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Human Resource Management Assignment : J.P Morgan

   

Added on  2021-01-02

17 Pages5407 Words442 Views
HUMAN RESOURCEMANAGEMENT
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1...........................................................................................................................................1P1 Purpose and function of human resource management.....................................................1P2 Strengths and weakness of different approaches of recruitment and selection.................3TASK 2............................................................................................................................................5P3 Benefits of HRM of employer and employee...................................................................5P4 Evaluation on effectiveness of several HRM practices.....................................................7TASK 3............................................................................................................................................8P5 Importance of employee relations in influencing decision making..................................8P6. Key elements of employment legislations and its impact on decision making................9TASK 4..........................................................................................................................................10P7 Application of HRM practices........................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13.......................................................................................................................................................14
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INTRODUCTIONHuman resource management can be considered as an effective strategic approach whichmay aid organisations in managing their staff members. With the help of this, company can gainmany competitive advantages at marketplace of United Kingdom. HR department within acompany is planned to enhance performance level of employees. It is responsibility of HRmanager to take initiatives so that proper benefits can easily be gained right on time.Organisation that has been taken under this assessment i.e. J.P Morgan . It was found in 1854and is a banking firm which is providing financial services to their customer across the world.Report is going to include various things like functions and purpose of HRM (Alfes and et. al,2013). On the other hand, methods of recruitment process and their strengths and weakness arealso going to be enclosed under this assignment. Apart from this, assignment will also put lighton employment relations as per today's business environment which can put impact on runningbusiness in successful manner. It is required for enterprises to understand the concept of effectiveHRM strategies through which company can hit their targets right on time. TASK 1P1 Purpose and function of human resource managementHuman resource management refers to the process of selecting employees, conductinginduction and orientation program for new joined employees, providing training anddevelopment session, motivating, building proper relation between organisation and employees,and many other other activities for welfare of employees as well as organisation. In other wordshuman resource management is defined as managing employees of an organisation in effectivemanner. It is the responsibility of HR manager to improve the work efficiency of employee byproving safe and secure working environment ( Bacon and Voss, 2012). Main purpose of HRmanager is to make recruitment process effective which helps the organisation in hiring skilledmanpower that will perform their job responsibility effective and efficient manner. Functions of HRM performed by J.P Morgan are evaluated as below: Recruitment and planning of workforce: This term refers to the activity of getting poolof applicant with the purpose of selecting only skilled one. HR manager of J.P Morgan isconducting various recruitment programs in order to get maximum number of applicants whichwill help organisation in hiring talented employee to perform effective operational objectives. It1
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will impact in positive manner on J.P Morgan as it recruiting and selecting skilled employees isconsidered as the beneficial resource for this organisation. This will result in achievingorganisational goals and objectives in less time.Training and development: Another function of HR manager is to conduct trainingsession for the employees to develop their skills. It is one among the essential functions ofmanager as it improves skills and work efficiency of employees which leads to provide positiveoutcome in terms of productivity as well as creativity (Brewster and Hegewisch, 2017).Development of the employees is long term beneficial for J.P Morgan to achieve theirorganisational goals. Employees with developed skills will perform in effective manner andattain the business goals of the J.P Morgan is effective way. This will improve the brand value ofthe organisation as its employees are using creativeness in attracting customers. Compensation and benefits: An organisation provides benefits and compensation inorder to achieve its goal and objective. It is important for the every organisation to retain theiremployees for long term to make organisational working manner smooth and easier. HRmanager of the J.P Morgan provides various benefits such as increase in vacation, medicalinsurance, flexibility in working hours, maternal and paternal leave and also provides extrabenefit for children's education reimbursement etc. to its employees for increasing theirsatisfaction level. Providing compensation and benefits is helpful for J.P Morgan as it willmotivate employee to perform given responsibility. In addition to this, it will also reducesemployees turnover of organisation. Nature of strategic HRM Strategy means complete plan for future to compete external environment in order toachieve companies goals and objectives. Here, Strategic HRM means the process of makingstrategies, implementation and evaluation of these activities with the motive of analysing itseffectiveness. It guides HR manager to develop their working practices, programs and makepolicies which support in achieving organisational goals. Nature of the strategic HRM involvesfurther evaluated points: Strategic HRM includes policies and strategy made by HR manager in order to achieveorganisation objectives. 2
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