Human Resource Management - JP Morgan
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Added on 2021-01-03
Human Resource Management - JP Morgan
Added on 2021-01-03
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Human Resource Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Purpose and the Function of HRM applicable to planning and resourcing JP Morgan ..1P2-Strength and weakness of the different approaches to recruitment and selection............3TASK 3............................................................................................................................................6P3. Benefits of HRM for employee and employer in JP Morgan.........................................6P4-The effectiveness of the different human resources management practices.....................8TASK 3............................................................................................................................................9P5. Importance of employee relations in respect to influence HRM decision-making in JPMorgan...................................................................................................................................9P6: Identify the key elements of employee legislation and the impact it has upon HRMdecision-making in JP Morgan...............................................................................................1TASK 4............................................................................................................................................2P7 Application of HRM practices..........................................................................................2CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONHuman resource management is practice to make management effective and to manageemployees of organization. It helps organization to make competitive profit, engage andencourage employees to work more efficiently towards achieving goals. Here is a JP Morganfirm, which is a commercial and investment banking institute. It was founded by J.P. Morgan in1871 and it is headquartered New York, United States. This case study will explain purpose andfunctions of HRM, that is applicable to workforce planning and resourcing. Explain strengthsand weaknesses of different approaches to recruitment and selection. Evaluate the effectivenessof the key element of HRM. Elaborate benefits of different HRM practices with differentmethods. Analyse internal and external factor that affect HRM decision making, includingemployment legislation like anti-discrimination, diversity, data protection, equality, health andsafety etc. Also explain HRM practices.TASK 1P1 Purpose and the Function of HRM applicable to planning and resourcing JP Morgan Human resource management is a system which manage employees in JP Morgan firm. Itmanages company, recruits and hires employees. It has major areas like benefits andcompensation of employees, define work to employees, manages staff etc. Purpose and the Function of HR Director1Illustration 1: Human resourcemanagementSource: (Purpose of human resourcemanagement, 2014)
Purpose of HRAchieve specific business objectives : HR makes plan to achieve specific businessobjective in JP Morgan. Like, what number and types of workers are needed in company.Conducts training and development, controls projects management increases productivity ofemployees to get business objects.Fulfil staffing needs: HR has responsibility to recruit a person who justify the post andwell-aware with duties and responsibilities in JP Morgan and other needs are like administratingtests, reference check etc. HRM also involves in process of transfer and promotion of employees.Maintain employee satisfaction: HR maintains employee satisfaction by providing thempositive environment for work place, encouraging their work ability, creating career pathway andbeing honest and transparent with them.Functions of HRHR has these functions to execute.Planning of Recruitment and Selection: Recruitment and selection is a process inwhich JP Morgan HR selects qualified and potential candidate for a particular post. Procedure ofrecruitment is conducted to approach and encourage qualifying candidate. In JP Morgan, beforeimplementing recruitment process HR makes staff plan such as what number of employeesneeded in company. Directing Employees: In JP Morgan HR directs employees to make them active to gainJP Morgan goals. It includes some activities like training and development, motivation. Theseactivities engage employee towards company which make them efficient and responsible. Training and Development: This includes some tasks that make employees selfconfident, motivated, skilful, innovative which help them to work with more effectively. Theseactivities make workers knees strong to achieve their objects in JP Morgan.HRM Definition and Scope of Strategic HRMHRM is a formal system that recruits candidates, manage staff, employeesin JP Morgan and has some responsibilities such as defining work, staffing, benefits andcompensate of employees etc. Scope of Strategic HRMEmployee Welfare: HRM has to deal with some sources and conditions in JP Morgan.HRM has services and duties for company employees that is social security, safety services,2
medical services and health services. It also includes medical care, making positive workingpositive, lighting and proper ventilation in office, reducing work load, sickness benefits, familybenefits etc.Personnel Management: In JP Morgan personnel management includes manpower likerecruitment and selection process, compensation, transfer, promotion, incentive, increasingemployee productivity, development and training, travelling policy etc. All these are directlylinked with JP Morgan output.Industrial Relations: To make healthy relation or interaction with workers HRM effortto maintain peace in JP Morgan. By settling disputes between workers, disciplinary procedures,understanding employees problems and solving them effectively, providing activities to engageemployees with each other. It is all about for maintaining and increasing productivity of JPMorgan.Hard and Soft HRM Approaches for Planning and ResourcingHard HRM: In JP Morgan hard HRM manage and measure HR procedure and policies.It treats employees like business sources and machines. Having strong business planning thatwhat resources would be needed, how much it would cost, how to get it etc. Hard HRM focus onworkplace needs like managing and recruiting candidates etc. Soft HRM: Soft HRM treats employee as human capital or essential resource for JPMorgan. It concentrates about employees needs, rewards, motivation and JP Morgan executeplans according to it. It efforts to make employees courageous and responsible. Conductstraining developing and enhance employees ability and productivity.M1 The functions of HRM can provide talent and skills appropriate to fulfil businessobjectivesTraining and Development: JP Morgan HRM facilitate training and development toboost its employees knees, knowledge, productivity which is necessary to fulfil companyobjectives. It helps employees to upgrade their performance and make them focused to workeffectively.Positive Work Culture: HRM of JP Morgan creates a positive work environment for itsworkers. It brings positive energy in employees that help them to collaborate with their work andco-workers as well. Due to this, everyone works together in team and become more able to solveproblems easily.3
P2-Strength and weakness of the different approaches to recruitment and selectionThe recruitment and selection process plays an important role in the success of anyorganisation. When it is done in a right manner than it allows to improve productivity andfinancial status of organisation. There are generally two types of approaches of recruitmentwhich are Internal and External recruitmentInternal Recruitment-Internal recruitment defines to hiring employees within theorganisation internally. As a HR assistant at JP Morgan Firm will give preference to internalsource of recruitment because it takes less time than external source. Internal recruitment includepromotions, transfers and recruiting former employees. There are some advantages anddisadvantages of this type of recruitment.Strength-This recruitment method is cost-effective and it will boost employee morale. At thesame time it helps to achieve top talent and reduces employee turnover. (Sattar and et.al., 2015).It provides job satisfaction to existing employees. Weakness-The downside that is hiring from within the organisation it may limit the number ofpotential candidates. We will miss the new and fresh ideas that can be achieved by externalcandidates. By recruiting within the organisation it will result workplace conflicts too. It createsnew vacancies which need to be filled.Benefits and shortcoming of internal recruitmentThe benefit of internal recruitment is It decreases the chances of errors because existingemployees are used to with work and they better know their responsibility towards works.The shortcoming of internal recruitment is it limits talent pool and choices. External recruitment- External recruitment refers to hiring employees from outside theorganisation or other than existing staff. By advertising in newspaper, contact from educationalinstitutions and telecasting will recruit employees in the firm JP Morgan firm.Strength-It creates new opportunities for the external employees. Firm can hire suitableemployees and by hiring appropriate employees firm can gain and use new ideas and creativitywhich will be helpful in achieving organisation's goal. It minimizes the chances of partiality andcan use wider range of experience.Weakness-External recruitment is more expensive and time consuming method because HRdirector will need to train new employees, pay for background checks and for advertisement inlocal newspaper. By recruiting external employees it increases the chances of errors.4
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