Analysis of HRM Practices and Their Impact on Liverpool Victoria

This report examines Human Resource Management (HRM) practices, their role in organizations, and their benefits for both employers and employees. Focusing on Liverpool Victoria, a private financial services company, the report assesses the effectiveness of various HRM practices and methods, including 360 performance management systems and management by objectives. The analysis covers conflict management, organizational culture, employee security, and training opportunities. The report recommends implementing a 360 performance management system to identify development opportunities and enhance employee performance. In conclusion, effective HRM is crucial for selecting the right candidates, managing their journey within the organization, and fostering a favorable working environment while developing employee skills and knowledge. Desklib provides similar solved assignments and past papers for students.

Human Resource
Management

Cover Content
 Introduction
 HRM and their role in Organisation
 Benefits of HRM Practices for Employer
 Benefits of HRM Practices for Employee
 Effectiveness of Different HRM Practices
 Different Methods used in HRM Practices
 Recommendation
 Conclusion

Introduction
• The project is based on human resource management in
which their role in business, benefits of different HRM
Practices, effectiveness of HRM practices and methods
used in HRM Practices are determined.
• Liverpool Victoria is a private company which provides
financial services including insurance, equity release and
savings.

HRM and their role in
Organisation
• Human resource management is a procedure of hiring, recruiting
and managing the employees of company. It plays an important
role in business for developing, changing and reinforcing the
culture of Organisation.
• There are various functions which is performed by Human
resource management such as planning, directing, organising and
controlling the business activities.

Benefits Of Different HRM
Practices To Employer
• Conflict management
• Build values in Organisation
• Organisational Culture
• Planning for Change
• Self managed and effective team

Benefits of HRM Practices
for Employee
• Security to employees
• Providing training and development Opportunity
• Building relationships
• Provide financial security
• Enhance lifestyle

Effectiveness of Different
HRM Practices
 There are different HRM Practices which helps in
increasing the growth and profitability of business if they
are well managed and results in great performance.
 Human resource management plays a vital role in
Liverpool Victoria as they handle recruitment and
training of employees and also encourage them to work
according to their potential.

Different Methods used in
HRM Practices
• 360 Performance management system
• Management by Objectives
• Fair evaluation system

Recommendation
 As a HR Executive it is being recommended that Liverpool
Victoria Insurance Company must implement 360 performance
management system as it helps in identifying development
opportunities and also focus on core competencies of staff.
 The method also helps in providing feedback from many
different perspective due to which they can determine the
performance level of individual.

Conclusion
 From the above information it is being concluded that human
resource management helps in selecting the right candidate for
the vacant job position and also manages their overall journey in
Organisation.
 The Human resource management creates a favorable working
environment for workers ad also focus on developing the skills
and knowledge of employees.

References
Klein, H. J. and Potosky, D., 2019. Making a conceptual
contribution at Human Resource Management
Review.
Yusliza, M. Y., Othman, N.Z . and Jabbour, C. J .C.,
2017. Deciphering the implementation of green
human resource management in an emerging
economy. Journal of Management Development.
Jiang, K. and Li, P., 2019. Models of strategic human
resource management. Sage handbook of human
resource management, pp.23-40.