Table of Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 P1 Purpose and functions of human resource management...................................................1 Hard and Soft HRM................................................................................................................2 P2 Strength and weaknesses of various recruitment and selection process...........................3 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................7 TASK 2............................................................................................................................................8 P3 Benefits of HRM practices for employer and employee...................................................8 P4 Effectiveness of different HRM practices in raising organisational profit and productivity ..............................................................................................................................................10 REFERENCES..............................................................................................................................12 TASK 3..........................................................................................................................................13 P5 Importance of employee relations in respect to influencing HRM decision-making.....13 P6 Key elements of employment legislation and its impact on HRM decision-making......14 REFERENCES..............................................................................................................................15 TASK 4..........................................................................................................................................16 P7 Application of HRM practices in a work-related context...............................................16 CONCLUSION..............................................................................................................................18 REFERENCES..............................................................................................................................19
INTRODUCTION Human resource management is strategic approach which consists essential role in organisation to have sufficient manpower for execution of business operations effectively. For this, recruitment, selection, performance assessment, compensation, training and development are various activities which are conducted by HR. Subordinates are given duties in according to their skills and knowledge to make them perform tasks and complete targets and objectives within defined time (Human resource management,2016). Present report is based on JP Morgan which is multinational bank and has headquarter in United Kingdom. Company provides financial and banking services to people for enhancing state of nations. This assignment specifies purpose and functions of HRM to have skilled and competent people in bank. HRM practices benefits both employer and subordinates to enhance organisation productivity and profitability. It isnecessarythatemploymentlegislationandemployeerelationsareacknowledgedby management to make appropriate decisions which are beneficial for bank. Thus, administration is able to timely accomplish business goals and objectives. TASK 1 P1 Purpose and functions of human resource management HRM refers to managers responsibility to frame organisation structure and have adequate manpower in firm. For this, they conduct workforce planning which is to recruit best individual and provide them duties in according to their abilities. Along with this, training and development activities are executed by human resource to have skilled and competent people which provide quality products and services to people. StrategicHRM:Thisispracticewhichisconductedbymanagementtoenhance functionality of organisation. For this, HRM is coordinated with strategic objectives and goals to direct staff members to perform tasks effectively. Along this, they even provide appropriate organisation culture to foster flexibility and innovation in business (Decker, Riley and Siemer, 2012). Hard and Soft HRM Hard HRM:This aspect specifies that employees are treated by management as resource just like machinery, building and other assets. Top personnel focus is to achieve objectives and goals of organisation to enhance its position and share in market. Management follows autocratic 1
style which define that employees are not involved in decision-making process, as they didn't value them and their knowledge. This situation mainly occurs in large companies in which administration can't involve workers in meeting which will consumes large time. Besides this, as in context of JP Morgan hard HRM tactic rise when customer's demands increases and management make judgements and inform staff to save both time and money (Hobfoll, 2011). SoftHRM:Thisisanothertacticwhichdefinethatmanagementgivesvalueto subordinates and consider them as important resource. Human resource motivate employees by providing them rewards and delegate them responsibilities with aim of long term workforce planning.ThishelpsJPMorgantohavetalentedstaffwhichpositionitsuperiorthan competitors. Besides this, bank have skilled staff which construct and maintain relations with customers to sustain them for longer time. Thus, management is able to establish competitive advantage in respect to their rival banks to attract people easily. P2 Strength and weaknesses of various recruitment and selection process Human resource conduct staffing process to have adequate workforce for execution of business operations to achieve business goals and objectives. For this, recruitment and selection are two activities which are executed by management of JP Morgan to fill vacant position. Thus, bank have skilled and competent people which provide appropriate financial and banking services to customers. Recruitment:Thisisprocessofhiringindividualinfirminrespecttobusiness requirements. For this, management of JP Morgan have two sources which are internal and external to utilise present workforce or new candidates (Albrecht and et. al., 2015). Thus, this activities have different tools which are selected by HR in respect to availability of subordinates in bank which are described below: 2
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Illustration1: Internal and external sources of recruitment (Source:Internal and external sources of recruitment, 2011) Internal approach:This tactic define that management fill vacant positions by using existing staff members. For this, promotion transfer and employee referrals are various tools whichhelpHRtogivevaluetoemployeesandinfluencetheirperformance.Thishelp administration to give opportunities to members to grow in career by enhancing their skills. Strengths: It is simple and easy method which help management to fill vacant position by utilising their current workforce. This safe their time, cost and efforts which require to be conducted to invite applicants from outside firm and select best candidate (Decker, Riley and Siemer, 2012).This tool benefits HR to motivate staff members to perform tasks effectively and timely complete targets to gain high position in respect to their outcomes. Weaknesses: Organisation productivity is affected, as present employees will not build innovative and new business ideas which new joiners would bring with them. Human resource have knowledge about strengths and weaknesses of subordinates, so theirdecisiondeterminepromotionanddemotionaccordingly.Thisresultsinto construction of competition between members which impact on level of productivity of company (Hobfoll, 2011). 3
External approach:This is another aspect which specifies that human resource advertise to public about vacant positions to make them apply for job in according to their skills and abilities.Placement agencies, campus recruitment, job portals, newspaper advertisement are various tools which help management to recruit new joiners in firm. Strengths: Management uses this process to increase their workforce by recruiting individual from outside. This help company to have subordinates which bring new business ideas to enhance business operations and its reputation in market.Organisation have large number of candidates which they can choose in according to vacant position and abilities of individual. Weaknesses: It is a longer activity, as human resource require to inform people about vacant position and conduct selection activity to choose best candidate which have ability in respect to vacant position (Kakuma and et. al., 2011). This process large amount of funds of organisation in respect to advertisement and interview. Along this, it also consumes large time and efforts of management to conduct induction and training sessions to increase learning and skills of new joiners in respect to assigned task. Human resource of JP Morgan first uses internal recruitment tools to utilise their current staff for filling higher posts, while external approach is used for upper and lower level jobs. This help bank to have sufficient manpower which are skilled and competent to perform tasks effectively.Thus,qualitybankingandfinancialservicesaredeliveredtocustomersfor completion of their demands and requirements (Manroop, Singh and Ezzedeen, 2014). Selection:Management conduct test and interview candidates to have knowledge about their skills and knowledge to choose best applicant in respect to vacant position. Human resource of JP Morgan conduct interview to select appropriate individual which will be able to provide banking and financial services to customers. Interview:This is efficient tool which is used by HR to have knowledge about skills and knowledge of people. 4
Strengths:This is simple and easy method which help management to acknowledge capabilities of individual and their knowledge to select approaches candidate (Rousseau and Barends, 2011). Weaknesses:It is a negative process which affect on person confidence level, if they are not selected. Along this, HR capability and mood determine selection of candidate. CONCLUSION As per above report, it can be concluded that human resource management manage manpower for accomplishment of business goals and objectives. For this, they formulate strategies to direct employees to make them work effectively. HRM have two tactics that are soft and hard which they adopt in according to organisation functioning. HR conduct recruitment activity to select appropriate candidates, thereby have sufficient workforce in firm. 5
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCES Books and Journals Albrecht, S. L. and et. al., 2015. Employee engagement, human resource management practices andcompetitiveadvantage:Anintegratedapproach.JournalofOrganizational Effectiveness: People and Performance. 2(1). pp.7-35. Decker, D. J., Riley, S. J. and Siemer, W. F. eds., 2012. Human dimensions of wildlife management. JHU Press. Hobfoll, S. E., 2011. Conservation of resource caravans and engaged settings. Journal of occupational and organizational psychology. 84(1). pp.116-122. Kakuma, R. and et. al.,2011. Human resources for mental health care: current situation and strategies for action. The Lancet. 378(9803). pp.1654-1663. Manroop, L., Singh, P. and Ezzedeen, S., 2014. Human Resource Systems and Ethical Climates: A Resource‐Based Perspective. Human resource management. 53(5). pp.795-816. Rousseau, D. M. and Barends, E. G., 2011. Becoming an evidence‐based HR practitioner. Human Resource Management Journal, 21(3). pp.221-235. Online Humanresourcemanagement.2016.[Online].Availablethrough: <http://www.yourarticlelibrary.com/hrm/human-resource-management-functions-managerial- operative-and-advisory-function/27995/>. 6
TASK 2 P3 Benefits of HRM practices for employer and employee HRMpracticesincludesactivitieswhicharerecruitment,selection,performance assessment, compensation, training anddevelopmenttohaveskilled and competentstaff members in organisation. These are HRM practices which are conducted by management of JP Morgan to have skilled and talented staff members for providing appropriate banking and financial services to people. This help bank to satisfy clients to enhance its position and reputation in market in respect to rival firms (Salvendy, 2012). Benefits of HR:Health and safety:Employees require to get secure working environment in firm. In JP Morgan,HR responsibility to ensure that workplace is healthy and safe for staff members.Forthis,theyformulatepoliciesandprocedurestoreduceriskand uncertainties from company by making employees function as per norms.Planning for changes:Organisation is present in environment which is dynamic and have large number of firms. It is necessary that management of JP Morgan make modification in technology to provide effective and quality services to clients. In this, human resource role is to keep employees updated by system. For which they conduct training sessions to enhance their skills and make them competent to work with updated software.Recruitment and retention:Human resource of JP Morgan take care that bank have sufficient manpower for providing services to people. For this, they conduct recruitment process to fill vacant positions. Besides this, they even maintain relations with staff to keep them dedicated towards job. This help them to retain skilled and competent people for longer time. Performance Management:It is a process which is conducted by human resource to have information about capabilities of staff members. For this, employees actual results are comparedwithstandardswhichhelpthemtorewardorexecutetrainingprogrammes accordingly.Thus,HRintegratevisionoffirmwithitssystemandmanpowerfor accomplishment of business objectives. 7
Advantages:Human resource use this technique to have in-depth review of performance of subordinates. This aid them to gain knowledge about problem areas to enhance capabilities of staff members in respect to provided tasks and targets.Disadvantages: It is a time consuming activity whose results are dependable on assessor's abilities. This tactic also have possibility that employees performance is affected due to competition of getting reward from management. Steps:These are different phases of performance management which are conducted by HR which are stated below:Planning:This is first step in which human resource of JP Morgan construct job description to inform staff members about responsibilities and position. Besides this, they even formulate strategic plan that includes mission statement and goals. This is used by them to direct employees to perform tasks and attain targets within defined time.Developing:It is another stage of performance management in which HR of JP Morgan frame benchmarks and inform employees to make them work in specifies manner.Monitoring:This is essential step which help human resource of JP Morgan to examine employees capabilities. For this, they compare actual outcomes with standards to gain knowledge about deviations.Rating:In this phase, HR of JP Morgan give ranking to staff members to increase their morale by providing them information about their performance and results. Development planning:This is last step in which human resource make changes in standards and conduct training programmes to enhance skills and knowledge of staff members. P4 Effectiveness of different HRM practices in raising organisational profit and productivity Human resource management includes different practices like recruitment and selection process, providing compensation & bonuses, performance management and etc., Thus, these are considered as an activities that are conducted by management of the firm so as to run their business in an effective manner. In order to increase sales and productivity it is crucial that company manufacture goods and services as per choices and preferences of customers. In relation with J. P. Morgan and its employees are capable of performing any kind of work which assist firm in delivering effective services and facilities. As a result it is assisting company in enhancing its position at market area and further sustain in the market for a longer period of time. 8
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Therefore, some of the Human Resource management practices are mentioned below for better understanding (Brewster and Hegewisch, 2017): Staffing:Each company needs employees who can perform their activities in order to increase growth level of the organisation as compared to other rival companies. Thus, for this, it is required that firm conduct recruitment and selection process as a result it will assist them in hiring people who are skilled enough in doing their task. In relation with J. P. Morgan as they have established their business in worldwide so they are conducting recruitment process through which they are looking for candidates who are good in financial and banking services as a result this will assist J. P. Morgan in providing better services so as to satisfy needs of customers. Learning development and training practices:This is an activity that is incorporated in order to improve skills and knowledge of workers. After evaluating performance level of company and employees J. P. Morgan implement various training and development programmes. For this, firm are conducting session, workshop etc., where they are inviting expertise who are providing proper guidance (Chelladurai and Kerwin, 2017). Monitoring of employees performance and management:It is determine as one of the important element of HRM practice as in this managers and superiors identify activities performed by an employee as compared with others. As a result it assist supervisors in giving rewards, bonus etc., In addition to this, for evaluating performance appraisal they are using different techniques which is assisting firm in providing rating to individual according to the performance. Payment and reward system:This is the best source through which company can motivate its employees. In relation with J. P. Morgan through this process they are providing bonuses and rewards which is helping employees in boosting their morale while performing activities. Therefore, it is assisting company in providing rewards as per skills and knowledge acquired by them (Marchington and et. al., 2016). 9
REFERENCES Books and Journals Bratton, J. and Gold, J., 2017. Human resource management: theory and practice. Palgrave. Brewster, C. and Hegewisch, A. eds., 2017. Policy and practice in European human resource management: The Price Waterhouse Cranfield survey. Taylor & Francis. Chelladurai, P. and Kerwin, S., 2017. Human resource management in sport and recreation. Human Kinetics. Marchington,M.andet.al.,2016.Humanresourcemanagementatwork.KoganPage Publishers. Salvendy, G., 2012. Handbook of human factors and ergonomics. John Wiley & Sons. Schuler, R. S., Jackson, S. E. and Tarique, I., 2011. Global talent management and global talent challenges: Strategic opportunities for IHRM. Journal of World Business. 46(4). pp.506- 516. 10
TASK 3 P5 Importance of employee relations in respect to influencing HRM decision-making Employee relations define that management construct and maintain connection with staff members to provide them information about tasks that required to be performed by them. This help them to motivate and dedicate employees to perform activities in effective manner. For this, human resource of JP Morgan involve subordinates in decision making process to make appropriate judgements which are beneficial for bank (Stone and et. al., 2015). This also benefit top personnel to give value to opinion and thoughts of staff, thereby inspire them to retain them for longer time. Thus, these are benefits that employee relation tactic have on performance of bank are stated below: Reduction of risk:Management of JP Morgan formulate plan and policies to direct staff members to function in organised and systematic manner. Along this, they even conduct market research to acknowledge requirements of people and competitor's offerings. This help HR to timely acknowledge difficulties and problems which might affect on functioning of bank. Thus, appropriate changes in system and training sessions are conducted by manager to have skilled staff. Early Achievement of Set Targets:Employees are involved in meeting and conference which help human resource of JP Morgan to provide them information about targets required to be accomplished by them. Along this, staff members are provided knowledge about financial products and methods that they should use to influence people and make them mind to avail services. Thus, they are able to conduct tasks effectively and attain targets within defined deadline (Shen and Benson, 2016). Increase in sales and profit maximization:In JP Morgan, human resource maintain their relations with staff members to motivate them to perform tasks effectively. This help customers to get good quality service and information about financial products which encourage them to invest, save or take loan from bank accordingly. Strategies for good employee relations and enhance worker's engagement Effective communication:Management of JP Morgan maintain friendly relations with subordinates and involve them in meeting to provide them information about tasks and targets 11
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
required to be accomplished by them. This help employees to perform activities effectively and deliver quality services to people. Counselling:HumanresourceofJPMorganconductsessionseverymonthto acknowledge issues and problems which are faced by staff members, thereby provide them appropriate solutions to retain them for longer time (Abdullah and Zulkifli, 2015). P6 Key elements of employment legislation and its impact on HRM decision-making Government formulate rules and law to control and govern functioning of organisation. Regulations are framed to influence HR, employees and union, so that appropriate working environmentispresentinfirm.ItisessentialthatmanagementofJPMorganconsider employment legislations while making decisions and framing policies and strategies for bank. This help human resource to sustain employees for longer time to provide quality services to customers. Hence, these are various government rules which are described below: Anti-discrimination act, 1994:This law was constituted by government to take care that all employees get appropriate treatment and duties in respect to their capabilities. It is necessary that people are not discriminated on grounds of age, disability, gender, religion, caste and other background aspects (Grobelna and Marciszewska, 2016). This help human resource of JP Morgan to give value to employees by providing them duties in respect to their skills and performance. Thus, bank market position and goodwill increases in context of rival firms. Equality act 2010:It is another rule which was formulated by authority to secure rights of women in respect to male. It is necessary that management give tasks and compensation to employees in according to their capabilities and outcomes. Along this, they even need to provide equal opportunities and treatment to both men and female. Data protection, 1998:This law is formulated by government of UK to safeguard and protect data which is stored in computer. It is essential that JP Morgan information in respect to personal details of employees and customers are not disclosed and altered by other persons. In bank, different software and tools are implemented in system which require that confidential information is not being stolen or harmed (Grobelna and Marciszewska, 2016). Health and safety, 1974:This rule define was constituted by government for protection and security of people. It is necessary that human resource of JP Morgan provide positive and secure working environment to staff members to retain them for longer time. This help bank to position higher in respect to competitors by having skilled workforce. 12
REFERENCES Books & Journals Abdullah, L. and Zulkifli, N., 2015. Integration of fuzzy AHP and interval type-2 fuzzy DEMATEL: An application to human resource management. Expert Systems with Applications. 42(9). pp.4397-4409. Albrecht, S. L. and et. al., 2015. Employee engagement, human resource management practices andcompetitiveadvantage:Anintegratedapproach.JournalofOrganizational Effectiveness: People and Performance. 2(1). pp.7-35. Grobelna, A. and Marciszewska, B., 2016. April. Work motivation of tourism and hospitality students: implications for human resource management. In Proceedings of the 8th European Conference on Intellectual Capital, ECIC. pp. 95-103. Shen, J. and Benson, J., 2016. When CSR is a social norm: How socially responsible human resource management affects employee work behavior. Journal of Management. 42(6). pp.1723-1746. Stone, D. L. and et. al., 2015. The influence of technology on the future of human resource management. Human Resource Management Review. 25(2). pp.216-231. 13
TASK 4 P7 Application of HRM practices in a work-related context HRM practices that are recruitment, selection, training and development which are conducted by human resource to have adequate staff which are skilled to perform tasks effectively. HR of JP Morgan uses internal and external recruitment sources to have sufficient workforce in bank to provide appropriate financial and banking services to people. Along this, manager formulate job specification to provide information to public about vacant position to make them apply for job in according to their capabilities. Thus, bank have applicants which are interviewed, thereby best candidate is selected (Ones, Viswesvaran and Schmidt, 2017). Jobspecification-Thisstatementincludesdatainrespecttojobposition, responsibilities and duties, necessary qualifications and other details to individual. HR of JP Morgan had advertise information to people about vacant position through company's website and newspaper. Post details Department: Issue department Title of job: Customer care Skills: Good communication skills to interact and manage customer's call Handle issues of clients Knowledge: Knowledge about financial terms and conditions Have extensive information in customer service Experience: Gain experience of two years in finance sector One years experience for managing environment of workplace Qualifications Associate degree of business 14
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Curriculumvitae-Thisdocumentconsistsbriefofqualification,educationlevel, experience, past occupations of an individual which benefit HR of JP Morgan to select appropriate applicant (Baum, 2015). Curriculum Vitae Name: Address: Phone Number: E-mail Address: Career Objectives: I require to utilize my skills and enhance knowledge by working in organisation to learn new things and increase experience. Academic Qualification: Bachelor degree in Human Resource. MBA in Human Resource and Marketing Career Experience: Two years experience as Customer care manager in HSBC Bank. Personal Skills: Effective communication skills Problem solving ability Leadership traits Declaration: Here, I declare that all mention information which are given by me are accurate. (NAME) Place: Preparationofstructuresinterview:HumanresourceofJPMorganformulate questionnaire which include questions which they ask from candidates to acknowledge their skills and knowledge are stated below (Jennings and Stadler, 2015): Interview questions: Tell me about yourself? What are your strengths and weakness? 15
What are prime roles of Customer service manager? Why would we select you? Offer letter-This is written document which is provided by human resource of JP Morgan to selected candidate. Individual is informed about job description, salary, date of joining, timing, leaves and other details about job. Evaluation process-It is last step which is executed by management to have knowledge about abilities of staff members in respect to their performance and results generates by them. For this, training and development sessions are conducted by HR of JP Morgan to improve capabilities of subordinates (Donate and de Pablo, 2015). These are different criteria to judge individual skills are stated below: Determine skills, knowledge and competencies of candidate. Communication skills. CONCLUSION As per above report, it can be concluded that human resource management plays essential role in each and every organisation which is to workforce planning. This help them to have skilled and competent people for execution of business operations effectively. Further for hiring employees company makes strategies and action plan so that suitable and eligible candidates can be selected. Other than this, relation between employee and employer is mentioned in this assignment which will further assist company in taking appropriate decisions for improving businessactivities.Humanresourceacknowledgeemployeerelationsandemployment legislations to ascertain their influence on organisation, thereby make appropriate judgements. In addition to this, job specification, CV that are required to be given by candidate while applying for the job. 16
REFERENCES Books and Journals Baum, T., 2015. Human resources in tourism: Still waiting for change?–A 2015 reprise.Tourism Management. 50. pp.204-212. Donate, M. J. and de Pablo, J. D. S., 2015. The role of knowledge-oriented leadership in knowledge management practices and innovation.Journal of Business Research. 68(2). pp.360-370. Jennings, B. and Stadler, R., 2015. Resource management in clouds: Survey and research challenges.Journal of Network and Systems Management. 23(3). pp.567-619. Ones, D. S., Viswesvaran, C. and Schmidt, F. L., 2017. Realizing the full potential of psychometric meta-analysis for a cumulative science and practice of human resource management.Human Resource Management Review. 27(1). pp.201-215. 17