Human Resource Management Report: JP Morgan Firm Analysis

This report provides a comprehensive analysis of Human Resource Management (HRM) practices within JP Morgan. It begins with an introduction to the core functions and purpose of HRM, emphasizing its significance in organizational success. The report then delves into Task 1, exploring the purpose and functions of HRM, followed by a detailed examination of the strengths and weaknesses of different recruitment and selection approaches, including internal and external recruitment methods. Task 2 focuses on the benefits of various HRM practices, emphasizing positive behavior promotion, employee development, building flexible workplaces, motivating workers, and achieving work-life balance. Task 3 highlights the importance of employee relationships and outlines key elements of employee legislation. Finally, Task 4 applies HRM practices within the context of JP Morgan. The report concludes with a summary of the key findings and insights, offering valuable perspectives on effective HRM strategies and their impact on organizational performance, specifically within JP Morgan.

JP MORGAN FIRM

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Purpose and functions of HRM........................................................................................1
P2. Strengths and weakness of different approaches to recruitment and selection................3
TASK 2............................................................................................................................................4
P3. Benefits of different HRM practices................................................................................4
P4. Effectiveness of different HRM practices........................................................................6
TASK 3............................................................................................................................................7
P5. Importance of Employee relationship..............................................................................7
P6. Key Elements of Employee Legislation...........................................................................8
TASK 4............................................................................................................................................9
P7. Application of HRM practices.........................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Human Resource Management is very essential for maintaining every aspect which is
related to employees. They are regarded as very essential for organisation, as it leads to facilitate
accomplishment of goals and objectives that are very necessary for an effective sustenance in
market. Apart from this, there are various approaches and practices which are covered under this
concept. Successful implications of these HRM practices results in increasing productivity of the
company. This department focus on providing suitable working environment to workers as well
as focus on establishing relationship with them.
Following report includes purpose and functions of human resource management in JP
Morgan. Apart from this, strength and weakness of various approaches of recruitment has been
discussed. Also, advantages of them are depicted in an effective manner. Importance of
Employees relationship is included with all its benefits which can support progress of JP Morgan
in several ways. There are various key elements of legislation related to workers that are
ascertained along with its impact on firm. Report also comprises of application of HRM practices
in company.
TASK 1
P1. Purpose and functions of HRM
Human Resource Management can be defined as a process of selecting, recruiting,
providing orientation, inducting employees as well as developing and appraising performances of
them. It also includes decision regarding employees’ compensation policies and delivering
benefits to motivate them in various ways and apart from this, maintenance of proper relation
with them. Assurance of employees’ safety and their welfare is also its another aspect.
Apart from this, HRM usually manages various activities which comprises human
resource planning, analysis of jobs, facilitating recruitment and selection and providing them
effective training, quality life and development in career. It is meant for effective utilisation of
skilled workforce that are available currently and to quench out maximum result from them that
would be beneficial for JP Morgan. Scope of human resource management is considered to be
very wide, as it comprises of every activity that starts from planning of manpower till the
resignation of employee (Adams, Freedman and Prassl, 2018). It includes many factors which
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are associated with labour and their welfare. Also, focuses on effective Industrial Relations
which is needed to be maintained in order to sustain in market.
Purpose of HRM can be regarded as identifying vacancies of jobs in JP Morgan and
searching for right candidate that can be appointed for fulfilling the objectives which can lead to
provide an effective outcome. Also, candidates are interviewed and the best candidate is selected
accordingly (Cascio, 2018). Apart from that training is provided to them so that their work
quality can get improved and also, enhancement of skills can be done which is very important for
JP Morgan as it tends to provide efficiency in task performance that results in maximisation of
capability of producing. Apart from this, proper focus is kept on employees’ contribution for
company and they are rewarded with monetary as well as non-monetary benefits. Also, for
motivating employees is regarded to be one of the major purpose of human resource
management, as it is very essential to raise their morale so that they can push themselves beyond
their limit for serving great productivity to firm. Managing proper as well as healthy relationship
with workers is one of their aim that supports coordination and effective controlling of them
through various policies and regulations. There are several functions of human resources
management which are discussed as below:
Managerial functions- Managerial functions includes several activities such as planning
that is associated with predeterminations of all those actions which will be implied on man
power for effective outcomes. It is a process that involves formulation of certain programmes as
well as policies in order to achieve organisational goals. Organisation is another concept which
is followed in order to allocate every individual at the right profile with appropriate skills. The
other activity includes staffing which promotes, select as well as train employees for particular
kind of work. After that directing is followed that comprises of encouraging groups for achieving
specific goals. Apart from that managerial activity also includes an effective controlling of
employees so that it can be coordinated in synchronised manner.
Operative Functions- It is related to specific department and can vary accordingly. It
ensures that right profile is given to suitable individual that does lead to harm their skills and
potentials, which does not lead to reduce efficiency of every role which is performed by
individuals in JP Morgan. Apart from that procurement, compensation, development and
maintenance of several functions which is to be performed by HRM (Conway and et.al.,2016).
Recruiting appropriate candidate and developing them through rigorous trainings and providing
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them compensation according to their contribution as well as maintaining them by protecting
their basic rights and promoting them for their quality work are some operational function of
human resource management.
P2. Strengths and weakness of different approaches to recruitment and selection
There are two types of approaches which are applied for an effective recruitment as well
as selection of employees in an organisation. They are discussed as below:
Internal Recruitment- This includes promoting individuals those who are already
working in the company. There are many advantages and disadvantages which are associated
with this kind of recruitment approach that are stated as below:
Advantages- This method is relatively cheaper as well as recruitment can be done quickly
that tends to save time and does not lead to bear losses due to absence of particular employee for
performing a specific role. Individuals who are selected already have knowledge regarding that
role and does not require any induction or training for performing that task which has been
allotted to that person. This saves the resources which can be used for providing training to
someone who is recruited externally (Hodges, 2018). Internal recruitments provide people an
opportunity of getting promoted for making effective contribution towards the firm. Promotion
can enhance employee morale and encourages them for maximising quality aspect in their work.
Apart from that company already knows the strength and weakness of that candidate and can
make plan accordingly to these perspective for getting effective outcome.
Disadvantages- Some of cons that are associated with internal recruitment are, it tends to
limit number of applicants for a job profile which means that only limited skills are available for
that role. Apart from this no new ideas can emerge from any outside source which can lead to
restrict innovation (Stone and et.al., 2015). It might cause resentment among many candidates
for not appointing for that specific profile which can result in internal disputes which can have
impact on functioning of the firm. Also, when shifting particular employee from one designation
to another, it results in another vacancy which is needed to be fulfilled in order to support
effective functioning of an organisation.
External Recruitment- This approach includes recruiting of candidates which is done
from those sources which are present outside the company. There can be many examples such as
recruitment drives, online applications etc. Advantages and disadvantages of this approach is
defined below:
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Advantages- With the recruitment of employees from outside sources can lead to provide
bunch of new ideas which can be implemented for betterment of firm. Apart from this, It
provides an opportunity for selecting the best candidate from wide variety of choices that can
help to select best talent for the organisation. Also, it acknowledged to the recruiters regarding
various skills which a candidate can possess apart from those which are essential for that
particular role. It serves wider perspective of experience that is considered to be crucial for
success.
Disadvantages- The cons of this method is longer process for selecting individuals
which can create many losses and can consume more resources. It can be regarded as expensive
process, as it includes many advertisements and associated interviews at various locations as per
the requirements (Mostafa and Gould-Williams, 2014). Apart from this, the process of selection
might not be effective for revealing candidate as the best choice.
One of the most common selection method is Panel interview which involves the asking
round that involves the judgement on the basis of the perspective that has been derived from the
response which t candidate has given for all those questions that has been asked by interviewer.
There are various pros of this method as it leads to establish a direct conversation with the
candidate that can provide effective observation of several aspects apart from the way of
answering. Also, an individual can be judged overall. There are some cons that are related with it
as it tends to consume much time for interviewing several applicants and deciding selecting
criteria.
TASK 2
P3. Benefits of different HRM practices
There several advantages which are associated with practices of human resource
management which are discussed as below:
Promotion of Positive Behaviour- When HRM practices are successfully applied, it can
result in creation of positive surrounding that can serve many benefits to employees as well as
employer. As per the perspective of employees, it tends to make them productive and happy. In a
broader perspective, these practices helps to reinforce and provide reward for excellent
behaviours of workers. From the perspective of employer, by providing positive working
environment it can lead to increase the productivity of company that focus to increase their
efficiency of completing tasks which further helps in accomplishing goals and objectives of firm.
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Development of Employees- These practices focuses on providing satisfaction to
workers that encourages them for contributing towards intellectual assets of a company.
Knowledge of workers and their skills can maximise competitive advantages of JP Morgan. An
effective company tends to capitalize several positive effects of HRM that facilitates in
improving their procedure of accomplishing any task that can be very advantageous as it would
lead to increase in the efficiency of performing task accordingly. Organisation tends to provide
several resources for educating employees as well as conduction of training for effective
utilisation all skills as well as sharing knowledge resources.
Building Flexible work place- These practices tends to provide shifting in such
demographics at workplace which can lead to develop such conditions that can be regarded as
useful for organization (effectiveness of different HRM practices, 2018). It concentrates on
providing facilities according to diversification in types of employees that are recruited in an
organisation. They design working structure accordingly and assignments are provided with
proper schedules as well as composition of working teams, it can lead to work on appropriate
locations and involves accountable methods or effective forms of communication. Flexible work
places provide customization in their jobs that suits their style.
Motivating Workers- It is very important to motivate workers in order to increase their
efficiency of performing every task which can be done by motivating manpower to push
themselves beyond their limit in order to serve more than their capability. There are various ways
which is applied in HRM practices that hire them and provide promotion as manager for
handling all task effectively. This practice is used by individuals for maximising the feeling
related to being competent in particular position. Employees who work in a positive environment
focuses more on work and serves to be more impacting for company as it leads to improve the
outcomes of very task.
Work Life Balance- It is considered to be an important aspect in order to provide a
balanced work life to employees that can make their life more stress free and would help them to
manage professional as well as personal life in an effective manner ( Cascio, 2018). Therefore, it
is very necessary to prepare the perfect schedule of working in order to maintain a healthy
working environment which does not serves to provide mental illness or any related problem.
Also, it tends to create environment that focus on result oriented approach.
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P4. Effectiveness of different HRM practices
There are various practices of Human Resource Management but Performance
management has an effect on the productivity and profit. These are defined as follows
High Performance- It is very important to manage performance of individual by
assessing skills and capabilities in order to determine strength and weakness for providing
appropriate positions that can utilise skills in a most effective manner. High performance is very
essential as there is an increase in productivity of organisation that helps to establish themselves
in market and provide a leading position among rivals (Armstrong and Taylor, 2014). Various
training sessions are conducted that leads to enhance their skills as it is considered to be very
crucial. With advanced skills efficiency of performing each task gets improved that is
considered to be an advantage for the company as it provides quality product in market which
helps to build up effective positioning among customers as a result there is an increase in base of
consumers that leads to develop huge profitability and considered to be a boon for financial
sustenance in market.
Motivated Employees- This is considered to be an essential aspect of performance
management. Motivates employees contribute more for a company. Therefore, motivation of
workers is necessary as it effects profit as well as productivity. HRM focuses on providing
several benefits to individuals according to their performance in terms of monetary or non-
monetary aspects. It helps to build up their motivation level (Jackson, Schuler and Jiang, 2014).
Major advantage which one can derived from motivating employees can be pushing them to
work beyond their limitations. Highly motivated employee rings out the positive results and
effectively faces every challenge that comes in the path of success. As outcome, company tends
to provide more advanced product or services for customers.
Proper Alignment of process and Activities- According to HRM various strategies are
formulated in order to successfully achieve them. Several activities are designed under a
particular strategic plan and processes are formulated accordingly. Every tactic is formed
according to these aim. Therefore, performance management focuses on converting individual
interest to common interest for accomplishment of objectives which are set by JP Morgan.
Positive Environment- It is very important to develop such kind of surrounding which
is very positive. As it helps to reduce tension or stress that can be considered as those factors
which can minimise performance of an individual and can degrades the quality level in
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delivering of products or services to customers. Therefore, several FACTORS are regulated and
maintained for providing positive environment.
Updating Skills of Employees- For producing advanced commodities it is very
important that every worker must possess advanced capabilities which can be used for producing
product in a creative manner that can be considered as very beneficial for company (Bratton and
Gold, 2017). Apart from this, several sessions are conducted in order to teach individuals
regarding latest technologies as well as associated skills which can make productivity more
efficient as well as effective which would lead to minimise wastage of resources and maximise
optimal utilisation.
TASK 3
P5. Importance of Employee relationship
It is very important to establish relationship with workers on good terms. Maintenance of
strong employee and employer relationship can be regarded as key to provide ultimate success to
organisation. With effective maintenance of this aspect, results which are derived are very
advantageous. A strong bond with workers can make employees to be more productive, efficient,
loyal. Importance of Employee relation is discussed as below:
Effective Coordination- It is considered to be crucial aspect that is needed to be
maintained in order to successfully implement various strategies which are made for
accomplishment of goals and objectives of the company (Chelladurai and Kerwin, 2017). It
avoids more consumption of time that can decrease efficiency of firm that can provide several
disadvantages. Effective coordination results in easy decision making. Apart from this,
communication level is established in an efficacious manner which creates understanding level
among employee and employer strong.
Strong Communication level- In a working environment it is very important to
establishes an efficacious network of communication which supports flow of information
without any restrictions. With a good employee relation, an open communication is conducted
that provides fast solution of problems occurring in company. Quick resolution is a major factor
that promotes effective decision making in a company. Therefore, for deciding important aspect
of a company it is very crucial to establish a strong communicating networks which would help
to serve many advantages for JP Morgan. Apart from this, there are other benefits such as
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effective communication decreases those errors which are cause by lack of expressing that can
effect several functions of organisation.
Reduction in Conflicts- It is regarded as most important factors as disputes can promote
failure as there is no mutual coordination between employees. In a company, while making a
particular decision it involves several employees who have different thinking procedure and
perception that can leads to create a scenario of conflict which can decrease efficiency of taking
an appropriate decision which can be beneficial for company (Moore and Jennings, 2017). A
strong employee relation provides an opportunity for negotiation in order to serve a verdict
which is dependent upon the mutual agreement of each individuals who are involved in this.
Reduction in conflicts tends to provide effective time management and instant implementation of
strategies for establishing any particular aim of company.
Support of Trade Union- As this community represents workers of firm and focuses on
providing basic rights to them and protection against the violation of these rights. It is a group
that works for the betterment of employees and controls formulation of company's policies.
Apart from this, it is very essential to gain support of trade union for effective decision making
as they are representative of workers and also provides recommendation or suggestion on behalf
of them so that their suggestions are also contributed for formulating new strategy for betterment
of company. Trade union are considered to be an important member of the management panel
and has impact on their decision making. Positive support of them is gained through strong
employee relation.
P6. Key Elements of Employee Legislation
Some of the key elements of Employee Legislation are discussed as below:
Employment Relationship of Individual- This includes several factors such as refitting,
terminating as well as building relations of workers that involves certain aspects such as transfer
of individuals according to vacancy in order to provide them an opportunity for effective
contribution in the company. Apart from this, criteria for promotion has been provided to select
an employee on the basis of its performance. Also, policies for compensation is also been
provided in order to serve right for claiming monetary benefits according to a situation.
Remedial solutions for these Legal matters related to these aspects are also served.
Wages and Remuneration- It is a legal structure that provides solutions related to all
methods as well as forms of ways for deciding the amount of wages and associated payments or
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contract or notifying them with conditions related to it (Reiche and et. al., 2016). It also provides
Criteria for proper evaluation and its limitation is provided. It protects wages of workers from
illegal reductions. It determines several forms and methods for payments. Also, fringe benefits
are provided under this section of employee legislation.
Working Schedules and Conditions- It is very important to provide necessary condition
that supports working of an individual. Several basic facilities are required to be provided to
them according to employee legislation. It deals with proper condition for working that includes
holidays, standards hours and breaks. Apart from this, special provisions are provided to female
employees. Legal assurance as well as equal pay is considered to be more focused.
Industrial Relationship and Trade Unions- This element comprises of all those
complex type of legal relationship and apart from that it focuses on protection of basic rights of
employees and its violation by several misconduct. It provides an equal right to every worker to
raise voice against illegal practices which can lead to harm them in various aspects. It supports
mutual agreements as well as bargaining.
Health, Welfare as well as safety- It focuses on providing a safer environment of
working for employees. By providing them various safety surroundings, equipment which re
needed to keep them safe from any kind of fatal injury which can be life threatening. Apart from
this accident preventive regulations and occupational health is provided to them. Under this,
special regulations are made that focuses on developing a risk free structure for enabling them to
work effectively.
TASK 4
P7. Application of HRM practices
Practices of Human Resource Management has several applications some of them are
discussed as below:
Recruitment for fulfilling requirement- It is considered to an important aspect as
company requires individuals for performing task which helps to accomplish goals of an
organisation (Bolman and Deal, 2017). There are various approaches which are followed for
appropriate recruitment which has to be done in order to interview those candidates who are
eligible for needed position. As there are several individuals who are present for acquiring
vacancy. Therefore, recruiting right candidate is very essential in order to provide effective
completion of task in right manner.
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Selection of the best - As there are numerous candidates present for particular profile in
a company. It is very necessary to have proper identification of the person who has the best kills
and is regarded to be capable of successfully continuing that particular role in an organisation.
The major objective which is involved in selecting practice can be predicting which job applicant
has the tendency to perform effectively and can fairly provide differences between individual
who can be successful or unsuccessful in performance. It may include screening, application
forms as well as test interviews for quenching out the best among available one.
Enhancement of Skills- It focuses on providing training sessions on latest skills which
are needed to be developed in order to provide the best quality delivery of services. With
globalisation there is a demand of adopting the most advanced way of performing task.
Therefore, HRM practices focus on assessing those required skills and providing regular training
which cam enhance it and can be used for betterment of company. It is very necessary in order to
increase the efficiency of accomplishing task and making production aspect to be more cost and
time effective.
Appraisal of performance- These practices focus on providing appraisals on
performances according to set standards which are provided for determining excellent
contribution criteria. Employees are provided various benefits that leads to enhance their
motivation to perform more effectively in order to accomplish goals of an organisation. Also,
there is a regular monitoring and evaluation of performances that helps to identify those
loopholes which tends degrades performance of worker (Albrecht and et.al., 2015). Apart from
this, performance is maintained in order to regulate productivity of the company which gets
influenced due to many aspects. These factors are needed to be provided for effective sustenance
in market area. It provide motivation to employees that helps to push themselves to contribute
more than their efficiency for the company and it lead to increase the effectiveness of the
company in market that provides them numerous benefits in several ways. Also, promotions and
appreciations are provided to individuals who has extraordinary contribution to economy.
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