Human Resource Management Assignment - Lloyd Bank
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Added on 2020-10-04
Human Resource Management Assignment - Lloyd Bank
Added on 2020-10-04
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HUMAN RESOURCEMANAGEMENT
TABLE OF CONTENTINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Purpose & Functions of HRM, applicable to workforce planning & resourcing anorganisation.................................................................................................................................1P2 Strength & weakness of different approaches to recruitment & selection.............................2P3 Benefits of different HRM practices with in an organisation for both employers &employees....................................................................................................................................6P4 Effectiveness of different HRM practices in terms of raising organisational profit &productivity.................................................................................................................................6P5 Importance of employee relation in respect to influencing HRM decision making..............7P6 Key elements of employment legislation and its impact on HRM decision making.............9TASK 2..........................................................................................................................................10P7 Application of HRM practices in work related context with specific example....................................................................................................................................................10CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONHuman Resource Management refers to managing & controlling people of organisationwith the motive of improving performance. This report includes an overview of Lloyd bank andit further describes purpose behind all the functions of HRM. Moreover, this report will outlineincludes nature & scope of HRM in Lloyd Bank. Lloyd Bank Plcis the biggest commercial bankwhich is the subsidiary of Lloyd banking group. It is the British retail bank which has branchesacross England and Wales. It is a financial institution which offers all banking & financialservices such as International current & saving account, foreign exchange and Internal Tradewith the help of its 1300 branches.Furthermore, this report will evaluate approaches to workforce planning, recruitment &selection, training & development, performance management and reward. Moreover, this reportdescribes benefits of HRM practices for both employers & employees and also describeeffectiveness of HR practices which enhances profits & profitability of firm. After this theassignment will outline importance of employee relation and also describe provisions made byUK government for employee & employers of firm. Thus, the study will explain overall ofprocess of recruitment implied by Lloyd Bank.TASK 1P1 Purpose & Functions of HRM, applicable to workforce planning & resourcing anorganisation.Human resource management in a company manages firm’s workforce effectively &efficiently so that they can individually contribute to the company’s success and it reduces thegap between management & company’s workforce. HRM department of Lloyd Bank strengthenits individual's performance by providing them development opportunities, rewards, perks andright working environment (Noe and et.al., 2017).Nature of HRM- Inherent part of management- HR manager of Lloyd Bank is responsible to select,train, appraise and motivate its employees to enhance their performance So, we can saythat HRM is an inherent part of management.Directed towards achievement of objectives- HRM department of Lloyd Bank helps inachieving its goals by improving performance of its employees by giving them rewards,compensation & right working environment.1
Scope of HRM- Scope of HRM includes employee welfare aspect, personnel managementaspect and industrial relation. Whereas, employee’s welfare aspect focuses on giving safety,medical & health care, welfare & social safety services to the employees of Lloyd Bank.Personnel’s management aspect of HRM emphasis on individual growth by providing training &development, recruitment & selection, appraisal, incentives & wages which individuallycontributes to organisational objective. It manages manpower of Lloyd Bank (Bratton and Gold,2017).Functions of HRM- Functions of Human resource management includes all the activities whichhelps in managing individuals of an organisation, such as:Recruitment & selection- Recruitment & Selection is a main function of HRM whichhas responsibility to attract applicants to fill the vacancy & its role is to select appropriateapplicant for the required position. The purpose behind recruitment & selection is to hireskilled & quality workforce in the company which helps in enhancing performance ofLloyd Bank.Training & development-Training & development programmes are carried by HRmanager of Lloyd Bank who's responsibility is to train its employees with the purpose ofenhancing their performance so that bank can achieve its objective. Every employee ofthe bank has to go through this phase and the bank also conduct T&D programmes for itsexisting employees.Performance Appraisal- It is the responsibility of HR manager of company to criticallyevaluate performance of its employees to boost their morale & increase their performancelevel.HR manager of Lloyd Bank has a role to check the performance of every individualafter delivering service of 1 year and appraise their work by giving incentive, perks andfuture promotion. Purpose behind appraisal is to boost their morale (Brewster, 2017)P2 Strength & weakness of different approaches to recruitment & selectionWorkforce planningIt bis a continuous process which manages firm on the basis ofpriorities and needs. In this employer focuses on meeting certainrequirements such as legislative and production. There two approachof workforce planning that is Workload approach aim at type andaim of work. In respect to this approach focus of firm is ondetermining skills and manpower which will be required to meet2
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