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Human Resource Management JP Morgan

   

Added on  2020-10-22

19 Pages6068 Words483 Views
Human ResourceManagement

Table of ContentsINTRODUCTION .........................................................................................................................1TASK 1 ...........................................................................................................................................1P.1 Purpose and functions of HRM.............................................................................................1M.1 Evaluate different functions of HRM .................................................................................3P.2 Strengths and weakness of different approaches to recruitment and selection....................3M.2 Strengths and weakness of different approaches to recruitment and selection ..................5M.3 Critically evaluate strengths and weakness of different approaches ..................................5TASK 2 ...........................................................................................................................................6P.3 Different benefits of HRM practices for employer and employee.......................................6M.3 Different methods used in HRM practices..........................................................................7P.4 Evaluate effectiveness of different HRM practices in raising revenues and productivity ...8D.2 Critically evaluate HRM practices and application in organization ....................................9TASK 3 ...........................................................................................................................................9P.5 Importance of employee relations in influencing HRM decision making............................9M.4 Key aspects of employee relationship management .........................................................10P.6 Key elements of employment legislation that can influence HRM decisions ...................11TASK 4 .........................................................................................................................................12P.7 Application of human resource practices in work related context .....................................12M.5 Rational for application of specific HRM practices .........................................................15D.3 Critically evaluate employee relations...............................................................................15CONCLUSION .............................................................................................................................15REFERENCES..............................................................................................................................16

INTRODUCTION Human resource management is the process in which company manages the human andother resources related to personnel (Arrowsmith and Parker, 2013). Manager create effectivestrategies and policies so that they can easily recruit and select competent staff members for theirworkplace. HRM also give training and compensation to employees in order to make performeffectively. Firm can earn more revenues and they can easily enhance market share which helpsthe organization to maintain good image in minds of users and in overall industry. Assignmentdescribes about JP Morgan which provide financial services to all people which was establishedin U.K. Report explains about the purpose and scope of human resource management. It alsodescribes about effectiveness of key elements of HRM in organization. This discusses aboutevaluation of internal and external factors that affect human resource decision making. Reportexplains about application of human resource management practices such as C.V., jobdescription and job specification etc. TASK 1 P.1 Purpose and functions of HRMHuman resource management include all activities related to management of company. Itincludes recruitment and selection of competent employees and provide them adequatecompensation etc. Strategic Human resource management is process through which organization tries tocreate good relationship with employees by creating various plans and policies. Manager canmotivate workers so that they can perform better. Workforce planning us the process in which company creates various plans and policiesrelated to benefit of staff members. The responsibility of manager is to align employees personalgoals with that of organization goals. Every organization has their own objectives and goals (Baluch, Salge and Piening, 2013).Organization creates strategies and policies so that firm can manage the human as well asresources in company. Purpose of JP Morgan are described below:Recruitment of best employees: JP Morgan recruit and select trained and competent staffmembers so that they can give good results. This helps the company to earn more revenues andcan also enhance the market share. 1

Improve management skills: Manager have to provide training and give compensation tostaff members so that workers can give superior results. This helps the organization to deliverbest outcomes (Bloom and Van Reenen, 2011). Hence, company can earn more profits and canalso enhance the market share. Reduce conflicts: HR manager of JP Morgan give guidance and motivation to workers sothat there are no conflicts in the company. Hence staff members can give best results. Thus, JPmanager can easily enhance the revenues and productivity. Safe and fair working environment: Managers create various plans and policies so thatfirm can create safe and positive working environment for employees. Organization recruits andselects staff members which belong to different culture and promotes diversity culture in thecompany. Hence, they promote diversity in company. Through this workers can discuss theirproblems with the managers. Functions of JP Morgan (Functions of HRM,2018):Human resource planning: Manager identifies the current trends and then creates plansand policies within JP Morgan Firm. Enterprise can also create job description so that companycan select talented staff members. Hence, company can easily select trained staff members. Soworkers perform better with their full dedication and zeal. Training and development: Firm can appoint skilled and educated staff members so thatJP Morgan Firm can provide training by various methods such as competency mapping etc. Thisassist the organization to increase their skills and knowledge of staff members. Hence workerscan perform better and give superior outcomes. This assists the enterprise in achieving theirobjectives. Compensation and benefits:HR manager of JP Morgan creates various strategies andpolicies related to compensation. Enterprise can give incentives to employees who had performwell. This helps in motivating other staff members and they also give good results. This leads toimproving the firm's performance. Motivation: JP Morgan motivates staff members by giving different rewards to workers.Organization can also organize different seminars so that they can easily encourage andrecognize the staff members (Cox, Arnold and Tomás, 2010). Hence workers can work with fulldedication and zeal. Thus employees can easily attend various customers in effective manner. 2

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