Resourcing and Talent Management Assignment Sample
Executive Summary
Every business entity is found to show their focus and concern towards strengthening its talent management approaches to generate employee motivation and employee retention. Thus, in this report, brief evaluations about the effectiveness of talent management and its impact upon employee turnover rate has been outlined in the context of AstraZeneca and Amazon identified in assignment 1 and assignment 2. Theoretical interpretation has also been undertaken to analyse the way through which the mentioned companies could enhance its talent management approaches. Recommendations regarding improvement of talent and resource management approach have also been highlighted in this report.
Introduction
Talent management helps organisations to keep their employees engaged, motivated and skilled, influencing them to perform towards accomplishing organisational strategic goals. On the other hand, resource management helps organisations to minimise overall costs and improve performance efficiency along with productivity. Thus, the following report aims to provide brief evaluations of effectiveness of talent management in the context of employee turnover based on the findings obtained from assignment 1 and assignment 2. Theoretical underpinning will be considered in this report to generate suitable recommendations for the company’s Amazon and AstraZeneca Plc identified in assignment 1 and assignment 2.
Background
AstraZeneca Plc is found to be an UK based pharmaceutical company whereas, Amazon is e-commerce based organisation. Both of the mentioned companies are found to incorporate strategic approaches for retaining their staff and to build a motivated workplace. In the context of AstraZeneca Plc, employee retention rate increased by 7.79% in 2020 as compared to the year 2019 reaching to the value of 76,100 (Macrotrends, 2021). Strategic talent management approach plays a significant role for the company to strengthen its employee retention rate,
Figure 1: Employee growth of AstraZeneca Plc
(Source: Macrotrends, 2021)
On the other hand, in the context of Amazon, it is seen that the company created about 500,000 jobs during 2020 reaching to the value of nearly 1.3 million respectively (Richter, 2021). Continuous and static employee growth highlights the strategic talent management approach that both of the mentioned companies incorporate to minimise the employee turnover related issues.
Figure 2: Employee growth of Amazon
(Source: Richter, 2021)
Findings and Analysis
Resource and Talent management theories
Competitiveness of both AstraZeneca Plc and Amazon are found to be high, which generates urgency for both of the mentioned organisations to strengthen its talent management practices to retain employees for a longer time. In the context of Amazon, it is identified that the company has introduced a specific “talent management strategy” that enhances their chance towards achieving continuous employee growth at the workplace. The company is found to recruit their employees based on three criteria such as “will you admire this person”, “will the person bring value to the company” and “dimension of the person” respectively (Ranosa, 2018). In contrast, AstraZeneca Plc introduced ethical talent management practices that help the company to obtain a motivated workplace and maximise employee retention growth effectively. In the context of the following figure, it is seen that the company establishes its workplace through demonstrating transparency, ethical behaviour and integrity. On the other hand, it is seen that employees stated 84% of their professional and personal growth in AstraZeneca Plc (Astrazeneca, 2021).
From assignment 1, it is identified that “Person-organisation fit theory” can be considered as suitable for Astrazeneca to maintain compatibility between the people as well as organisations. In contrast, from assignment 2, it is identified that the “Harvard framework of HRM” is suitable for Amazon to manage its performance of the employees in a systematic and accurate manner.
“Person-organisation fit theory” theory concept illustrates that while an employee achieves a specific position according to his or her professionals along with personal requirements, it will drive a positive outcome to the company. As mentioned by Kooij and Boon (2018), an organisation that successfully executes the mentioned concept can enhance their chance towards strengthening overall performance along with productivity as well as employees’ personal wellness. Adding to this, utilisations of this concept also serve as beneficial for an organisation to establish an ethical workplace, which in turn enhance the chance for retaining employees for longer time and impact positively upon meeting the strategic plan of the organisation (Refer to appendix 1).
On the other hand, “Harvard framework of HRM” is found to be emphasised upon specific components such as reward system, training, recruitment and others. Implementation of these theory concepts also serve as beneficial to influence employee motivation and their commitments toward their jobs and duties (Refer to appendix 2). In the context of Amazon, it is identified that long-term consequences along with situational factors are found to be two of the prime concerns of the company in relation to talent management and recruitment (Onnis, 2019). This practice directly affects upon accomplishing organisational strategic goals.
Thus, it can be mentioned that both of the companies utilised strategic talent management theoretical approach based on which they minimise the employee turnover issues. However, both of the companies require to improve their talent management approach to improve ethical and lawful practices in the future.
Recommendations
In the context of above discussion, it is identified that AstraZeneca as well as Amazon are found to which their focus towards retina their employees and minimise employee turnover related issues. After comparing the mentioned two theoretical approaches, it can be recommended that “Person-organisation fit theory” can be suitable for Amazon, which is found to be interlinked to the practices executed by AstraZeneca. On the other hand, adopting the mentioned concept could also serve as beneficial for Amazon to generate creativity, employee motivations and effective flow of communication between employees and employers.
On the other hand, it can also be recommended that both the companies can adopt the concept of “work-life balance” practice. It is identified that in recent time, WBL practice has been found to be growing focus on for every employee. Adoption of this practice could be effective for AstraZeneca as well as Amazon to enhance employee’s motivation and executive lawful as well as ethical activities that minimise turnover rate of employees. Thus, it can be mentioned that these areas of improvement should require to be focus by the mentioned two companies to improvise their talent management approach in accurate manner,
Conclusion
In the context of the above discussion, it can be mentioned that talent management plays a primary role for any business entity to retain employees for a longer time. On the other hand, it is sent that both AstraZeneca and Amazon are found to execute strategic approaches to enhance employee retention rate significantly. It is identified that Person-organisation fit theory concept can be interlinked with the talent management approach adopted by AstraZeneca. In contrast, the talent management approach is found to be interlinked with the Harvard framework of HRM. Adding to this, it has also been found that Amazon could incorporate the concept of Person-organisation fit theory to establish a more stable and ethical workplace like AstraZeneca. Furthermore, it has also been found that both the aforementioned company should requires to adopt WBL practices to improve employee retention rate in more efficient manner in the future,
References
Astrazeneca, 2021. Analyst interactive reporting centre. [Online]. Available at: <https://www.astrazeneca.com/investor-relations/AIR/sustainability/ethics-and-transparency/talent-and-workforce-evolution.html> [Accessed on 10 September 2021]
Kooij, D.T. and Boon, C., 2018. Perceptions of HR practices, person–organisation fit, and affective commitment: The moderating role of career stage. Human Resource management journal, 28(1), pp.61-75.
Macrotrends, 2021. AstraZeneca: Number of Employees 2006-2021 | AZN. [Online]. Available at: <https://www.macrotrends.net/stocks/charts/AZN/astrazeneca/number-of-employees> [Accessed on 10 September 2021]
Onnis, L.A., 2019. An Integrated HRM Framework for Remote Managers. In HRM and Remote Health Workforce Sustainability (pp. 121-133). Springer, Singapore.
Ranosa, R., 2018. Amazon CEO Jeff Bezos reveals talent success strategy. [Online]. Available at: < https://www.hcamag.com/au/news/general/amazon-ceo-jeff-bezos-reveals-talent-success-strategy/153769 > [Accessed on 10 September 2021]
Richter, F., 2021. The Staggering Growth of Amazon’s Workforce. [Online]. Available at: <https://www.statista.com/chart/7581/amazons-global-workforce/> [Accessed on 10 September 2021]
………………………………………………………………………………………………………………………..
Know more about UniqueSubmission’s other writing services:
