Tesla Talent Management: Attracting and Retaining Top Employees Case Study

Tesla Talent Management: Attracting and Retaining Top Employees

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Introduction: Tesla Talent Management: Attracting and Retaining Top Employees

In the present times, organizations are focusing on talent management to attract top talents in their respective businesses. Some methods Tesla may take to entice and keep the best employees are detailed in this task. In this task, it is also discussed about how to recruit and retain excellent people. Tesla should provide competitive wage packages. The secondary data collection method has been used in this case study; on the other hand, the Saunders onion model has also been used to identify the appropriate research method for the present task. A brief literature review has also been demonstrated in the task.

Aim of the study

The study aims to analyze the attraction and retention of top talents at Tesla.

Objectives

• To identify the role of senior management in retaining talents
• To determine the challenges faced by the organization in attracting talents
• To analyze the impact of organizational strategies in retaining talents
• To identify the role of technology in initiating the talent management process at Tesla

Research question

• What is the role of senior management in retaining talent?
• What are the challenges faced by Tesla in attracting talent?
• How do organizational strategies help in retaining talents?
• What is the role of technology in implementing the talent management process at Tesla?

Literature Review

According to Gilch (2021), the Human Resources division is responsible for hiring new staff. The term "recruitment" is used to describe "the organization's practices and activities undertaken for the primary purpose of identifying and attracting potential employees". Examples of uses of advertising by HR include making the company more well-known to potential employees, providing job-seekers with information that makes the company more appealing as an employer, and establishing an employer brand that influences employees' decisions about where to work. The major objective of these methods is to create a broad pool of eligible applicants so that businesses may be pickier in their hiring. According to Khan (2021), to recruit and retain excellent people, A company should provide competitive wage packages. This entails providing perks such as stock options, health insurance, and retirement plans in addition to wages that are competitive with or higher than the market average. Encourage an environment where employees feel comfortable sharing ideas and contributing to the company's overall success. According to Lai (2021), methods like hackathons, team-building exercises, and mentoring programs may help accomplish this on a company-wide scale. Ensure workers have access to professional development opportunities organization should ensure its employees have access to professional development opportunities. This may be done in several ways, such as by providing chances for cross-functional cooperation and leadership development programs.

According to Whysall (2019), The fast pace of technological change brought on by Industry has left a wide chasm between the skills of today's workers and the needs of tomorrow's workplaces, necessitating the creation of novel and more efficient methods of training and educating future employees. Given the importance of their role in managing change in this setting of unprecedented change, middle managers are coming to be seen as an underappreciated important talent. Although lateral recruiting is still widely used, it is a futile strategy in the struggle for talent in the age of Industry. According to Lorson (2023, employers would do well to highlight Companies' commitment to accelerating the global transition to sustainable energy when advertising open positions. Top talent is more likely to join a company that has a clear mission and is actively improving society. An organization should make increasing its diverse and inclusive staff a top priority. Employing people from marginalized communities and fostering a diverse and inviting workplace are essential components of this strategy. Overall, by enacting these measures, organizations will be able to recruit and retain the most qualified candidates who share the company's values and are committed to its success. According to Florida (2022), Branding as an employer, or "employer branding," is the practice of promoting a favourable public perception of the business. Social media, job boards, and networking events are all great places to spread the word about the organization and attract new talent by showcasing its values, perks, and chances for professional progress and personal fulfilment. Programs that reward employees for referring their colleagues may be an excellent source of new hires. Inviting current workers to recommend their colleagues and acquaintances for available jobs is a great way to find new talent. Bonuses for referring others and other incentives might be used to motivate them. Pay the employees a competitive salary to get the best people to work for them. Determine what comparable positions typically earn, then pay themselves a fair wage. Health insurance, retirement plans, time off, and telecommuting are just some of the advantages that may be offered. According to Akakpo (2019), Employees are more likely to stay with a company if they are given opportunities to advance in their careers. Provide the staff with opportunities for professional development via training, mentoring, and coaching. This will entice highly qualified individuals searching for challenging and rewarding work. An organization's ability to recruit and retain outstanding personnel is positively correlated with its commitment to diversity and inclusion. Put into action procedures and practices that encourage a diverse and inclusive workplace. According to Huang (2022), attracting top talent requires cultivating a pleasant workplace for them to work in. Establish an atmosphere of mutual aid, cooperation, and respect in the workplace. Facilitate two-way dialogue and suggestions for improvement.

According to Wang (2021), technology may be used to scour internet resources, including social media, job boards, and recruitment websites for prospective employees. The most suitable applicants may be found by using sophisticated tools to sift through applications and perform preliminary interviews. Technology may be utilized for talent evaluation and development by assessing employee skills and competencies, determining training requirements, and creating individualized education programs. Employees' skills and knowledge may be developed via the use of e-learning modules, virtual reality simulations, and online training platforms.

Management of Performance: With the use of technology, managers may streamline the performance management process by more easily providing feedback, establishing targets, and monitoring employee development. High-performing workers are easier to spot with the use of performance management software, which can also be used to reward and acknowledge them.

Motivating and retaining employees is possible via the strategic use of technology to foster enthusiasm for one's job. Technology has made it easier for businesses to keep in touch with workers, solicit their opinions, and foster an environment of respect and gratitude. Succession Planning: Technology may help businesses prepare for the future by identifying essential positions and potential candidates. To prepare for future leadership roles, succession planning software may help identify workers with the most potential.

Research Methodology

In the present research, the Saunders Onion Model has been used in identifying the research methods that are appropriate for the study. Interpretivism has been used as one of the research philosophies (Asadpour, 2023). This method has the potential to provide new insights and points of view that enrich the current corpus of knowledge. Researchers may learn more about people's thoughts and feelings because of the extensive depth and subtlety these techniques provide. An inductive research approach has been considered by the researcher for the present research. Using inductive reasoning, the researcher may invent fresh ideas in response to existing facts or patterns. The process entails expanding on narrowly focused observations to form theoretical frameworks about attracting and retaining talents. Using inductive reasoning, the researcher can learn all there is to know about a certain environment. Researchers may get a deeper picture of the topic by immersing themselves in the research setting and gathering rich qualitative data. Using inductive reasoning, scientists may invent fresh ideas in response to existing facts or patterns. The process entails expanding on narrowly focused observations to form theoretical frameworks. An exploratory research design has been used by the individual in the present research. With the use of exploratory research design, the researcher is able to explore new ideas and information about the research topic. Possible explanations of the topic can be illustrated with the help of exploratory research design. Appropriate tools can be identified that help in explaining the attraction and retention of talents in the business (Hongal, 2020). A qualitative research approach has been used for the present research. With the use of a qualitative research strategy, an in-depth exploration of critical phenomena related to the attraction and retention of top talents in the business can be discussed.

Data collection method

Secondary data collection has been used by the researcher for the present research. The data and evidence have been collected from various academic sources such as Google Scholar, ProQuest, and ScienceDirect (Ruggiano, 2019). Furthermore, government and organizational websites have also been considered by the researcher for performing the present research. Newspapers and magazines have also been used to extract information for the present topic.

Results and discussion

The use of appropriate packages is one of the ways through which a business can attract and retain top talents in the business. Furthermore, e-learning modules are another way of attracting top talents in the business. With e-learning modules, employees will be able to enhance their knowledge and ideas, which will allow them to develop their skills along with developing employee satisfaction. Technology is one of the vital resources through which the company can develop effective strategies for attracting top talents in the workplace (Itam, 2020). With the use of technologies, innovative and creative strategies can be created, which will allow employees to involve themselves within the organization. Attracting and retaining talents may allow Tesla to develop for future growth and advancements in the relevant marketplace. Companies may help their workers grow professionally by providing them with access to a variety of training and development programs. Courses, seminars, mentoring, and on-the-job instruction all fall under this category. Providing workers with frequent feedback on their performance might help them construct a strategy for enhancing their skills and advancing in their careers. Meeting with their supervisor often, evaluating their work, and establishing objectives are all examples of this. Organizations may aid workers in developing a career strategy by defining internal opportunities and detailing the knowledge and experience that will be necessary for advancement. Methods like work shadowing and career counselling might fall under this category. Opportunities for Promotion: To help workers understand what is required of them to move through the ranks, companies should establish a transparent promotion procedure with well-defined criteria. This may also apply to positions that are first advertised internally. Companies may encourage their workers to further their education and careers by providing resources like tuition reimbursement and accommodating class schedules.

Recommendations

Primary data collection is one of the recommended data collection processes that can be used in the present research. With the use of a primary data collection process, the researcher can gather real-time data and the experience of the respondents. Tesla can have a separate team that monitors the evaluation and audit of the talent management process. The business can make an effort to ensure that people from all walks of life and points of view are treated with respect and dignity in the workplace. Recruiting materials and hiring practices should both emphasize and promote a diverse and inclusive workforce. Implementing an appropriate leadership attitude is one of the ways through which an effective environment for the employees can be created (Triana, 2021). With proper leadership, employees will feel a sense of well-being towards the business.

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Conclusion

It can be concluded that Tesla needs to focus on different strategies for attracting and retaining top talent for its business. On the other hand, It has been found that Saunders's Onion Model has been used along with a secondary data collection process for the present research. It is also concluded that organizations may take measures to provide a safe and welcoming workplace for employees of different backgrounds and ideologies. A firm with a defined goal and which is actively benefiting society is more likely to attract top personnel. A company should prioritize hiring a more diverse and inclusive workforce. It is also concluded that an important part of this approach is hiring members of underrepresented groups and encouraging a welcoming environment for all employees. Providing employees with the opportunity to progress in their jobs increases the likelihood that they will remain with the organization. Give the employees the chance to learn new skills and grow as professionals by funding their training, mentorship, and coaching.

Reference

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Asadpour, H., Ghalehnoee, M. and Bahramian, A., 2023. Developing the model of research method in urban landscape studies emphasizing the Saunders’ research onion, Motaleate Shahri, 12 (45), 3–18. doi 10.34785/J011. 2022.010. Jms.

Florida, R. and Adler, P., 2022. Locational strategy: Understanding location in economic geography and corporate strategy. Global Strategy Journal, 12(3), pp.472-487.

Gilch, P.M. and Sieweke, J., 2021. Recruiting digital talent: The strategic role of recruitment in organizations' digital transformation. German Journal of Human Resource Management, 35(1), pp.53-82.

Hongal, P. and Kinange, U., 2020. A study on talent management and its impact on organization performance-an empirical review. International Journal of Engineering and Management Research, 10.

Huang, G. and Yu, Y., 2022. The Application of Artificial Intelligence in Organizational Innovation Management: Take the Autonomous Driving Technology of Tesla as an Example. In Advances in Artificial Systems for Logistics Engineering (pp. 690-697). Cham: Springer International Publishing.

Itam, U., Misra, S. and Anjum, H., 2020. HRD indicators and branding practices: A viewpoint on the employer brand building process. European Journal of Training and Development, 44(6/7), pp.675-694.

Khan, M.R., 2021. A critical analysis of Elon Musk's leadership in Tesla Motors. Journal of Global Entrepreneurship Research, pp.1-10.

Lai, C., Shan, S., Feng, S., Chen, Y., Zeng, J., Song, J. and Fu, L., 2023. Numerical investigations on heat transfer enhancement and energy flow distribution for interlayer battery thermal management system using Tesla-valve mini-channel cooling. Energy Conversion and Management, 280, p.116812.

Lorson, F., Fügener, A. and Hübner, A., 2023. New teammates in the warehouse: Human interactions with automated and robotized systems. IISE Transactions, 55(5), pp.536-553.

Ruggiano, N. and Perry, T.E., 2019. Conducting secondary analysis of qualitative data: Should we, can we, and how?. Qualitative Social Work, 18(1), pp.81-97.

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Wang, J., 2021. An Exploratory Study of Chinese Social Media Responses to Tesla’s Safety Failures: Do Communication Strategies Lead to Reputational Harm? Michigan State University.

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