Benefits of HRM Practices to Employer and Employee

Human Resource
Management

Contents
INTRODUCTION.....................................................................................................................................3
TASK 1....................................................................................................................................................3
P1 Purpose and functions of HRM....................................................................................................3
P2 Strengths and weaknesses of recruitment approach.....................................................................4
TASK 2....................................................................................................................................................6
P3 Benefits of various HRM practices to employer and employee....................................................6
P4 Effectiveness of HRM practices in raising organizational profit..................................................6
TASK 3....................................................................................................................................................7
P5 Importance of good employee relation........................................................................................7
P6 Elements of employment legislation and influence upon HRM decision making.........................9
TASK 4..................................................................................................................................................10
P7 Application of HRM practices in work related context..............................................................10
CONCLUSION.......................................................................................................................................13
REFERENCES........................................................................................................................................14

INTRODUCTION
Human Resource Management is identified as a strategic approach to effectively
manage manpower of organization so that they assist business in gaining high competitive
advantage. Responsibilities of HR administrator falls into 3 main areas, i.e., staffing, defining
work, employee compensation & benefits (Baluch, Salge and Piening, 2013). Human
resource professionals are responsible for hiring, interviewing, screening and selecting
workforce. They also handle payroll, benefits, training and employee relations. Overall
purpose of human resource is to ensure that company is able to attain success by people. In
the present assignment, given organization is JP Morgan which is an American multinational
banking corporation headquartered in London. The assignment covers different scope and
purpose of HRM applicable to work force planning and resourcing of firm along with
strengths & weaknesses of recruitment and selection process. Apart from this, benefits of
human resource management practices to employer and employee & its effectiveness in terms
of increasing productivity and profit of company is also included. In addition to this,
significance of employee relation, key elements of employment legislations as well as
application of HRM practices are discussed in this project.
TASK 1
P1 Purpose and functions of HRM
Human Resource Management: It is a formal key approach that includes defining
strategies, programs and different plans by concentrating on necessities and prerequisites of
its manpower. Its important areas of working is related with hiring of representatives,
managing them, defining pay design and to assign work to them as per their abilities and
capacities. JP Morgan is a financial organization in UK that offers unparalleled client base
and leadership in entire range of financial service products. The key component behind the
productivity of company's task and high quality services is its capable representatives that
endeavor to work to administer clients with satisfaction. In this manner, organization pays
enormous concentration to perceive the endeavors of its staff by framing and executing
different plans and policies that provides benefits to employees. Additionally organization
ensure that appropriate workforce planning ought to be followed by business. Manpower
planning is a method in which supervisors align needs of its workforce to the objectives that
they are required to achieve. The basic role of HRM division of JP Morgan is to guarantee
that right individual is hire at right employment place so that working can be done
effectively. Specified beneath are some functions that are to be trailed by HRM division of JP
Morgan.
Recruitment and Selection: It frames the most essential function of HRM department
of JP Morgan. The directors by making utilization of different internal & external sources of
recruitment that ensures the selection of most appropriate in terms of their capability and
capacities (Functions of HRM, 2018). HR administrators give significant time for conducting
job analysis as well as preparing job specification keeping in mind the end goal to coordinate
KSA requirements for candidate to have specific job profile. For workers of JP Morgan it is
fundamental to know about different banking services, IT & analytical bac alongside
experience to deal with different sorts of customer.

Training and development: It is one of the imperative function of HRM division of
JP Morgan which helps in developing skills and capabilities of workforce so that they
provides high competitive edge to company in market. HRM professional of JP Morgan leads
a need evaluation programme to get proper understanding about needs and requirements of
their workforce. In this way, it encourages administrators to build up a suitable training
program for their new candidates and for existing workers. For example, an employee in JP
Morgan is required to have good command over their correspondence and relational aptitudes
with the goal that they can without much of a stretch handle clients of different backgrounds
and can influence them to get their banking services (Bloom and Van Reenen, 2011).
Likewise they are essential to have great logical and IT learning to deal with different
software. Consequently, to influence its group to be knowledgeable with such aptitudes to
organization conducts different professional training and short programming learning courses
for its workers so they can productively deal with customers and their issues.
Hard and Soft Approaches of HRM:
Hard HRM Approach : As per this approach, employees are treated as machines for
the banking business that are to be overseen and controlled in order to achieve association
targets with greatest yields inside constrained time span with least wastage. In this model,
administrators follow administrative leadership style where in representatives are bound to
take after directions without making any inquiries. The directors keep up least level of
correspondence with its staff and do exclude them or ask sentiment before taking and
executing any choice. For example contrarily inspiration includes workers been debilitate to
get chopped down in motivations in the event of non accomplishment of targets.
Soft HRM Approach : As per this approach, employees are considered to be the vital
part of organization or as most significant assets that helps company in attaining its
objectives and getting high competitive advantage in market. In this approach administrators
keep up a two way communication with its representatives and urges them to be participative
in basic leadership process. Administrators endeavors to give flexible workplace to its
workforce where in they feel great to share their thoughts, concern, sentiments without being
dreaded of the results. For example, acknowledging representative giving most astounding
execution as star entertainers before entire staff (Cox, Arnold and Tomás, 2010).
In case of JP Morgan, firm believes in giving healthy and flexible workplace and job
satisfaction to its representatives. By applying delicate HRM approach organization give a
few chance to its representatives to participative and to share their thoughts, issues and
sentiment about doing any task betterly. This assistance association to make its workforce to
feel their significance in different business exercises that actuate them to work with full
energy and devotion to achieve their allocated undertakings.
P2 Strengths and weaknesses of recruitment approach
Hiring process frames the center elements of HRM that is related with enlisting and
choosing most suitable worker in setting to capacities and capabilities necessities of a
particular employment opportunity in an association. Recruitment can be portrayed as the
methodology of pulling in, short posting and picking most appropriate contender for a
prospective employee meeting. Choice on other hand alludes to movement of taking meeting
of the few picked applicants and to assess their abilities and information by directing different