct manager and the human resource manager Meanwhile, with HR management, all candidates and employees need attention and attention Meetings between employees' direct managers and human resources are also less likely under the HR management system, except in some special cases In addition, HR management is less of a long-term strategy like talent management. (HKT CONSULTANT, 2019)
In today's competitive and unpredictable business landscape, companies must leverage their competitive advantages to survive and thrive, which hinges on strong internal capabilities However, employee turnover is a significant concern, particularly in key sectors A survey by Anphabe, "The Tale of the Departures," revealed that in 2018, 20.5% of employees in Vietnamese firms were contemplating job changes In the IT sector, Navigos Group's report highlighted that 45% of workers were dissatisfied with their salary and bonuses, while 40% felt there were limited promotion opportunities Similarly, research from Navigos Search indicated that in the manufacturing industry, 49% of employees considered leaving primarily due to salary and benefits, with 43% citing unclear promotion paths Ultimately, 62% of employees identified salary and bonuses, along with 44% emphasizing promotion mechanisms, as critical factors for retention, followed by managerial relationships and workplace environment.
Management strategies in talent management can have drawbacks, particularly when changing structural approaches While these changes aim to enhance employee benefits and clarify promotion opportunities, they often require significant financial and time investments from the business Consequently, the impact of these adjustments can be substantial, affecting overall operational efficiency.
Recommendations
Retaining employees is crucial for business success, and promotions serve as significant milestones in both individual careers and organizational growth Recognizing capable employees through promotions not only rewards their strong performance but also encourages them to expand their skills By creating opportunities for development, companies can effectively utilize employees' capabilities and experiences, fostering a culture of trust and respect within the workplace.
Training middle management is essential for identifying and addressing issues in employee performance By investing in software, tools, and processes, organizations can enhance productivity Utilizing Key Performance Indicators (KPIs) allows for the swift detection of signs of ineffective work, enabling timely interventions through interviews and problem-solving strategies Additionally, investing in employee training is crucial for fostering a more efficient workforce.
Successful managers excel in utilizing the "carrot and stick" approach, where "carrot" signifies rewarding employees for their achievements A simple yet heartfelt thank you can significantly impact an employee's motivation and satisfaction, as it shows that their contributions are genuinely valued Ensuring that each expression of gratitude is sincere fosters a positive work environment, making mental encouragement a powerful tool in enhancing employee performance.
Rewarding employees with privileges can significantly enhance motivation and overall productivity within a team or company By offering benefits typically reserved for leaders, such as remote work options, invitations to leadership events, and opportunities to engage with potential clients, organizations can foster a more inclusive environment However, it is essential to establish clear performance targets and choose benefits that do not disrupt team dynamics, ensuring that all employees are encouraged to excel in their roles.
Re-confirm hypothesis
The study confirms that management strategy significantly influences innovative work methods for talent retention, with three key statements validated The application of the proposed theory and tools has been executed as planned, leading to enhanced employee retention According to survey findings, the hypothesis is supported with a 70% accuracy rate.
Pros & Cons
The research conditions for this project are not the most ideal to do So this study has certain weaknesses and strengths
+ Surveying many employees in many different working environments such as real estate, sales, marketing, etc
+ The method of using questionnaires to easily approach candidates without spending a lot of time
+ Nowadays, the use of the Internet is increasingly popular, so the survey of questions related to Google form is increasingly convenient and fast
+ Because the budget is limited because they are still students, the survey subjects are only around the business administration industry
+ The surveyed subjects also have a part of employees who have not been working for a long time, so the results can only partially assess
+ The time to do the research is only equal to 2 months of 1 subject, so the research is not completely accurate and positive
Future research should aim to enhance cost-efficiency while exploring additional aspects of the subject Clearly defining survey subjects is essential for gathering accurate data Emphasizing effective management strategies is crucial for talent retention across diverse work environments By implementing these improvements, the research could achieve greater clarity, accuracy, and positive outcomes.
Conclusion
Through extensive testing, I have explored various market analysis and survey tools, which have provided a solid foundation for my research This study not only evaluated my skills in multiple dimensions but also helped me identify my strengths and areas for improvement.