Assignment on Human Resource Management : HSBC Bank

Human Resource
Management

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Purpose & functions of Human Resource Management...................................................1
P2 Strengths & weaknesses of recruitment and selection approach.......................................2
P3 Benefits of various HRM practices for employer and employee......................................4
P4 Effectiveness of various HRM practices regarding raising profit & productivity of firm 6
P5 Significance of good employee relation and its influence on decision making...............7
P6 Important elements of employment legislation and its influence on HR decision-making11
P7 Application of HRM practices in an organization............................................................1
CONCLUSION ...............................................................................................................................4
REFERENCES ...............................................................................................................................5

INTRODUCTION
Human Resource Management is an important function in every organisation. It plays
vital role in hiring and managing personnel within the company. It contributes in enhancing
productivity & performance of manpower and leads firm towards growth and success (Anderson,
2013). The prime responsibility of HR manager is to determine manpower needs and recruit
skilled & competent personnel in organisation that are able to attain targets and meet objectives
of business. In the present assignment, given company is HSBC Bank which is located in
London. The organisation offers banking and financial services to its customers. The assignment
covers various purposes and functions of HRM that are applicable to manpower planning &
resourcing in firm. It also includes strengths and weaknesses of recruitment approach. Apart
from this, benefits of various Human Resource Management practices for both employer as well
as workforce and effectiveness of these in terms of increasing profitability and productivity is
defined. Besides this, significance of employee relation and its impact on human resource
management as well as key elements of employment legislation is included in the project.
TASK 1
P1 Purpose & functions of Human Resource Management
HRM is a process related to recruitment & selection of manpower, providing induction
and orientation, training & development, administer compensation and benefits, managing
healthy relation, motivating, health and safety, welfare etc. It assists in attaining set objectives
and targets of the firm and leads it towards growth and success. It ensures hiring of skilled
employees that assists in meeting customer needs and retaining workforce (Aswathappa, 2013).
Purpose of HRM:
The main aim of human resource management is to hire right person for right position in
right time. For this, it is necessary for manager to anticipate manpower needs of firm and fulfil
that by hiring skilled and competent individuals. Management team of HR department formulate
different strategies in order to build commitment of workers towards firm. They assist in
building capacity of organisation by setting goals.
Functions of HRM:
Selection and recruitment: Skilled and talented employees assists in increasing
productivity of company. It is the major function of human resource department to recruit and
select knowledgable and competent workforce that leads the firm towards. It is the main

responsibility of HR manager of HSBC Bank to anticipate the staff needs and higher right
number of employees for appropriate position (Bamberger, Biron and Meshoulam, 2014). They
invite large pool of applicants and select the most suitable candidate for job from that.
Training and development: It is essential for every organisation to render training and
development to its staff members in order to develop their skills & abilities. The manager of
HSBC Bank administer training to personnel so that they understand working in proper manner
and able to their work effectively. For this, managers require to identify training needs of
employees in order to administer them appropriate learning that assists in increasing their
performance.
Compensations and benefits: Human resource manager of HSBC Bank develop
compensation plan for employees as per the legislations that assists in encouraging ethical
practices at work place. This facilitates in increasing motivation of workers and they are able to
do well. By providing good benefits and compensation to workforce, manager can improve the
performance of firm.
Hard & soft human resource management: Hard HRM: In this, all individuals of organization are an assets for business concern in
which a powerful link is determined with the planning process of corporate enterprise. In
this, administrator emphasize on the necessity of manpower and hire & manage
workforce as per requirements of HSBC Bank.
 Soft HRM: Under soft human resource management, all individuals are treated as a
valuable and essential resources of HSBC Bank & stay a source of making an
organization competitive. Under this, all workers are treated as valuable resources and
administrator gives shapes to the process of planning. Administrator focussing on
requirements of employees according to their responsibilities and duties, render them
motivation as well as extra rewards (Brewster and Hegewisch, 2017).
P2 Strengths & weaknesses of recruitment and selection approach
Recruitment refers to a process of attracting the suitable candidates among pool of
candidates in the required job in the company. This process selects the qualified and trained
personnel. It is the positive process. Selection is the positive process in which suitable candidates
are selected according to the job requirement (Chelladurai and Kerwin, 2012). It helps in