Human Resource Management Assignment - JP Morgan & Canary Wharf firm
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Added on 2020-11-12
Human Resource Management Assignment - JP Morgan & Canary Wharf firm
Added on 2020-11-12
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HUMAN RESOURCE
INTRODUCTION Human resources (HR) are people who makes up workforce of company or economy. Itincludes manpower, talents, labour, personnel and people. It is the most essential assets oforganization. HR refers to recruitment and management of personnel in compliance with the law.The practices of HR require knowledge of laws which affects workplace. There are differentactivities including; determining needs of workers, supervising the works, ensuring highperformance, managing payrolls, benefits and compensations (Anitha, 2014).This assignment is based on JP Morgan and Canary Wharf firm. JP Morgan is thecommercial and investment banking institution. It is the largest banking organization in world.Canary Wharf is the commercial estate and locality.In this context, study based on purpose and functions of HRM for workforce planningand resourcing which includes; definition, nature, scope, hard and soft HRM. It will also explainstrengths and weaknesses of different approaches to recruitment and selection, benefits ofdifferent practices for both employers and employees its effectiveness relating to raising ofprofits and productivity. TASK 1P 1. Purpose and functions of HRM Human resources' management (HRM) is procedures of recruiting, selecting, inductingemployees, providing training and development, appraising performance etc. It is giving benefitsand compensation, maintaining relation with staff and trade unions, ensuring safety, welfare andhealthy environment. It is the process of making efficient and effective use of human resourceswhich help to achieve goals of JP Morgan (Armstrong and Taylor,2014).Strategic HRM is an approach that defines how to achieve company's goals throughpeople, integrated HR policies and procedures. It refers to procedure of developing practices,programs, and policies which helps to achieve objectives of company. The objective is to assurethat organisation has practiced, involved and well-intended workers who are helping inaccomplish competitions.Hard approach is the system in which employees are involved as resources. It is directionfor determine wants of workforce accordingly hire and arrange. It suits autocratic leadershipstyle. It includes little empowerment and delegation (Babu and Rao, 2018). In the contrast, soft1
approach is the system in which employees are involved essential resources for company growthas well as competitions.It is centralized workers wants, duties and benefits. It includes empower,encouragement and movement of deputation as well as duties. It proceeds democratic leadershipstyle. It includes appraisal system which focuses on identifying and addressing training and otherneeds of employee’s development (Bailey and et.al., 2018).Preparation of manpower is procedures of business to modified company requires alongwith humans’ schemes. It is systematic procedures to assure that companies have correct humanswith suitable abilities at accurate time.Aim and role is to assist for preparation of manpower andresourcing of JP Morgan.Purpose of HRM: Identifying needs: The purpose of HRM is to identify and fulfil the needs of employeesfor proper workforce planning in organization. HR director is planning for workforces andresourcing which help to achieve objectives and goals of company.Increasing productivity: HRM is a practice to identify potential competencies anddriving efficiency in organizational work. The workforce planning is to increase productivity ofJP Morgan. Effective manpower helps in achieving goals and objectives of company (Baker,2017).Retaining People: The company should retain trained and highly skilled staff byrecruiting and giving training. Company is to retain people by offering both financial and non-financial benefits.Function of HRM: Recruitment and Selection: It is the main function of HRM through selecting suitableemployees and ensuring workforces planning. It is to decide that hiring workers to fill needs oforganization. They are ensuring effective workforce by recruiting and giving training ofemployees for better performance in JP Morgan (Barbieri, 2016).Training and Development: With the help of training, employees are developing skillsand knowledge’s. It helps to plan workforce effectively in the organization. Effective training ishelping for developing future growth.Performance Management:It is an effective process that manager is using to measurejob performance, maintain work group and identify workforce for meeting performancestandards of company (Dandage and et.al., 2018). 2
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