Managing A Successful Business project

Talent Management of TESCO Bank, UK.

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Table of Content

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 Introduction

Employees are the key driving forces for any organization. How smoothly an organization will function
solely depends its human elements. Hence, looking for skilled employees and continuously training them
for better performance remains one of the key concerns for every organization irrespective of size.
TESCO Bank is taken into consideration in the following case study. The bank has been doing business in
Insurance and Finance industry with employees more than 3900. Throughout the report several aspects
about the company’s human resource will be discussed in line with suggesting the company for
developing well-functioning mechanism for continuous improvement. The whole task has been
subdivided into 3 main tasks starting from developing project aim to giving feedback about personal
performance.

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 Developing project aim, objective and detailed project plan

Project Aim

Since last 4 years, the Bank has been routinely facing several human resources related difficulties. After
being subject to cyber-attack back in 2016, the bank lost a huge market share due to decline in public
confidence on the bank. The problem turned even bigger when the bank lost appeal in bringing and
retaining expert pool of applicants for a extended period. As per the company Human Resource policy,
the employees are trained in due manner in due time. Despite the fact, the bank has experienced a 5%
increase in tendency among the employees to leave the job within just two year period. This paper mainly
aims to find out the major reasons for this tendency. Lastly, the study seeks to offer a wide range of
probable solutions that the banking company can follow to appeal & retain those talented pool of
employees for a reasonable time.

Specific project objective

Every project taken within the organizational boundaries are deemed to have some specific project
objectives. This project also has some specific objectives

 Evaluating what exactly went wrong in successfully managing human resource.

 Assessing the salary package and other benefits of the employees.

 How to find out ways to attract talented pool of employees from the candidates.

 To develop a detailed framework for successfully managing human resources.

 Analyzing feedbacks from the employee to understand how they view the organizational
policy.

Detailed project plan

The project will be accomplished in three different stages. In the first step, necessary tools and
applications will be collected. In the second stage, employees’ feedback will be taken for analyzing and
evaluating the current existing scenario. Thirdly, all the collected data will be analyzed to provide
recommendation to the management.

Activity wise cost allocation

To finish the project successfully, all the related tasks need to be finished smoothly. One key aspect
about any project is here all the task needs to be sequentially finished to go to the next step. Without

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completing one task, no further progress can be made. All the tasks here are divided in 4 steps. In first
phase, the primary tasks like developing draft plan, preparing questionnaires, data collection are
completed. In phase two, the collected data from questionnaires are interpreted. The third step is
conducted through data analysis software. Here, data are interpreted to evaluate the existing scenario.
Lastly, in fourth step, the final report is prepared for the management with all the relevant details.

Graph: Activity wise cost allocation (Source: Self-Generated)

The graph above delineates all the 4 steps sequentially.

Project timeline

Project timeline represents time allocated for each task in completing the project. In project timeline, all
the tasks again have been divided into two main phase. First phase includes 3 main tasks. The first phase
takes 40 days to complete all the tasks.

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 Task serial Task Description Start Date End Date

1. Specifying objectives & aims. 19 /03/2020 26/03/2020

2. Developing the research plan 27/03/2020 10/04/2020

3. Questionnaire, interview & data 11/04/2020 25/04/2020

collection

4. Analyzing Data 26/04/2020 10/05/2020

5. Findings & developing 11/05/2020 18/05/2020

recommendations.

6. Drawing conclusion 19/05/2020 26/5/2020

Graph: Project Timeline (Source: Self-Generated)

In second phase, there are another 3 different tasks. 30 days have been allocated for the second phase. The
second phase takes comparatively less time. Because, all the task in second phase are mostly within
organization. Unlike first phase, there is no need to physically collect data. Only collected data are
evaluated here for recommendation.

Project quality

Quality of a project is a very important factor for the usefulness of a project. Successful completion of a
project is a factor of all the relevant primary element involved in the project. This projectc will be
conducted based on the data collected about the company policy and the feedback received from one to
one viva and questionnaire analysis. Hence, the quality of data will determine the quality of the project.
The project manager has to be very careful in collecting data and analyzing it. The project manager needs
to carefully monitor so that data in no way can be manipulated

Project scope

Project scope means the future usefulness of the project to the respective authorities. On successfully
completing the project, the management of TESCO Group Plc. will develop a clear understanding over
drawbacks in the current talent management program. It will help the company to address the situation in
a proper manner. Apart from this, lastly it will provide some recommendations based on findings and
analysis. This will help the management to draw a reasonable conclusion on their policy.

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Communication medium of the project

The communication phase of the project can be divided into two main sections. The first section includes
the communication during the implementation stage and the second section includes the communication
on successfully completing the project. Firstly, the communication will mainly be with the employees to
collect the primary data. In order to collect data from the employees, the basic mode of communication
like email, logbooks and messaging will be used. In this stage, the main purpose of communication is to
collect data for analysis and interpretation. The communication in second stage is mostly formal
communication. Here, the project report will be communicated with the relevant parties. Among the
relevant parties it may include the management and human resource division of the organization.

Resources needed for project accomplishment

To successfully complete the project, there mainly requires three types of resources. The first type of
resource is Human Resource. When moving ahead with the project, the most important element is the
people involved. There will be many people working under the project manager. Without their time to
time assistance, project manager alone cannot get things done. Second element is technological resources.
Technology has made things a lot easier and faster. So, throughout the project, for many communication
and analysis purpose, the technological resources will be used. Third and the most important element is
financing. For successfully completing any project, funding is a must. On top of that, to avail all the two
firstly mentioned resources, the funding back up is also must. This will help for smooth functioning.

Work-break down layout

The following table shows the detailed breakdown of task. All the tasks here have been divided into 4
major sections. These include initiation, execution, planning and lastly close out. All the tasks have to be
sequentially followed to make the project successful.

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 Graph: Work Breakdown. (Source: Self-Generated)

GANTT chart layout

This section represents the Gantt chart. It helps to keep track over all the tasks if being finished in time or
not. Form it, one can easily know in which step the project of TESCO Bank’s Talent Management
Program is in.

Graph: GANTT Chart (Source: Self-Generated)

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 Research findings with necessary data interpretation

Introduction

TESCO Bank is a well-known bank doing business in retail sectors since the year 1997. With a total
of 3,900 regular employees, the bank has reported a total revenue of 1.075 billion pound. One of the
major issue of concern for the bank is the bank has been facing a declining profit over last 5 years period.
On top of that, the bank had to deal to with lot of technical problems like cyber-attack of its system lately.
Many believe that weak manpower, inefficient mode of operation, frequent employee layoff etc. are some
of the major factors that are lowering the profit of the bank. To improve the existing financial
performance and strengthen financial position, the bank has been found to bring some change in its
human resource management policy. The major reformation is bought is in terms of talent management
program starting from the very first step of recruiting to talent retention process.

Literature review

Attractive salary packages, perks and other benefits, working environment, growth opportunities etc.
are the key elements that appeal skilled people. Here, absence of one element may affect good
employees’ performance. Because, there are many skilled employees who want such kind of a working
environment that offer continuous learning and growth opportunities. If the employees do not get their
expected working environment, their performance will hamper. This will ultimately hamper the overall
organizational productivity. For this reason, TESCO also needs to carefully design its working
environment considering all the probable issues. Attracting good and ethical people is not enough. To
retain those good and skilled employees, the organization needs to arrange tanning facilities, conduct
seminars and run professional development program. These will make those talented candidates even
more expert in their job. If it can be ensured, the overall organization will be equally benefited ….believes
that if employees are periodically given feedback over their performance, they feel self-motivated.
On top of that, it helps to develop a sense of ownership and responsibility among the employees.
This is very important for every organization. This is why many organizations are fond to arrange
entertainment facilities even in the organization.

Research Methodology

Research can be conducted either in qualitative aspect or in quantitative aspect. Qualitative research
mostly takes into account data, facts and responses from the candidates. Quantitative research mostly
deals with numerical figure. Quantitative try to draw conclusion from the numerical value. This
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research is mostly based on qualitative data. Though there is some use of quantitative analysis. But, major
portion of the report deals with qualitative aspect. Employee responses and data received from interview
are the primary element to conduct the research.

Sample size and rational

As mentioned earlier, the bank employs more than 3900 employees. So, technically it is impossible to
collect data from all those employees. So, for the project 70 people have been selected as sample size. To
remove any sort of biasness, the sampling has been randomly selected.

Sources of data

For the research in question, data has been collected from all the 70 randomly selected employees. For
collecting data, a set of questions have been asked to all the employees for response. So, as a primary
source these have been used. As a secondary sources of data the annual report of the company have been
considered.

Detailed data interpretation

Data has been interpreted based on the employees’ response. The set of questionnaire has been attached in
the appendix. The selected employees have asked for their response. When the employees are asked about
the salary package of the company, a major portion of the employees have been positive and satisfied
about the salary package.

Graph: Salary Package (Source: Self-generated)

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When the employees are asked if they feel the sense of ownership working there, 40% highly agreed and
20% also agreed. Only 13% of the employees did not think so. Hence, here as well it can be said that as
per employee’s response, the company has been able to build a good environment for work.

Graph: Sense of ownership (Source: Self-generated)

Learning and continuous growth is vital for every dynamic business. The greater the scope for it, the
better it is for the employees. Employees here as well also are found to give positive response. A major
portion of the employees support that the company provides enough growth opportunities for its
employees.

Graph: Growth opportunity (Source: Self-generated)

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To remain dynamic and competitive in this industry, one needs to equip oneself with modern skillsets and
knowledge. To ensure it, large companies are found to arrange employees’ performance improvement
training program. When the employees of TESCO were asked about it, more than 50% of the employees
are found to have responded positively. So, this is also a good sign for the company.

Graph: Employee Development Training (Source: Self-generated)

Every company has its own talent management program. The success of this talent management is
reflected on the productivity of the company. If the employees feel satisfied with the talent management
strategies, then they are likely to respond positively. In this case, of the 25 people selected, 14 responded
positively. That is, more than 49% have highly agreed. And another 5 people also agreed on this issue. It
is a clear indication that, the bank follows effective talent man agent strategy.

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 Graph: Talent Management strategies effectiveness (Source: Self-generated)
Employees of any organization, need to have good relation with their supervisors and subordinates.
Having flexible relations with one another enables and foster good mutual understanding. This has also
shown a positive response from most of the employees. More than 50% have highly agreed with the fact
that there prevails a good relation among all the layers of employees.

Graph: Employee relation (Source: Self-generated)

Employees in the banks believe that it follows the industry standard in terms of managing talent. Many or
even a greater portion of the employees believe that the newly taken policy can be adopted by all oter
organizations as well. Literally, almost 47% highly agreed that the strategies it follows can be replicated
by the other in retail banking industry.

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 Graph: Applicability by other companies. (Source: Self-generated)

Findings and discussion

One aspect about the company is very eye-catching. Despite lowering profit and increasing rate of
employees leaving the job, the employees are responding positively. It indicates that may be some other
reasons apart from just talent management strategies that need deeper investigation. In other words, there
may be some other external reasons that lowered the profit of the bank. It may be poor economic
performance. Or the tendency of expending more among the depositors etc. So far all the responses have
been in favor of the company. The employees of the bank are also equally satisfied with the existing
talent management practice.

Evaluation of data analysis tools and recommendation

These positive responses have been mostly resulted from the change of organizational talent management
policy. The company should try to make the policy as much employee friendly as possible. Talent
management policy should be such that that not only attract new employees rather it ensures that the
employees remain in the organization for long period of time. Because, when employees are recruited
initially, they are given proper training to perform well in the job. At the same time, it costs the employer
thousands of pounds to conduct these training. So, after being properly trained, if employees leave the
job, then it becomes disappointing for the companies. Having strong sound organizational culture and
practice will ensure good practice here.

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 Detailed review of personal performance:

Project Logbook

During the implementation stage of the project, I got to lean many things that I have never come across.
This helped me to widen and deepen my knowledge to a greater extent. It has enabled me to learn the
application of several business tools and techniques. Though the overall task is time consuming an full of
challenges, it was fun conducting the whole course work.

Lack of proper experience has presented some troubles sometimes. However, I loved all the challengers
that challenges me to improve my standards further.

Performance Review

The project is mostly on talent management and retentions program of TESCO Bank Plc It has offered a
good learning experience to me. I believe that not having prior experience in conducting research has
made it a little bit difficult for getting the task done.

One major drawback of the paper is, the employees feedbacks and questionnaires have not been verified
for correctness. Employees feedback has been taken as true measures for conducting the research. Data
validation would have made the findings even more accurate as I believe.

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 Conclusion

Talent management and retention have become a very vital component in todays business world.
Improper management may result in poor financial performance and weak financial standings.
Management form all layers of the organization should be equally responsible for forming and applying
policies that ensure betterment of the organization.

Reference

Appendix

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