Strategic HRM: A Case Study of Liverpool Victoria Insurance Company

Desklib provides past papers and solved assignments for students. This report analyzes HRM practices at Liverpool Victoria Insurance.

HUMAN RESOURCE MANAGEMENT
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Table of Contents
Introduction......................................................................................................................................4
TASK 1............................................................................................................................................4
1.1 Overview of human resource.................................................................................................4
1.2 Discuss the activities of the and main functions of HRM......................................................4
1.3 discuss workforce planning in an organization......................................................................4
1.4 Discuss the "hard and soft model of HRM"...........................................................................5
1.5 compares between the Best fit approach and best practices of HRM....................................5
1.6 Discuss the internal and external recruitment........................................................................5
1.7 Identify the strength and weakness of the company..............................................................6
1.8 Critical analysis of the skill and talents to fulfill the business..............................................6
Task 2...............................................................................................................................................7
Oral presentation..............................................................................................................................7
2.1. Discuss the methods of the HRM practices........................................................................10
2.2 Discuss the advantages of HRM practices for the employees and employers.....................11
Task 3.............................................................................................................................................12
3.1 Past experience.....................................................................................................................12
3.2 Identify the key element of employment legislation............................................................12
3.3 Impact of the employment legislation on HRM decision making.......................................13
Task 4.............................................................................................................................................13
4.1 illustrate the application HRM organization........................................................................13
4.2 Discuss about the organisation legislation and the company policies.................................14
4.3 Explain HRM practices........................................................................................................14
4.3.1 Environment analysis....................................................................................................14
4.3.2 Workforce planning.......................................................................................................14
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4.3.3. Identity..........................................................................................................................14
4.3.4 Attracting and recruitment.............................................................................................15
4.3.5 Selection of best candidates..........................................................................................15
Conclusion.....................................................................................................................................15
Reference List................................................................................................................................16
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Introduction
Human resource management (HRM) is an effective approach that helps to manage the entire
process of any organization. Human resource management also provides a strategic approach
that can help to improve the strategic management of an organisation. The purpose of the HRM
is to make a successful utilization of the employees to achieve the organization goal.
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TASK 1
1.1 Overview of human resource
Human resource management is a strategic approach that helps to improve employment and the
business organization. Moreover, it can also see that, human resource management also helps to
identify the business goals and helps to achieve successfully. In addition, the human resources
management also helps to maintain productivity and observes the entire activities of the
organization. However, it also increases the market value in the market area and gains a
competitive advantage. In order to improve the organization, human resource management
follows three different types of principles such as,
● Evaluating task by dissecting components
● Motivate workers with increments
● Recruit employees with skill and knowledge
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1.2 Discuss the activities of the and main functions of HRM
Human resource management is an important approach that helps to improve the organization
and also helps to maintain the work progress of the organization. However, it can be also seen
that human resource management is also effective strategic approach that help to identify the
business goals and the activities of the organisation. The of the business organization is included
that,
● Established an ethical management system
● Build up effective strategic planning
● Recruitment and the selection of employees with skill and knowledge
● Employee motivation
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1.3 discuss workforce planning in an organization
Human resource planning helps to analyse the present labour supply of the organization.
Moreover, human resource planning ensures the best fit between the job and the employees of
the organization. However, human resource planning helps to maintain the workforce of the
business organization and also helps to void the manpower shortage and supporting the
organisational goals. According to the Victoria, Liverpool Company follows the HRM workforce
planning that helps to make improvement of the organization and maintain the activities to
increase the market value (LV. 2019).However, it can be seen that the HRM process also helps
recruit and the selection process. It is important that the selection needs to be appropriate and
select with the basis of proper skills and knowledge.
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1.4 Discuss the "hard and soft model of HRM"
The human resource management is basically focused on two different types of the model such
as hard and soft model. Moreover, the hard model is known as the theory X model and the soft
model is also known as the Y model. Moreover, the soft HRM model is basically focused on the
employee's needs, personal development, participation, motivation and the quality of the
organization. According to the soft HRM, the model also maintains the internal and the external
stakeholders and also maintains the improvement of the Liverpool Victoria insurance company.
Besides that, it and found that the soft HRM model works with the performance-related reward.
It also has two different types of performance-related rewards such as profit share and share
option. While the hard MRM model focuses on performance management, organizational goals,
and cost control. Moreover, it can be seen that the Hard HRM model works with the basis of the
traditional approach towards human resource management.
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1.5 compares between the Best fit approach and best practices of HRM
The best practices and the best fit are well known a HRM approach that helps in the
improvement factors of the Liverpool Victoria Insurance organization. According to the best-fit
approach is claimed to the HR strategy and make more efficient of the organization. In addition,
it can also found that the best-fit approach also helps to maintain the environment of the business
organization. Besides that, the best practices approaches are basically claimed the employee's
improvement, performances. Moreover, the best practices also observe the employees attitudes
and the skill level and the higher productivity of the organization. Moreover, it can be seen that
the best practices model refers to the high commitment model that helps to maintain the
productivity and the process of the observation. The best-fit approach also plays an important
role and explores the close relationship between strategic management and the HRM by nature
and vertical integration.
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1.6 Discuss the internal and external recruitment
The HRM recruitment and the selection process is mainly done by the two different types of
methods such as an internal and external method. In the perspective of Bohari et al. (2017), the
internal recruitment methods provide different ways such as referral form, employees internal
job vacancies, current employees former employee. Similarly, the external methods also are done
by three different ways such as advertisement jobs, employment agencies, and college
recruitment.
According to the internal recruitment is basically provided the internal factors and the candidate
get to know fast as they work in the same company. Moreover, the referral form also helps to
know about the job vacancies. According to the external recruitment, college recruitment is also
known as on campus. In this case, it can be seen that the colleges are provided the opportunities
for the student. According to the referral form, it also provided by someone and helps to know
about the job. However, external recruitment also gives the advertisement in online or newspaper
that can help to promote the recruitment process.
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1.7 Identify the strength and weakness of the company
The financial industry is an important part that provides insurance policies and helps to save
money for the future. Moreover, it has several strength and weakness factors that help to improve
the company and identify the weakness factors.
Moreover, the strength factors of the Liverpool Victoria organization is that,
● Good Reputation
● Value-added products
● Industry knowledge
Accordingly, the weakness of the Liverpool Victoria company is that,
● Emphasis the product rather than customers.
● Limited resources
● Has no formal value
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1.8 Critical analysis of the skill and talents to fulfill the business
In order to improve the HRM practices then it is necessary to focus on the five different key
factors that help to the improvement of the organization. In the perspective of Karikari et al.
(2015), is that workforce planning is an important factor that helps to monitor the work progress
of the organization. As argued by Voegtlin and Greenwood (2016), the in order to improve the
Liverpool organization then the identity and the positive environment is important. Accordingly,
the positive environment basically helps to encourage the employees and also improves the work
culture of the organization. Moreover, it can so be seen that the positive environment also helps
to build up an effective communication of the organization. Besides that, the identity is also an
important factor that helps to encourage the employees of the organization and also improves the
employee's performance. As stated by Mayo (2015), the recruitment process is important to grow
up the business organization. As opined by Kroezen et al. (2018) that the selection best candidate
is one of the factors for the improvement of the business organization. As the best candidate it is
basically chosen by the updated skill and knowledge with their own field. The updated
knowledge can improve the performance of the business organization as well.
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