Human Resources Resource Management (HRM) TABLE OF CONTENTS INTRODUCTION 1 TASK 11 P1. Purpose and Functions of HRM
Added on 2020-10-05
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HUMAN RESOURCEMANAGEMENT
TABLE OF CONTENTSINTRODUCTION........................................................................................................................................................................................................TASK 1.........................................................................................................................................................................................................................P1. Purpose and functions of HRM applicable to workforce planning and resourcing......................................................................................P2. Strengths and weaknesses of recruitment and selection...............................................................................................................................TASK 2.........................................................................................................................................................................................................................P3. Benefits of different HRM practices for employer and employees..............................................................................................................P4. Effectiveness of different HRM practices.....................................................................................................................................................TASK 3......................................................................................................................................................................................................P5. Importance of employee relations with respect to influencing HRM decision making...............................................................................P6. Key elements of employment legislation and its impact upon HRM decision making..............................................................................TASK 4.......................................................................................................................................................................................................................P7. Application of HRM practices....................................................................................................................................................................CONCLUSION..........................................................................................................................................................................................................REFERENCES...........................................................................................................................................................................................................
INTRODUCTIONHuman resource management is an integral function of an organisation. It is the processof making use of human resources available in an effective and efficient manner so that goalsand objectives of an organisation are achieved. It includes planning, organising, directing andcontrolling of development and enhancement of performance of the employees.JP Morgan is an American investment bank and financial service company based in NewYork. It is the world's 10th largest financial services company. Its HRM functions will be coveredin this assignment. It will also analyse the strengths and weaknesses of company’s recruitmentand selection process with examining benefits and effectiveness of HRM practices and theirapplications. It will also cover key elements of employee legislation and importance of workerrelations that affect HRM decision making in JP Morgan.TASK 1P1. Purpose and functions of HRM applicable to workforce planning and resourcingHuman resource management is a managerial function of an organisation in whichprocurement, development and maintenance of skilled human resources is done in order toachieve the goals of company. Its purpose is to ensure that the right person is given the right joband work is done on time and rewards are offered as well. Through this, company's goals can beeffectually achieved. HRM is pervasive in nature and continuous. It is needed at every level ofmanagement.The functions of HRM are:Recruitment and selection of employeesTraining and developmentPerformance appraisalsRewardsMotivation programsConflict resolutionEmployee relationsWorkforce planning is a vital business process that aligns changing organisation. A manageris 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 futureaccess to human capital.Long term workforce planning includes forecasting of future projects, strategic growthand versatile skill sets and short term includes immediate requirements and high volume roles. Itinvolves identification of personnel needed presently and for future as well. It explores costeffective methods of recruitment and retaining of employees.Continuous analysis is done on workforce effectiveness and implementation of necessarymeasures to maintain efficiency. Examination between the distinction of strategic andoperational, 'hard' and 'soft' planning is done. Different stages are scrutinized and a list of keyissues are highlighted and actions are implemented for correction. An effective workforce planensures a positive effect on JP Morgan.Resourcing means the allocation and use of required resources of an organisation andmeasures taken to help the company’s performance. HRM functions help in this process. JPMorgan's managers carefully plans resourcing of the company. Employees, facilities,communications, materials and equipment’s are included in resources and they have to beallocated. They are required to accomplish the company's desired goals.Employee resourcing is a part of this function. It is done through recruitment andselection. They play an important part in resources, because it is due to these employees, that theorganisation is able to perform daily activities and work towards achieving goals and help in thegrowth of JP Morgan.P2. Strengths and weaknesses of recruitment and selectionRecruitment and selection is a part and one of the most important steps of HRM. Itinvolves 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 themwork hand in hand and help in overall growth and development of JP Morgan. There are mainlytwo types of recruitment i.e. internal and external.External RecruitmentIt can be defined as process of selecting a candidate, with sufficient skills andqualifications, from outside the company to fill a vacancy in organisation. This can be donethrough advertisements, employee exchange, telecasting and educational institutes.Strengths
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