Human Resource Management Assignment PDF : JP Morgan
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Added on 2021-01-02
Human Resource Management Assignment PDF : JP Morgan
Added on 2021-01-02
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1Functions and purpose of Human resource management ..................................................3P2 Strength and weaknesses of approaches of selection and recruitment..............................5P3 Benefits of human resource management practices for employee and employers...........7TASK 2............................................................................................................................................9P4Effectiveness of HRM practices in terms of raising organisation productivity andprofitability.............................................................................................................................9TASK 3..........................................................................................................................................10P5Importance of employee relation in respect of influencing HRM decisions making.......10P6 Key element of employee legislation and their impact on HR decision making...........12TASK 4..........................................................................................................................................13P7Application of HRM practices.........................................................................................13CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................15
INTRODUCTIONHuman resource management is a contemporary umbrella which is termed to be the bestpractices of recruiting, hiring, deploying and managing employees of an organisation. Thecompany which is taken into consideration in order to carry out this report is JP Morgan. It is amultinational investment bank and financial service company with its headquarter in New Yorkcity(Mayne and Stern, 2013). This report basically focuses on the purpose, functions andeffectiveness of HRM practices along with different approaches of recruitment and selection.Additionally importance of employee relation in respect of influencing HRM decisions makingas well as key element of employee legislation and their impact on HR decision making is beingspecified in this file. Lastly, this assignment focuses on the application of HRM practices.TASK 1P1Functions and purpose of Human resource management HRM is an approach used by organisation to enhance their employees productivity levelto its highest by maintain peace and harmony of working conditions. Moreover it assist companyto recruit and select potential candidates in their workforce so to increase profitability and salesof company. JP Morgan have thousands of employees all over world and to handle all of them atthe same time is complex and hard in nature. Main aim of HRM is to create a bridge betweenemployees and employer which will assist them to reduce conflict due to lack of communicationor information.Purpose of HRM regarding workforce planning and resourcing: It is given below withfunctional examples in context of JP Morgan is as follows (Dwivedi and et. al., 2014): Profitability and productivity of company is directly related to the quality of workforcethey have in the organisation. HRM purpose is to find out the best suitable candidate fororganisation so that their efficiency will increase constantly. For instance, if JP Morganrequires candidate for their big data department then HR work is to find out thecandidates who has some certificate in this field like SAS rather than recruit someonewho has no knowledge about it. Employees will only feel motivated at work if their needs are regularly considered andfulfil by organisation. There are various needs of employees like compensation, workingconditions or environment, leaves at work, job timing etc. If all these needs are
completed by JP Morgan, then it will also motivate their employees to work harder andhelp company to reach their common purpose.It will persuade to lower rate of employeeturnover ratio and acquisition funds for newer employees resulting in increaseprofitability of company.Scope of Strategic HRM: Scope of HRM is vast as it covered many aspects of organisation like acquisition,development, maintenance and control of employees working there. Different scope areelaborated below, RemunerationIt refers to monetary value which individual is getting after working for company.Employees will feel motivated if many factors like leaves, salary, working timing are favouringtheir working style. For instance, if data analyst at JP Morgan is getting high pay as compare toother person in different company then it will automatically spark motivation in them and try towork even more harder to attain their goals.Workforce planningIt is an approach used by organisation to determine their demands and supply of labouraccording to the work load. For instance if more candidates are hire for company against lesswork then it will incur more cost to the company on the other hand if less people are hire againstmore work then they would not be able to perform their work in assigned deadlines. Functions of HRMManagerial functionsDifferent types of functions which comes under managerial is explained below,Planning: It refers to plan step by step activities which should be conducted and achieveso to attain mission and vision of company.Manager have to focus on how muchheadcount are required by the company in near future and what type of skills andcompetencies are required in them so to accomplish assigned task.Organising: This includes assigning of task in the organisation to workforce according totheir skills and capabilities so that higher productivity of employees would be attain. Iftask are assigned according to their employees competencies then only they can achievetheir goals with full professionalism.
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