Introduction
The report was aimed at evaluating the factors of talent management that motivates the employees towards organizational success. To reach the aim, the researcher conducted a secondary data analysis research with data from Facebook, Twitter, LinkedIn, and Glassdoor.
The researcher took insight from 50 comments on which quantitative and qualitative analysis was done through content and narrative analysis respectively. The study found that five factors are important and motivating for small organizations which include achievement, recognition, the work itself, responsibility and growth. Of these, Student Castle utilizes only two, achievement and responsibility for talent management due to which the non-practice of other factors are hindering the overall success potential.
Background of the study
Talent management is a vast area that considers the preservation and development of organizational talents to ensure overall growth. Taking insight from the hygiene and motivating factors, it is clear that while motivating factors have to be increased, the impact of hygiene factors has to be decreased at the workplace. However, it is important to understand the implementation of the motivating factors at a workplace so that the employees are highly motivated and directs their focus towards the completion of business goals and objectives.
Student castle was established in 2010 that provides accommodation services where the students can feel at home with the beautiful décor of the rooms, staff behavior, and overall organizational environment (Almonaitiene, 2016). The organization promotes talent management by motivating the employees to provide ideas and insight in case of a new product or process development.
As a result, the organization has been able to activate the employees in generating feedback from the customers and based on the feedbacks the organization implements development plans that satisfy student needs(Glazer, 2019). However, it is apparent that the organization fails to provide enough recognition like monetary rewards in order to keep the employees motivated.
As a result, the study has been conducted in order to analyze the application of motivating factors at Student Castle that ensures organizational success considering the fact that motivators are very important in ensuring mutual growth and development of the employees and the organization.
Problem statement
Even though the motivating factors have to be increased in the talent management process, many of the small organizations fail to identify its importance which results in a higher turnover rate and lower commitment to the organization.
While 46% of the employees believe that the non-monetary motivators are enough to make them complaisant, 59% of the employees believe that monetary motivators are highly impactful towards the overall motivation level of the organizational employees(Grant and Perren, 2017).
As a result, small businesses, despite the lack of resources, should consider the utilization of recognition in order to have a high level of impact on the management of talents of their employees.
Student castle is such a small business that is emerging in the market but is lacking in the utilization of the motivating factors successfully. As a result, this practice can influence their performance, in the long run, considering the employees might shift and the years of expertise might go in vain. To battle this problem, the application of motivating factors have to be analyzed at the organization so that the right blend of motivators can be implemented and organizational performance increases.
Significance of the study
The study is significant in the sense that 57% of the small businesses run out of business due to the lack of proper operations and employee control(Iles and Zhu, 2017). Even though talent management practices are common in many small organizations in order to ensure positive changes, they lack the proper level of implementation. As a result, to ensure the perfect practice of talent management in order to motivate the employees, the motivating factors are significant.
As the employees are getting a good work environment in terms of providing input for organizational success, the lack of recognition at Student Castle decreases the overall satisfaction level influencing the motivation. In order to ensure mutual growth and development of both the employees and the organization, the motivators have to be increased which will ensure an increase in satisfaction level at the workplace. The increased satisfaction level among the employees will further increase the productivity level and organizational performance(Kontoghiorghes, 2018).
As a result, the study is significant for Student Castle and other small accommodation-based businesses in the industry in order to ensure that their motivating practices are evaluated and pitfalls are identified to ensure growth and success. This way, the researcher will be able to close the gap in the utilization of motivating factors at small organizations.
Research aim and objectives
The aim of the study is to evaluate the factors of talent management that motivates the employees towards the success of entrepreneurship and small businesses. In order to reach the larger aim, the smaller objectives of the study include:
- To evaluate the motivating factors of talent management that impact the success of Student Castle
- To understand how the motivating factors of talent management can be controlled in order to ensure organizational success
- To evaluate the importance of talent management for the success of Student Castle.
Literature review
Talent management
Korzynski(2016) defines talent management as a set of activities done in order to collect, motivate, develop and retain the most influential employees that are fit for the organization to bring positive changes to the organization.
Mahjoub et al. (2018) further discusses that talent management, compared to the traditional human resource management technique is a more proactive approach since it requires identification of the talents in advance and then collecting and retaining to ensure consistency.
McCormack (2017) however, criticizes that talents get developed every moment and identifying previously can be both expensive and time-consuming approaches as keeping the record, contacting the employees and ensuring retention have to be cost-effective. McFarland (2018) However, it believes that talent management, if applied successfully, can be highly cost-effective as it is developed focusing on the long-term success of the organization instead of short-term gains only.
Olejniczak and Yasuyuki(2016) reflects on talent management from the perspective of small businesses where the small business owners do not, typically understand the concept of talent management or simply do not care.
However, the study identified that 82% of the organizations that practice talent management have higher customer satisfaction rate than those who do not. Paretova (2019) as a result, it draws a correlation between talent management and customer satisfaction where talented employees take insight from the customers and work hard in order to identify the ways in which the feedbacks can be applied.
Rastgoo(2016) further creates a link between talent management and Maslow’s hierarchy of needs whereby the management of talents ensures that he needs at each level of employee development and is fulfilled by understanding their needs at each level of motivation. The study identified that different levels of employees need different types of motivation and development so that the organizational environment gets harmonious.
Saengchai, Siriattakul and Jermsittiparsert(2019) however, criticizes that identification of employee needs and fulfilling the needs at each level is a resource-intensive activity for smaller organizations due to which the talent management policies have to be well thought out and executed.
Importance of talent management for organizational success
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