Human Resources Management Report: JP Morgan and Canary Wharf

This report provides a comprehensive analysis of Human Resource Management (HRM) practices, focusing on the context of JP Morgan and Canary Wharf. It begins by outlining the purpose and function of HRM in workforce planning and resourcing, including the significance of recruiting the right personnel. The report then critically evaluates the strengths and weaknesses of both internal and external recruitment and selection approaches. The benefits of various HRM practices for both employers and employees are examined, along with their effectiveness in enhancing productivity and profitability. Furthermore, the report explores the crucial role of employee relations in influencing HRM decision-making and identifies key elements of employment legislation and their impacts. Finally, the application of HRM practices within a work-related context is illustrated, providing a holistic understanding of HRM's strategic importance.

Human Resources Management

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Purpose and function of HRM in workforce planning and resourcing..................................1
P2 Strength and weakness of recruitment and selection.............................................................3
TASK 2 ...........................................................................................................................................6
P3 Benefits of HRM practices for employers and employees ...................................................6
P4 Effectiveness of different HRM practices of raising of productivity and profits..................8
TASK 3 .........................................................................................................................................10
P5 Importance of employees relations influencing HRM decision making.............................10
P6 Key elements of employment legislation and its impacts upon HRM decision making.....11
TASK 4..........................................................................................................................................13
P7 Application of HRM practices in a work related context. ..................................................13
CONCLUSION .............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
Human resource management (HRM) is the process of hiring people, providing training,
compensation, developing policies and strategies to manage effectiveness in organisational
functions. HR department focus on design employee’s benefits, performance appraisal and
rewards at workplace. The purpose is to maximize productivity and effectiveness of workers in
an organization. The responsibility of HRM revolves around key aspects that is acquire, develop,
and retain talent (Armstrong and Taylor, 2014).
This present assignment is based on JP Morgan and Canary Wharf. They are commercial
and investment banking institutions and commercial estate and locality respectively. The
management of both the firms are focused on growing their business with the motive of earning
more profits and generating revenues.
Study will explain purpose and function of HRM regarding workforce planning, strengths
and weaknesses of different approach to recruitment and selection. It will explain benefits of
different practices for both employees and employers and its effectiveness for raising profits and
productivity of organization. It will analyse the importance of maintaining positive relationship
with employees which play a crucial role in influencing decision making of human resource
manager. It will identify key elements of employment legislation and its impacts. Thus, study
will illustrate application of HRM practices in a work related context.
TASK 1
P 1 Purpose and function of HRM in workforce planning and resourcing
Human Resource Management is a strategic approach which focuses on managing
manpower of the organization. The concept of Human Resource Management gives a detailed
view about the manner of getting work done by workforce.
Nature of HRM is to recruit and select right candidate for the work to get the best out of
all. Basically selection of right employee at the right time for the suitable job is the key concern
of HR manager. Human resource manager manages to increase productivity of the labour
efficiently.
Scope of the HRM is managing the manpower and selecting them according to the
requirements of firm. Recruiting correct number of people as per job and person specification
provides detail analysis of scope of HRM. This include recruitment, placement, training and
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motivational process. So that labour resources can be used productively. People are generally
considered as a most productive assets of the company (Brewster and Hegewisch, 2017).
Purpose of HRMG
Purpose of the HRM is to use manpower in a very systematic way. Resources should be
coordinated in a way that organizational and individual objectives, both can be achieved
properly. Manpower planning needs to be done according to vacant positions. Human resource
manager maintains a very healthy relationship among their employees. It is basically a strategic
planning of the management to keep their workforce resources satisfied and motivated towards
their organization goals.
Human resource Management serves as a link between human resource and planning to achieve
the organizational goal. Management of the firm has the capability to manage and coordinate
their workforce in an efficient way. Objective of human resource management of JP Morgan is to
maximise the company's productivity by optimising the effectiveness of their employees.
Functions of HRM
Human Resource Management strategies of JP Morgan are well managed where workers
show interests in official as well as their personal development. Trained and skilled labour is the
best strength a company can have. Providing better job opportunities and assuring the job
securities is actually the part of the management where every employee is motivated and
interested in achieving organizational goals. Functions of HRM with reference to workforce
planning are described as below:
 Recruitment
 Reward management
 Maintain Discipline
 Timely Training
 Better opportunities
JP Morgan is one of the globally diversified investment banking firm which uses its
employees as an asset. This bank provides their worker a very good environment to grow within
the company. This makes employees to do their best and they prove to be productively effective.
Promotions and the healthy environment in the bank brings their workforce loyalty
towards their work to achieve the organizational goal. JP Morgan is one of the leading
investment and financial banking service provider which is providing the services from last
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many years. This firm had employed lot of peoples to the great extent. This boosts the morale of
the employees. Company's goodwill in the market helps to keep their workers always charged
up. HRM concentrates on career and skills development of workers and works to motivate them.
Function of the Human Resources is to formulate strategies, plans and programs to address errors
and gaps in the organization's workforce. The programs are held on the regular basis for their
evolution and improvement (Bratton and Gold, 2017).
Rewards are being given to the employees in monetary or non-monetary way. Employees
are appreciated for their good work and better performance. Entire functions of the work force
planning are applied by the manager to link company's business planning with respect to their
workforce. This Decision maker is responsible for supervising all the activities and
implementing them on their labours.
P2 Strength and weakness of recruitment and selection
This refers to the process of attracting, short-listing, selecting and appointing the suitable
candidate for the job. Recruitment is basically a lengthy process of selection where candidates
are hired for the employment purpose (Bratton and Gold, 2017).
It may take time but it will come up as the employment of best person for the role.
Choosing or recruiting a good resource for the company leads to strengthens the power and the
growth of Firm. This process of selection and recruitment is done through following ways either
by internal selection or by external basis of selection
Internal Approach of selection
Internal selection is the process where selection of the candidates is done within the
organization. There are multiple methods of internal approach like:
 Promotion of existing employee at the higher position:
This method of recruitment helps to improve the employee's morale and the current
workers do get a fair chance to show their further qualities.
 Offering a permanent job:
This method will increase the individual’s self-confidence and this creates a motivated
and dedicated Environment
 Rotating Position:
This process will be useful to show the employee's other side to get out of daily routine
work to make the things somewhat interest (Bailey and et.al., 2018).
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Strengths
 Familiar candidate
Here, when the person is hired from within the JP Morgan, that person is very much
known about the ideas, procedure, work, approaches, ethics and the policies of the company. The
employee is very much familiar about the ins and outs of the company. Only difference is that
the individual gets promoted to the higher positions for their good work.
 Less paper work
In this case, company is more beneficial as they do not need to do any paper work or
identification formalities because the candidate is already known to them. They do not require
any verification of their existing worker as all the details are already provided to them at the time
of joining (Bratton and Gold, 2017).
 Time and Cost factor
It will definitely reduce the time consumption of the managers of JP Morgan as they do
not need to provide the information regarding the work and company policies. It also reduces the
cost factor in this bank because they are not required to spend more cost for the hiring procedure.
Advertising cost is reduced because outside hiring needs to be informed by advertising and other
sources.
 Use of existing talent
The current talent is used further for much better opportunities. This can be counted as
the strength of this investment company. Their existing resource are found to be more useful and
they produce more productive output. This creates motivation in all the other staff members to do
well in the organization (Chelladurai and Kerwin, 2017).
Weakness
 Lack of fresh perspective or outlook
On the another hand this technique of internally promoting the employees from within
the firm can be taken as a barrier in JP Morgan investment organization, as it does not promote
the fresh talent or new ideas from outside.
 Required particular skills or talent
In this case when the company is looking for any particular skills or qualification than
existing employees cannot match up to the requirements of the company.
 Opportunities for fresher’s
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Fresher’s needs to explore their fresh talent and ideas for which they require a particular platform
and the JP Morgan is not providing them a place to explore their innovative ideas. (Bailey and
et.al., 2018)
External approach of selection
This refers to hiring of the people from outside of the organization, exploring the new and the
fresh talents. There are multiple methods of externally select the candidate which are as follows:
 Advertisement:
If candidates for a particular vacant positions are required, then company advertise their
requirements through newspaper internet to reach large number of the people. This is highly
approachable method of selection.
 Placements:
Company can directly visit to the institutions and campus for the placement opportunities
to the fresh talent (Bratton and Gold, 2017).
 Casual callers:
Those persons who casually visits the company for employment can also be offered a
suitable vacant positions.
Strengths
 Promoting fresh ideas
This idea of taking the applicants from outside of the firm helps to promote the
perspective and innovative ideas of fresher’s in our country and selecting the suitable talent for
the different positions helps this investment company to get new talent (Bailey and et.al., 2018).
 Provides opportunity
It provides opportunity for the people who are searching for the platform to use their
skills and talent with the right company.
 Targeting the key players
People from outside environment helps in attaining feedback about competitiveness and
improvements areas for company so that the managers of JP Morgan try to plan more new and
innovate techniques about their company's working.
Weakness
 Time and cost factors
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This approach of selection increases the cost of the company and time needs to be
scheduled and managed accordingly. New people in the bank take time to understand the process
of working and company policies.
 Non appreciable by current employees
Existing employees may feel demotivated as new talent takes their place, which increases
competition among staff members.
 It takes time to train the new employee to match the level
It takes some time to train the new workforce to match the level of the existing worker it
totally depends on the individual that the candidate is quick or slow learner. Therefore, taking the
candidate a little longer to get up and running (Bratton and Gold, 2017).
TASK 2
P 3 Benefits of HRM practices for employers and employees
The HRM practice represent essential guidance to management system that coordinates
with execute business plans. There are different practices such as recruitment and selection,
training and development, performance management, employee’s relation, etc. which are
beneficial of company for raising profits and employee productivity. These practices are
advantageous for effectiveness of employees in the company (Caligiuri, 2014).
With above practices improvement in organizational culture comprise of values, vision,
traditions and working rules. It includes planning over technological changes which help to raise
productivity and profits of company. These practices help to manage and solve conflicts,
maintain health and safety of employees and aim at developing goods relation between workers.
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HRM Practices Employees Employers
Recruitment and Selection This practice is beneficial for
employees to create
opportunity for job positions.
It is beneficial for employers
to recognize value of
workplace and attract diverse
applicants pool.
Training and development It is advantageous for workers
to develop job skills,
knowledge, ability for better
understanding and to improve
performance in Canary Wharf.
It is advantageous for
employers to make new
employees to understand job
role and values of
organization.
Compensation It is beneficial for employees
as it helps in meeting their
needs and wants (Broome and
Gillen, 2014).
It is good to maintain balance
in budgetary needs of
company and use of
competitive compensation to
attract and retain employees.
Performance Management It helps in improving
performance and effectiveness
of employees in the
organization.
It helps to set work expectation
among employees in Canary
Wharf firm.
Legal Compliance and
Flexibility
It is good for employee to
protect their health, safety and
welfare in the workplace.
It is advantageous to maintain
the health, safety and ensure
that decision comply with
applicable laws.
Strategic Planning It is beneficial for employees
to understand policies and
strategies for completing
different tasks.
It is good for analysing
strengths and weakness of
internal business environment.
Benefits Administration It is advantageous to take all
benefits for health, safety and
It is good to maintain
employees benefits files and

security of job in the Canary
Wharf.
comply with state and federal
laws.

Good Relation It is beneficial to maintain
positive and simple work
relation with every employee.
It is advantageous for growing
good working relation among
employees (Caligiuri, 2014).
P 4 Effectiveness of different HRM practices of raising of productivity and profits.
The HR directors of Canary Wharf are using different practices which involve training,
development, flexible working conditions, performance management and monitoring, rewards
and payment management. The company uses learning, development and training practices for
raising profits and productivity.
Learning, development and training practices:
Training is the learning process in which employees get a possibility to develop skills,
competency and knowledge as per job requirements. It is the short term process. The objective is
to improve work performance of workers. Development is educational procedure in which
concern of overall growth of staff. The objective is to prepare employees for future challenges
(De Gieter and Hofmans, 2015). It is focused on future growth. Therefore, HR adopts practices
for learning and training and development of employees. The effectiveness of practices is
beneficial for raising profits and productivity. There are different benefits of training and
development in Canary Wharf. Such as follows:
Increasing Productivity: Training is essential to improve efficiency and productivity of
employees in the company. Employees are updating new technology by existing employees.
Training is to improve quantity and quality of performance of workers. When staff properly
trained, there is less wastage of time, money and resources (Qureshi, 2016).
Less Supervision: Training is improving skills of employees, so that they are addressing
tasks independently by less supervision. Well trained employees are presenting with their job and
they need less direction.
Reduction of errors and accidents: The lack of desired knowledge and skills for
particular job requirement increases mistakes and accidents. Regular training and development
ensures that employees are getting right skills at correct time. Well trained employees are less
possibility of committing mistakes in job.
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Talent Pool: Training is to create pool of employees which help to bridge space when
someone unexpectedly leave the company. Workers are training on minor additional skills in
sales, customer’s services and operations.
Job Satisfaction: Training and development is making employees feels more satisfied
with their role which they are playing in the Canary Wharf. It is to gain ability for execution their
responsibilities. Company is to giving rewards for their best services in the workplace (Egels-
Zandén and Merk, 2014).
Reduction of turnover: Employees are turning around time, costs and money. Training
is to create a feeling of confidence in the mind of employees. It is giving security at the Canary
Wharf. Therefore, it is reducing labour turnover and absenteeism.
Employees Weaknesses: Most of employees are having certain weaknesses in the
workplace which prevent them from giving best outputs. Training is to help in necessitate these
weaknesses by strengthening employee’s skills and dissolution barriers.
Increasing consistency: Training and development programs is to give constant
knowledge and experience of employees. It is to ensure that all workers are having a consistent
knowledge and experience of tasks as well as procedures. It is to help for employees to complete
tasks without any issues (Jayasinghe, 2016).
Reduction in learning time: The training practices are help to reduce learning time. If
the employees are learning through error and trial, they are taking longer time. It is to reduce
time frame of self-learning.
Skill Development: Training and development practices are help to increase job
knowledge and skills of employees at each level. It helps in personality development of workers.
Skilled employees contribute in managing profits and productivity of the Canary Wharf.
Optimum Utilization of resources: Training and development helps to give opportunity
and broad structure for the development of human resources' in the Canary Wharf. It is help in
optimum resources utilization and attaining personal growth and development of employees. The
proper utilization of resources is to help in raising productivity and profits of company (Marino,
Roosblad and Penninx, 2017).
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