Human Resource Management Report: Workforce Planning at JP Morgan

This report provides a comprehensive analysis of Human Resource Management (HRM) practices within JP Morgan, an American multinational investment bank. It delves into the purpose and functions of HRM concerning workforce planning and resourcing, exploring the differences between hard and soft HRM approaches. The report examines the strengths and weaknesses of both internal and external recruitment and selection methods. It further discusses the benefits of various HRM practices for both employers and employees, including work-life balance and training and development. The report evaluates the effectiveness of HRM practices in enhancing profit and productivity, and it analyzes the importance of employee relations and the impact of employee legislation on HRM decision-making. Finally, it critically evaluates the application of HRM practices in a work-related context, offering a detailed overview of the strategies employed by JP Morgan.

Human Resources
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Purpose and functions of HRM that are applicable to workforce planning and resourcing. .1
P2 Strength and weaknesses of different approaches to recruitment and selection....................3
M1 How functions of HRM can provide talent and skills appropriate to fulfil business
objectives.....................................................................................................................................5
M2 Strength and weaknesses of different approaches of recruitment and selection..................5
D1 Critically evaluate strength and weaknesses of different approaches to recruitment and
selection ......................................................................................................................................5
TASK 2............................................................................................................................................5
P3 Benefits of different HRM practices within the firm for employer and employee................5
P4 Evaluate effectiveness of different HRM practices in order to increase profit and
productivity.................................................................................................................................7
M3 Different methods used in HRM practices with provide example to support evaluation.....8
D2 Critically evaluate HRM practices and application in organisational context......................8
TASK 3............................................................................................................................................8
P5 Analysis the importance of employee relations in respect to influence HRM decision
making.........................................................................................................................................8
P6 Key elements of employee legislations which create impact on HRM decision making....10
M4 Key aspect of employee relations management and employment legislation that affect
HRM decision making..............................................................................................................11
D3 Critically evaluate employee relations and applications of HRM practices that inform and
influence decision making in organisational context................................................................11
TASK 4..........................................................................................................................................11
P7 Application of HRM practices in work related context.......................................................11
M5 Rationale of application of specific HRM practices ..........................................................12
D3 Critically evaluates employee relations and application of HRM practices which influence
decision making........................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Human resource management is important aspect that helps to deal with different issues
related with development, compensation, performance management, wellness, benefits,
employee motivation, etc. Therefore, HRM plays strategic role to manage people to maintain
workplace culture and environment. Furthermore, it also contains creativity and effectiveness to
focus on regulating operations and functions in systematic manner. Several responsibilities also
fall into major areas which defining and designing work to maximise productivity (McClanahan,
Allison and Cinner, 2015).
Present study based on JP Morgan which is an American multinational investment bank
and deals in different financial services. It is one of the largest bank in the country and develop
continuous operations to perform different functioning at workplace.
For gaining insight information of the present report, it covers purpose and functions of
HRM that can be applicable in workforce planning and resourcing (Sparrow and Makram, 2015).
Furthermore, it will be explain benefits of different practices for employer and employee.
Moreover, it helps to evaluate key elements of employee legislations that are applicable to the
chosen business. At last, it provides discussion on applications of HRM practices in work related
context.
TASK 1
P1 Purpose and functions of HRM that are applicable to workforce planning and resourcing
Human resource management can be defined as the process that can be describe formal
system which devised for people within the enterprise. Responsibilities of human resource
manager of JP Morgan fall into several areas such as staffing, employee compensation, etc.
Strategic HRM means to create future oriented plan that helps to interact in competitive
environment to accomplish organisational goals. It also refers as process of crafting strategies
which implement to gain effectiveness (Horwitz, Budhwar and Morley, 2015).
Nature and scope of strategic HRM
 Human resource management is fully integrated with strategy and accomplish needs of
the firm.
 Policies coherent with different areas and across hierarchies within the JP Morgan.
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 Human resource management follow different systems, practices, competitiveness, etc.
that helps to develop positive performances in the chosen enterprise.
 Furthermore, it also helps to consider positive performance appraisal that require training
and career development to make strategic HRM.
HRM approaches
There are different kinds of approaches of human resource management of in a particular
business. In this consideration, following are different types of HRM approaches has been
explained:
Hard HRM: In this kind of approach, HR manager of JP Morgan treats employees
simply as resources within the organisation. Strong link with corporate business planning helps
to get them how much cost is needed. With this consideration, HRM can be focus on workforce
needs of the organisation with recruit and manage accordingly. Key features of this process is
developed with short term changes in employee numbers, minimal communication from the top
down, little empowerment delegation, etc. (Kavanagh and Johnson, 2017).
Soft HRM: Furthermore, in this regard of approach, JP Morgan treats employees as the
most important resource at workplace to gain competitive advantages. Hence, employees are
treated as individuals to accomplish needs which planned to concentrate on roles, rewards,
motivation, etc. Key features of this process has been developed with strategic focus on longer
term workforce planning, strong and regular two way communication, etc. (Engert, Rauter and
Baumgartner, 2016).
Functions of HRM Compensation and benefits: It is one of the important function of HRM which is related
with managing personnel, setting performance standards, setting transparent
compensation policies, etc. (Horwitz, Budhwar and Morley, 2015). Training and development: In JP Morgan, it is essential for HR manager to provide
training with different tools and techniques. Main reason to provide training increasing
employee commitment. Training can be conducted in two different ways such as on the
job and off the job (HRM functions, 2018).
 Selection and staffing: Within the chosen organisation, another important function of HR
manager is selecting and staffing employees. In this way, right candidates selected to
make effective results with contributing participation in business.
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Purpose of HRM Internal customer management: Human resource management has several key purposes
to increase productivity and effectiveness. In this regard, HR management of JP Morgan
defines and implement process and policies that helps to recruit and retain quality
workforce (Nicholas and Steyn, 2017). Main purpose of the enterprise is to maintain
customer service to create external relationship.
 Cultural sensitivity: Another purpose of HRM is to maintain cultural awareness which
helps and respond to change. In this regard, multiple divisions, cultural differences
relocate to set contract with alternative strategies (Shipton, Sanders and Escriba-Carda,
2016).
P2 Strength and weaknesses of different approaches to recruitment and selection
Recruitment is human process which proactively seeks candidates to fill vacancies. In JP
Morgan, it increases quantity and quality of applicants for particular position and improve great
fit for job.
Internal approach of recruitment
Internal recruitment method assists to identify and attract candidates within the business
from referrals, social media, website, promotion, etc. It helps to save time and money of chosen
business. Furthermore, hiring from internal sources create good idea that is familiar with
candidate's for ethic and approach work (Zhang, McNeil and Bonias, 2016). Creating short list
with great idea helps to enhance knowledge and stability.
Strength of recruitment
 Increase morality and retention of employees which make advancement and reward to do
job well.
 Continuity of operations also create chances that are developed new role with minimal
downtime (Sparrow and Makram, 2015).
 Less paperwork so that JP Morgan has benefit to increase more profitability and
effectiveness in the business.
Weaknesses of recruitment
 Potential animosity among ranks so that it create discord at workplace which affect to
each person.
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 Stagnation also increasing so that everyone operates with policy to always perform very
well. Risk of maintaining status is also high so that new ideas and direction cannot be
develop to gain competitive advantages (Beare, Caldwell and Millikan, 2018).
 Lack of diversity also exists that bring someone of a different background, gender, age
and ethnicity at workplace of JP Morgan.
External approach of recruitment
In JP Morgan external sources for recruitment can be conider to develop higher position
when existing employees are not suitable (Zhang, McNeil and Bonias, 2016). With the help of
external recruitment, creative and innovative ideas the chosen business can increase their
productivity and profitability in systematic manner.
Strength of external recruitment and selection
 External selection bring skills and inputs in the chosen business. Better possibility also
helps to identify and find individual who are capable to deliver new skills. Therefore,
growth can be develop to make things better (Waddock and Bodwell, 2017).
 External selection also assists to promote better competition so that it give chance to
make more effective results. Outside selection assists to place new talented people with
certain skill to took risk taking ability.
Weaknesses of external recruitment and selection
 External recruitment is time consuming which is one of the disadvantage in the chosen
business (Kavanagh and Johnson, 2017). Hence, it includes number of processes which
takes longer than internal hiring.
 Interview is one of the important consideration of selection method in JP Morgan which
is applied to completely with effective strategy. Benefit of this approach is that, direct
interaction between interviewer and interviewee has been developed that helps to gain
success within the enterprise. On the other hand, one of the major shortcoming is that
sometimes interviewee not able to provide appropriate views in the business (Shipton,
Sanders and Escriba-Carda, 2016).
M1 How functions of HRM can provide talent and skills appropriate to fulfil business objectives
In order to develop effective results in JP Morgan, there are several HRM functions
implement to accomplish business objectives. Therefore, managerial and operative two types of
elements considered in the business. Managerial functions can be determines as planning,
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organising, directing, etc. Along with this, operative functions considered as recruitment, hiring,
job analysis & design, training & development, performance appraisal, etc. (Sharp, Peters and
Howard, 2017). These functions provide guidance and support to increase talent and skills with
increasing their knowledge and capabilities. As a result, the chosen business can fulfil their
business objectives easily.
M2 Strength and weaknesses of different approaches of recruitment and selection
In JP Morgan, internal recruitment and external method has been adopted that helps to
consider successful HRM practices. Internal recruitment method ascertained with increasing
morality and retention among several employees in the business. However, it reduces discipline
among existing members as they are familiar with all people (Sanders and Lin, 2016). On the
other hand, external method also selected by the firm has advantages to implement innovative
ideas and operations at workplace.
D1 Critically evaluate strength and weaknesses of different approaches to recruitment and
selection
In order to adopt internal recruitment method, it can be stated that advancement and
reward can be develop for different employees of JP Morgan. As a result, it increases significant
advantages to attain productivity and effectiveness in the business. As critically evaluate, it can
be argued that external selection method in the business with bring new ideas and innovative
skills within the enterprise (Hitt, Xu and Carnes, 2016). Recruitment method has advantage that
it contain less paper work within the organisation.
TASK 2
P3 Benefits of different HRM practices within the firm for employer and employee
Human resource management includes different practices that used by managers to
manage people. There are different types of HRM practices helps to perform, hire, training,
create employee benefits, etc. In Canary Wharf Firm, there are several practices consider that
helps to promote more desired level of results. Following are different HRM practices develop in
the chosen enterprise: Recruitment and selection: In the chosen business, HR recruitment and selection
practices helps to accomplish mission and workplace culture (Horwitz, Budhwar and
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Morley, 2015).. Therefore, it recognises to increase value of workplace diversity that
design to attract diverse applicant pool in Canary Wharf Firm. Work-life balance: Furthermore, implementation of flexible working schedule provides
telecommuting options and provide training supervisor to support several people. This
practice helps to the chosen business for managing scheduling logistics, modifying
technology with remote access for essential transactions (Mayhew, 2018). Training and development: Training and development of HR management function
includes new employee orientation, job skills training, leadership training, etc. (Head and
Alford, 2015). Therefore, professional development program schedule with activities to
improve current position in JP Morgan.
Benefits to employer Promote positive behaviour: Successful organisation creates positive working
environment because it develops favourable benefits among employees with using HRM
practices. As a result, it keeps staff members happy and productive in Canary Wharf
Firm. These practices also reinforce and reward to develop creative advantages (Duarte,
Gomes and Neves, 2015). Increasing positive relationship with employees: Furthermore, employer have also
benefited to increase positive relationship with their subordinates. This is because, it
helps to develop more creativeness with ensure sharing of work among people (Beare,
Caldwell and Millikan, 2018). Motivating workers: Moreover, managers also need to maximise their performances with
tend to hire and promote managers with effective participation in business. Successful
managers can easily implement HRM practices in Canary Wharf Firm to feel competent
in position and positively it impacts on company's results.
Benefits to employee Developing employees: HRM practices also beneficial to employees of the chosen
organisation. In this regard, employees are encouraged and contribute their participation
in intellectual work. Knowledge and skills increases to gain competitive advantages.
Effective organisation capitalise with positive effect that helps to improve desired results
(McClanahan, Allison and Cinner, 2015).
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 Building flexibility at workplace: HRM practices also reflect with new century which is
more diverse in the chosen business. Flexibility at workplace helps to design work within
the environment to schedule and composition of in work team customised with job and
lifestyle in Canary Wharf Firm. With the help of building flexibility hours for staff
members in the selected enterprise, employees work with loyalty and it increases
significant advantages (Horwitz, Budhwar and Morley, 2015).. On the basis of employees
convenience, the chosen organisation set working time which is suitable to develop
creativeness at workplace.
 Increasing knowledge and understanding: HRM practices in the selected business also
helps to develop positive knowledge and understanding in employees. In this regard,
training and development programs assists to work in systematic manner that ascertained
with regulations and cultural norms (Jordan and Lloyd, 2017).
P4 Evaluate effectiveness of different HRM practices in order to increase profit and productivity
In order to increase profits and productivity in Canary Wharf Firm, it can be stated that
different HRM practices need to be implement that ascertained with desired results at workplace.
Following are certain practices has been explained to enhance profit and productivity: Learning, development and training practices: Within Canary Wharf Firm, learning,
development and training practices of employees helps to focus on increasing knowledge
and understanding at workplace (Sharp, Peters and Howard, 2017). Therefore, efficiency
and capabilities will be develop successfully which would be beneficial to attain goals
and objectives in business. Flexible working options: With this regard, Canary Wharf Firm need to reflect shifting
demographics at workplace. More diverse work helps to regulate significant advantages
in the chosen enterprise. Effects of HRM on diverse workplaces relate with employer
flexibility because enterprise want to retain staff members, provide flexible workplace,
flexible design of work environment, etc. It motivates employees to maintain their
stability at workplace so that profits and productivity increases easily (Whetzel and
Wheaton, 2016). Employee performance management and monitoring: Furthermore, employee
performance management and monitoring also consider effective tool that helps to
communicate goals and objectives with several members of the organisation. In this
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regard, 360 degree method of appraisal implement to monitor their performance to gain
positive results at workplace (Horwitz, Budhwar and Morley, 2015).. Employee
performances management and monitoring assists to increase more efficiency and
effectiveness to raise profits and productivity at workplace. This is because, several
people work to assess desired level of results in the business.
 Payment and reward management: This practices consider in the chosen business to
provide payment and reward within Canary Wharf Firm. When employees are getting
benefits of payment and reward, they contribute their participation in the enterprise to
increase their profits and productivity (Mone and London, 2018).
M3 Different methods used in HRM practices with provide example to support evaluation
In Canary Wharf Firm, there are different ways adopted which used to develop HRM
practices to support significant advantages at workplace. In this regard, training and
development, performance appraisal, payment & reward management, etc. helps to the enterprise
(Bringezu and Bleischwitz, 2017). For instance, when HR manager of the business provide
training and development program to employees so that their efficiency will be increases to
attain creativeness.
D2 Critically evaluate HRM practices and application in organisational context
HRM practices consider innovative results in the business with implementing learning,
development and training practices. As a result, it assists to communicate several benefits that
increases positive results in Canary Wharf Firm. As critically evaluate, that flexible working
option helps to provide benefits to the business to develop creativity at workplace to attain
overall goals and objectives (Duarte, Gomes and Neves, 2015).
TASK 3
P5 Analysis the importance of employee relations in respect to influence HRM decision making
Employee relations consider among manager and employee to improve their
performances within JP Morgan. Maintaining healthy relationship in the organisation make more
success which lead to perform efficient functions that motivate employees to increase sales level
results (Hitt, Xu and Carnes, 2016). When employee relationship is strong, entire business has
several benefits to improve their overall goals and objectives. As a result, relationship helps to
make more happy, loyal and productive to staff members in long run operations and functions.
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Importance of trade union in UK
Trade union also take part in UK businesses to protect and advance interest of their
members. With the help of strong trade union movement, there are several benefits can be
develop among all workers in a particular nation. Most of the trade unions in the country are
independent of any employer (Do, Yeh and Madsen, 2016). Trade union represent as the political
interests due to monopoly power which used to raise wages at competitive levels. It includes
economic efficiency and improvement with increasing wages for highly skilled workers. Main
purpose of labour union is to provide workers to power with negotiate more favourable
conditions and their benefits as collective bargaining. Employee relations influence HRM
decision-making in following aspects: Collective bargaining: Collective bargaining occurs when group of people bands together
to increase negotiating power. In this regard, workers are represented with trade unions
(Deery and Jago, 2015). Hence, it involves negotiation and discussion between
management and trade union. Staff members of JP Morgan are feel motivated with
approach in management for bargaining towards higher profits and benefits.
Consequently, in decision-making of HR it influences to negotiate more favourable
conditions at workplace. Workplace safety: Trade union play very important role in workplace safety. This is
because, workers are organised in trade union with different parties and strengthen with
efforts to develop health and safety of staff members. In addition to this, they are also
taken place in job conditions, working hours, wages, job contracts and social security.
Hence, they play role to ensure welfare of their members in safeguarding, interest of
members with protect reliability (Schutte, Barkhuizen and Van der Sluis, 2015). In
decision-making, it influences to develop significant advantages with protection of
employees in JP Morgan. Helps to reduce turnover: In order to create effective results in the business, trade union
also important to accomplish purpose and ensure that all staff members are treat fairly.
Therefore, they feel comfortable and secure in job. When goals are accomplished,
employees are tended to stick around (Horwitz, Budhwar and Morley, 2015). With
respect to increase protection, it is essential to reduce turnover in JP Morgan so that they
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can increase effectiveness at workplace. Workers are also satisfied to do work hard in
effective manner in respect to look to exit company.
 Union work with resolve issues: In order to solve issues and problems, it is essential to
look towards fair wages, working hours, benefits and standards are also necessary for
increment wages. In the selected business, collective bargaining also protect with
standards and policies (Sanders and Lin, 2016). It is the best way to save JP Morgan with
negotiate wages and determines several benefits in own manner. With the help of
development of the organisation, it can be stated that workers can be protected in the
business.
P6 Key elements of employee legislations which create impact on HRM decision making
In UK, there are different employee legislation consider that create major impact on
HRM decision-making. With this regard, following are different regulations included that must
be followed in JP Morgan: Data Protection Act 1988: Data protection act in UK has been passed in 1988. It was
developed to control personal and customer information which is used by the enterprise
and government bodies (Nicholas and Steyn, 2017). It helps to protect people and lies on
rules to protect personal information of employees in JP Morgan. As a result, in HRM
decision-making it helps to increase positive performances with protect employees data
with personal information. Health and safety Act 1974: Health and safety at work act 1974 determines with wide
ranging of duties on employers. Employers must protect their staff members on the basis
of health, safety and welfare in work for their staff members and other premises which
including temps, casual workers, public, visitors, etc. in JP Morgan. In HRM decision-
making, health and safety legislation impact positively to protect different staff members
in effective manner. Anti-discrimination Act 1977: According to this act, employees of the chosen enterprise
must be protected in relation with discrimination in employment, public education
system, delivery of goods, health care, property, etc. (Duarte, Gomes and Neves, 2015).
Hence, among staff members this act impact positively with take proper care in delivery
of foods, health care, etc.
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