Table of Contents INTRODUCTION..........................................................................................................................1 TASK 1............................................................................................................................................1 P1. The purpose and scope of the human resource management in terms of resourcing an organisation with talent and skill appropriate to fulfil the business objective......................1 M1, How HRM function can provide and talent and skill appropriate to fulfil business objective................................................................................................................................3 P2. Strength and weakness of different approaches to recruitment and selection..................3 M2. Evaluation of different approaches to recruitment and selection....................................5 M3. Critically evaluate the strength and weakness of the different approaches to recruitment and selection procedure..........................................................................................................6 TASK 2............................................................................................................................................6 P3. Benefit of different HRM practices with in the firm for both employer and employee's6 P4. Effectiveness of HRM in raising organisational profit & productivity..........................11 M3 Different methods used in HRM practices.....................................................................12 D2 Evaluation of HRM practices.........................................................................................12 TASK 3..........................................................................................................................................12 P5 Importance of employee relation in influencing HRM decision-making.......................12 P6. Key elements of employee legislation and its impact on HRM decision making..........13 M4. Evaluation of key aspects of employee relation...........................................................14 D3. Evaluate employee relation and the application of HRM practices.............................15 Task 4.............................................................................................................................................15 P7. HRM practices in the work related context...................................................................15 Job Description of JP Morgan..............................................................................................15 M5 Rational for application of HRM practices....................................................................17 D3 Employee relation and application of HRM practices....................................................17 CONCLUSION..............................................................................................................................17 REFERENCES.............................................................................................................................19
INTRODUCTION Human resource management refers to that part of management which manage the people at the work place. The main objective of HRM is to ensure the organisation to accomplish the organisational goals through the people. This study will present the explanation of scope and function of human resource management in terms of resourcing the JP Morgan firm with talent and skill appropriate to fulfil its business objective. JP Morgan is an American international multinational bank and financial service company which has been headquartered in New York. This study also determine the strength and weakness of different approaches of recruitment and selection and also include the selection procedures and their strength and weakness. It is also analysed the internal and external factor that affect the human resource management decision making including employment legislation. The study lay emphasis on how the HRM practices apply in a work related context. This study also evaluate the effectiveness of different type of HRM practices in terms raising the organisational profit and productivity (Albrecht and et.al, 2015). TASK 1 P1. The purpose and scope of the human resource management in terms of resourcing an organisation with talent and skill appropriate to fulfil the business objective Human resource management refers to a strategic approach which ensured the effective management of the people in the organisation, so that they provide competitive advantage to organisation and helps in attaining goals and objectives (Amarakoon, Weerawardena and Verreynne, 2018). Purpose of human resource management The purpose of HRM is ensured that the organisation obtains skilled, capable and motivatedemployeesthatitneeds.Humanresourcemanagementimproveorganisational performance by providing employees with broad responsibilities so that they can use their skill and knowledge effectively. The main objective of human resource management is to ensure the availability of right people at right position to accomplish the organisational goal effectively. For effective workforce planning, HRM provides the talented and motivated employees to firm who contributing their best efforts towards the task. Resourcing an organisation means providing the capableandeffectiveworkforceforaccomplishingorganisationalobjective
efficiently(Armstrong, Landers and Collmus, 2016). This can be effectively done through optimum utilisation of all the available resources of firm which is provided by the human resource management.
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Functions of human resource management The function of Human Resource Management which are applicable in the effective work force planning and resourcing in JP Morgan firm to achieve the business goal are as follows- Planningis the first and most important function of human resource management which determine the number and type of employees needed to accomplish the JP Morgan firm's goal effectively (Human resource management,2017). Planning also includes the training which is an important factor for resourcing the JP Morgan firm with appropriate talent and skill because it provides the training to those employees who require to developing their skills and knowledge for attaining business objective (Bratton and Gold, 2017). The second function is the Recruitment,which is core function of human resource management. It helps in selecting the appropriate personnel according to the requirement of vacant position in the organisation. Through this function JP Morgan firm can find and hire employee with high skill and knowledge. (Gutierrez-Gutierrez, Barrales-Molina and Kaynak, 2018). The strategic human resourceis refers to the approach which determine how the organisational goal achieve through the people by means of human resource strategies. The aim of strategic HRM is to generate the capability of organisation by ensuring that firm has the talented and motivated employees. Nature of strategic human resource management Strategic HRM is the process which helps in the attainment of organisational objective through developing the practices, programs and policies. In this, the human resource practices used by the line managers as well as employees as a part of their everyday work (Jesinoski, Miller and Volker, 2016). Scope of strategic HRM Strategic HRMensures that human resource management is integrated with strategy and strategic requirement of the organisation. It involves designing of corporate strategies and their implementation in the firm for better productivity. Strategic HRM also help in determining the model of firm's way of doing business.
Hard human resource management refers to the system of staff management which achieve the highest profit and competitive advantage through better working of employees which is done only by controlling the employees. It also manages the people in the way that increase the value of the JP Morgan firm in terms of planning and resourcing the organisation at the global level. Soft HRM considered employees as an important asset of organisation. It emphasises on the human dimensions of employees through the social relations and attitude towards the supervision as an element of the increasing the productivity. This approach based on the encouraging the high level of trust among the organisation in terms of growth and development of the organisation at global level (Marchington and et.al., 2016). M1, How HRM function can provide and talent and skill appropriate to fulfil business objective The function of human resource management provides the talent and skill appropriate to fulfil the business objective because it includes the planning function which ensure thatright type of people, in the right number at the right place and which work on the continuous basis for the accomplishment of the JP Morgan firm's objective efficiently. The recruitment function providing the talent and skill appropriate to fulfil the business objective by recruiting the suitable personnel according to the employment need in terms of increasing the productivity of JP Morgan firm(Nankervis and et.al., 2016). P2. Strength and weakness of different approaches to recruitment and selection. Recruitment & selection is the process of attracting, short listing and selecting suitable candidate according to required skill and knowledge of the vacant position in the organisational. It includes the finding and hiring the best qualified candidate for the opening job in a cost effective manner in the organisation. It involves the two approaches such as internal and external approach (Rothenberg, Hull and Tang, 2017). Internal approach of recruitmentrefers to the process of selecting the employees from within the organisation or fulfilling the vacant position through the existing work force of the firm. It includes various methods such promotion, transfer and internal job posting. The first strengthof the internal recruitment is that it is the cheaper and quicker way to recruit the employees because JP Morgan firm find out suitable candidate easily from the existing work force through the internal job posting method. It also eliminates the need of advertising for the vacant post.
Second strength of the internal recruitment is that the company already know the whole information about the candidate's in terms their skill, knowledge and capability, due to this information the JP Morgan firm can determine effectively that recruited employee is fit for the job or not (Saks and Gruman, 2017). The weakness of the internal recruitment approachis that no new idea can be introduce from outside because the candidate will be hired from with in the organisation. It sometimes creates dissatisfaction among other employees. The second weakness of internal recruitment is limited choice for selecting candidate. Might be it is very cheaper and quicker way to recruiting the employees but it left the firm with limited pool of talent to select the candidate from within JP Morgan firm(Wright, 2018). External approach of recruitmentrefers to the process in which the vacant position is fulfilled by selecting the suitable candidate from the outside of the organisation. This approach includes the various methods of recruitment such employment agencies, social media and advertisement. The first strengthof the external recruitment approach is that it includes larger pool of employees from which the best suitable candidate can be recruited. It provides large number of employees with high level skills and talent and from which the JP Morgan firm has to selected the candidate for the achievement of their business objective. External recruitment ensures entry of skilled and creative people which brings innovation within organisation (Albrecht and et.al, 2015). The second strength of external recruitment is the availability of new ideas and wide range of experience from outside world. Weakness of the external recruitment & selection, it is expensive method due to the advertisement of vacant post and then conducting the required interviews for selecting the candidates. The second weakness of the external recruitment is that it takes more time to fulfil the vacant post in the organisation. Selection methodincludes the overall process which helps to pick the individual from the available sources of recruitment.Selection process includes the various methods such as employee selection test, job knowledge test and interviews(Armstrong, Landers and Collmus, 2016).
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Interview is most important method of selecting the suitable candidates inJP Morgan firm. It includes both face to face interview or telephonic interview. Through this interview the firm can hire the high skilled and capable personnel according to the job position. The strength of the interviewmethod is that company can gain original and deeper information from candidates. The interview helps the interviewer to know more about the candidate personally. The weakness of interview methodis that it is anincomplete process because may be interview is important tool for selection procedure but it not possible for the interviewer to identify the every single information about the candidate(Bratton and Gold, 2017). For example if we want a technical expert and we are interviewing through the written method then how it will ensure the productivity of the candidate in the firm. M2. Evaluation of different approaches to recruitment and selection Internal approachof recruitmentismightbecheapandquickway toselect the appropriate candidates but it also has a disadvantage as limited pool of talent availablewithin company from which the manager of JP Morgan has to select the candidates. Whereas the external approach of recruitment has the availability of the high experience and capable employees in the large numbers but it is too much expensive process of selecting the suitable professionals in the JP Morgan firm (Jesinoski, Miller and Volker, 2016). Selection process includes interview approach, in which interviewer gain the original information from the prospective candidate. It is useful in determining the communication skill of job applicant which is essential for performing job. Weakness of interview, sometimes negative information may be given by the candidate during the interview. M3. Critically evaluate the strength and weakness of the different approaches to recruitment and selection procedure If the JP Morgan firm recruit the employee from with in the organisation known as internal recruitment. It has the advantage in terms of the less time consuming and cheaper way to select the appropriate candidate according to the vacant position and also the firm know very well about the candidate due the existing employee in the organisation.
AndiftheJPMorganfirmselectthecandidatefromtheoutsideworldofthe organisation, it has the strength in terms of getting the high experienced and more suitable candidate for the vacant position(Marchington and et.al., 2016). TASK 2 P3. Benefit of different HRM practices with in the firm for both employer and employee's
Benefits of HRM PracticesBenefits For EmployeesBenefits For Employers Trainingï‚·By providing training to employeescan increase their productivity which ensurethesuccessof projectwhichinturn improvethecompany performance (Nankervis and et.al., 2016). ï‚·Throughgetting training, employees can becomeabletowork with higher productivity and they get more career development opportunities. ï‚·Byattendingtraining sessions, Employees of JPMorgancangetto knowandlearnnew thingswhichtheycan implement during their work. ï‚·By training, employees canimprovetheir performanceand developtheir personalityinmany more way. By training, JPMorgan Employees' jobsatisfactionlevel ï‚·By providing training companycanget professional workers easywhichleadto lowmistakesand high productivity. ï‚·Bytraining,it becomeseasyfor themtoworkwith employeeswho acceptchanges readilywhichis benefitfor organization to cope- upwithchanging environment. ï‚·Bygivingtraining, EmployersofJP Morgan can be able tousetheirhuman resources capital well andcanraise productivityof company. ï‚·Byconducting training,employees will be able to make economicaluseof materials which lead to low wastages and
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goesupandthey becomehappywhich lead to better outcomes (SaksandGruman, 2017). less expenditure(Rothenb erg, Hull and Tang, 2017). 9
Rewardï‚·Byreward,employees ofCanaryWharfdo workbetterwithan intenttogetmore reward(monetaryor non-monetary). ï‚·EmployeesofCanary Wharf get motivated by reward to do work better in future which is good for both. ï‚·Byreward,employees ofCanaryWharfget recognitioninthe organizationwhich motivatethemtodo qualitywork(Albrecht and et.al, 2015). . ï‚·Byreward,JP Morgan'semployers relationshipwith employeesbecome friendly which create understanding between them which isgoodfor organisation (Wright, 2018). ï‚·Ifemployeesget rewards,creditgoes toemployerswhich makethemmore satisfiedandwork morehardtomove the Canary Wharf to theheight(Bratton and Gold, 2017). Performance ManagementByperformancemanagement, employees of JP Morgan feel that their work are important for employerandorganizationso they do more work hard and givebetterperformance.By performancemanagement, CanaryWharfemployeescan getchancefor promotion/demotion,whichis ï‚·Byperformance management, employerofJP Morgan get to know abouttheproblems facingbytheir employeessothey enabletosolveit which lead to fewer mistakes and achieve
importantfortheirworklife (BrattonandGold, 2017).Performance managementsetclear objectives for employees which help them in setting there career path and objectives organizationalgoals. Performance Management improvesthe understanding betweenemployers and employees which is good for achieving theobjectives oforganization (Marchingtonand et.al.,2016).By performance management, employers of Canary Wharfcanbetter evaluatetheir employees' work and accordingly they can decidetheir promotionor demotion and salary packages. 11
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P4. Effectiveness of HRM in raising organisational profit & productivity Learning, development and training practices - training is very helpful in achieve goal of JP Morgan. Training always increase efficiency, capabilities & skills of the employees. new ideas forming in their mind is result of training. JP Morgan's overall performance is based on its employees. Training and development is key factor for increasing investment in JP Morgan. Training and development programme expand the knowledge base of all employees. Employee who receives training is more able to perform their job effectively and it also builds confidence among them. Training and development also indicates weak areas in which employees suffering. (wilton, 2017). Flexible working option- it is a good strategy for employees. HRM of JP Morgan follow flexible working option for their employees. Like part-time, flexitime, job sharing etc. it ishelpfulinmakebetterworkingenvironment,givejobsatisfaction,increasedenergy, motivation etc. this can reduce stress and anxiety among employees. It improves employees working capabilities and put direct impact on achieve JP Morgan goals. So organisation has not needed of employees in office every day of working week. Through this thing employees have option to choose the hours they want to work. its helpful in providing job satisfaction to employees. By these strategy employees do their work from home with more productivity. Employee performance management and monitoring- HRM managing performance of employees for attaining JP Morgan's goal. Through this, managers can aware about the issues that are faced by employees and they are able to solve it which has helped them in retaining employees. Performance management is useful for appraisal.HR monitoring their performance withcheckinsandmeetings,givereward,regularlyreviews,continuallydeveloptheir performance. Its overall helpful in achieve JP Morgan's goals (Bratton and Gold, 2017). Paymentandrewardmanagement-paymentandrewardmanagementismost important strategy of HRM. Its main objective is to reward employees fairly and in equitable manner and it is also necessary for JP Morgan to design payment and reward system according to skills and capabilities of employees Because it is helpful in achieve organisational goals. Its include bonus, incentive, gifts, promotion, salary raise and benefits. Providing reward to employees is effective as it helps organization in enhancing the motivation level of employees. It helps firm in retaining workers which helps in increasing productivity and profitability. 12
M3Different methods used in HRM practices Canarywharfadoptedflexibleoptionsandrewardsystemforhumanresource management practices such as it provided flexible working hours for its employees which helped in creation of job satisfaction in the mind of employees as well as they provided 3% raise in their salary as a reward system for motivating employees. D2 Evaluation of HRM practices Canary wharf adopted reward system for human resource management practices which helped in motivating employees thus help them to retain employees for a longer period of time. On the other hand, it may lead to reduction in profits as the company would have to distribute part of their profits to its employees. TASK 3 P5 Importance of employee relation in influencing HRM decision-making Maintaining effective employee relation is very important for the smooth running of business(Saks and Gruman, 2017). Apart from this, employee relation is also very important in developing job satisfaction in the mind of employees which will lead to increase in productivity ofemployeesasasatisfiedemployeewillcontributemoretowardstheachievementof organisations objective as compared to unsatisfied employee. Strategies adopted by JP Morgan to improve employee relation ï‚·JP Morgan makes lot of efforts to reduce the cultural differences in the organisation such as differences in language, caste, greed, sex, etc. Lot of emphasis is given to eliminate these differences because people can feel free to share their ideas, opinions and views by overcoming the cultural barriers, which lead to increase employee engagement and participation in decision making process. This has influenced decision making of human resource department as now they encourage celebration of each and every festival in their organisation in order to remove cultural differences and bring equality in the organisation by gaining the confidence of employees through ensuring them that the company is concerned for them and would not discriminate any employees on the basis of their culture. ï‚·JP Morgan also emphasised on establishment of flexible structure within the organisation so that employees feel free to communicate within the organisation. The basic objective behind establishment of such a structure was to foster open communication and remove 13
the difficulties faced by an individual regarding decision making as now the human resource department has taken a decision to give its employees freedom to take their own decisions which has helped in improving the employee relationship. Apart from the above strategies, JP Morgan also focusses on conflict management so as to create peace at the workplace as it helps in creation of job satisfaction in the mind of the employees to keep the employees motivated and would help the company to retain employees for a longer period of time as well as to keep the employees continuously engaged in work(Marler and Parry, 2016). As now the HR department has taken a decision to establish a proper system by which conflict of the employees could be solved and employee relation could be improved. JP Morgan also focuses on improving the employee participation as well as employee involvement by motivating them through providing them various kinds of incentives, benefits, rewards and recognition because more the employee participation more will be the productivity of an employee. This has resulted in more employee satisfaction, thus leading to effective employee relationship. Moreover, JP Morgan, in order to improve the employee relationship also empowered the employees by giving them the autonomy to work that is giving them the freedom to make their own choices rather than be bound by the decisions taken by others for them. Employee empowerment will also help in bringing more creativity and innovation because when employees are empowered, they would be encouraged to generate new and creative ideas thus resulting in better performance of the company. This is one of the best strategythatthecompanyhasadoptedtoincreasetheemployeeengagement (Marchington, 2016). P6. Key elements of employee legislation and its impact on HRM decision making Anti – discrimination Act,1977 This act has been formulated in order to prevent discrimination at the workplace such as discrimination due to age, gender, colour, culture, etc. Human resource department of JP Morgan has taken decision to provide equal pay for equal job so that no employee would feel discriminated and work hard towards achievement of individual as well as organisational objectives. Health and Safety Act,1974 14
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This act has been formulated in order to encourage and enforce workplace health, safety and welfare. Hence, in order to follow this act human resource department of JP Morgan has taken this decision to promote healthy environment in the organisation such as protecting the employees against dangerous substances; so that employees would be motivated to work better as well as they would remain in the organisation for a longer period. ï‚·Provision and use of work equipment regulations 1998 This act has been formulated in order to make sure that the equipments that have been provided are safe and suitable to work(Lussier and Hendon, 2017). Thus, human resource department of jp morgan has decided to give proper instructions and training regarding working of machines to the employees as well as providing information to employees regarding any dangerous part of machinery so as to minimise the accidents that may occur at the workplace due to improper use of equipments. ï‚·Employment Relation Act, 2000 This act provides for legal backdrop for all relationships at the workplace. Hence, the human resource department of JP Morgan has taken decision to promote good faith and fair process by providing timely breaks to the employees so that they do not have much work load and can relax for some time and then concentrate on work. Moreover, providing facilities such as infant feeding would help females in managing the work and personal life at the same time. ï‚·Working time regulation 1998 This regulation provides for determining working time as well as how young employees can be employed. Human resource department of JP Morgan has taken decision to provide timely breaks for rest and each break consisting of 20 minutes, shorter working week that is 5 days a week as well as flexible working hours to create employee satisfaction in the mind of employees. M4. Evaluation of key aspects of employee relation The key aspect of employee relations management and employment legislation that affected HRM decision making is through anti-discrimination act as this act provides protection to employees against all kinds of discrimination occurring at the workplace such as human resource department of JP Morgan has taken decision to treat all its employees as all are equal in the eyes of law. Hence, no discrimination would be entertained in the company (Bratton and Gold, 2017). 15
D3. Evaluate employee relation and the application of HRM practices Rewards and recognition has helped in developing effective employee relationship and hence human resource department has made decision that it will provide recognition to all the employees who excelled in their performance through declaring that employee as the employee of the year as well as providing them rewards based on their performance. Task 4 P7. HRM practices in the work related context Job Description of JP Morgan Job TitleChef position Reports toHuman resource manager Roles (main purpose)Prepare and cook food for daily sales and functions, monitoring and guiding staff while working in the kitchen and ensure food preparation area are clean and tidy. ResponsibilitiesWork closely with the line manager on all food related issues and the preparation, cooking and delivery of food for functions and weddings. QualificationLevel 2 awards in food safety and equivalent qualification. 16
Person Specification of JP Morgan Title of the jobChef position Date:11/02/19 Qualification requiredEssentialDesirableMet Workingknowledgeof English and continental cookery Intermediate food hygiene certificate A fair and enthusiasm for cooking with fresh quality ingredients. Yes Yes Yes Need of Experience Minimum 1 year of menu costing. Morethan1year previousexperience demonstratinggood management and effective coordination of a kitchen team. Yes Yes Personalcharacteristics 17
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& conduct Teamwork Goodinterpersonalskill with both kitchen, front ofhousestaffand management. Positive approach to menu planningand development of catering services. Yes Yes yes INTERVIEW QUESTIONS 1.Tell me about a time you had to handle a difficult patient? 2.How many years of experience do you have in nursing field? 3.What is your strongest skill as a nurse? 4.How would you deal with a doctor who was rude? ? 5.How would you handle a patient who complaints ? M5 Rational for application of HRM practices Rational for the application of person specification is concerned with determining the qualifications, skills, experience, roles and responsibilities. Application of Flexible working options are effective as it Increased employee morale, engagement, and commitment to the organization,Reducedabsenteeismandtardiness,Increasedabilitytorecruitoutstanding employees, Reduced turnover of valued staff. D3 Employee relation and application of HRM practices Employee relation could be critically evaluated through one-to-one meeting with the employees and HRM practices such as recognition influence the decision making of human resource department such as decision regarding who would be the employee of the year. CONCLUSION From above study it has been concluded the of scope and function of human resource management like planning and recruitment are applicable in the work force planning and 18
resourcing JP Morgan firm. It has been detailing the strength and weakness of the internal and external approaches of recruitment which has supported organization in knowing that interview method of selection is not that reliable. Also through managing reward organization has been able to attract and retain more talent. This study also determined the effectiveness of different HRM practices as it helps in raising organisational profit and productivity. 19
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