Human Resource Management Assignment JP Morgan
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Added on 2020-12-18
Human Resource Management Assignment JP Morgan
Added on 2020-12-18
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HUMAN RESOURCEMANAGEMENT
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. The purpose as well as functions of Human Resource Management ...................................1P2. Strength and weaknesses of different approaches to recruitment and selection....................3TASK 2............................................................................................................................................4P3 Benefits of HRM practices to employee and employer..........................................................4P4 Effectiveness of HRM practices in terms of raising profit and productivity..........................6TASK 3............................................................................................................................................7P5 Significance of good employee relation and its influence on decision making.....................7P6 Components of employment legislation and its influence on decision making of HRM.......9TASK 4..........................................................................................................................................10P7 Application of human resource management practices in work related context..................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONHuman resource management can be described as to manage staff members in anorganisation by apply more effective strategies in proper manner. It is necessary to make anappropriate practices to allocate various kinds of operational activities or procedures as per theirfile of expertise. It will facilitate to gain better performance from employees that results intobetter outcomes on regular basis. Human resource is considered as backbone of any businessbecause they put their efforts more efficiently in correct direction to achieve goals or objectivessuccessfully. It will provide support to boost up productivity as well as profitability of anorganisation in an appropriate way (Keep and James, 2011). This report will discuss about JPMorgan which can be considered as corporate finance and industrial consolidation in UnitedStates. It was founded by John Pierpont Morgan around the late 16th and early 20th century whichprovides financial services. It is headquartered in New York, U.S and around 26314 staffmembers are performing on daily basis in this institution. This assignment will discus aboutpurpose and function of HRM which render help to company. It is also described about differentHRM practices that provide support to both employee and employer. The role of employeerelations or legislations in decision making and several applications of HRM are given below.TASK 1P1. The purpose as well as functions of Human Resource ManagementHuman resource Management is one of the crucial resources of an organisation which isresponsible for taking the firm ahead and they are also responsible for implementing the overallstrategies that has been framed by the Top management of the organisation. It is theresponsibility of the HR Department of JP Morgan to hire best possible talent for the company atleast possible cost which will provide growth and will help in overall development of theorganisation on a global scale (Al Ariss, Cascio and Paauwe, 2014). There are certain specificpurpose and functions that need to be effectively performed by the HR Department of JPMorgan, these are discussed as follows:Recruiting and hiring People: One of the major functions that are fulfilled by the HRDepartment is to hire the best possible talent for the organisation through effective policies ofrecruitment. People are recruited after a proper analysis of their skills as well as abilities andwhether they fit in the job role as well as specifications. This analysis is done through a proper1
interview and group discussion round which show the ability of an individual to communicate inpublic as well in person. This helps in hiring the right kind of candidates which are suitable forthe job of the organisation along with recruitment and selection methods (Functions of HumanResource Management,2017). Orientation: It is one of the most crucial aspects of any organisation, once the individualare being hired, it is important to make them acquainted with the working culture of theorganisation and also to make them aware of their job role as well as job design in an effectiveway. These job roles can ease out the initial workings for the employees in an effective way.Orientation also helps in understanding every employees and overall work culture in a propermanner. Thus it is very essential that right kind of orientation programme is conducted that willenable an employee to better understand a company in which he or she is working.Training and Development: Every employee cannot understand the work that is beingallocated to him in one go. Thus there is a need for proper and effective training anddevelopment programme to be conducted to overcome the issues lack of productivity or non-performance. Once the employees will taught that what is the requirement of the job and howthose have to be work out, they will be able to become more productive and their working abilitywill also get enhanced in the same (Baum, 2015).Maintenance of good working culture: The HR Department of JP Morgan have to makesure that there is an overall harmonious working environment within the organisation. The hiringof the company takes place on a global level, thus there is a need that those global employeesshould get a peaceful and efficient working environment within the company to operateefficiently on a regular basis, and also to ensure a low labour turnover within the organisation. There are various approaches of management of Human resource, these are mainlydistinguished into two Hard HRM and Soft HRM, and the same has been discussed as follows: Hard HRMUnder this, The HR manager will consider the whole employee base as simply theHuman resource of the organisation. The only thing that matters is what resources are needed toachieve certain goals and what will be the cost for the same. It is a bit harsh side of Humanresource planning. The needs of employees and their comfort may be compromised in this kindof approach because the ultimate aim is maximise profits and attain long term growth.2
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