Human Resource Management Assignment - JP Morgan
Added on 2020-10-22
18 Pages6154 Words364 Views
Human Resource Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 explaining the purpose and functions of the HRM and its approaches.............................1P2 Strengths and weakness of several approaches of the recruitment and selection withbenefits and shortcomings of the internal and external recruitment and selection methods..3TASK 2 ...........................................................................................................................................6P3 Benefits of different HRM practices within the firm for both employee as well employer. .6P4 Effectiveness of different HRM practices in terms of the raising the organisational profitand productivity......................................................................................................................8TASK 3..........................................................................................................................................10P5 Importance of the employee relations in respect to influencing the HRM decision making..............................................................................................................................................10P6 Key elements of employment legislation which is impacting the HRM decision making11P7 HRM practices in work related context ..........................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONHuman resource management is a strategic approach for managing the workers of anorganisation which in turn contributes in gaining competitive advantage. This is related to thehuman resource department. HR department of an organization mainly focuses on the employeebenefits, e recruitment, training and development, performance appraisal and rewarding. In thebusiness unit, HR manager plays a vital role in bringing change and maintaining industrialrelation which in turn helps in enhancing overall performance. In this report is based on the casescenario of JP Morgan which provides the services like banking band financial services to client.This report will study about purpose and scope of the human resource management in relation toappropriate skills, talent which helps in achieving the objectives of JP Morgan. It will explainabout the effectiveness of the key elements associated with the aspects of human resourcemanagement. This report will also describe employment legislation as well as internal andexternal factors which in turn has impact on the decision making aspect of HR. manager. TASK 1P1 explaining the purpose and functions of the HRM and its approachesThere are different functions which are preformed by HRM which are benefiting thecompany. In the context of the JP morgon is one of the functions of the and purpose of HRM are:functions Recruiting and staffing - this is one of the major work of the HRM. In this right kind ofpeople are selected in right place. It is difficulty for the company to chose persons whichare suitable for the JP Morgan. Aim of this entity is to attract people towards theorganisation then give them one chance to prove them. Firstly the company is making thestrategy of recruiting the people and once they are attracted or reached towards theorganisation then select from the applications and chose one who is most suitable in theorganisation (Bolman and Deal, 2017). Training and development - after getting selected in the JP Morgon. This company isresponsible for the organising the training and development programs which isrequirement of the most of new trainees who joined in entity. Training helps in workingcriteria which is prescribed in the entity. This facilitate employees and organisation inproper working with minimum wastage of resources. Training need is not only for the1
new but old employees as well which is helping them to understand in the use of newtechnologies. This department also provides the leadership training and professionaldevelopment which helps in overall development of employees.Payroll Management - in this department is looking after the compensation and benefitswhich are provided to employees. In this research is made for analysing the pay trendsand pay practices prevailing in market. From this only its strategies are made to developthe organisation and follow the trends of the market (Kidwell and.et.al. 2018). In thisincludes the medical insurance, tax deductions, reimbursement, bonus, gratuity, incentiveand provident fund. PurposeInternal customer management - company is doing its operations with the help of theemployees. Labour is only one who bifurcate one organisation from others. These aredoing the work which are said by the senior authorities. This department has its roles ofrecruiting the employees and retaining them in the entity. This human resourcemanagement has direct relationship with the financial performance. External relationshipand internal customers are served by the HRM. Law-this purpose ensures that JP Morgan is doing the business while addressing theEqual employment opportunity commission which is looking after the HR manager job.This is duty of the entity is looking after the safe working environment for employees. Cultural Sensitivity- in this department is maintaining the cultural awareness of theorganisation. In this HR management is responsible for the sorting out the conflicts whichare prevailing in the JP Morgan. Many candidates are from the different part of world inwhich people have diverse talent, skills, mindset and knowledge which is helping theentity to apply various skills, knowledge. This is helping the entity to develop in theorganisation. Approaches Hard approach - in this approach is very practical and instrumental. In this approachthere is minimum communication which are prevailing in top yo down. Its appraisalsystems which is concentrating on making the opinion about the staff that they are good2
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