P1 Purpose and Functions of HRM Assignment

Added on - Nov 2020

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JP MORGAN FIRM
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Purpose and functions of HRM........................................................................................1P2. Strengths and weakness of different approaches to recruitment and selection................3TASK 2............................................................................................................................................4P3. Benefits of different HRM practices................................................................................4P4. Effectiveness of different HRM practices........................................................................6TASK 3............................................................................................................................................7P5. Importance of Employee relationship..............................................................................7P6. Key Elements of Employee Legislation...........................................................................8TASK 4............................................................................................................................................9P7. Application of HRM practices.........................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONHuman Resource Management is very essential for maintaining every aspect which isrelated to employees. They are regarded as very essential for organisation, as it leads to facilitateaccomplishment of goals and objectives that are very necessary for an effective sustenance inmarket. Apart from this, there are various approaches and practices which are covered under thisconcept. Successful implications of these HRM practices results in increasing productivity of thecompany. This department focus on providing suitable working environment to workers as wellas focus on establishing relationship with them.Following report includes purpose and functions of human resource management in JPMorgan. Apart from this, strength and weakness of various approaches of recruitment has beendiscussed. Also, advantages of them are depicted in an effective manner. Importance ofEmployees relationship is included with all its benefits which can support progress of JP Morganin several ways. There are various key elements of legislation related to workers that areascertained along with its impact on firm. Report also comprises of application of HRM practicesin company.TASK 1P1.Purpose and functions of HRMHuman Resource Management can be defined as a process of selecting, recruiting,providing orientation, inducting employees as well as developing and appraising performances ofthem. It also includes decision regarding employees’ compensation policies and deliveringbenefits to motivate them in various ways and apart from this, maintenance of proper relationwith them. Assurance of employees’ safety and their welfare is also its another aspect.Apart from this, HRM usually manages various activities which comprises humanresource planning, analysis of jobs, facilitating recruitment and selection and providing themeffective training, quality life and development in career. It is meant for effective utilisation ofskilled workforce that are available currently and to quench out maximum result from them thatwould be beneficial for JP Morgan. Scope of human resource management is considered to bevery wide, as it comprises of every activity that starts from planning of manpower till theresignation of employee (Adams, Freedman and Prassl, 2018). It includes many factors which1
are associated with labour and their welfare. Also, focuses on effective Industrial Relationswhich is needed to be maintained in order to sustain in market.Purpose of HRM can be regarded as identifying vacancies of jobs in JP Morgan andsearching for right candidate that can be appointed for fulfilling the objectives which can lead toprovide an effective outcome. Also, candidates are interviewed and the best candidate is selectedaccordingly(Cascio, 2018). Apart from that training is provided to them so that their workquality can get improved and also, enhancement of skills can be done which is very important forJP Morgan as it tends to provide efficiency in task performance that results in maximisation ofcapability of producing. Apart from this, proper focus is kept on employees’ contribution forcompany and they are rewarded with monetary as well as non-monetary benefits. Also, formotivating employees is regarded to be one of the major purpose of human resourcemanagement, as it is very essential to raise their morale so that they can push themselves beyondtheir limit for serving great productivity to firm. Managing proper as well as healthy relationshipwith workers is one of their aim that supports coordination and effective controlling of themthrough various policies and regulations. There are several functions of human resourcesmanagement which are discussed as below:Managerial functions-Managerial functions includes several activities such as planningthat is associated with predeterminations of all those actions which will be implied on manpower for effective outcomes. It is a process that involves formulation of certain programmes aswell as policies in order to achieve organisational goals. Organisation is another concept whichis followed in order to allocate every individual at the right profile with appropriate skills. Theother activity includes staffing which promotes, select as well as train employees for particularkind of work. After that directing is followed that comprises of encouraging groups for achievingspecific goals. Apart from that managerial activity also includes an effective controlling ofemployees so that it can be coordinated in synchronised manner.Operative Functions- It is related to specific department and can vary accordingly. Itensures that right profile is given to suitable individual that does lead to harm their skills andpotentials, which does not lead to reduce efficiency of every role which is performed byindividuals in JP Morgan. Apart from that procurement, compensation, development andmaintenance of several functions which is to be performed by HRM(Conway and et.al.,2016).Recruiting appropriate candidate and developing them through rigorous trainings and providing2
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