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Human Resource Management at HSBC Report

   

Added on  2020-07-23

12 Pages3579 Words29 Views
HUMAN RESOURCEMANAGEMENT

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Purpose and functions of HRM to workforce planning and resourcing...........................3P2. Strengths and weaknesses to different approaches of recruitment and selection.............4TASK 2............................................................................................................................................5P3. Benefits of HRM practises for employer and employees................................................5P4. Effectiveness of different HRM practises for raising profits and productivity oforganisation............................................................................................................................6TASK 3............................................................................................................................................7P5. Importance of employee relation to influence HRM decision making............................7P6. Key elements of employment legislation and their impact on HRM decision making....8TASK 4............................................................................................................................................9P7. Application of HRM practises in a work related context.................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTION Human resource management (HRM) is an important aspect of every organisation.Managing the human resources in an effective manner helps organisation to attain their goals andobjectives. Firm has to motivate and influence every employee in a great manner so that theirperformance and productivity can be improved in a proper manner (Armstrong and Taylor,2014). The report is based on HSBC (Hong Kong and Shanghai Banking Corporation) which isserving millions of people with their banking and investment criteria. Report will discuss aboutthe functions of HRM which are applicable in workforce planning. Various strengths andweaknesses of different approaches to recruitment and selection as well as benefits to employerand employee with HRM practices that help in achieving profit will also be provided here.Further, importance of employee relation in HRM decision making and employment legislationwith all such application of HRM practices in work related context will be explained. TASK 1P1. Purpose and functions of HRM to workforce planning and resourcingWorkforce planning should be done in an effective manner so that employees ofcompany can increase their performance and productivity in an efficient way which will makefirm to attain their goals and objectives effectually. Therefore, HSBC is that company whichspends a lot fund on training and development which helps employees to learn new skills andknowledge in the best way and such can be used at the workplace (Berman and et. al., 2012).This is also known as a proactive planning in order to increase the talent of employees. Entityhas to use simple process of recruitment and selection that help company to understand such inan easy way. Major functions of HRM are as follows: Recruitment and selection: The HR recruitment and selection is that which is generallyrelated with company's mission and workplace culture. This has to be done in correct format sothat firm can receive better employees which can bring effectiveness in workplace andcompetition as well as that make workers to perform in a better way that will help the firm toattain their set goals and objectives. Training and development: HSBC is that banking corporation which spends a hugeamount on the development of their employees. Thus, training and development program in firmhelps organisations to attain their aim and targets in the best way. Such function helps the

employees to improve their performance by learning new skills, knowledge and abilities toperform effectually. Training of workers should be done in a correct format which helps tomeasure their earlier performance and after the training how they have performed (Boxall andPurcell, 2011).Compensation: Human resources should get the compensation equal to their work whichwill bring satisfaction in their minds. Although compensation and benefit are that which is beingseen as one. It is required to see that how employer of the firm provides rewards to theiremployees which help in motivating workforce to work in an effective way. Work life balance: Therefore implementing the flexible work life schedules, providingtraining to employees and the whole organisation as one make everyone to reduce their stressand become aware of health which help in achieving work life balance. Wherever this also helpin creating a result oriented environment where the working is done in effective way and thisenables a great efficiency too. P2. Strengths and weaknesses to different approaches of recruitment and selectionRecruitment and selection process in organisation has to be done in right way which helpfirm to receive the best person among the applied candidates for job. While doing suchrecruitment and selection is also having their strengths and weaknesses which has to beconsidered by them so that effective employee can be choose(Brewster and Hegewisch, 2017).HSBC strength and weakness of different in recruitment and selection is as follows: Internal recruitmentIn this technique they are from internal itself where the workers are already working incompany.Strengths- Making recruitment from internally becomes strength of the company as thishelps in reducing the cost of firm and promoting and selecting internally helps entity of notwasting time to elaborate the environment as he/she is already aware of such, training anddevelopment cost also be reduced with such and this help firm to earn profit in great manner. Weaknesses- This creates the chance of conflict as other people does not get the chanceto be get promoted in the firm which affects the firm ability to perform in greater manner. External recruitmentIn this method, applicants come into large and from such the best person is chose forcompany. It is the best to way to select a person for the job.

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