Table of Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 P1 Purpose and functions of HRM that are applicable to workforce planning and resourcing. .1 P2 Strength and weaknesses of different approaches to recruitment and selection....................3 M1 How functions of HRM can provide talent and skills appropriate to fulfil business objectives.....................................................................................................................................5 M2 Strength and weaknesses of different approaches of recruitment and selection..................5 D1 Critically evaluate strength and weaknesses of different approaches to recruitment and selection......................................................................................................................................5 TASK 2............................................................................................................................................5 P3 Benefits of different HRM practices within the firm for employer and employee................5 P4EvaluateeffectivenessofdifferentHRMpracticesinordertoincreaseprofitand productivity.................................................................................................................................7 M3 Different methods used in HRM practices with provide example to support evaluation.....8 D2 Critically evaluate HRM practices and application in organisational context......................8 TASK 3............................................................................................................................................8 P5 Analysis the importance of employee relations in respect to influence HRM decision making.........................................................................................................................................8 P6 Key elements of employee legislations which create impact on HRM decision making....10 M4 Key aspect of employee relations management and employment legislation that affect HRM decision making..............................................................................................................11 D3 Critically evaluate employee relations and applications of HRM practices that inform and influence decision making in organisational context................................................................11 TASK 4..........................................................................................................................................11 P7 Application of HRM practices in work related context.......................................................11 M5 Rationale of application of specific HRM practices..........................................................12 D3 Critically evaluates employee relations and application of HRM practices which influence decision making........................................................................................................................12 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................14
INTRODUCTION Human resource management is important aspect that helps to deal with different issues relatedwithdevelopment,compensation,performancemanagement,wellness,benefits, employee motivation, etc. Therefore, HRM plays strategic role to manage people to maintain workplace culture and environment. Furthermore, it also contains creativity and effectiveness to focus on regulating operations and functions in systematic manner. Several responsibilities also fall into major areas which defining and designing work to maximise productivity (McClanahan, Allison and Cinner, 2015). Present study based on JP Morgan which is an American multinational investment bank and deals in different financial services. It is one of the largest bank in the country and develop continuous operations to perform different functioning at workplace. For gaining insight information of the present report, it covers purpose and functions of HRM that can be applicable in workforce planning and resourcing (Sparrow and Makram, 2015). Furthermore, it will be explain benefits of different practices for employer and employee. Moreover, it helps to evaluate key elements of employee legislations that are applicable to the chosen business. At last, it provides discussion on applications of HRM practices in work related context. TASK 1 P1 Purpose and functions of HRM that are applicable to workforce planning and resourcing Human resource management can be defined as the process that can be describe formal system which devised for people within the enterprise. Responsibilities of human resource manager of JP Morgan fall into several areas such as staffing, employee compensation, etc. Strategic HRM means to create future oriented plan that helps to interact in competitive environment to accomplish organisational goals. It also refers as process of crafting strategies which implement to gain effectiveness (Horwitz, Budhwar and Morley, 2015). Nature and scope of strategic HRM ï‚·Human resource management is fully integrated with strategy and accomplish needs of the firm. ï‚·Policies coherent with different areas and across hierarchies within the JP Morgan. 1
ï‚·Human resource management follow different systems, practices, competitiveness, etc. that helps to develop positive performances in the chosen enterprise. ï‚·Furthermore, it also helps to consider positive performance appraisal that require training and career development to make strategic HRM. HRM approaches There are different kinds of approaches of human resource management of in a particular business. In this consideration, following are different types of HRM approaches has been explained: Hard HRM: In this kind of approach, HR manager of JP Morgan treats employees simply as resources within the organisation. Strong link with corporate business planning helps to get them how much cost is needed. With this consideration, HRM can be focus on workforce needs of the organisation with recruit and manage accordingly. Key features of this process is developed with short term changes in employee numbers, minimal communication from the top down, little empowerment delegation, etc. (Kavanagh and Johnson, 2017). Soft HRM: Furthermore, in this regard of approach, JP Morgan treats employees as the most important resource at workplace to gain competitive advantages. Hence, employees are treated as individuals to accomplish needs which planned to concentrate on roles, rewards, motivation, etc. Key features of this process has been developed with strategic focus on longer term workforce planning, strong and regular two way communication, etc.(Engert, Rauter and Baumgartner, 2016). Functions of HRMï‚·Compensation and benefits: It is one of the important function of HRM which is related withmanagingpersonnel,settingperformancestandards,settingtransparent compensation policies, etc. (Horwitz, Budhwar and Morley, 2015).ï‚·Training and development: In JP Morgan, it is essential for HR manager to provide training with different tools and techniques. Main reason to provide training increasing employee commitment. Training can be conducted in two different ways such as on the job and off the job (HRM functions,2018). ï‚·Selection and staffing: Within the chosen organisation, another important function of HR manager is selecting and staffing employees. In this way, right candidates selected to make effective results with contributing participation in business. 2
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Purpose of HRMï‚·Internal customer management: Human resource management has several key purposes to increase productivity and effectiveness. In this regard, HR management of JP Morgan defines and implement process and policies that helps to recruit and retain quality workforce (Nicholas and Steyn, 2017). Main purpose of the enterprise is to maintain customer service to create external relationship. ï‚·Cultural sensitivity: Another purpose of HRM is to maintain cultural awareness which helps and respond to change. In this regard, multiple divisions, cultural differences relocate to set contract with alternative strategies (Shipton, Sanders and Escriba-Carda, 2016). P2 Strength and weaknesses of different approaches to recruitment and selection Recruitment is human process which proactively seeks candidates to fill vacancies. In JP Morgan, it increases quantity and quality of applicants for particular position and improve great fit for job. Internal approach of recruitment Internal recruitment method assists to identify and attract candidates within the business from referrals, social media, website, promotion, etc. It helps to save time and money of chosen business. Furthermore, hiring from internal sources create good idea that is familiar with candidate's for ethic and approach work (Zhang, McNeil and Bonias, 2016). Creating short list with great idea helps to enhance knowledge and stability. Strength of recruitment ï‚·Increase morality and retention of employees which make advancement and reward to do job well. ï‚·Continuity of operations also create chances that are developed new role with minimal downtime (Sparrow and Makram, 2015). ï‚·Less paperwork so that JP Morgan has benefit to increase more profitability and effectiveness in the business. Weaknesses of recruitment ï‚·Potential animosity among ranks so that it create discord at workplace which affect to each person. 3
ï‚·Stagnation also increasing so that everyone operates with policy to always perform very well. Risk of maintaining status is also high so that new ideas and direction cannot be develop to gain competitive advantages (Beare, Caldwell and Millikan, 2018). ï‚·Lack of diversity also exists that bring someone of a different background, gender, age and ethnicity at workplace of JP Morgan. External approach of recruitment In JP Morgan external sources for recruitment can be conider to develop higher position when existing employees are not suitable (Zhang, McNeil and Bonias, 2016).With the help of external recruitment, creative and innovative ideas the chosen business can increase their productivity and profitability in systematic manner. Strength of external recruitment and selection ï‚·External selection bring skills and inputs in the chosen business. Better possibility also helps to identify and find individual who are capable to deliver new skills. Therefore, growth can be develop to make things better (Waddock and Bodwell, 2017). ï‚·External selection also assists to promote better competition so that it give chance to make more effective results. Outside selection assists to place new talented people with certain skill to took risk taking ability. Weaknesses of external recruitment and selection ï‚·External recruitment is time consuming which is one of the disadvantage in the chosen business (Kavanagh and Johnson, 2017). Hence, it includes number of processes which takes longer than internal hiring. ï‚·Interview is one of the important consideration of selection method in JP Morgan which is applied to completely with effective strategy. Benefit of this approach is that, direct interaction between interviewer and interviewee has been developed that helps to gain success within the enterprise. On the other hand, one of the major shortcoming is that sometimes interviewee not able to provide appropriate views in the business (Shipton, Sanders and Escriba-Carda, 2016). M1 How functions of HRM can provide talent and skills appropriate to fulfil business objectives In order to develop effective results in JP Morgan, there are several HRM functions implement to accomplish business objectives. Therefore, managerial and operative two types of elements considered in the business. Managerial functions can be determines as planning, 4
organising, directing, etc. Along with this, operative functions considered as recruitment, hiring, job analysis & design, training & development, performance appraisal, etc. (Sharp, Peters and Howard, 2017). These functions provide guidance and support to increase talent and skills with increasing their knowledge and capabilities. As a result, the chosen business can fulfil their business objectives easily. M2 Strength and weaknesses of different approaches of recruitment and selection In JP Morgan, internal recruitment and external method has been adopted that helps to consider successful HRM practices. Internal recruitment method ascertained with increasing morality and retention among several employees in the business. However, it reduces discipline among existing members as they are familiar with all people (Sanders and Lin, 2016). On the other hand, external method also selected by the firm has advantages to implement innovative ideas and operations at workplace. D1 Critically evaluate strength and weaknesses of different approaches to recruitment and selection In order to adopt internal recruitment method, it can be stated that advancement and reward can be develop for different employees of JP Morgan. As a result, it increases significant advantages to attain productivity and effectiveness in the business. As critically evaluate, it can be argued that external selection method in the business with bring new ideas and innovative skills within the enterprise (Hitt, Xu and Carnes, 2016). Recruitment method has advantage that it contain less paper work within the organisation. TASK 2 P3 Benefits of different HRM practices within the firm for employer and employee Human resource management includes different practices that used by managers to manage people. There are different types of HRM practices helps to perform, hire, training, create employee benefits, etc. In Canary Wharf Firm, there are several practices consider that helps to promote more desired level of results. Following are different HRM practices develop in the chosen enterprise:ï‚·Recruitment and selection: In the chosen business, HR recruitment and selection practices helps to accomplish mission and workplace culture (Horwitz, Budhwar and 5
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Morley, 2015).. Therefore, it recognises to increase value of workplace diversity that design to attract diverse applicant pool in Canary Wharf Firm.ï‚·Work-life balance: Furthermore, implementation of flexible working schedule provides telecommuting options and provide training supervisor to support several people. This practice helps to the chosen business for managing scheduling logistics, modifying technology with remote access for essential transactions (Mayhew, 2018).ï‚·Training and development: Training and development of HR management function includes new employee orientation, job skills training, leadership training, etc. (Head and Alford, 2015). Therefore, professional development program schedule with activities to improve current position in JP Morgan. Benefits to employerï‚·Promotepositivebehaviour:Successfulorganisationcreatespositiveworking environment because it develops favourable benefits among employees with using HRM practices. As a result, it keeps staff members happy and productive in Canary Wharf Firm. These practices also reinforce and reward to develop creative advantages (Duarte, Gomes and Neves, 2015).ï‚·Increasing positive relationship with employees: Furthermore, employer have also benefited to increase positive relationship with their subordinates. This is because, it helps to develop more creativeness with ensure sharing of work among people (Beare, Caldwell and Millikan, 2018).ï‚·Motivating workers: Moreover, managers also need to maximise their performances with tend to hire and promote managers with effective participation in business. Successful managers can easily implement HRM practices in Canary Wharf Firm to feel competent in position and positively it impacts on company's results. Benefits to employeeï‚·Developing employees: HRM practices also beneficial to employees of the chosen organisation. In this regard, employees are encouraged and contribute their participation in intellectual work. Knowledge and skills increases to gain competitive advantages. Effective organisation capitalise with positive effect that helps to improve desired results (McClanahan, Allison and Cinner, 2015). 6
ï‚·Building flexibility at workplace: HRM practices also reflect with new century which is more diverse in the chosen business. Flexibility at workplace helps to design work within the environment to schedule and composition of in work team customised with job and lifestyle in Canary Wharf Firm. With the help of building flexibility hours for staff members in the selected enterprise, employees work with loyalty and it increases significant advantages (Horwitz, Budhwar and Morley, 2015).. On the basis of employees convenience, the chosen organisation set working time which is suitable to develop creativeness at workplace. ï‚·Increasing knowledge and understanding: HRM practices in the selected business also helps to develop positive knowledge and understanding in employees. In this regard, training and development programs assists to work in systematic manner that ascertained with regulations and cultural norms (Jordan and Lloyd, 2017). P4 Evaluate effectiveness of different HRM practices in order to increase profit and productivity In order to increase profits and productivity in Canary Wharf Firm, it can be stated that different HRM practices need to be implement that ascertained with desired results at workplace. Following are certain practices has been explained to enhance profit and productivity:ï‚·Learning, development and training practices: Within Canary Wharf Firm, learning, development and training practices of employees helps to focus on increasing knowledge and understanding at workplace (Sharp, Peters and Howard, 2017). Therefore, efficiency and capabilities will be develop successfully which would be beneficial to attain goals and objectives in business.ï‚·Flexible working options: With this regard, Canary Wharf Firm need to reflect shifting demographics at workplace. More diverse work helps to regulate significant advantages in the chosen enterprise. Effects of HRM on diverse workplaces relate with employer flexibility because enterprise want to retain staff members, provide flexible workplace, flexible design of work environment, etc. It motivates employees to maintain their stability at workplace so that profits and productivity increases easily (Whetzel and Wheaton, 2016).ï‚·Employeeperformancemanagementandmonitoring:Furthermore,employee performance management and monitoring also consider effective tool that helps to communicate goals and objectives with several members of the organisation. In this 7
regard, 360 degree method of appraisal implement to monitor their performance to gain positiveresultsatworkplace(Horwitz,BudhwarandMorley,2015)..Employee performancesmanagementandmonitoring assiststo increasemoreefficiency and effectiveness to raise profits and productivity at workplace. This is because, several people work to assess desired level of results in the business. ï‚·Payment and reward management: This practices consider in the chosen business to provide payment and reward within Canary Wharf Firm. When employees are getting benefits of payment and reward, they contribute their participation in the enterprise to increase their profits and productivity (Mone and London, 2018). M3 Different methods used in HRM practices with provide example to support evaluation In Canary Wharf Firm, there are different ways adopted which used to develop HRM practicestosupportsignificantadvantagesatworkplace.Inthisregard,trainingand development, performance appraisal, payment & reward management, etc. helps to the enterprise (Bringezu and Bleischwitz, 2017). For instance, when HR manager of the business provide training and development program to employees so that their efficiency will be increases to attain creativeness. D2 Critically evaluate HRM practices and application in organisational context HRM practices consider innovative results in the business with implementing learning, development and training practices. As a result, it assists to communicate several benefits that increases positive results in Canary Wharf Firm. As critically evaluate, that flexible working option helps to provide benefits to the business to develop creativity at workplace to attain overall goals and objectives (Duarte, Gomes and Neves, 2015). TASK 3 P5 Analysis the importance of employee relations in respect to influence HRM decision making Employeerelationsconsideramongmanagerandemployeetoimprovetheir performances within JP Morgan. Maintaining healthy relationship in the organisation make more success which lead to perform efficient functions that motivate employees to increase sales level results (Hitt, Xu and Carnes, 2016). When employee relationship is strong, entire business has several benefits to improve their overall goals and objectives. As a result, relationship helps to make more happy, loyal and productive to staff members in long run operations and functions. 8
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Importance of trade union in UK Trade union also take part in UK businesses to protect and advance interest of their members. With the help of strong trade union movement, there are several benefits can be develop among all workers in a particular nation. Most of the trade unions in the country are independent of any employer (Do, Yeh and Madsen, 2016). Trade union represent as the political interests due to monopoly power which used to raise wages at competitive levels. It includes economic efficiency and improvement with increasing wages for highly skilled workers. Main purpose of labour union is to provide workers to power with negotiate more favourable conditions and their benefits as collective bargaining. Employee relations influence HRM decision-making in following aspects:ï‚·Collective bargaining: Collective bargaining occurs when group of people bands together to increase negotiating power. In this regard, workers are represented with trade unions (DeeryandJago,2015).Hence,itinvolvesnegotiationanddiscussionbetween management and trade union. Staff members of JP Morgan are feel motivated with approachinmanagementforbargainingtowardshigherprofitsandbenefits. Consequently, in decision-making of HR it influences to negotiate more favourable conditions at workplace.ï‚·Workplace safety: Trade union play very important role in workplace safety. This is because, workers are organised in trade union with different parties and strengthen with efforts to develop health and safety of staff members. In addition to this, they are also taken place in job conditions, working hours, wages, job contracts and social security. Hence, they play role to ensure welfare of their members in safeguarding, interest of members with protect reliability (Schutte, Barkhuizen and Van der Sluis, 2015). In decision-making, it influences to develop significant advantages with protection of employees in JP Morgan.ï‚·Helps to reduce turnover: In order to create effective results in the business, trade union also important to accomplish purpose and ensure that all staff members are treat fairly. Therefore, they feel comfortable and secure in job. When goals are accomplished, employees are tended to stick around (Horwitz, Budhwar and Morley, 2015). With respect to increase protection, it is essential to reduce turnover in JP Morgan so that they 9
can increase effectiveness at workplace. Workers are also satisfied to do work hard in effective manner in respect to look to exit company. ï‚·Union work with resolve issues: In order to solve issues and problems, it is essential to look towards fair wages, working hours, benefits and standards are also necessary for incrementwages. In the selected business, collective bargaining also protectwith standards and policies (Sanders and Lin, 2016). It is the best way to save JP Morgan with negotiate wages and determines several benefits in own manner. With the help of development of the organisation, it can be stated that workers can be protected in the business. P6 Key elements of employee legislations which create impact on HRM decision making In UK, there are different employee legislation consider that create major impact on HRM decision-making. With this regard, following are different regulations included that must be followed in JP Morgan:ï‚·Data Protection Act 1988: Data protection act in UK has been passed in 1988. It was developed to control personal and customer information which is used by the enterprise and government bodies (Nicholas and Steyn, 2017). It helps to protect people and lies on rules to protect personal information of employees in JP Morgan.As a result, in HRM decision-making it helps to increase positive performances with protect employees data with personal information.ï‚·Health and safety Act 1974: Health and safety at work act 1974 determines with wide ranging of duties on employers. Employers must protect their staff members on the basis of health, safety and welfare in work for their staff members and other premises which including temps, casual workers, public, visitors, etc. in JP Morgan.In HRM decision- making, health and safety legislation impact positively to protect different staff members in effective manner.ï‚·Anti-discrimination Act 1977: According to this act, employees of the chosen enterprise must be protected in relation with discrimination in employment, public education system, delivery of goods, health care, property, etc. (Duarte, Gomes and Neves, 2015). Hence, among staff members this act impact positively with take proper care in delivery of foods, health care, etc. 10
ï‚·Equality Act 2010: Furthermore, equality act determines legal protection of people from discrimination at workplace in wider society. In JP Morgan, this act introduce for replacing previous anti-discrimination laws with single rule and regulations. It creates strengthening to protect in some situations (Shipton, Sanders and Escriba-Carda, 2016).It helps to HRM to treat all employees same and determines effectiveness at workplace. ï‚·Minimum wage act 1988: In this regard, it can be stated that employment rights must be protected with different acts, regulations, common law and equity. As a result, it helps to provide appropriate benefit to employees of JP Morgan. Furthermore, it is essential to create employment relationship positive to increase significant advantages. Providing minimum wages helps to follow all rules and regulations in systematic manner. M4 Key aspect of employee relations management and employment legislation that affect HRM decision making In JP Morgan, union trade helps to create effective employee relation in systematic manner. With this regard, it can be stated that in HRM decision-making with collective bargaining and workplace safety desired level of results will be gain successfully. Therefore, employment legislations helps to ascertained more profitability in the enterprise. Furthermore, there are different regulations has been ascertained in business to maintain effectiveness for staff members in business (Kavanagh and Johnson, 2017). For instance, data protection act, health and safety act, equality act, etc. D3 Critically evaluate employee relations and applications of HRM practices that inform and influence decision making in organisational context As per Equality act 2010, it can be stated that employee relations must be maintained with protection of staff members on the basis of age, disability, sex, religion, etc. It helps to ensure that consistency among employers and employee need to create fair environment and comply with law (Waddock and Bodwell, 2017). As critical evaluation, in JP Morgan health and safety act 1974 determines employees welfare with safe systems and maintain safety equipments. TASK 4 P7 Application of HRM practices in work related context HRM practices in the organisation helps to interact and predict performances of the business. It consisting to increase workforce ability, motivation and opportunity so that they can 11
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lead for higher organisational performances which helps to increase workforce characteristics. In this regard, employment security, selective hiring, self-managed and effective teams, etc., practices helps to increase significant advantages (Horwitz, Budhwar and Morley, 2015).. Employment security is important HRM practice that aids in social contract in business and staff members. It is also beneficial for the business it assists to retain staff members with selection, training and development. Selective hiring also enable to bring and add value to increase high performances in the enterprise. Job advertisement for business lecture in financial times Requirement of Business Lecture Financial Time UCL Date: 28thJanuary 2019 In UCL, there is requirement of Business Lecture with good skills of communication and understanding. UCL invites candidates from their qualified and experienced academics for position of business lecture. Applicants must possess their master degree in management or business administration with English medium education from reputed university. Along with salary, free accommodation, medical care, etc. benefits will be provided by college. Interested candidates may forward their application with their Cvs, experience certificates and other relevant documents at UCL by 10thFebruary 2019. In addition to this, self-assessment note with giving joining reason in the business also essential. You can also mail your documents on website of UCL. Chairman of College UCL, Email Address:ucl@gmail.com 12
M5 Rationale of application of specific HRM practices HRM practices interact with predicting performance of the organisation which consisting to increase workforce ability, motivation and opportunity lead with higher organisational performances in HRM systems. In the business, different kinds of HRM practices has been implemented to increase positive results. Recruitment and selection based on mission and workplace culture that recognise value of workplace diversity which designed to attract diverse applicant pool. In addition to this, another HRM practices consider training and development which helps to include new staff members, job skills training, leadership training, etc. These activities helps to improve staff members performances with their current position to increase value of the business (Horwitz, Budhwar and Morley, 2015). Compensation is another element that create benefit to viewed together which present as reward for staff members. As a result, employee compensation internally equitable to attain competitiveness. D3 Critically evaluates employee relations and application of HRM practices which influence decision making Employee relations in the business helps to communicate several aspects which influence decision-making in the organisation. In this consideration, it can be stated that JP Morgan can easily develop their effectiveness which would be helpful to increase service productivity and quality. As critical evaluation, performance management in the business is another HRM practice that assists to maintain effective employee relationship within the enterprise. In decision-making, it influences positively with implementing different practices at workplace. For instance, training anddevelopment,recruitmentandselection,performancemanagement,servicequality enhancement, etc. (Zhang, McNeil and Bonias, 2016). CONCLUSION From the above report, it can be concluded that JP Morgan consider effective functions and operations to communicate several benefits for HR development. In this aspect, report includes purpose and functions of HRM that assists to implement workforce planning and resourcing. Furthermore, it summarised about benefits of different HRM practices that helps to attain overall goals and objectives at workplace. In this regard, there are certain elements of practices consider such as training and development, performance management, etc. All these practices helps to increase positive results and significant advantages. 13
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