Effectiveness of Human Resource Management Practices
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Added on 2020-12-09
Effectiveness of Human Resource Management Practices
Added on 2020-12-09
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“HUMAN RESOURCESMANAGEMENT”
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Functions and purpose of HRM .......................................................................................1Functions and Purpose of HRM of JP Morgan................................................................................1M1...........................................................................................................................................4P2 Strength and weakness of recruitment and Selection........................................................4M2:.........................................................................................................................................6M3:.........................................................................................................................................6TASK 2............................................................................................................................................7P3 Benefits of different HRM practices to both employee and employer of the organization...7P4 Effectiveness of different HRM practices.........................................................................8M3...........................................................................................................................................9TASK 3..........................................................................................................................................10P5 Importance of employees relations in respect to influencing HRM decision-making....10P6 Key elements of employment legislation and the impact of this on HRM.....................12M4.........................................................................................................................................14TASK 4..........................................................................................................................................14P7 The application of HRM practices..................................................................................14M5 ..........................................................................................................................................3CONCLUSION ...............................................................................................................................1REFERENCES................................................................................................................................3
INTRODUCTIONHuman resources management is a process of recruiting, selecting, including employees,providing orientation, imparting training and development and maintaining the properrelationship within the organization (Albrecht and et.al., 2015). It is fouces on the functions ofpeoples within the organization and ensuring the best work practices are in place all time.Present study is based on the “JP Morgan” which is a commercial and investment bankinginstitute, founded by J.P. Morgan in 1871. The company is established at United stated and Newyork city. Also the company predecessor of three largest banking institutes in the world that isJP Morgan chase, JP Morgan Stanley and Deutsche bank. There are about 26,314 employeeswork in the firm. Study lays emphasis on the purpose and scope of the HRM which isappropriate to fulfil business objective. Report will discussion on effectiveness of the keyelements of human resources management in an organization. In study will discuss the analysisof internal and external factors affect to the HRM practices of organization. It is also discussionon HRM practices is applicable in work context. TASK 1P1 Functions and purpose of HRM Human resource management is defined as a vital approach to achieve, expand, managingand inspiring and receiving guarantee of the organisation's main resource- the individual workingfor it and in it (Albrecht and et.al., 2015).Functions and Purpose of HRM of JP MorganGenerally the human resource management is related to hiring, motivating andmaintaining individuals in the organisation. JP Morgan's HRM includes two functions which are:Operative functionsManagerial functionsManagerial functionsPlanning: It's a systematic plan to accomplish its highest to gain organisation valuablebenefit- human resource of JP Morgan (Bailey and et.al., 2018). It also helps to identify, considerand compile the future and current needs of JP Morgan. Organising: HRM of JP Morgan organise the task which is allotted to each employeeaccording to its area of interest and skills blending toward a common goal. 1
Directing: HRM guides employees towards positive environment to contribute them toachieve job-oriented goals and objectives of JP Morgan.Controlling: HRM controls by setting standards of JP Morgan, measuring and comparingactual performance with required goals and if it is in contrast with it then taking correct actions.Operative functionsRecruitment/Hiring: HRM hires or recruit eligible and intelligible candidates suitable forthe job profile required in JP Morgan. Its main aim is to select the candidates having appropriateskills with according to profile.Training and development: It is given by HRM to team's employees and new joiners toenhance their knowledge and improve their skills and performance according to requirement ofthe objectives of JP Morgan (Functions and purpose of HRM, 2016).Salary administration: The HRM of JP Morgan regulates the pay distributed to theemployees, including the terms of Incentives, rewards, perks, bonus, benefits and allowance.Purpose of HRM in JP MorganThe main purpose of the HRM in JP Morgan is to amplify the productivity of theorganisation by amending performance of its employees. It also co-ordinates the employees of JPMorgan to achieve goals. It even accomplishes the staff needs and maintain the employee'ssatisfaction. JP Morgan have new skills and talent when it hires the new employee from outside(Nankervis and et. al., 2016).The nature and scope of strategic HRM in JP Morgan2
Source: (Strategic human resource management, 2017)NatureStrategic HRM is the process that determine how the organisation's goal will be achievedthrough employees in term of HR strategy and HR policies and its practices. HRM is thestrategic company companion of JP Morgan (Functions and purpose of HRM, 2016).It economises its activity and always work as profit centre for the JP Morgan. HRM adds valuein term of HR practices.Scope:HRM in personnel management: JP Morgan has very wide functions of HRMconcerned with workforce planning, recruitment, selection, placement, transfer, promotion,training and development, unemployment shortage, compensation, incentives and productivity inthe JP Morgan (Brewster, Chung and Sparrow, 2016). HRM in industrial Relations: HRM carefully manages the communication with labouror employee union, devoting effort to solve grievances and ending the disputes in order tomaintain company's healthy environment (Wilton, 2016). It has the art to understand employeesneeds and relations while sustaining profitability of the JP Morgan.Hard and Soft HRM approaches for planning and resourcing in JP Morgan3Figure 1: Strategic model of HRM
HRM is introduced in two varied terms: Soft and Hard.The soft approach of HRM affirms the employees to self direct them, takes liability, trustand helps develop their skills for JP Morgan growth, self-managed behaviour at point of strategicapproach to employees (Brewster, Chung and Sparrow, 2016).While, the agenda of hard HRM is to manage the staff system where employees areconsidered as a resource which needs to be controlled as to accomplish high outcome andcompetitive benefits in JP Morgan (Albrecht and et. al., 2015).Workforce Planning-The workforce planning is the methodical procedure to align the demandsand priorities of JP Morgan with its human resources to assure that it can meet its legislative,regulatory service and production requirements and even the business objectives of JP Morgan(Harney, Dundon and Wilkinson, 2018).M1The productive Human resource management helps to fulfil objectives of JP Morgancompany by its management functions of recruitment, selection, training and developing theskills and talent of the employees and managing team members (Vivares-Vergara and et. al.,2016). HRM helps the employees to obtain their services, develop their talent and skills andencourage them to acquire high level of performance and to fulfil objectives of JP Morgancompany.P2 Strength and weakness of recruitment and SelectionRecruitment is process of hiring and finding the best qualified employee for a suitablejob. Internal recruitment is when business uses to fill the vacancies from within the existingworkforce. External recruitment is when firm hires the workers from outside the work-place(Marler, and Parry, 2016).Internal and external recruitment approach- The internal recruitment approach is theplanning to attract and analyse the candidates within the organisation.The external recruitment approach to find appropriate talented and suitable candidatesfrom outside the organisation (Vivares-Vergara and et. al., 2016).Selection approach- Interview is the process of selection where questions and answers are askedto the candidate to check ability of the particular candidate chosen for the job profile whether heis suitable or a right match for the work profile.Strengths and weakness of internal Recruitment of JP Morgan4
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