Purpose and Function of HRM in LV

HUMAN RESOURCE

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
P1. Purpose and function of HRM in LV....................................................................................3
P2 Strengths and weakness of recruitment and selection............................................................5
P3 Benefits of HRM practises in LVs.........................................................................................7
P4 Evaluating effectiveness of different HRM Practices in terms of raising organizational
productivity and profit.................................................................................................................8
P5 Significance Of Employee Relations In Respect To Human Resources Management
Decision Making........................................................................................................................10
P6 Key Elements of Employment Legislation...........................................................................11
P7 Job Specific..........................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Human Resource Management is the strategic approach of managing people in an
organization. The main functions of Human Resource Management include but are not limited to
recruiting, selecting, inducting new employees, maintaining and motivating skilled workforce,
maintaining amicable relations between organization and trade unions, addressing issues and
grievances faced by current employees, creating a safe and healthy work environment as per the
legal laws etc. This report analyses UK's biggest friendly society LV, a member owned company
which provides various financial services including investment products, life insurances,
pensions etc. to over 5.8 million customers in UK. The purpose of this report is to gauge the
effectiveness and scope of Human Resource Management in regard to supplying LV with talent
and skills required to meet its business objectives, to check the efficiency of vital elements of
Human Resource Management in LV and to evaluate any internal and external factors which can
affect Human Resource Management's decision-making, including employment legislation in
LV.
P1. Purpose and function of HRM in LV
Human resource management refers to managing relation between employees and
management. It focuses on the objective and outcome of HRM functions (Hecklau and et.al.,
2016.). Its main objective is to develop employees as well as organization needs. In other words
it can be said HRM is the process of recruiting, selecting, hiring of the employees in
organization for work. This is known as Human Resource Management.
Nature and Scope of HRM:
Human resource management is the key element for every organization. If there will be
no manpower, work cannot be performed in an organization. HRM helps in achieving
organizational goals and working collectively with the employees where their efforts are
integrated with overall objectives. The HR managers of LV often try to develop a people centric
approach that helps them in integrating their objectives with the employee performance and this
is done continuously.
The main purpose of HRM is to encourage employees to give their best to the organization. It
tries to put employees in different tasks or difficult task to see good outcome (Keegan and et.al.,
2018). LV include to maintain a coordinated relation between employees its different
departments and the organization. It focuses on result rather than on rule.

On the other hand, scope of HRM is more of a personal aspect. Personal aspect, i.e. it is
concerned with manpower planning which are recruitment, selection, transfer, promotion,
training and development etc. LV follows all the manpower planning procedures in their
organization. It also looks after the welfare aspects in which working condition, amenities,
canteen, and health facilities are involved.
Functions of HRM:
For managing human resource, certain criteria or the activities that must be followed i.e.
Recruitment, selection, training and development, performance appraisal, compensation &
benefits, health & Safety etc. (Sanders and Yang, 2016). These all are the major function of
HRM and is being applied in LV. Here are some basic functions which are being discussed
below:-
Recruitment: - Recruitment is the process of choosing the candidates for the job by screening,
by their curriculum vitae and by job portals etc. LV include various sources of recruitment which
are internal and external for searching candidates for organization.
Selection: - Selection is the process of choosing right candidate, at right time, at right job the
candidates which are shortlisted in recruitment process are further transfer in selection process in
which they have to cross from different selection processes which are interview, aptitude test,
physical test etc. LV include various selection process techniques which are interview, physical
examination, etc.
Training and Development: - Training and development is process of guiding the employee to
do work in organization because without training employee cannot perform work. Development
on the other hand signifies improvement or further enhancing the existing skills of the
employees. LV conduct various training & development programmes for its new employees.
Workforce Planning:
Workforce planning refers to the process of identifying needs and wants of the
organization and hiring or developing the existing employees accordingly. LV follows workforce
planning criteria which help them in meeting with organizational objectives. LV give more
emphasis on workforce planning because it is very essential for the organization. Objectives
fulfil by HRM Practises in LV recruiting of the candidates give organization a better and fresh
workforce due to which new ideas are indulged or come forward. Selection process benefits in
choosing right candidate for the right job through interview, physical examination etc. Training