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Human Resource Management in Marks & Spencer Plc

   

Added on  2020-10-05

19 Pages5191 Words252 Views
Human ResourceManagementTable of Contents

INTRODUCTION.......................................................................................................................................4Company’s Background..........................................................................................................................4P1 What are purpose and functions of HRM...........................................................................................5P2 Elucidate the strengths and weaknesses of various approaches to recruitment and selection.............6P3 Explicate the benefits of HRM practices for employer and employee................................................8P4 Impact of HRM activities on different factors..................................................................................10P5 Importance of employee relation......................................................................................................11P6 Key elements of employment legislation and their impact it has on HRM decision making............12P7 Application of HRM practices in work related context....................................................................13CONCLUSION.........................................................................................................................................17REFERENCES..............................................................................................................................................18INTRODUCTIONHuman resource management refers to area of management which is started off withstrategic approach to trenchant utilization of resources as well as planned workforce by whichthey can acquire competitive vantage and attain targets & goals in appropriate manner(Armstrong and Taylor, 2014). Within organization, HRM acts as a source to realistic

opportunities and attain strength. Human resource management is defined as process ofmanaging workforce within organization which comprises of operations like hiring, training,development, motivating and dismissal employees. This process is formulated to make the mostof employee performance in order to attain employer’s strategic objectives. HR is basicallyconcerned with people’s management within organization and focus is on system as well aspolicies.This report is based on Marks & Spencer Plc which is one of the most leadingmultinational retailers who deals in luxury, food, home care products and luxury goods. Thisreport is carried out to attain an imminent into human resource management. This reportcomprises of different purpose and functions of HRM. Furthermore, it includes variousrecruitment and selection methods along with their advantages and disadvantages. It alsoexplicates various HRM practices within organization with their benefits for both employee andemployer. Apart from this, efficacy of those practices is analyzed with respect to productivityand profitability. Importance of employee relation in context of decision making is analyses andkey elements of employment legislation along with their impact are identified. At lastapplications of HRM practices are illustrated by making use of certain examples.Company’s BackgroundMarks & Spencer (M&S) was founded in 1884 by Michael Marks and Thomas Spencer.It is headquartered in Westminster, London United Kingdom. It is a British multinational retailerwho sells home products, luxury food and clothes (M&S to lose its decades long status as thenumber one clothing retailer to Primark, 2019).

Figure 1 Market Share They have around 80,787 employees. M&S has agreed to disburse £750m to obtain a50% of share in Ocado’s UK retail business. 80% of will come from selling new shares to theirinvestors. There net income is around £ 29.1m with revenue of nearby £10.7 billion andapproximately £670.6m operating income. It is a part of FTSE 100 Index and listed on LondonStock ExchangeP1 What are purpose and functions of HRM.Purpose of HRM: Human resource management is an effective process which assists indevelopment of employees work related with experience, skills and knowledge from their work.It also helps employees and employers to mutually work by which performance can beimprovised and organizational objectives and goals can be attained (Briscoe, Tarique andSchuler, 2012).Internal employee’s engagement: HRM works for enhancing the effectiveness ofperformance of employees to enhance the quality of working criteria. The management of

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