Human Resource Management and Its Impact

The provided assignment is focused on exploring the impact of human resource management (HRM) on employee, organizational, and financial outcomes. It requires students to analyze the relationship between HRM practices and their effects on job satisfaction, performance, and entrepreneurship. The assignment also involves examining the role of HRM in healthcare organizations and its influence on patient care and outcomes. Students are expected to critically evaluate existing research and literature on HRM and its applications in different sectors. By completing this assignment, students will gain a deeper understanding of the significance of HRM in achieving organizational goals and improving performance.

HUMAN RESOURCE
MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Purpose and functions of HRM applicable to workforce planning and resourcing..............1
P2. Strengths and weaknesses of recruitment and selection.......................................................4
TASK 2............................................................................................................................................5
P3. Benefits of different HRM practices for employer and employees......................................5
P4. Effectiveness of different HRM practices.............................................................................8
TASK 3...................................................................................................................................9
P5. Importance of employee relations with respect to influencing HRM decision making.......9
P6. Key elements of employment legislation and its impact upon HRM decision making......10
TASK 4..........................................................................................................................................12
P7. Application of HRM practices............................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Human resource management is an integral function of an organisation. It is the process
of making use of human resources available in an effective and efficient manner so that goals
and objectives of an organisation are achieved. It includes planning, organising, directing and
controlling of development and enhancement of performance of the employees.
JP Morgan is an American investment bank and financial service company based in New
York. It is the world's 10th largest financial services company. Its HRM functions will be covered
in this assignment. It will also analyse the strengths and weaknesses of company’s recruitment
and selection process with examining benefits and effectiveness of HRM practices and their
applications. It will also cover key elements of employee legislation and importance of worker
relations that affect HRM decision making in JP Morgan.
TASK 1
P1. Purpose and functions of HRM applicable to workforce planning and resourcing
Human resource management is a managerial function of an organisation in which
procurement, development and maintenance of skilled human resources is done in order to
achieve the goals of company. Its purpose is to ensure that the right person is given the right job
and work is done on time and rewards are offered as well. Through this, company's goals can be
effectually achieved. HRM is pervasive in nature and continuous. It is needed at every level of
management.
The functions of HRM are:
 Recruitment and selection of employees
 Training and development
 Performance appraisals
 Rewards
 Motivation programs
 Conflict resolution
 Employee relations
Workforce planning is a vital business process that aligns changing organisation. A manager
is selected for workforce planning and does forecasting of staffing needs, recruitment of skilled

applicants and development of employees. It is ensured that JP Morgan has current and future
access to human capital.
Long term workforce planning includes forecasting of future projects, strategic growth
and versatile skill sets and short term includes immediate requirements and high volume roles. It
involves identification of personnel needed presently and for future as well. It explores cost
effective methods of recruitment and retaining of employees.
Continuous analysis is done on workforce effectiveness and implementation of necessary
measures to maintain efficiency. Examination between the distinction of strategic and
operational, 'hard' and 'soft' planning is done. Different stages are scrutinized and a list of key
issues are highlighted and actions are implemented for correction. An effective workforce plan
ensures a positive effect on JP Morgan.
Resourcing means the allocation and use of required resources of an organisation and
measures taken to help the company’s performance. HRM functions help in this process. JP
Morgan's managers carefully plans resourcing of the company. Employees, facilities,
communications, materials and equipment’s are included in resources and they have to be
allocated. They are required to accomplish the company's desired goals.
Employee resourcing is a part of this function. It is done through recruitment and
selection. They play an important part in resources, because it is due to these employees, that the
organisation is able to perform daily activities and work towards achieving goals and help in the
growth of JP Morgan.
P2. Strengths and weaknesses of recruitment and selection
Recruitment and selection is a part and one of the most important steps of HRM. It
involves identifying and creating of potential candidates that can apply for the job at a company.
Selection is a process of choosing the right candidate for the available vacancies. Both of them
work hand in hand and help in overall growth and development of JP Morgan. There are mainly
two types of recruitment i.e. internal and external.
External Recruitment
It can be defined as process of selecting a candidate, with sufficient skills and
qualifications, from outside the company to fill a vacancy in organisation. This can be done
through advertisements, employee exchange, telecasting and educational institutes.
Strengths

 New and Fresh skills: Recruiting candidates from outside sources provides JP Morgan
with new and fresh skills and qualification in the company. New employees share their
skills and bring innovate techniques to the table. Innovation and Ideas: New employees bring various ideas and innovations to the
company. By giving new ideas and with the help of each other, they can achieve goals
and objectives of JP Morgan effectively.
 Fairness: There is fairness and justice at JP Morgan because of the recruitment of
external candidates. There is no prejudice between the employees and everyone is given
work according to their capabilities and competence.
Weaknesses Time consuming: External recruitment is a very time consuming process. It starts with
the advertising of new job vacancies and then receiving of applications of candidates.
Analysis of the applications and final selection is done. This takes up too much energy of
the HRM. Expensive: The process of recruitment of external candidates can get expensive because
of the time taken and energy spent on it. Advertisement takes up a lot of money and filing
of paperwork as well.
 Lack of understanding: Every company is different and needs to be understood.
Employees might even leave their job if they are unable to understand their work and
objectives.
Internal Recruitment
Internal Recruitment can be defined as process of selecting a candidate, from existing
employees of the company, who are competent enough to perform the job. This is done through
promotions and job rotations.
Just like every function, there are strengths and weaknesses in recruiting and selecting.
Strengths Cost effective: Internal recruitment requires low cost. There is no need of advertisement
for job vacancies. Everything is done internally. High rate of retention: The existing employees know that JP Morgan recruits internally.
This gives them a chance of getting a promotion. Thus, keeping the rate of retention high.

 Motivation: Employees get motivated because they know that recruitment will be done
within the company. Vacancies are for the existing employees only and will have to be
filled at some point.
Weaknesses Limited skills: Existing employees do not bring any new skills to the company. There is
only limited options available. Unhealthy competition: Some employees may get jealous because they do not get
promoted. This causes an unhealthy competitive atmosphere in company.
 Lack of new ideas: Internal recruiting does not bring any new ideas or innovation to
company. This may not be beneficial for the overall performance and growth of JP
Morgan.
TASK 2
P3. Benefits of different HRM practices for employer and employees
Success of JP Morgan depends on HRM, as it plans and implements certain practices
which help in the growth of their employees. They are extremely beneficial for the company.
Practices Benefits of Employees Benefits of Employer
Learning, development and
training
HRM has created various
programs to help the
employees learn new skills,
develop and train them
according to their work. This
will benefit them by enhancing
their capabilities and
increasing efficiency.
This will give the company an
overall opportunity in growth.
It will create new skills and
gain ideas for their
organisation.
Practice Transparency JP Morgan informs everyone
about aspects of company.
This will make the employees
trust their seniors and help in
giving suggestions to achieve
their goals and objectives.
Employees will trust and have
faith in their seniors and
employers.
This gives the company an
idea that their workers are
loyal towards them and help

They will be self-driven to
accomplish targets.
with achievements of JP
Morgan.
Health and safety Company follows certain
policies for health and safety
of their employees. Insurance
is provided so that they feel
safe about their health and
know that everything will be
taken care of in case
something goes wrong.
Retaining of employees is
successful because they feel
safe working. This is a good
thing for employers as they do
not have to worry about loss of
employees.
Rewards for good
performances
Financial incentives are given
to those employees who have
worked hard. It will send a
message that good
performances are being
monitored and will be given
rewards. JP Morgan
encourages them to work
better as well as create a
healthy competition amongst
each other.
The company and its
employees will be mutually
benefited.
Feedback system This ensures that an employee
gets their feedback from their
superiors, colleges and
subordinates. It is very
effective as it will help in self-
development.
It is a reliable way of judging
their overall performance as it
is given by different persons.
Evaluation of employees JP Morgan's evaluation system
directly links employee's
performances to the overall
Comparing their past and
current performances will help
in bringing out the difference

goals and objectives. Their job
descriptions and
responsibilities are clearly
mentioned along with the
reporting structure.
Evaluations are done in a fair
and unbiased.
in productivity.
Identification and appraisals Employees that work hard
should be identified and
recognised. This practice helps
to motivate everyone in
company by sharing their
achievements. Under-
performers too start working
hardonce they realise that their
work will be given
recognition.
It creates a healthy working
environment.
Welcoming of ideas Employees form the company
and each one of them is
unique. When they all are
brought together, their ideas
are heard for innovations. This
is done through open house
discussions, suggestion box,
brainstorming, etc.
Ideas help management come
up with new tools and
techniques for the company.
These practices followed by HRM of JP Morgan will be very beneficial for the
employees and company with an overall increase of performance and growth.

P4. Effectiveness of different HRM practices
JP Morgan's HRM practices have proven to have a positive impact on the company,
which is promotion of positivity among the employees and their development as well. It has
created a flexible workplace and helped motivate everyone. This has led to an increase in the
company's profits and productivity.
The HRM practices are implemented properly in the organisation and get a boost in their
profits because of clear communication, united goals and objectives, motivation, satisfaction,
participation and increased credibility. These policies influence employees' attitude, behaviour
and performance. JP Morgan has seen a rise in profits over the last year, because of application
of these practices.
Learning, development and training has helped the employees enhance their performance
and put their knowledge to good use. Practising transparency has ensured that everyone is aware
of all the goals of JP Morgan. Rewards and recognition increased the will of employees to
perform better in order to increase productivity and profits of company. They get motivated by
rewards offered. Feedback systems helps employees to understand each other, their seniors and
subordinates provide suggestions, in case it is needed. HRM needs to know how employees feel
about their work and company as well as environment in which they accomplish their tasks.
Sharing of knowledge and ideas helps the management gain new information from everyone and
can use it in an effective manner which eventually leads to gain in profit and productivity.
Evaluation of employees has helped in analysing their performances and take any
corrective steps required. When their work is monitored, it is easy to find out the weak points of
each employee. This has led to improve the work performance. Work timings is an important
factor when it comes to productivity. The flexibility in work timings has made employees more
productive as their work can be done during regular intervals. Recruitment of skilled employees
shows an increase in profits and due to training of existing workers, their working capacities
have increased and they perform better than last time. Overall, HRM practices of JP Morgan
have helped achieve productivity of the employees and management as well as an increase in the
profits.

TASK 3
P5. Importance of employee relations with respect to influencing HRM decision making
Employee relations is a part of HR. It is required to strengthen the employer-employee
relationship through identification and resolution of issues at place of work by measurement of
employee satisfaction, provision of support and input to JP Morgan's performance. It is important
as it aids in the decision making process of HRM.
 Workplace issues: Maintaining good employee relations is important as it will help
prevent issues at workplace. Employees should bond together in order to work in an
efficient and effective manner. HRM is responsible for creating a peaceful working
environment and should investigate and resolve complaints or problems.
 Employee satisfaction: Measurement of employee satisfaction is an important function
of employee relations. HRM has to ensure that employees are satisfied with their job and
tasks because an unsatisfied employee cannot perform efficiently and that will lead to a
decrease in work productivity. This can be done through surveys and feedbacks. Then
decisions can be taken on how to rectify and change the problem.
 Performance of management: Employee relations plays a vital part in the development
and implementation of performance management. It includes creating a performance
appraisal program that meets needs of employees, training supervisors and managers.
HRM can monitor and evaluate their performances and take decisions regarding the
development and training programs.
 Productivity: HRM has to create strategies for the JP Morgan's success and that is
dependent on employee’s relations as they have to make decisions regarding the
productivity and engagement of its workforce.
 Motivation: HRM has to create programs to help motivate employees of company. They
have to analyse performances, take surveys and feedback and find out the techniques of
motivation for them. This helps in motivating the seniors as well.
 Moral obligations: HRM has to protect the welfare of their employees, treat them
respectfully and provide proper working conditions. JP Morgan has to be loyal to their
employees and vice versa. They have to make certain rules and regulations, guidelines, to
ensure that everyone in the company is treated professionally.

 Responsibilities: Both employee and employer are responsible for their duties at JP
Morgan. Employees have to ensure that they perform given tasks and do not cause any
misconduct in the company.
Employee relations helps in decision making of certain tasks in JP Morgan. Distribution
of work can be done when employees coordinate together, thus increasing efficiency of work.
This helps HRM find out the performance of company and make decisions based on analysis and
performs consultation on policies, creates benefits packages for employees and negotiates new
contracts.
P6. Key elements of employment legislation and its impact upon HRM decision making
Laws and regulations formed by government are to be complied by JP Morgan when
HRM is making decisions in the company. They ensure that contractual agreements of the
employer and employees match with rules and regulations.
These include:
 Sexual, Religious and disability discrimination: JP Morgan ensures that everyone in
company is treated in a fair manner. No person can be treated unfairly because of their
gender. HRM makes sure that they assess each employee on the basis that they are to be
treated as equals, regardless of sex. This comes under the equality act 2010. Employees
are not to be discriminated on the basis of their religion and should be treated fairly. If
any person has a type of disability, it is not encouraged to make fun of them or treat them
as an outcast in the company.
 Wages: It has been established that there should be a minimum wage amount that is to be
revised on a periodic basis. HRM has to analyse it and verify the accuracy of wages paid
to employees. They make sure that fair amounts are given to each person on the basis of
the work they perform. If an employee works overtime, their pay is to be increased
accordingly.
 Working hours: Regulations states that, there should be a fixed time of working hours
set by HRM according to the legislation. No employee should be prescribed harsh
timings of work and if they have to work overtime, then their pay is to be increased as
well. General working hours of JP Morgan are 40 hours per week.
 Leave Provisions: Eligible employees are to be provided with a fixed amount of leaves,
according to rules and regulations of employee legislation. They are entitled to job

protection during their absence and HRM has to train managers and supervisors on
proper reasons of leave, in case employees have to apply for it.
 Privacy: Workplaces are not private, and each employee should be given a right to
privacy. JP Morgan's HRM has created special protection for everyone at company.
Employers are not allowed to intrude in the phone conversations of employees and have
to inform them first and take consent that they want a credit report.
 Equal pay and opportunities: Regardless of gender, every employee is given equal pay
on the basis of their job, skills and qualifications. They should be given opportunities
accordingly as well. If a woman has the same qualifications as a man, and is not getting
the equal pay she deserves, HRM is responsible for taking actions and fixing it.
 Health and safety: JP Morgan has to ensure that employees of the company are provided
with health and safety insurance, by providing medical facilities and treatments, when
and if required by them. HRM trains managers on what information is required of
medical situation of an employee and their family as well.
With HRM practising regular rights and activities that provide protection according to
employment legislation and imposing them, they have maintained proper decorum in the
company. They are up to date with current legislations that are applicable to the firm and
employees are well aware of their rights.
TASK 4
P7. Application of HRM practices
The application of HRM practices at JP Morgan has benefited its employees and employer
in many ways. Its implementation has caused an increase in productivity and overall
performance.
 HR strategy: Strategies like proper planning and development, recruitment and
selection, training and provisions of rewards and appraisals with regard to HRM practices
has helped the company attain progress in overall performances.
 Planning and recruitment: JP Morgan has created a plan that is required in order
employ candidates at company. Recruitment and selection process is done through
external and internal recruiting. Candidates are examined by HRM, through a series of
tests and interviews. They see which candidate is fit for the job and selects them

accordingly. A systematic process is followed while hiring a candidate as that person will
help shape the future of company.
 Development and training: New and existing employees are provided with development
programs created by HRM so that they can increase their skills and efficiency. They are
analysed on basis of their work performance. Employees that require developing are
chosen and put under the program. This helps JP Morgan by creating competent
employees for them. Identification of training needs and objectives are kept in mind
while creating programs. Some employees need more or less training as compared to
others. A specialised program is made for everyone. This motivates employees to
perform better and leave an overall positive impact.
 Performance appraisal: HRM compares present and past performances of employees. It
is an important tool for measuring level of performances with regard to the predetermined
standards of JP Morgan. It is done systematically, on an annual or periodic basis.
Assessment of value of employees helps in providing information that can fix problems
and create right solutions for the increase in growth and performance.
 Evaluation: HRM evaluates employee's performance on a regular basis. They monitor
their performances to make sure that they are working with company's objectives and
goals in mind and are performing effectively and efficiently. Under-performers are
helped by assigning development programs and achievers are given rewards.
 Rewards: JP Morgan's HRM has created various rewards for employees, when they
work hard towards achieving goals and objectives of the company. Evaluation of
performance helps in recognizing achievements of employees and reward them with
increase in pay or extra leaves.
 Compensation: HRM has to decide the compensation methods of employees. They have
to ascertain amounts according to the work of each person. It is ensured that no hard
working person gets less pay and they should be satisfied with their compensation.
 Feedback: HRM has to take feedback from employees, supervisors and senior
management. This helps in analysing feelings of employees towards the company and
how they can make changes to accommodate them so that their productivity is increased
and job satisfaction is attained.

HRM has to keep in mind all of the above factors while implementing these practices as
retaining of employees and giving them job satisfaction is in their hands. In the competitive
business world, everyone is in search of skilled and competent candidates and if JP Morgan's
HRM are not able to apply practices, they can lose their valuable employees.
CONCLUSION
This report on Human Resource Management can conclude that JP Morgan’s HRM takes
right decisions while keeping organisational goals and objectives in mind. Workforce planning
and resourcing is done in an appropriate manner by implementing strategies and regular analysis
of performance. Company follows internal and external recruitment process for the selection of
employees. This is generally done through job rotations, promotions and hiring through
educational institutes. HRM practices followed using correct application has benefited company
by increasing their work performance, productivity and profits. It has helped to motivate
employees as well. HRM abides to employment legislation and created rules and regulations
within company to maintain a safe and peaceful environment for employees. Everyone gets fair
pay, equal opportunities and right to privacy at workplace. Overall, JP Morgan has the right set
of employees that perform their work well.

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