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Approaches to Recruitment and Selection PDF
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Added on 2020-12-09
Approaches to Recruitment and Selection PDF
Added on 2020-12-09
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Human resource management 1
Table of ContentsIntroduction.................................................................................................................................................3P1 PURPOSE AND FUNCTION OF HRM................................................................................................3P2 APPROACHES TO RECRUITMENT AND SELECTION AND EXPLAIN THEIR STRENGTH AND WEAKNESS......................................................................................................................................4P3 BENEFITS OF HRM PRACTICES FOR EMPLOYEE AND EMPLOYER.........................................5P4 EVALUATE THE EFFECTIVENESS OF DIFFERENT HRM PRACTICES IN TERMS OF RAISING JP MORGAN’S..........................................................................................................................7PROFIT AND PRODUCTIVITY...............................................................................................................7P5 IMPORTANCE OF EMPLOYEE RELATIONS IN RESPECT TO INFLUENCING HRM DECISION MAKING FOR JP MORGAN.................................................................................................8P6 KEY AREAS OF EMPLOYEE LEGISLATION AND THERE IMPACT ON HR DECISION MAKING....................................................................................................................................................9P7 ILLUSTRATE THE APPLICATION OF HRM PRACTICES IN A WORK-RELATED CONTEXT, USING SPECIFIC EXAMPLES...............................................................................................................10Conclusion.................................................................................................................................................11References.................................................................................................................................................12Butcher, S., 2018. Salaries and bonuses for top performers at Goldman Sachs, JPMorgan, Citigroup, BAML and Morgan Stanley in London. https://news.efinancialcareers.com/uk-en/159654/salaries-and-bonuses-goldman-sachs-jpmorgan-citi-baml-morgan-stanley...................................................................12Son, H., 2018. JP Morgan posts record second-quarter profit on unexpected jump in trading revenue. https://www.cnbc.com/2018/07/12/jpm-earnings-q2-2018.html................................................................122
INTRODUCTION Human resource managementis defined as that functional department of organization which isinvolved in hiring, training, motivating and maintaining overall performance f employees so thatorganizational goals can be easily attained (Lindemann, Tepper and Talley, 2017). Thisdepartment thus plays a strategic role in managing people as well as creating a positive workculture within organization (Kuna and Nadiv, 2018). The present study has thus laid emphasis onpreparing an analytical report to help hr. department of JP Morgan in maintain a competitiveadvantage over rival firm.Focus has thus been given on assessing the overall purpose and the functions of HRM withrespect to resourcing and fulfilling the business objectives. Emphasis has also been given onstudying the different HR practices and how are they beneficial for employees and employersand also in increasing the profit and productivity of JP Morgan. This is followed by discussingthe employee legislation and a need to maintain good worker relations. P1 PURPOSE AND FUNCTION OF HRM IN JP MorganHuman resource management can be defined as a strategic technique to effectively manageworkforce so that the business can gain competitive advantage over rival firms (Groen, Woutersand Wilderom, 2017). On the other hand, Goma and et.al. (2014) defines HRM as the process ofrecruiting, hiring, training and managing the staff members of an organization. The nature and scope of HRM is that it helps to support the business strategies and adds value tofirm thereby adding in creating a competitive advantage. It also provides a forward thinking andproactive approach to organization so that goals and objectives can be attained. Planning andresourcing in JP Morgan is being done by adoption of hard and soft hrm approaches. In thisrespect, hard HRM is the one that treats employee just like resource of a business (Karl,Peluchette and Hall, 2016). Planning and resourcing is done by using quantitative approacheslike trend projection, econometric modeling etc. to make sure that right number and right kind ofpeople are available whenever any need arises. For example, JP Morgan uses trend analysis toassess number of employees that may be needed in the future. It does the employee resourcingwork accordingly.On the other hand, soft HRM is the one that considers employees as valuable assets who canincrease competitive advantage of firm by using principles of commitment, knoweldge and3
adaptation. The approaches used for employee planning and resourcing are done by assessing thecause and effect relation that impact the talent management which aids in gaining qualitativeinsight about the team (Khoreva, Vaiman and Van Zalk, 2017). P2 APPROACHES TO RECRUITMENT AND SELECTION AND EXPLAIN THEIR STRENGTH AND WEAKNESS IN JP MORGANBenefits and shortcoming of internal and external recruitment Recruitment can be defined as the technique of searching for the pool of candidates that have thepresence of desired skill, knowledge and expertise so that work can be performed by them inorganization (Kew and Stredwick, 2016). JP Morgan uses various techniques of recruitmentwhich can be divided into external and internal recruitment. External recruitment means evaluating open pool of candidates other than the existing staffmembers (Lane, Armin and Gordon, 2015). Recruitment here can be done through job portalswhere a detailed advertisement can be posted on the website. The technique is advantageous as itcan help in attracting a large pool of candidates towards the company. It can further aid ingenerating fresh talent form outside of JP Morgan (Groen, Wouters and Wilderom, 2017). On anegative note, the process can be costly as some amount is to be paid to job portal company.Moreover, the agency may not understand that exact requirement of staff members needed in JPMorgan. Next technique is putting job ad on social media for attracting talented applicant towards thecompany. This can help in increasing overall brand recognition of JP Morgan. Moreover, theinformation found on social media account of the candidate can offer a glimpse about overallpersonality of the applicant (Lavania and Dixit, 2017). However the HR manager may get biasedif the applicants’ social media profile is an attractive one.Then comes approaches to internal recruitment which can be defined as sourcing of candidatesfrom existing workforce (Laschinger and Read, 2017). The very first technique is of promotionwhich is advantageous as the employer as the HR is already aware about skills and capabilities femployee. There is also a presence of less paper work and significant amount of company’s costfor recruitment is also saved. On a negative note, this strategy can cause resentment in existingemployees who are not considered for promotion. This is can affect overall work culture of JPMorgan which may decrease work productivity. 4
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