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HRM Practice in Employee Relationship Management

   

Added on  2021-01-01

19 Pages5020 Words472 Views
Human ResourceManagement
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Purpose and functions of HRM applicable to workforce planning...................................1P2 Strengths and weaknesses of different approach to recruitment and selection.................2TASK 2............................................................................................................................................5P3 Explanation of advantages of different HRM practice to employees and employers.......5P4 Effectiveness of different HRM practice in increasing profits and productivity..............7TASK 3............................................................................................................................................8P5 Analysation of the significance of employee relation in decision making process..........8P6 Identification of main components of employees legislation and their affect of decisionmaking....................................................................................................................................9TASK 4..........................................................................................................................................11P7 Application of HRM practice in work related context....................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
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INTRODUCTIONBusiness organisation have different departments like operations, informationtechnology, finance, marketing etc. But, the most important division is the company is humanresource wing because they are responsible for hiring those people who are going to work inabove mentioned divisions. HRM is an approach of managing employees in an effective way socompany get some extra edge over their rivals (Alfes and et.al., 2013). JP Morgan is investmentbanking company of USA who is providing their services across the globe. Around 2,50,000people are working in this firm and some of their successful products are asset management,bank underwriting etc. This assignment will discuss about hard and soft approach of HRM.Besides this, various benefits of internal and external recruitments will also become part of thisfile. HRM practice is beneficial for both employees and employers, its advantages will beexplained in this report. A discussion will be done of effectiveness of HRM practice regardingproductivity and profitability. Significance of employees relation in decision making will getcover under this file. Few acts and application of HRM practice will be discussed at the end. TASK 1P1 Purpose and functions of HRM applicable to workforce planningHRM – Human resource management is the process of doing all the work relating toemployees like provide training to them, decide their salary, solve their issues etc. HR executiveswork as a mediator between employees and company. Although HRM involve various functionbut the most important is recruitment of personnel. This is key responsibility of all the peoplewho work in HR division because if right people will not enter in organisation then companycannot proceed towards their set aim. Beside this job, HR division is also take accountability ofcompliance of labour laws and making organisational policies regrading leaves, working hoursetc. Sound HRM also provide competitive advantage to an organisation (Armstrong and Taylor,2014). Strategic HRM – It is an approach which is connected to the long term goals of anorganisation. It include normal work like hiring, setting payroll but beside this, it involveretaining of key employees, improving work experience etc. These are some underrated butsignificant work which assist an organisation in execution of their short and long term plans. Animportant part of strategic HRM is that it a collaborative approach. HR division do not only1
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