Analysis of HRM Effectiveness at Liverpool Victoria Insurance Co.

This presentation provides an evaluation of the effectiveness of Human Resource Management (HRM) elements within Liverpool Victoria Insurance Company. It begins by defining HRM and its role in organizations, highlighting key functions such as staffing, compensation, benefits, and policy development. The presentation outlines the benefits of various HRM practices, including recruitment and selection, training and development, performance management, job design, and employee retention, for both employees and employers. It further assesses the impact of these practices on organizational profit and productivity, examining strategic management, training and development, and performance management methods. Specific examples, such as strategic planning, SWOT analysis, coaching, mentoring, job rotation, MBO, and 360-degree feedback, are used to support the evaluation. The presentation concludes with recommendations for best application of HRM practices, emphasizing instructor-led training, motivation, rewarding, and retention strategies, ultimately underscoring HRM's crucial role in enhancing organizational performance and competitive positioning.

z
EVALUATION OF
EFFECTIVENESS OF
ELEMENTS OF HRM IN
AN ORGANIZATION

z
INTRODUCTION
 According to Michael Beer in the Harvard Model of Human Resource
Management, “human resource management is a strategic approach for
employee development and well-being of human capital working in an
organisation”.
Liverpool Victoria is an insurance companies which was started in 1843. There
are variety of insurance services offered by the company, some of these
includes- life insurance, income protection, investments, retirement income
solutions, such as equity release and many others.
The PPT will outline the effectiveness of Human Resource Management, its
role in organisation and how human resource practices can be an advantage for
employee and employer.

z HRM AND IT’S ROLE IN
ORGANIZATION
According to Edwin B Flippo, “Human resource management is the management function
which is followed for planning, organizing, directing and controlling human resource to the end that
individual, organizational and social objectives can be achieved.”
In the words of French Wendell, “Human Resource Management is the recruitment, selection,
development, utilization of accommodations and resources to human resource by an organization.”
Role of human resource management
Staffing
Compensation and benefits
Development of workplace policies

z BENEFITS OF DIFFERENT HRM
PRACTICES FOR EMPLOYEE AND
EMPLOYER
Some of the HRM practices followed by Liverpool Victoria Insurance Company and its benefits for
employee and employers are mentioned below:
Recruitment and
selection
• Benefits for
employees-
enhance employee
performance and
boost their morale.
• Benefits for
employer- save
time and cost
Training and
development
• Benefits for
employees-
enhance their skills
and competencies
• Benefits for
employer- enhance
performance,
increase employee
participation and
productivity of
business.
Performance
management
• Benefits for
employees-
enhancing
performance and
self-motivation
• Benefits for
employer-
supports in
workforce
planning
Job design
• Benefits for
employees-
ensuring better
quality of worklife
and engage
motivated
workforce
• Benefits for
employer-
effective
organizational
structure
Employee
retention
• Benefits for
employees- loyalty
benefits, managed
workflow and
other cost and
benefits.
• Benefits for
employer- retain
experiences and
trained employees

z
EVALUATION OF EFFECTIVENESS OF
DIFFERENT HRM PRACTICES OF RAISING
ORGANIZATIONAL PROFIT AND
PRODUCTIVITY
Liverpool Victoria Insurance Company employs a variety of HRM practices in order to achieve various
benefit and efficiency goals. These practices are investigated under the following headings:
HRM
practices
Strategic
management
Training and
development
Performance
management

z
METHODS USED IN HRM PRACTICES WITH
EXAMPLES TO SUPPORT EVALUATION OF
PRACTICES WITHIN AN ORGANIZATION
Human resource practice involves various functions and activities which are performed by an
organisation in order to meet desired targets and maintain the competitive position within the industry.
Some of the methods used in HRM practice and evaluation of practice in context of Liverpool Victoria
insurance company has been explained below:
Strategic management
Planning
Swot analysis
Training and development
Coaching and mentoring
Job rotation
Performance management
MBO
360-degree feedback

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RECOMMENDATIONS ON BEST
APPLICATION OF HRM PRACTICE WHICH IS
MOST SUITABLE FOR BUSINESS
Some of the suggestions which can be helpful for implementation for HRM practice in context of
Liverpool Victoria Insurance company are explained below:
M
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n
a
g
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m
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t
b
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b
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e
c
Motivation, rewarding and retentionInstructor-led training

z CONCLUSION
From the mentioned information and detailed study of PPT, it can be concluded that human resource
management is one of the core functions of business which is responsible for enhancing the
performance and productivity of organisation. Human resource management comprises of various
practices such as planning, organizing, coordinating, delegating, collaborating and many others which
collectively is responsible for strengthening the competitive position of company within the industry.

z REFERENCES
Online
 HR management in business, 2019 [Online]. Available through <
https://www.hrdconnect.com/2019/05/22/what-is-hr-management-in-an-organisation/>
 Liverpool Victoria, 2021 [Online]. Available through < https://www.lv.com/about-us>
 Importance of recruitment and selection, 2019 [Online]. Available through <
https://contrain.biz/knowledge-base/why-is-the-recruitment-and-selection-process-important/>