Human Resource Management of J. P. Morgan

   

Added on  2020-12-10

17 Pages5080 Words335 Views
HUMAN RESOURCE MANAGEMENT
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ContentsContents...........................................................................................................................................................2INTRODUCTION..........................................................................................................................................3TASK 1............................................................................................................................................................3P1............................................................................................................................................................3P2............................................................................................................................................................5TASK 2............................................................................................................................................................8P3............................................................................................................................................................8P4...........................................................................................................................................................10TASK 3..........................................................................................................................................................11P5...........................................................................................................................................................11P6...........................................................................................................................................................12TASK 4..........................................................................................................................................................13P7...........................................................................................................................................................13CONCLUSION.............................................................................................................................................15REFERENCES...................................................................................................................................................17
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INTRODUCTION Human resource management refers to business practices that mainly deals withoverseeing workers in an organization. The concept of HRM revolves around planning,directing, controlling, organizing, compensation and maintenance of human resource to the endthat organizational, societal and individual objectives can be accomplished (Al Ariss, Cascio andPaauwe, 2014). In the given report, chosen organization is JP Morgan which is an Americanbased financial services company. It covers main purpose and function of human resourcemanagement towards accomplishing organizational goals. Along with this, it also discussdifferent types of recruitment and selection along with its key strength and weakness. Lastly,benefits of different HRM practices, application of HRM practices and key employmentlegislations were also discussed.TASK 1P1 The concept of Human Resource Management portrays the formal structure of an organizationwhich is mainly designed to manage the working of workforce within the company. It centersessentially around 3 major areas namely designing work, staffing and employee compensation.Purpose of HRM:To coordinate people within an organization to achieve desired objectives.Concentrates on internal sources of competitive advantage.Communicates with employees and adapts the culture of organization according to theirneedsDiscussed below are some of the main function of HRM in JP Morgan. 1.Recruitment: - It refers to the process of screening and choosing the most qualifiedapplicant in light of required criteria for a specific occupation available in respectivefirm. It is a procedure which incorporates developing job description, stimulating thecandidates, conducting interviews, offer employment, salary negotiation & finallyprovide employment to selected candidate. Recruitment process help organization insetting qualified and talented candidate at right occupation which help them in decreasing
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the cost of error that may cause because of inadequate and unmotivated representative. JPMorgan will recruit people who have strong understanding of finance and portfolio.Training and Development: - It is the prime responsibility of JP Morgan’s manager toarrange training and development session for new and unpracticed worker with an intentto make them more productive and efficient. Along with this, it also help candidate inimproving its overall productivity and efficiency. JP Morgan will provide adequatetraining to their staff related to the products and services they offer and also how to dealwith customers, etc.Compensation and Benefits: - Human Resource Management deals with organization'scompensation framework and deciding how much pay representatives ought to be paidfor a specific occupation. By offering attractive benefits, company can motivate or inspirethem to work incredible hard towards achieving firm’s goals and objectives. JP Morganwill provide adequate compensation and benefits of incentives to their employees formeeting the targets and Leeds. Performance Appraisal: - It refers to the way towards measuring the performance ofemployees keeping in mind the end goal to decide if the employed staffs are pushingtoward the targets of an association (Baum, 2015). It help company in investigating dataidentified with the execution, pay and disciplinary activity that might be gainful guidingand motivating employees. JP Morgan will appraise the skills and potential of theiremployees for completing the targets and meeting organizations benefits. Ensuring Legal Compliance: - It assumes basic part in terms of protecting organizationfrom the legitimate issues. The HR staff of JP Morgan must know about every one of thelaws and strategies regarding working conditions, charges, and business and so on. Exactinformation of laws and direction help organization in maintaining a strategic distancefrom lawful issues that may influence organizational goodwill and profitability (Baum,2015). These are the significant functions of Human Resource Management, which help organization inplaying out its activities all the more proficiently. Also with this, HRM has two widemethodologies that assistance in achieving the goals of an organization which are as per thefollowing:
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