Report on HRM Purpose, Functions, Practices & Legislation at JP Morgan

This report provides an in-depth analysis of Human Resource Management (HRM) practices at JP Morgan, focusing on the purpose, functions, and approaches of HRM, including recruitment and selection methods, employee relations, and the impact of employment legislation. It explores the strengths and weaknesses of internal and external recruitment strategies, the benefits of various HRM practices for both employees and employers, and the effectiveness of these practices in enhancing organizational profit and productivity. The report also highlights the importance of employee relations in HRM decision-making and examines key elements of employment legislation affecting HRM practices within JP Morgan, ultimately aiming to provide insights into optimizing HRM strategies for competitive advantage. Desklib provides a platform for students to access similar solved assignments and study resources.

Human Resource Management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 explaining the purpose and functions of the HRM and its approaches.............................1
P2 Strengths and weakness of several approaches of the recruitment and selection with
benefits and shortcomings of the internal and external recruitment and selection methods. .3
TASK 2 ...........................................................................................................................................6
P3 Benefits of different HRM practices within the firm for both employee as well employer. .6
P4 Effectiveness of different HRM practices in terms of the raising the organisational profit
and productivity......................................................................................................................8
TASK 3..........................................................................................................................................10
P5 Importance of the employee relations in respect to influencing the HRM decision making
..............................................................................................................................................10
P6 Key elements of employment legislation which is impacting the HRM decision making11
P7 HRM practices in work related context ..........................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Human resource management is a strategic approach for managing the workers of an
organisation which in turn contributes in gaining competitive advantage. This is related to the
human resource department. HR department of an organization mainly focuses on the employee
benefits, e recruitment, training and development, performance appraisal and rewarding. In the
business unit, HR manager plays a vital role in bringing change and maintaining industrial
relation which in turn helps in enhancing overall performance. In this report is based on the case
scenario of JP Morgan which provides the services like banking band financial services to client.
This report will study about purpose and scope of the human resource management in relation to
appropriate skills, talent which helps in achieving the objectives of JP Morgan. It will explain
about the effectiveness of the key elements associated with the aspects of human resource
management. This report will also describe employment legislation as well as internal and
external factors which in turn has impact on the decision making aspect of HR. manager.
TASK 1
P1 explaining the purpose and functions of the HRM and its approaches
There are different functions which are preformed by HRM which are benefiting the
company. In the context of the JP morgon is one of the functions of the and purpose of HRM are:
functions
 Recruiting and staffing - this is one of the major work of the HRM. In this right kind of
people are selected in right place. It is difficulty for the company to chose persons which
are suitable for the JP Morgan. Aim of this entity is to attract people towards the
organisation then give them one chance to prove them. Firstly the company is making the
strategy of recruiting the people and once they are attracted or reached towards the
organisation then select from the applications and chose one who is most suitable in the
organisation (Bolman and Deal, 2017).
 Training and development - after getting selected in the JP Morgon. This company is
responsible for the organising the training and development programs which is
requirement of the most of new trainees who joined in entity. Training helps in working
criteria which is prescribed in the entity. This facilitate employees and organisation in
proper working with minimum wastage of resources. Training need is not only for the
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new but old employees as well which is helping them to understand in the use of new
technologies. This department also provides the leadership training and professional
development which helps in overall development of employees.
 Payroll Management - in this department is looking after the compensation and benefits
which are provided to employees. In this research is made for analysing the pay trends
and pay practices prevailing in market. From this only its strategies are made to develop
the organisation and follow the trends of the market (Kidwell and.et.al. 2018). In this
includes the medical insurance, tax deductions, reimbursement, bonus, gratuity, incentive
and provident fund.
Purpose
 Internal customer management - company is doing its operations with the help of the
employees. Labour is only one who bifurcate one organisation from others. These are
doing the work which are said by the senior authorities. This department has its roles of
recruiting the employees and retaining them in the entity. This human resource
management has direct relationship with the financial performance. External relationship
and internal customers are served by the HRM.
 Law-this purpose ensures that JP Morgan is doing the business while addressing the
Equal employment opportunity commission which is looking after the HR manager job.
This is duty of the entity is looking after the safe working environment for employees.
 Cultural Sensitivity- in this department is maintaining the cultural awareness of the
organisation. In this HR management is responsible for the sorting out the conflicts which
are prevailing in the JP Morgan. Many candidates are from the different part of world in
which people have diverse talent, skills, mindset and knowledge which is helping the
entity to apply various skills, knowledge. This is helping the entity to develop in the
organisation.
Approaches
 Hard approach - in this approach is very practical and instrumental. In this approach
there is minimum communication which are prevailing in top yo down. Its appraisal
systems which is concentrating on making the opinion about the staff that they are good
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or bad. This is mostly suits by the autocratic leadership styles. In these employees are
given the little power only which is taking them back to take appropriate decisions.
 Soft approach- this approach is best for the organisation which are helping the entity to
take care of needs of employees and make plan according to them which can met the
requirements of the employees. There is prevailing two way communication in the
organisation. In this comparative pay structure advantage given the employ (Guest,
2017).
This approach is suitable for the JP Morgan firm which is associated with the human resource
management.
Scope
 HRM in the personnel Management - in this human resource are involved which are
very precious to the firm. These only make different from other entities. It includes the
training and development, employee productivity, transfer, promotion, lay-off,
orientation and many more.
 HRM in employee Welfare- this looks after the prevailing working condition of entity.
This is responsible for taking care of the safety services, health services, welfare services,
social security and medical services. In this supervision of employees and its real needs
are determined.
P2 Strengths and weakness of several approaches of the recruitment and selection with benefits
and shortcomings of the internal and external recruitment and selection methods
Recruitment is a process in which candidates are invited, selected and then appointed to
do the job in the firm. In these people are who are invited for job are analysed by taking
interview and after that if they got selected in the interview then only people individuals are
appointed on job. There are two ways of recruiting people which are : internal and external.
Internal recruitment - in these vacancies are filled with the workers who are already
working in the organisation. This help in reducing the cost due to people are appointed at new
post from firm only this will be advantage because people know the working criteria of the
company. In this method includes the transfer, promotion, present employees.
 Transfer- these people who are shifted to the same job. There is no change in the duties
and responsibilities or working of the firm.
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 Promotion- employees who are working with good skills are given the highest position
in the firm. This will increase the pay of employee. People are motivated and JP
Morgan's vacancies are filled by existing and experiencing employees (Kidwell
and.et.al. 2018).
 Present Employees- employees are informed about the vacant positions. Employees
suggest the people who can do the work in their relation. Employees who are suggesting
the candidates for the job has duty that person which is recommended by them perform
all tasks properly with behaviour of them also decent.
Advantages
 Improves morale - giving the higher post to employees encourages them to do work in
better way so that more pay they can get. This will be helpful in overall development of
employees.
 No error in selection - employees are selected internally so there is no chance of doing
mistakes and knows rules and regulation of entity.
 Reduce cost - internal recruitment of employees which decreases the cost of the inviting
employees, training and development, fully aware of rules and regulation prevailing in
the organisation.
Disadvantages
 Internal recruitment discourages the people who are more capable for that job.
 For promotion criteria is different. It is not only based on the seniority of person but
talent and capability of employees. This will be more discouraging to talented persons.
 For any of the post there is requirement of the creative thinking , innovation in ideas
which is not at all fulfilling here. Internal recruitment is not meeting demands of the
people.
External recruitment - if employees who are existed are not suitable for the post then in that
case persons are recruited from outside sources. These sources are : advertisements, employment
exchanges, colleges, universities, factory gates, casual callers etc. (Guest, 2017).
 Advertisements - this is one of the source from which employee are attracted toward the
entity. Giving Ads in newspapers, professional journals. Nowadays there are online
advertisements which has more reach to the persons.
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 Employment exchanges - most of the companies are in touch with the these exchanges.
People who are registered and suitable for entity are approached and after the interview
they got selected. These are run by the government for the people who are skilled, semi
skilled and for the clerical job.
 Colleges and universities- companies who require people for the post are available in
the colleges and universities. Colleges students has lot of talent in them. Companies
finds suitable for the job are selected.
 Factory gates - workers or labourers who are there for finding of job are present at the
factory gate. This type of system is very famous in India. These persons are semi skilled
people who are selected by the first line supervisors.
Advantages
 Availability of the suitable person - from the external sources firm get wide variety if
choices and select from them most suitable person which is appropriate for the job.
 Bring new ideas- persons who are selected from the outside sources have full of new
ideas and talent. These are the persons who are able to implement the new things in
entity.
Disadvantages
 Expensive - external recruitment is one of the expensive methods. This starts with
advertisements, interviews, selection for the people. If then only people are not found
suitable for job then this process is repeated (Bolman and Deal, 2017).
 Lack of cooperation - for higher position employee is selected from outside then old
employees feel that they are not considered suitable for that position. Existing employees
start non cooperation with new employee.
In JP Morgan external recruitment is considered mostly. It helps the entity in bringing fresh
talent in the organisation. People have different mindset and skills which help company in
achieving the objectives of it.
Strengths and Weakness of the recruitment and selection
Weaknesses
1. Inefficiencies - most of the companies spend time on the searching of employees by
tools and they did not find the suitable candidate for post. In this owner follow the
common strategies like job fairs, recruiting tables in public spaces.
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2. Narrow ideas - companies who are recruiting employees internally restrict themselves
from the outside talent. Firm miss the opportunity of getting the innovative ideas from
the fresh talent.
Strengths
3. Skills and talent - from the external recruitment new persons with fresh talent and
mindset will enter in firm. This will facilitate entity in introduction of new ideas or new
way of doing things which is making work easier.
4. Loyalty of employees - from the internal sources people are selected from for the higher
position and this will encourage employees. By seeing this other employees try to reach
that position. This will help in development of entity.
TASK 2
P3 Benefits of different HRM practices within the firm for both employee as well employer
There are several HRM practices in the for employee as well as employer. Some of them
are discussed below:
Employee
1. Conflict Management - HRM helps in solving of disputes in the organisation. It can be
between the management and employees, between co -employees. These practices help in
resolving the conflicts and give immediate solutions to the problem. In this knowledge of
companies policies are procedures are told by superior. They also try to solve the issues
of the poor attitude, inappropriate language which can create chances of disputes.
2. Training and development - this is one of the duty of HR managers. Proper training to
employees is necessary. This helps in knowing the correct knowledge of working criteria
of entity. This facilitate labourers in doing the work properly without wastage of
resources. This will help in getting correct career track to employees which can help in
grabbing the opportunities for their future (Brierley and Gwilliam, 2017).
3. Employees relation - managers of this department are very supportive to employees and
give them the freedom to tell anything which they are facing. If any of the employee is
facing discrimination then individual can immediately contact to the manger. Manager is
the authoritative person who can solve the issue related to this and help of laws like Anti
discrimination and harassment Laws.
Employer
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5. Skilled employees - companies who are working with skilled employees are more
developed then others. Employer has to supervise minimum to employees and they are
enough capable to do work on their own. It will increase the productivity of employees
as well as entity and give them the chance of doing the things in proper way.
6. Helps in achieving the organisational objectives- capable employees are way through
which people as well as employees can achieve the objectives of the entity. Employers
are one who taught to employees to reach at the objectives. HRM practices help the
employer to reach the aims and objectives of the firm.
Basis Benefits to the employee Benefits to the employer
Training & development Employee will have learning
experience. They will know
the working criteria of the JP
Morgan. Training will
enhance their skills and help
to perform their work in
better way. Through training
person will be get
knowledge about the work
and use of new technologies
which is used by the entity.
These practices are provided
by the manager for the
overall development of the
employees. These practices
are helpful for labourer in
their future context.
If employee will work in
better way in that case
company will achieve more
due to the work of the
workers and employer have
to reduce the guidance of
the employee. This will be
reduction in his work.
Employer can concentrate
on the strategies or orders
which need to apply on the
firm.
Conflict management Through HRM practices
manager will try to resolve
the issues of the employee's.
This will help in peaceful
If in organisation conflicts
will reduce in that case
working environment will
be more peaceful. It will
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working environment for the
employees. When their will
be no conflict in JP Morgan
employee productivity of
employee will increase and
their potential of the work
will maximise.
enhance his working as
well. In JP Morgan if
employee of the
organisation are resolved
easily and it will reduce the
turnover of employees.
Compensation and reward
management
If employee is working with
full efforts in that case HR
manager will provide the
rewards to that employee.
This will motivate
employee's and encourage
them to achieve the goals of
the company. Employees
will get help in financial way
which will more facilitate in
enhancing the work of
employee.
If employee will do work in
better way in that case
people can think innovative
ideas which can help in
increasing the productivity
of JP Morgan. Motivated
employees can work in
better way which can help
the employer to make plans
for achieving the objectives
of the entity.
P4 Effectiveness of different HRM practices in terms of the raising the organisational profit and
productivity
Companies are run with the help of the various HRM practices. These help in operating
employees as well as entity to operate ethically. This facilitate discipline in the JP Morgan. If any
of the in disciplinary action is prevailing in the entity then there are some laws through which it
can be controlled. Discipline is very important in the context of employee, they will fear in doing
any of the improper behaviour or act in organisation. Proper discipline is there which helps in
respecting the employees and superiors. There are many HRM practices which helps in gaining
the profit and productivity of organisation. Some of them are :
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 Learning, development and training practices- companies which are following HRM
practices help in regulating discipline in the organisation. By providing training to the
employees' employer gives them chance of enhancing their work. This will help in
getting perfection in their work (Guest,2017). Training development need is not only to
the people who are newly appointed but for existing employees as well. This will help in
increasing the knowledge of employee about the work. Employees will work properly
can reach the organisation to the top position. This will increase the potential and
productivity of employee as well as organisation.
Advantages- by learning development and training practices employees will get the learning
experience and this will provide them further career opportunities. In this worker of the entity
will learn the working criteria and there overall development will also be there.
Disadvantages- in organising the training development will cost more to the entity. Entities feel
that all this is full of the waste of time and lot of money is spent on this. People.
 Flexible working options- if in any of the company where working rules or environment
are not flexible in that case people are working there will not be able to work properly.
More freedom is given to the employees in working it can generate innovative ideas. It is
helping the entity to implement new ideas to organisation. It is facilitating the employees
and in doing better way. By applications of new ideas in the entity will help in getting the
good brand image in the organisation which will earn profit to the entity.
Advantages- in this employee can do the work in the environment where there is no restriction
of rules and regulation. Employee's can work in peaceful environment.
Disadvantages- by this type of environment employee feels more freedom in the organisation
and misuse that freedom in wrong way like breaking of rules of the entity.
 Employee performance management and monitoring- in this employee's work is
properly observed in that case performance of employee is reviewed and give them the
chance of development. If employees performance is improved in that case only JP
Morgan productivity will increase.
Advantages- by monitoring of the performance of the employees' employer can know the
strengths and weakness of employees. His strengths of the employee can be used to achieve the
objectives of the company.
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Disadvantages - it will consume lot of time in observing the each and employee work and from
this other work gets affected. Entities consider this approach as the unproductive.
 Payment and reward management- if in the JP Morgan employee's doing the work with
full of hard work and efficiency in that case people will be given the rewards which will
motivate them and give them a chance of improvement in their performance.
Advantages- rewards help the workers in getting motivated. Other worker will also try to
achieve the rewards that has been achieved by the employee. They will get inspire from the
rewards which are given by the firm to employees.
Disadvantages- this will occur lot of cost to entity. Many employees become jealous to the
employee who has got the reward. By this conflict can be generate.
TASK 3
P5 Importance of the employee relations in respect to influencing the HRM decision making
Employee relation is very important for any of the firm. Employees are doing the work of
firm which is given by the superior authority. Employees are the one who can make the
organisation by his performance or reject it. these are one of the major part of the which can
influence the decision making of HRM. Some strategies of the employee's engagement which
are helping in taking decision. These are discussed below:
 Think "Bottom Up " not "Top Down"- employees are one who are doing the real work
of firm . In all the entities people are one who differentiate from the others firms. In firm
employees are not satisfied with any of the thing then they will not be able to work in that
company. Managers have to make good relationship with employees which will help
them in the future (Brierley and Gwilliam, 2017). If any of the changes if company is
likely to implement in the entity in that case employees will help in that process.
 Show them you listen - it is very necessary for the entity to hear the employees. Ideas of
employees , suggestion of employees cannot be ignored. If opinions of them are listened
in the carefully in that case they can prove to be useful to the organisation. These are
people who can contribute to the organisation and maximise the engagement of
employees. This can help in making relation with the employee.
 Share good practice and ideas between the teams - if employee is performing well in
the organisation then this is duty of manager to the praise employees and motivate them.
If any of the ideas which is best and made by the team member in that case appreciation
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