Comprehensive Report on HRM Strategies at JP Morgan Bank

This report examines Human Resource Management (HRM) practices at JP Morgan, a multinational bank. It begins with an introduction to HRM, its purpose, and functions, including strategic HRM, and differentiates between hard and soft HRM approaches. Task 1 focuses on the purpose and functions of HRM, while also analyzing the strengths and weaknesses of various recruitment and selection processes, including internal and external recruitment methods and selection techniques like interviews. Task 2 explores the benefits of HRM practices for both employers and employees, as well as the effectiveness of HRM practices in raising organizational profit and productivity. The report then moves to Task 3, which discusses the importance of employee relations in influencing HRM decision-making and the key elements of employment legislation and its impact on HRM. Finally, Task 4 applies HRM practices in a work-related context. The report concludes by summarizing the key findings and implications of the analysis, emphasizing the strategic importance of effective HRM in achieving organizational goals and objectives within the financial services industry.

Human Resource
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Purpose and functions of human resource management...................................................1
Hard and Soft HRM................................................................................................................2
P2 Strength and weaknesses of various recruitment and selection process...........................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
TASK 2............................................................................................................................................8
P3 Benefits of HRM practices for employer and employee...................................................8
P4 Effectiveness of different HRM practices in raising organisational profit and productivity
..............................................................................................................................................10
REFERENCES..............................................................................................................................12
TASK 3..........................................................................................................................................13
P5 Importance of employee relations in respect to influencing HRM decision-making.....13
P6 Key elements of employment legislation and its impact on HRM decision-making......14
REFERENCES..............................................................................................................................15
TASK 4..........................................................................................................................................16
P7 Application of HRM practices in a work-related context...............................................16
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
Human resource management is strategic approach which consists essential role in
organisation to have sufficient manpower for execution of business operations effectively. For
this, recruitment, selection, performance assessment, compensation, training and development
are various activities which are conducted by HR. Subordinates are given duties in according to
their skills and knowledge to make them perform tasks and complete targets and objectives
within defined time (Human resource management, 2016). Present report is based on JP Morgan
which is multinational bank and has headquarter in United Kingdom. Company provides
financial and banking services to people for enhancing state of nations. This assignment specifies
purpose and functions of HRM to have skilled and competent people in bank. HRM practices
benefits both employer and subordinates to enhance organisation productivity and profitability. It
is necessary that employment legislation and employee relations are acknowledged by
management to make appropriate decisions which are beneficial for bank. Thus, administration is
able to timely accomplish business goals and objectives.
TASK 1
P1 Purpose and functions of human resource management
HRM refers to managers responsibility to frame organisation structure and have adequate
manpower in firm. For this, they conduct workforce planning which is to recruit best individual
and provide them duties in according to their abilities. Along with this, training and development
activities are executed by human resource to have skilled and competent people which provide
quality products and services to people.
Strategic HRM: This is practice which is conducted by management to enhance
functionality of organisation. For this, HRM is coordinated with strategic objectives and goals to
direct staff members to perform tasks effectively. Along this, they even provide appropriate
organisation culture to foster flexibility and innovation in business (Decker, Riley and Siemer,
2012).
Hard and Soft HRM
Hard HRM: This aspect specifies that employees are treated by management as resource
just like machinery, building and other assets. Top personnel focus is to achieve objectives and
goals of organisation to enhance its position and share in market. Management follows autocratic
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style which define that employees are not involved in decision-making process, as they didn't
value them and their knowledge. This situation mainly occurs in large companies in which
administration can't involve workers in meeting which will consumes large time. Besides this, as
in context of JP Morgan hard HRM tactic rise when customer's demands increases and
management make judgements and inform staff to save both time and money (Hobfoll, 2011).
Soft HRM: This is another tactic which define that management gives value to
subordinates and consider them as important resource. Human resource motivate employees by
providing them rewards and delegate them responsibilities with aim of long term workforce
planning. This helps JP Morgan to have talented staff which position it superior than
competitors. Besides this, bank have skilled staff which construct and maintain relations with
customers to sustain them for longer time. Thus, management is able to establish competitive
advantage in respect to their rival banks to attract people easily.
P2 Strength and weaknesses of various recruitment and selection process
Human resource conduct staffing process to have adequate workforce for execution of
business operations to achieve business goals and objectives. For this, recruitment and selection
are two activities which are executed by management of JP Morgan to fill vacant position. Thus,
bank have skilled and competent people which provide appropriate financial and banking
services to customers.
Recruitment: This is process of hiring individual in firm in respect to business
requirements. For this, management of JP Morgan have two sources which are internal and
external to utilise present workforce or new candidates (Albrecht and et. al., 2015). Thus, this
activities have different tools which are selected by HR in respect to availability of subordinates
in bank which are described below:
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Illustration 1: Internal and external sources of recruitment
(Source: Internal and external sources of recruitment, 2011)
Internal approach: This tactic define that management fill vacant positions by using
existing staff members. For this, promotion transfer and employee referrals are various tools
which help HR to give value to employees and influence their performance. This help
administration to give opportunities to members to grow in career by enhancing their skills.
Strengths:
 It is simple and easy method which help management to fill vacant position by utilising
their current workforce. This safe their time, cost and efforts which require to be
conducted to invite applicants from outside firm and select best candidate (Decker, Riley
and Siemer, 2012). This tool benefits HR to motivate staff members to perform tasks effectively and timely
complete targets to gain high position in respect to their outcomes.
Weaknesses:
 Organisation productivity is affected, as present employees will not build innovative and
new business ideas which new joiners would bring with them.
 Human resource have knowledge about strengths and weaknesses of subordinates, so
their decision determine promotion and demotion accordingly. This results into
construction of competition between members which impact on level of productivity of
company (Hobfoll, 2011).
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External approach: This is another aspect which specifies that human resource advertise
to public about vacant positions to make them apply for job in according to their skills and
abilities. Placement agencies, campus recruitment, job portals, newspaper advertisement are
various tools which help management to recruit new joiners in firm.
Strengths:
 Management uses this process to increase their workforce by recruiting individual from
outside. This help company to have subordinates which bring new business ideas to
enhance business operations and its reputation in market. Organisation have large number of candidates which they can choose in according to
vacant position and abilities of individual.
Weaknesses:
 It is a longer activity, as human resource require to inform people about vacant position
and conduct selection activity to choose best candidate which have ability in respect to
vacant position (Kakuma and et. al., 2011).
 This process large amount of funds of organisation in respect to advertisement and
interview. Along this, it also consumes large time and efforts of management to conduct
induction and training sessions to increase learning and skills of new joiners in respect to
assigned task.
Human resource of JP Morgan first uses internal recruitment tools to utilise their current
staff for filling higher posts, while external approach is used for upper and lower level jobs. This
help bank to have sufficient manpower which are skilled and competent to perform tasks
effectively. Thus, quality banking and financial services are delivered to customers for
completion of their demands and requirements (Manroop, Singh and Ezzedeen, 2014).
Selection: Management conduct test and interview candidates to have knowledge about
their skills and knowledge to choose best applicant in respect to vacant position. Human resource
of JP Morgan conduct interview to select appropriate individual which will be able to provide
banking and financial services to customers.
Interview: This is efficient tool which is used by HR to have knowledge about skills and
knowledge of people.
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 Strengths: This is simple and easy method which help management to acknowledge
capabilities of individual and their knowledge to select approaches candidate (Rousseau
and Barends, 2011).
Weaknesses: It is a negative process which affect on person confidence level, if they are not
selected. Along this, HR capability and mood determine selection of candidate.
CONCLUSION
As per above report, it can be concluded that human resource management manage
manpower for accomplishment of business goals and objectives. For this, they formulate
strategies to direct employees to make them work effectively. HRM have two tactics that are soft
and hard which they adopt in according to organisation functioning. HR conduct recruitment
activity to select appropriate candidates, thereby have sufficient workforce in firm.
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REFERENCES
Books and Journals
Albrecht, S. L. and et. al., 2015. Employee engagement, human resource management practices
and competitive advantage: An integrated approach. Journal of Organizational
Effectiveness: People and Performance. 2(1). pp.7-35.
Decker, D. J., Riley, S. J. and Siemer, W. F. eds., 2012. Human dimensions of wildlife
management. JHU Press.
Hobfoll, S. E., 2011. Conservation of resource caravans and engaged settings. Journal of
occupational and organizational psychology. 84(1). pp.116-122.
Kakuma, R. and et. al., 2011. Human resources for mental health care: current situation and
strategies for action. The Lancet. 378(9803). pp.1654-1663.
Manroop, L., Singh, P. and Ezzedeen, S., 2014. Human Resource Systems and Ethical Climates:
A Resource‐Based Perspective. Human resource management. 53(5). pp.795-816.
Rousseau, D. M. and Barends, E. G., 2011. Becoming an evidence‐based HR practitioner.
Human Resource Management Journal, 21(3). pp.221-235.
Online
Human resource management. 2016. [Online]. Available through:
<http://www.yourarticlelibrary.com/hrm/human-resource-management-functions-managerial-
operative-and-advisory-function/27995/>.
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TASK 2
P3 Benefits of HRM practices for employer and employee
HRM practices includes activities which are recruitment, selection, performance
assessment, compensation, training and development to have skilled and competent staff
members in organisation. These are HRM practices which are conducted by management of JP
Morgan to have skilled and talented staff members for providing appropriate banking and
financial services to people. This help bank to satisfy clients to enhance its position and
reputation in market in respect to rival firms (Salvendy, 2012).
Benefits of HR: Health and safety: Employees require to get secure working environment in firm. In JP
Morgan, HR responsibility to ensure that workplace is healthy and safe for staff
members. For this, they formulate policies and procedures to reduce risk and
uncertainties from company by making employees function as per norms. Planning for changes: Organisation is present in environment which is dynamic and
have large number of firms. It is necessary that management of JP Morgan make
modification in technology to provide effective and quality services to clients. In this,
human resource role is to keep employees updated by system. For which they conduct
training sessions to enhance their skills and make them competent to work with updated
software. Recruitment and retention: Human resource of JP Morgan take care that bank have
sufficient manpower for providing services to people. For this, they conduct recruitment
process to fill vacant positions. Besides this, they even maintain relations with staff to
keep them dedicated towards job. This help them to retain skilled and competent people
for longer time.
Performance Management: It is a process which is conducted by human resource to
have information about capabilities of staff members. For this, employees actual results are
compared with standards which help them to reward or execute training programmes
accordingly. Thus, HR integrate vision of firm with its system and manpower for
accomplishment of business objectives.
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 Advantages: Human resource use this technique to have in-depth review of performance
of subordinates. This aid them to gain knowledge about problem areas to enhance
capabilities of staff members in respect to provided tasks and targets. Disadvantages: It is a time consuming activity whose results are dependable on assessor's
abilities. This tactic also have possibility that employees performance is affected due to
competition of getting reward from management.
Steps: These are different phases of performance management which are conducted by
HR which are stated below: Planning: This is first step in which human resource of JP Morgan construct job
description to inform staff members about responsibilities and position. Besides this, they
even formulate strategic plan that includes mission statement and goals. This is used by
them to direct employees to perform tasks and attain targets within defined time. Developing: It is another stage of performance management in which HR of JP Morgan
frame benchmarks and inform employees to make them work in specifies manner. Monitoring: This is essential step which help human resource of JP Morgan to examine
employees capabilities. For this, they compare actual outcomes with standards to gain
knowledge about deviations. Rating: In this phase, HR of JP Morgan give ranking to staff members to increase their
morale by providing them information about their performance and results.
 Development planning: This is last step in which human resource make changes in
standards and conduct training programmes to enhance skills and knowledge of staff
members.
P4 Effectiveness of different HRM practices in raising organisational profit and productivity
Human resource management includes different practices like recruitment and selection
process, providing compensation & bonuses, performance management and etc., Thus, these are
considered as an activities that are conducted by management of the firm so as to run their
business in an effective manner. In order to increase sales and productivity it is crucial that
company manufacture goods and services as per choices and preferences of customers. In
relation with J. P. Morgan and its employees are capable of performing any kind of work which
assist firm in delivering effective services and facilities. As a result it is assisting company in
enhancing its position at market area and further sustain in the market for a longer period of time.
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Therefore, some of the Human Resource management practices are mentioned below for better
understanding (Brewster and Hegewisch, 2017):
Staffing: Each company needs employees who can perform their activities in order to
increase growth level of the organisation as compared to other rival companies. Thus, for this, it
is required that firm conduct recruitment and selection process as a result it will assist them in
hiring people who are skilled enough in doing their task. In relation with J. P. Morgan as they
have established their business in worldwide so they are conducting recruitment process through
which they are looking for candidates who are good in financial and banking services as a result
this will assist J. P. Morgan in providing better services so as to satisfy needs of customers.
Learning development and training practices: This is an activity that is incorporated in
order to improve skills and knowledge of workers. After evaluating performance level of
company and employees J. P. Morgan implement various training and development programmes.
For this, firm are conducting session, workshop etc., where they are inviting expertise who are
providing proper guidance (Chelladurai and Kerwin, 2017).
Monitoring of employees performance and management: It is determine as one of the
important element of HRM practice as in this managers and superiors identify activities
performed by an employee as compared with others. As a result it assist supervisors in giving
rewards, bonus etc., In addition to this, for evaluating performance appraisal they are using
different techniques which is assisting firm in providing rating to individual according to the
performance.
Payment and reward system: This is the best source through which company can
motivate its employees. In relation with J. P. Morgan through this process they are providing
bonuses and rewards which is helping employees in boosting their morale while performing
activities. Therefore, it is assisting company in providing rewards as per skills and knowledge
acquired by them (Marchington and et. al., 2016).
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REFERENCES
Books and Journals
Bratton, J. and Gold, J., 2017. Human resource management: theory and practice. Palgrave.
Brewster, C. and Hegewisch, A. eds., 2017. Policy and practice in European human resource
management: The Price Waterhouse Cranfield survey. Taylor & Francis.
Chelladurai, P. and Kerwin, S., 2017. Human resource management in sport and recreation.
Human Kinetics.
Marchington, M. and et. al., 2016. Human resource management at work. Kogan Page
Publishers.
Salvendy, G., 2012. Handbook of human factors and ergonomics. John Wiley & Sons.
Schuler, R. S., Jackson, S. E. and Tarique, I., 2011. Global talent management and global talent
challenges: Strategic opportunities for IHRM. Journal of World Business. 46(4). pp.506-
516.
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