Effectiveness of Human Resources Management
Added on 2021-01-01
17 Pages5550 Words50 Views
Human ResourcesManagement
TABLE OF CONTENTSINTRODUCTION ...............................................................................................................................3TASK 1.................................................................................................................................................3P1 Purpose and function of HRM applicable to workforce planning ........................................3P 2 Strengths and weaknesses of different approaches to recruitment and selection .................4TASK 2.................................................................................................................................................6P3 Benefits of HRM practices for both employees and employers ...........................................6P4 Effectiveness of HRM practices in relation to increase productivity and profits of firm .....8TASK 3 ................................................................................................................................................9P 5 Importance of employee relation in terms of impact on decision making of HR ................9P 6 Key elements of employment legislation and its impact on decisions making of HRM ...10P 7 Application of human resource practices ...........................................................................12CONCLUSION .................................................................................................................................14REFERENCES .................................................................................................................................15
INTRODUCTION Human resource management (HRM) is the strategic concept to the effective administrationof personal in company, so that they aid firm in gaining competitive advantage. This division isresponsible for overseeing, implementing policies of employee benefits, hiring, training,development and performance appraisal as well as rewarding to workers. Human resourcemanagement also concern about organizational changes and industrial relations (Ahmed, 2015).This study is based on JP Morgan Firm. It is commercial and investment banking institution. Also, itis predecessor of three of the largest banking organisations in the world. This assignment is alsobased on Canary Wharf firm. It is commercial estate on Isle of Dogs in London. Also, it is one ofthe main financial centres of UK. This report will explain purpose and function of HRM which is applicable to workforceplanning and resourcing an organization. It will state strengths and weaknesses of differentapproaches to recruitment and selection. Assignment will examine benefits of various HRMpractices for both employees and employers in organization. Furthermore, study will evaluate theeffectiveness of HRM practices in relation to raise profits and productivity of organization. It willstate various applications of HRM practices in a work related context. TASK 1P1 Purpose and function of HRM applicable to workforce planning Human Resource Management: Human resource management is the concept of planning of manpower and resources in theorganization. It is practice of hiring, deploying and managing employees in the JP Morgan. Humanresource division is normally responsible for creating, putting into efforts and overseeing policiesgoverning staff as well as managing relationship with employees in workplace (Caligiuri, 2014).Nature and scope of strategic HRM: Strategic human resource management is the concept that determines different techniques toachieve goals of company through people as well as policies and strategies of human resource(Bailey and et.al., 2018). It is procedure of evolving corporate capacity to deliver new strategies toJP Morgan. It is based on two key ideas such as resource based view and need for strategic fit. Thescope of strategic HRM is to analysis and evaluation of external environment and fix the short termannual targets in the workplace. It is concerned with all employees and managers of firm.Purpose of HRM:The purpose of human resource management is to coordinate people to accomplish goals of
company. Another goal of HRM lies in successful utilization of workforce to attain particularobjectives of firm. In this context, workforce planning is the constant procedure utilised to alignneeds and priorities of JP Morgan. It allows evidence based workforce development strategies in theworkplace. Therefore, HR director must ensure that effective planning of workforce and utilizationof resources that helps to achieve the purpose of organization.Driving Productivity: Human resource management is the technique to realize competenceand drive efficiency in organization work (Bratton and Gold, 2017). Therefore, HR director of JPMorgan is to make sure that effective planning of workforce and resources that will help to achievepurpose in relate to increase productivity of firm. Building Coordination: HRM is responsible for an effective coordination and harmoniouspracticality within and between various divisions of company. Therefore, HR director make surethat effective planning workforce and utilization of resources that can assist to achieve purpose ofHRM in terms of building coordination with other departments of JP Morgan (Bratton and Gold,2017).Function of HRM: Human resource management is planning of resources, developing skills of workers andmotivating them. Therefore, there are various functions of HRM that applicable to workforceplanning and resourcing in the firm.Recruitment and Selection: The main function of HRM is to recruit and select the rightcandidate according job profile in the organization (Caligiuri, 2014). It is the process of recognizingand making potential candidates to apply the jobs. Selection is procedure of choosing the rightcandidate for vacant position. Through this, HR director of JP Morgan make effort for effectiveworkforce planning and utilization resources in their workplace. By this function, they can improveperformance and ensuring workforce in the firm.Training and Development: It is another important function of human resourcemanagement. Therefore, HR director make sure that providing the effective training anddevelopment for developing skills and planning of workforce in the JP Morgan (Bailey and et.al.,2018).Soft and Hard HRM Approach:HR director follow soft and hard HRM approaches for planning of workforce and resourcingin the workplace. In order to that, employees are treated simply as resources like building andmachinery of the firm in hard HRM. The focus of this HRM approach is to recognize needs ofworkforce, so that HR director can hire, move and fire to workers accordingly in the firm. On other
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