Table of Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 P1 Purpose and functions of HRM.........................................................................................1 P2 Different approaches to recruitment and selection............................................................3 M1 How functions of HRM can provide talent and skills to fulfil business objectives........6 M2 Evaluate strengths and weaknesses of different approaches to recruitment and selection...6 M3 Critically evaluate the strengths and weaknesses of different approaches to recruitment and selection, supported by specific examples......................................................................6 TASK 2............................................................................................................................................6 P3 Benefits of different HRM practices for both employer and employee............................6 P4 Evaluate the effectiveness of different HRM practices.....................................................7 TASK 3...........................................................................................................................................8 P5 Importance of employee relation to influence HRM decision-making............................8 P6 Impact upon HRM decision-making...............................................................................10 TASK 4..........................................................................................................................................12 P7 Illustrate HRM practices in work related.......................................................................12 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................14
INTRODUCTION Human resource management is a systematic planning, development and controlling interrelated that defines an expression of beliefs in employee for the success of an organisation. ThisincludesHRplanning,forecasting,jobdesign,staffing,recruitment,trainingand development to improve the overall performance of a business firm (Hendry, 2012). Also, it will support to maintain respect and dignity among existing business enterprise. Human resource management is necessary for each and every business firm to deals with people as complete individuals, provide opportunities for growth and development, rewards should be earned and many more. As HR assistant at JP Morgan firm in central London to assist in human resource activities of an organization. It is a commercial and investment banking which is founded by JP Morgan nearly 1871.This project covers the purpose and function of HRM, different approaches related to recruitment and selection, benefits of different HRM practices for employer and employee. This also includes effectiveness of different HRM practices of JP Morgan company limited. TASK 1 P1 Purpose and functions of HRM In general terms, human resource management is a function of a business firm which is designed to maximize the performance of employees in service sector against strategic goals. It refers to learning of managing the people and other actions of a business organisation in extreme efficient and helpful manner (Bratton and Gold, 2017). This is the most effective source that can place employees in jobs in less period of time. As, it plays a crucial role in a business firm such as JP Morgan which required HR assistance for their organisation. Scope and nature of HRM HRM involves management scope and nature which helps in to attain goals of a business enterprise. These are discussed as below: Human resource management is inherent part of every management level because manager wants their best out his people. This will assist them in motivating, training and appraise their subordinates in a business organisation. 1
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HRM involves various functions concerned with managing people from work force, planning, recruitment, placement, training and appraisal to compensation of employees. Using of audit of personnel policies, procedures and practices of business firm.Motivating the employees by providing sufficient or proper financial and non- financial benefits (Brewster and Hegewisch, 2017). Hard and Soft approaches of HR assistance There are variety of ways to approach management of HR in a business firm. Hence, there are two broad approaches to human resource management are explained further below as:Hard HR:This type of HR treats their employees as a resource of a business firm such as machines or premises. The main focus of this type of HR is to identify labour force needs of a businessand their recruitment. It includesshort- term changes in employee recruitment, minimum communication regarding issues or discussing about something or other from top to bottom. They pay enough to recruit and retain staff by paying minimum wages. They prefer autocratic leadership style. Soft HR: This type of HR treats their employees as a most essential resource for a business and concentrate on the needs of employees, their roles, rewards, motivation, etc. It focuses on longer term man- force planning, they create two- way communication and uses democratic leadership style (Armstrong and Taylor, 2014). Soft HR employees are empowered and encourage to seek delegation and takes responsibilities. Therefore, JP Morgan should adopt soft HR approach which help them in improving their relations with customers as well as business person which can create their wealth to obtain desired objectives regarding business firm. Purpose of HRM Remuneration and reward: This is a foremost purpose to remunerate human resources of a financial industry. HR provides best remuneration to their staff as per their eligibility, experience and job role. To perform better to best performance they motivate through rewards while effective performance. This can be done by providing bonus, incentives, offering trip for holidays and so on. Resources planning: It is a foremost purpose of HRM to make plan for manpower. For example, if employees required in JP Morgan, planning is necessary for these aspect to be done by HR manager of this company. Moreover, when resources are contributed 2
employees get motivated for learning new things related to business (Briscoe, Tarique and Schuler, 2012). Retention: This is an important factor of HR as people do not feel secure regarding their job or if company pressurized them to do their work. This can lead to increase job retention, absenteeism and that will overcome into labour turnover. Therefore, use of HRM practices in a company can reduces all the above factors related to reduction in absenteeism. Function of HRM Staffing: It can be an effective method which can possess specific position for right personforarightjob.Thishelpsintoachievebusinessgoals,humanresource management performs various effective functions such as job analysis, recruitment, selection and many more. Selection: This is afinalsystematic processthrough which abusiness enterprise identifies best person from pool of individuals that can effectively fulfil requisite criteria. It can be done through performing desired duties in JP Morgan company limited. Employee and labour relations: This part deals with unionism of employees which has become popular in recent years. Now it is compulsory by law for its employees to take part in unionism (Daley, 2012). If employees want to join union, business firm cannot pressure them for prevention. P2 Different approaches to recruitment and selection JP Morgan is an investment and finance company which needs staff to handle the activities. As it has deals in various kinds of products such as bond trading, brokerage services, capital market services, consumer banking, consumer finance, corporate banking, credit cards, and so on. That's why it needs to hire the staff to manage the activities and banking operations. In order to hire the staff it needs to adopt the recruitment and selection methods that are internal and external recruitment. Jp morgan wants to recruit some proficient candidates in order to gain more profit and increase revenue. Recruitment is a systematic process which is used to hire desired candidates for vacant job position. This can be done through various approaches such as internal and external selection of individuals. Selection is the next phase after recruitment in which they have to face varieties of tests and aptitude for a selecting a suitable candidate for the 3
job position. There are different approaches recruitment and selection which are used by the HR manager of JP Morgan. These are given below as: Internal approach: This approach deals with internal recruiting process which help employees in their promotion, transferring and employee references. The HR manager initially look for the existingemployees who are working well and deserve the promotions. The HR informs about the vacant position at JP Morgan and then tell them to apply for the job role. After getting the information,employees can appear for the interview and the best candidate can get recruitment for the senior designation(Huselid and Becker, 2011). There are various ways to adopt internal approach these are discussed in detail as: Promotions: It can be done by analysing the performance of each employee. If they are fulfilling the needs of JP Morgan through enhancing the banking business then they can get the promotion.This method can be applied by improving the performance of an individual to enhance their existing working criteria. It can measure through 360 degree performance appraisal in which employees performance is measured. Transferring: JP Morgan can transfer their employees to other branches after recruiting them on a new position or can retain in the same branch. Therefore, HR assistant plays a vital role in transferring employee to other branch as per the requirements for the purpose of fulfilling vacant post External approach: This can be done by drawing wide range of talent, that helps in to provide opportunities or bring new experience and ideas into a business firm. There are various methods that can be opt by JP Morgan in orderto bringnew people with a new concept (Jackson, Schuler and Jiang, 2014). Campus drive:This method includes to drive students from their colleges which is an effective method to take eligible candidates for the desired post. JP Morgan can hire new talent from B - Schools in order to enhance profit of the firm. Factory gates:This method involves walk in interview through whichJP Morgan can choose desired candidates for a vacant job position. Online sites: This is another method to hire employees through online job portal which help HR assistant to spread out the information for the vacancy and then it can call the desired aspirants for the interview. The HR of JP Morgan can conduct various kinds of 4
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interview rounds such as logical, statistical, screening and face to face. If the HR is satisfied by the candidate then they can hire the aspirant for the particular job role. On the basisAdvantagesDisadvantages ExternalInexternalrecruiting andselectingmethod, JPMorgangetnew ideas. Byadaptingexternal recruitingprocess,JP Morganexpect growth fromthefreshideas andtalent(Guest, 2011). Incaseofexternal recruitingand selection, it is a time consumingmethodas theyhavetopost advertisement, brochuresandmany more. As company is hiring newcandidatesthey adoptmorerisk becausenewjoineries do not worth that how muchabusiness enterprise is paying on them. InternalThis reduces the time as well as cost because JPMorganis promotingthe employeesinhouse resources. Byadoptingthis method, employees can makethemmore attractivetowards employers. As company is hiring existingemployees. Therefore, they have a limitedchoicewhile recruitingtheexisting employees. By using this method, it cancreateconflicts amongcolleagues whichcancausea negativeimpacton 5
their morale. M1 How functions of HRM can provide talent and skills to fulfil business objectives. The function of Human resource management is used to refer learning and adapting the business skills to enhance their performance as well as improve existing working performance by using the skills, abilities and knowledge of an employee (Marler and Fisher, 2013). This can reducethejobinsecurity,retention,absenteeismandemployeeturnover.Trainingand development is a major function which assist in increasing the performance of employees. This requires huge amount for hiring experts and trainers to fulfil the required needs of a business firm. It includes personal abilities, aptitude, capacity, capabilities and many more. M2 Evaluate strengths and weaknesses of different approaches to recruitment and selection. In order to measure the strength and weaknesses of various approaches such as external and internal recruitment and selection which can able to analyse the performance of an individual (Cascio, 2018). This includes activities related to internal promotion, hiring new employees to get new and fresh ideas. It also, helps in to apply the measures which can influence employees to give their best. The internal and external factor can determinant the power of an organisation which can help them in achieving objectives. M3 Critically evaluate the strengths and weaknesses of different approaches to recruitment and selection, supported by specific examples. In case of an internal recruitment and selection a business firm can improve their performance by motivating through an existing worker. This can increase the work efficiency which can improve the overall performance of an organisation. Whereas, in case of external recruitment and selection process a business enterprise can adopt different methods such as advertisement, pamphlets, online sites, campus placement and many more. TASK 2 P3 Benefits of different HRM practices for both employer and employee The human resource management is a process of linking between the goals in order to improve and drive performance (Albrech, 2011). It involves recruitment, hiring and managing employees. This plays a crucial role within an organizational culture and business. There are 6
various benefits of different HRM practices for both employees and employers. At Canary Wharf branch of JP Morgan , below mentioned managers and workers are enjoying following benefits : Benefits for employees Training and development: At Canary Wharf, JP Morgan is offering effective training as well as development sessions to their staffs in order to improve their existing capabilities. (Renwick, Redman and Maguire, 2013). Health and safety: JP Morgan is ensuring to their workers that they will receive proper health and safety environment. In this context, they are observing all kinds of risks present at working site and trying to remove the same. Clean and safe surrounding is being provided by them so as to keep their staffs disease free. Recruitment: JP Morgan is using internal approach of recruitment along with external one. In this context, they are offering chances to their old employees for growing their professional career by providing them appraisals in the form of high post. Benefits for employers Reduction in conflicting situation :By implementing HR activities, managers of JP Morgan are also getting benefits. Disputes are being reduced effectively as they now become capable of interacting closely with their team associates. Stronger workforces :Since managers of JP Morgan are providing training classes to their employees, their skills get automatically improved. By this way, they become strongerincontexttocapabilities.Asaresult,employerswillreceivestrongest workforce. P4 Evaluate the effectiveness of different HRM practices There is different ways of HRM practices which recruiting new employees as well as bring a positive impact on HRM decision making. In order to achieve pre-determine productivity of firm to understand several thing to increase the profit of an organisation. This includes as Learning, developing and training: This is an essential for JP Morgan has been experience that leads to increase the productivity and performance of an employees. An employee also needs to trained and improve their existing skills after recruitment. Flexibility in work:JP Morgan providing flexibility in work to their employees because it motivates their workers to accomplish their work effectively and efficiently. There are some women who have to work in support to their family and children (Nickson, 2013). 7
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Employee performance management:This can be described as to observe, analyse and evaluate performance of staff members on regular basis so that required actions can be taken to complete objectives of JP Morgan. It includes the criteria to first set standards of performance and then calculate actual working of employees and then determines gap between booth of them. Thus, it will provide support to take an appropriate cations like training, learning and educational programs to improve skills to gain desired goals properly. The JP Morgan can utilise several effective strategies or techniques to improve regular productivity of workers that helps to attain better profitability which facilitates to achieve growth of business successfully. All of these practices should be adopted by the human resource manager to enhance the efficiency and effectiveness of staff members. TASK 3 P5 Importance of employee relation to influence HRM decision-making. In a business organisation, employees re known as their key strength who assist to provide their proper contribution in order to attain future goals and objectives. To manage business activities and approaches, Human resource manager plan a impactful strategy in order to maximise employees performance and build positive relation between them (Budhwar and Debrah, 2013). These activities assist to create positive culture within organisation so that other employees are also feel motivated to provide better performance for achieving predetermine goals and objectives of firm. JP Morgan is a large scale financial institute that provide affordable funds and capital to their customers. In this organisation, HR manager play a most important role in order to create a positive relation between their workforce that helps to manage business activities properly. For this, HR manager requires to create a impactful strategy that helps to attain their target effectively as- Sharing work:For HR manager of JP Morgan, it is require to analyse employees skills and working approaches that assist to determine their capacity for better performance. On the basis of this, HR manager needs to share work and task for getting better results and outcomes. For getting better results, HR manager of JP Morgan needs to engage two or more employees together that help to create team working behaviour between them. 8
Sharing of work helps to manage conflicts and issues by resolving them equally by two different employees. Employees loyalty:In a business organisation, most important activities is known as employees loyalty that assist to create positive environment for others (Bos‐Nehles, Van Riemsdijk and Kees Looise, 2013). In this process, HR manager of JP Morgan requires to communicate positively with their employees that assist to analyse their issues and problems easily. Through this, they can create loyalty between their employees toward each other as well as business firm. In a financial organisation, these approaches take a most important role because they all deal with confidential record of customers that require to manage with full loyalty. HR manager of such financial institutions are liable to create employees loyalty toward their customers too. These approaches assist to maximise consumer trust toward business firm to engage with them for a long term of period. Resolving conflicts:In a business firm issues and conflicts can be arise while employees are working together. In this process HR manager requires to analyse how to resolve them easily in order to create a positive working environment in organisation. Conflicts resolvingstrategyofHRmanagerhelpstoreduceemployeesturnoverwithin organisation to make workers stable in firm for a long duration.In JP Morgan financial institute, these activities are require to manage in order to resolving financial as well as cash related issue for better outcomes. Use better communication process for maintaining equality:JP Morgan is a large scale business firm in which number of employees are working together. They all worker are provide their better services in order to achieve organisation's target and objectives in effectivemanner(Pieper,2012).Forthistheyneedstoimplementpositive communication mode that assist to analyse customer's requirement to provide exact services to them easily. For this HR manager of Firm is liable to initiate effective training method in which they can easilyenhance interpersonal skills of their workforce for getting better outcomes. Apart from above discussed factors, Trade union in company made up of members who are employees. Its main purpose to protect as well as advance their member interests. In UK, trade unions were the basic decriminalised within the royal commission recommendation. Its 9
structures were based in contract aswell as the members right depended on being capable to show few interest of proprietary. It also helps in improving the current level of employee engagement and creating a healthy relationship with workers. Trade union mainly play the role of negotiator within an enterprise. They used to do activity of negotiation from employers related with the matter of workforces and another subordinates. Additionally, members exited in trade union raise their voice against corporation if it is not giving basic facilities or rights to their employees. Hence, it can be stated that rights and views of staff members is being represented by agencies like trade unions. This is proved to beneficial for entire firm since by the assistance of Trade Unions, a positive relation get build between managers and employees. Even it get more strengthened as issues of personnels are being resolved by the involvement of trade unions. Thereby, this is depicted that HR department of JP Morgan is also impacted by the decision- making of trade union since grudges of staffs who are performing under JP Morgan are represented by similar association. P6 Impact upon HRM decision-making. In a country, government regulate different legislation on the basis of organisational behaviour and its nature. All these laws and policies are requires to implement by management of firm in order to properly manage their operational activities in target country. JP Morgan is a financial institute which has various ventures in different countries. To manage all the business activities effectively in such countries, HR manager needs to implement legislation in firm. Through this, they can easily create legal framework for their firm in the terms of employees workandfurtherapproaches.Majoremploymentlegislation and itsimpactsupon HRM decision-making are determine below as - Data protection Act 1998 –According to this act, in a business organisation HR managerrequirestoprotectdataofemployeesforexternalfactors.Employees documentationandkeyrecordarerequirestokeepsafelyinordertomanage confidentiality within documents. In this process, HR manager of JP Morgan is liable because they are responsible to manage documents ofemployees in firm. This process require proper honesty and carefulness while working in a business firm. If any illegal activity like leaking of personal data associated with workers would conducted by organisation then they will be punished as per the norms of UK government. Therefore, 10
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HR should take correct decision about transferring of any information. By this way, it can be said that they are being impacted by the Data Protection Act 1998. This act assists the respective company to protect all their data secure. In case any illegal activity occurs then company is free to file complain. Also, helpful in effective information managing so that complain risk can be minimised, improve reputation of business as this bring confidence in context of secure data and so on. Equality act 2010 –As per this law, in a business firm, management requires to provide impartial services to their employees who are working there. HR manager of JP Morgan also needs to provide equal rewards, appraisal and promotions on the basis of their performance. These activities are required to manage their business approaches to getting better outcome (Nickson, 2013). On the basis of this, HR manager can easily motivate their employees to provide better performance in firm. If JP Morgan will not treat their workers equally and discriminate them on the basis of age, caste, sex, race, religion, colour, etc. then government treat them as guilty and may punish them for their wrongdoing. So, human resource manager should take decisions appropriately regarding the similar subject or matter. By this way, their process of decision-making is being influenced by norms made for maintaining equality i.e. Equality act 2010. With the help of this act employees of respective company are to be treated equally. Health and Safety at Work Regulations 1999 –According to this act, every company should provide safe and healthy working environment to their workforces since being safe and secure is one of the fundamental right of a person. The decision-making system of HR is getting impacted by similar law as any wrong determination would give negative consequences. For instance, if any worker would meet an accident at working premises due to the carelessness of employer, then that person is liable to claim for the compensation. Thus, in order to prevent from such circumstances,, HR manager of JP Morgan should provide security of health and other terms in order to enhance their level of performance easily. These business activities helps to motivate employees easily to manage long term relation with them for future advantages easily. M4 Evaluate Employee relations management and legislation. 11
In JP Morgan, HR manager uses different kind of methods that assist to enhance employees relation for a long terms period. All these business ideas assist to attain future targets effectively. Major HRM practices within a business firm can be - Work distribution approaches– This is a most specific HRM practice in which HR manager can easily distribute responsibility to different employees who can easily manage organisational working approach to reduce extra work load from others. For example HR manager of JP Morgan requires to distribute responsibilities in several divisions as Sales, operations, credit and marketing to manage business approaches properly. Conflicts resolving activities- In this process, they requires to create a impactful strategy as team work, task allocation and work distribution. All these planning helps to engaging employees in a target approach in order to manage organisational targets effectively. For example, HR manager of JP Morgan requires to reduce to engage employees together to improve their working activities easily. TASK 4 P7 Illustrate HRM practices in work related. Job description for Finance executive Job Description:This provides a brief requirement for finance executive which includes eligibility, skills, salary and many more. Organisation name: JP Morgan Job profile: Finance executive Location :London, UK Report to :Human Resource Administration office Required Qualification : MBA in financeand diploma in banking sector. Experience required: 1 to 5 years Salary :7 to 10 lac per annum. 12
Curriculum Vitae (CV) Name:Harry Smith Address:A-166, Street 2, London (UK) Contact number:123456789 Email Id:harrysmith123@gmail.com Career objectives:“To obtain a significant and challenging position as a financial executive that provides me a scope for growth in the finance sector”. Qualification: Bachelors in commerce MBA in Finance Experience: 4 years working experience of Financial executive assistance in ABC LTD. Job role: Develop purchase requisitions in SAP and method invoices. Office management Organised schedules as well as plans for seniors Maintain account records Personal skills: Leadership skill Punctual Willing to work in field Interpersonal skills Accounting skill Problem solving skill Personal Details : Father's name :Mr. John Smith Mother's name :Mrs. Smith Date of Birth :01/01/1993 Marital Status :Unmarried 13
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Nationality : UK Declaration: I hear by declare that the above information is true as per my experience and knowledge. CONCLUSION From the references, hence it is concluded that, Human resource management is essential for each and every organization. Human resource assists, guides, directs and controls the major aspect and issues related to employees such as role conflicts, absenteeism, employee turnover ratio and many more. This helps in managing the work in proper way and also enhance the work efficiency and effectiveness related to the working environment of every business firms. Moreover, proper training and development should be provided to newly appointed candidates as it is the most effective activities in banking and investment industry. 14
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Bos‐Nehles, A.C., Van Riemsdijk, M.J. and Kees Looise, J., 2013. Employee perceptions of line management performance: applying the AMO theory to explain the effectiveness of line managers' HRM implementation.Human resource management. 52(6). pp.861-877. Pieper, R. ed., 2012.Human resource management: An international comparison(Vol. 26). Walter de Gruyter. Nickson, D., 2013.Human resource management for hospitality, tourism and events. Routledge. 16