A RESEARCH PROJECT On TALANT MANAGEMNT IN RETAIL INDUSTRY

A PROJECT REPORT Submitted by

Deepika kapur Roll no: 201071

Submitted in partial fulfillment of the requirement

MASTERS OF MANAGEMENT STUDIES

(Mumbai University) IN HUMAN RESOURCE

GUIDE: PROFESSOR ROSSIE MURRAY

INTRODUCTION

The project begins with introduction about the talent management, Situation analysis & Research methodology used in the research and Objective of the study, Scope and need of the study, Limitations of the study. It is followed by a brief about the Data Analysis and interpretations, the project report ends with the Conclusions and Findings, Suggestions and Recommendations.

The retail industry is going through one of its most challenging periods in the last half century. An economic crisis, declining consumer confidence, rising prices for groceries and gasoline, and a credit crunch have all combined to create a perfect storm. And because retailers employ more U.S. workers than any other industry, managing workforce costs while retaining talent is more critical than ever if they are to make it through these difficult times. So how can retailers weather the storm while still retaining their top talent? Effective talent management practices can help enable high performing retailers to delight their customers, achieve their growth potential, and drive bottom-line results, even in this economic downturn. This new age economy, with its attendant paradigm shifts in relation to the human capital, in terms of its acquisition, utilization, development and retention, has placed a heavy demand on todays HR professionals. Today HR is expected to identify potential talent and also comprehend, conceptualize and implement relevant strategies to contribute effectively to achieve organizational objectives. Hence a serious concern of every HR manager in order to survive this War for Talent, is to fight against a limited and diminishing pool of qualified available candidates to replace valuable employees when they leave, dramatically underscoring the difficulty to attract, motivate and retain the best employees in an organization. To analyze the reasons, we first need to understand what TALENT means. People have different views and definitions. According to Leigh Branham, vice president, consulting service at Right Management Consultants and author of the book, Keeping People Who Keep You in Business, a talent is not rare and precious. Everyone has talent too many to possibly name all. Talent is behavior; things we do more easily than the next person. We speak of natural born talent but those with a gift, knack, ability or flair for something can refine and develop that talent through experience. Talent, however, cannot be taught. As someone once said, you can teach a turkey to climb a tree, but it is easier to hire a squirrel. Vice President, HR of Seagram, Mr. Gopi Nambiar, says talent can be best described as a combination of abilities and attitudes. The real trick is to match the right motivated talents to the right role, individually and collectively, harnessing and harmonizing this crucial attribute to achieve the objectives of your company.

EXCECUTIVE SUMMARY

Indias retail sector is worth over USD350 billion. Growth in the Indian retail sector and the corresponding demand for talent has highlighted the need for effective workforce management system.Today, companies have become fiercely competitive when it comes to attracting and retaining talent. The talent crunch in retail is exacerbated by the lack of the requisite training infrastructure. According to Branham, 75 per cent of the senior executives admit that employee retention is a major concern today, the obvious reason being the increasing rate of turnover. This dynamically changing and volatile demand-supply equation with such erratic attrition trends and cut throat competition has led organisations to focus on mechanisms pertaining to attracting and retaining talent. It is an accepted truth that turnover will happen and companies need to device a strategy to curb unprecedented turnover from affecting organizational success. As the Director, HR (Asia) of Bausch & Lomb, Mr. P.G. George declares, achieving zero percent turnover is neither realistic nor desirable. People tend to seek change for a variety of reasonsmore money, better benefits, the appearance of a greener pasture- and this has been a practice from the very beginning. Then, what is it that has really changed? Despite intense competition being the key to market development and success, organization have failed to identify some of the major reasons which highlight why good performers leave. In his study, Branham clearly states that one major reason why people leave their organization is because of the organizations failure to bring about a correlation between pay and performance. Human Resource experts in the industry believe matching the right blend of talent with the right job profile can lead to superior performance. The present scenario with abundant opportunities has triggered a wave of employees, perpetually on the move, forever seeking better opportunities whenever, wherever and however they can. What is behind the restlessness of these hard to keep employees? By focusing on productivity, organizations are realizing that it is imperative to hire employees who can do the job and be successful at it. The organization no longer wants to just hire to hire, in fact they are striving to find the right people, bring them into the organization and retain their services. One of the critical functions of HR is a sound Human Resource Planning through which they are able to project the demand for human resource and thereafter formulate strategies for acquiring them. As the leading HR heads of the country point out, the solution is not just about finding the correct retention mechanisms , but it starts from the very beginning by devising ways to acquire the right people for the right jobs.

STATEMENT OF PROBLEM
IT TAKES Talent to spot Talent! A tone deaf will never be able to appreciate the music of maestros. Only a seasoned jeweler would know that all that glitters is not real! And, only those who can recognize the worth of a diamond can value it, for others it's just a stone! Talent is doing easily what others find difficult. In an organization, there is nothing more crucial than fitting the right employee in the right position. Or else you would be trying to fit a square peg in a round hole. When people do jobs that just don't suit their liking, inclination or temperament, the results, or rather the lack of them will be disastrously obvious. Low productivity, dissatisfaction, low morale, absenteeism and other negative behavior will become typical till the employee is shown the door. Or perhaps, there is another option - Talent Management A conscious, deliberate approach undertaken to attract, Develop and retain people with the aptitude and abilities to meet current and future organizational need Organization need to have a vision and a well defined strategy on hiring for the future.

India has become the outsourcing capital of the world and this has created its own set of HR challenges. Indias biggest problem is that qualified graduates are becoming scarce. Despite the large population, the supply of engineers cannot keep up with the sharply increased demand. So, do we have the right talent within to attract and retain the best available talent?

OBJECTIVES
To find out the need of talent management in Retail industry. To find out the level of talent management in Retail industry. To identify various upcoming challenges of talent management. To establish upcoming trends in talent management. To identify the ways to retain the best talent.

NEED OF THE STUDY

The supply side discussed puts pressure on companies to attract the best talent and ensure that employees join the company and choose to stay in the organization rather than look for opportunities elsewhere. Present study is supposed to find out the existing Indian talent scenario so as to analyze its emerging challenges and trend

RESEARCH METHODOLOGY

 PRIMARY DATA For the purpose of collection of primary data two questionnaires were prepared. One questionnaire was made for HR professionals or the people involve with the talent management in the organization and other one was for the employees of the organizations. questionnaire included items about the full range of rewards practices, leadership and management effectiveness, mission, vision, communication, culture, strategy and others attribute.

SECONDARY DATA y Journals and Research Paper y Newsletters y HR websites y Wikipedia  STATISTICAL TOOLS: y y y y Pie charts Bar graphs Averages Correlation

 SAMPLING TECHNIQUES: y Judgmental Sampling

REVIEW OF LITERATURE
Abstract: 1 Retention has placed a heavy demand on today's HR professionals. Hence a serious concern of every HR manager in order to survive this 'War for Talent' is to fight against a limited and diminishing pool of qualified available candidates. The purpose of this paper is to find out various talents management issues and challenges in Indian organization and provides insights to HR practitioners on how to attract, acquire and manage talent in a tight internal and external competitive market. It also provides empirical support for, and theoretical understanding of, the strategic HRM on talent management issue. UPCOMING TRENDS OF TALENT MANAGEMENT IN INDIAN ORGANIZATION: HRJM, Volume 3 No. 1/ April- Sep -2010/ http://www.hrit.ac.in/Book%20Final%203-1.pdf

Abstract: 2 A survey conducted by Accenture has found that retail employees are less committed to their organizations than workers in other industries. They are also less satisfied with their jobs and are less likely to remain with their current employer for the next year. Thus, the challenge for retailers striving to become high-performance businesses: Reshape critical roles to attract star players while deciding which non-core competency areas can be managed elsewhere. Talent management has never been more critical for the success of retail operations or more difficult to manage. In an environment where every purchase counts, retailers need laser-sharp focus on customer wants and needs. Yet many are distracted by staffing issues in areas that are critical for performance, but outside their core areas of competency. Accentures approach to talent management provides swift, low-cost access to skilled professionals. Cost savings are realized through labor arbitrage and efficiency gains can then be reinvested in areas most critical to achieving high performance.