Human Resource Management Report: JP Morgan HRM Practices Analysis

This report provides a detailed analysis of Human Resource Management (HRM) practices, specifically focusing on JP Morgan. It begins with an introduction to HRM, its purpose, and functions, emphasizing workforce planning and resourcing. The report then explores the strengths and weaknesses of different recruitment and selection approaches, differentiating between internal and external recruitment. Furthermore, it examines the benefits of various HRM practices for both employers and employees, evaluating their effectiveness in terms of organizational profit and productivity. Employee relations are discussed, highlighting their influence on HRM decision-making, and the key elements of employment legislation and their impact on HRM are identified. The report concludes with the application of HRM practices in a work-related context, including job advertisements and specifications. The report encompasses hard and soft HRM approaches, and covers the functions of HRM, such as workforce planning, recruitment, and selection, and the importance of employee relations, and provides a comprehensive overview of HRM within the context of a large financial institution.

Human Resource
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1.Purpose And the functions of HRM, applicable to workforce planning and resourcing. .1
P2.Strengths and weaknesses of the different approaches to.................................................4
recruitment and selection.......................................................................................................4
TASK 2............................................................................................................................................6
P3.Benefits of different HRM practices within the firm for both
the employer and employee...................................................................................................6
P4.Evaluation of the effectiveness of the different HRM practices in terms of raising
organisational profit and productivity ...................................................................................7
TASK 3............................................................................................................................................8
P5. The importance of employee relations in respect to influencing HRM
decision-making....................................................................................................................8
P6.Identify the key elements of employment legislation and the impact it upon HRM
decision-making.....................................................................................................................9
TASK 4..........................................................................................................................................10
P7.The application of HRM practices in a work-related context.........................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Human resource management is the process of hiring, choosing, including employees,
imparting training and development and organising orientation, appraising the performance of
employees, motivating employees and deciding compensation or providing benefits. It is an
strategic approach to the effective management of people in an organisation so that they can help
the company to gain a competitive advantage. This report is based on J. P. Morgan company, it is
an American multinational investment bank and financial services company (Alfes, Shantz,
Truss and Soane, 2013). It is founded by John Pierpont Morgan in 1 December 2000 in New
York city. In this assignment explained about the main objective of HRM is hiring employees in
an organisation with talent and skills. Evaluation of the effectiveness of the key elements or
factors that affect human resource management are also defined and HRM practices are
described in report. Different key elements of employment legislation such as data protection,
equality law, diversity etc. and their impact upon HRM decision making are explained in the
report. The application of HRM practices in a work related context such as job advertisement,
job specification document, person specification document and CV are also clearly described in
the assignment.
TASK 1
P1.Purpose And the functions of HRM, applicable to workforce planning and resourcing
HRM is a department of a company and firm that organise recruitment and selection
process of the staff and it also focus on the business, ensuring best work practices are in place at
all times. In JP Morgan, it is important to managing the employees for doing their work that they
do for achieving objective and growth of the organisation (Alfes, Shantz, and truse, 2013)
Workforce planning
It is a technique which is applied by employers to meet with the workers and employees
needs. There are three steps of workforce planning such as annually plan, quarterly or monthly
and short term plan which do weekly to achieve business objectives and goals or aims
(Armstrong and Taylor, 2014).
Functions of HRM
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There are many function of of human resource management but there are some main
function which are important for JP Morgan, they are as following:
Workforce planning:
Recruitment and selection- It is a process of hiring or choosing the candidates for the
vacant positions within an organisation (Armstrong and Taylor, 2014). In Morgan company, It is
an important process to reduce the costs of mistakes such as incompetent, unmotivated and under
qualified employees. For doing this process the company make some plan related to hiring
process and need of the organisation.
Training & development- It is an essential and effective factor of human resource
management. In Morgan, this process generate when the company find any weakness in the
skills and knowledge of the employees. The organisation organise training and development
sessions for improving and enhancing the skills of existing employees and for new employees.
Resource allocation:
Orientation- It is a important step which help newly hired candidates to adjust himself
within the organisation with the employer and with the new job (Bakker and Demerouti, 2014).
In JP Morgan, this program should include the aims and goals of the company so that they can
help the company to achieve that goals. Orientation is a program which help the employees to
recognise and find their duties, roles and their position within the company or organisation.
Managing employees relations- It is a very big concept and important function for an
organisation because they are the pillars of any company. In Morgan, management can organise
activities which helped an employee to know each other at the personal and professional level.
Employees relation offers consultation, facilitation and resolution strategies for workplace issues
(Bakker and Demerouti 2014.).
Purpose of HRM
Various purpose of HRM are as following:
Workforce planning
Internal customer management- HRM describes and I explains the process and policies
which are important and necessary to attract, recruit and retain a quality workforce. In Morgan,
HRM serves internal customers and create external relationships and the importance of customer
service to the organisation starts with HR.
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Benefits management- In Morgan, benefits can be related to the extra facilities which are
provided by the company to the employees, these benefits can be health insurance, retirement
plans, paid time off, compensation, bonuses, wages or salary, leave of absent and disability (Ball,
Geringer, Minor and McNett, 2012). The purpose of them to make happy to the employees and
the employees are loyal for the company.
Resource allocation
Metrics- It a method which is used by various organisations to make an effect8ive HRM
that interacts with all levels of employer organisations. In Morgan, HRM uses this method for
analysing the cost and designed more efficiency in various levels.. The purpose of HRM to
measure performance outputs and the conditions that specific desired results concerns HR
management (Bakker and Demerouti, 2014).
Laws- In JP Morgan, the purpose of HRM to generate law for providing benefits to the
employees of retirement plans, benefits and conflicts resolution fall within the company. If the
organisation hire new employees and labour, HRM must understand the labour relation and
negotiation and make laws to provide them various benefits.
Nature / scope of strategic HRM
The nature of strategic HRM are as following:
Associated with Goal setting- In Morgan, SHRM is attach with designing objectives and
aims and strategy or allocation of resources and it is carried out at all levels of top management.
Interrelated with business strategies-In the company, there is an interrelation between
the business strategies and SHRM. For example, it provide important inputs that time when the
organisation make business and HR strategies and policies related to recruitment, staffing,
training and development (Ball and et.al ., 2012).
The scope of HRM is extensive and far reaching.
HRM in Personnel management- In Morgan, it involves manpower planning, hiring,
training, transfer, promotion, employee productivity and others. There are a certain individual
growth, development and effectiveness which indirectly contribute to organisational
development.
HRM in Employee welfare- It is about determining the employees basic and important
needs and satisfying them with attractive participation of both employees and management. It
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covers resource allocation appointments of safety, cleanliness, sanitation, medical care, sickness
benefits, unemployment benefits and family benefits.
HRM in Industrial relation- The main purpose of the employees by securing the high
level of understanding to make industrail relation with other firm and industries so athat they can
do their busine4ss properly and achieve their business groeth (Bamberger, Meshoulam and
Biron, 2014).
Hard and Soft HRM approaches
Hard HRM Soft HRM
In JP Morgan, Hard HRM treats employees
simply as a resource of the business such as
machinery and buildings. It have a strong link
with corporate business and identify workforce
needs of the business and recruit mange
accordingly like hiring, moving and firing.
Hard HRM has a parallel approach that
includes low levels of commitment from the
employees and involves low level of staff
training and others (Berman, Bowman and Van
Wart, 2012). In Hard HRM workforce
planning play an important role by providing
resources according the need of the
organisation. Such as by doing training and
development planning and allocated resource
for training program.
In JP Morgan, Soft HRM treats employees as
the most important resources in the business
and a source of competitive advantage. In this
approach, the employees are treated as
individuals and their needs are planned
accordingly. This HRM approach sees
employees as worthy competencies capable to
continuous development and seeks a strong,
long term commitment. In this HRM, work
force planning help by providing human
resource such as labour, worker and
employees. For it, the company organise
recruitment and selection process so that it can
choose good and skilled person for the
company.
Recruitment and selection, Orientation, Managing employees relations, Training &
development and others are some functions of HRM. These functions can provide talent and
skills appropriate to fulfil business objectives by organising recruitment and select skilled
candidates who are helpful for the company's growth (Bamberger, Meshoulam and Biron,
2014.).
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P2.Strengths and weaknesses of the different approaches to recruitment and selection
Recruitment
It is a process of choosing, hiring, selecting a capable, skilled candidates for jobs within
the organisation. In JP Morgan, it is a process of finding and hiring the best and most qualified
candidate for a job opening, in timely and cost effective manner. There are two type of
recruitment, they are as following:
Internal recruitment- It is a process which is generating or organising within the
organisation in the form of promotion, transfer and re-employment of ex-employees. When
company find a person who are eligible to another high post, it promote that employees. This
process held within the company and there are no need to organise any hiring or recruiting
process (Bratton and Gold, 2017).
Strength and weakness
Strength Weakness
It is simple, easy, quick and cost effective.
There are no need of induction and training.
It motivates the employees to work hard and
increase the work relationship within the
organisation (Alfes, Shantz, and truse, 2013).
It help in developing the employee loyalty
towards the organisation.
It has limited scope because all the vacant
positions can not be filled.
It stop the external talent and skills which are
beneficial for the company.
It demotivated the other employees who are not
resource allocation promoted and effected the
employees relation.
External Recruitment- The source of this recruitment have to be solicited from outside
of the organisation. When company need employees within the company, it organise recruitment
and hiring process and the resources which are include in it such as advertisement, employment
exchanges, employment agencies, educational institutes, recommendations and others
(Bröckermann, 2012).
Strength and weakness
Strength Weakness
It encourages new opportunities for job
seekers.
It provide new talent to the organisation which
It consumes more time because selection
process is very lengthy.
The cost incurred is very high when company
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are beneficial for its growth.
Organisational branding increase through
external sources.
organise this process.
External candidates demand more benefits such
as training and development or others which
consume more cost.
Selection
It is process of sourcing, screening, short-listing, picking and choosing the right candidate
who is suitable for a vacant job position in an organisation. It is an important operation in HRM
which are designed to maximize employee strength in order to meet the employer's strategic
goals and objectives. Selection is an beneficial and important process for the company because it
help the company to find out a skilled and knowledgable candidate for the company which help
in employee turnover. If company find a good talent, they can help the company to achieve its
growth and another benefit is that it improve the quality of candidates or maximise the potential
of employee referral systems. It also have some drawbacks such as it consume more time, some
times candidates are not be honest and the details fall into wrong hands. There are various types
of selection such as interviews, psychometric testing, ability and aptitude tests, group exercise
and others(Bratton and Gold, 2017)..
Group exercise- In Morgan, during the selection process, a topic or a role play exercise
are given to candidates to discuss the topic in a group. During this process the HR of the
company observes specific attributes to each candidates. This activity held by the company so
that it can find bout good talent which are helpful for the company's growth (Buller and McEvoy,
2012).
Ability and aptitude tests- It is a broad context which the organisation cover ability,
mental ability, numerical ability, metamathematical ability and others clerical ability, mechanical
ability, sensory ability and motor ability or others. When company need employees, it use these
various kind of selection methods to find out good and skilled candidate.
TASK 2
P3.Benefits of different HRM practices within the firm for both
the employer and employee
Benefits of HRM practices for employer and employees
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HRM Practices Benefits to Employees Benefits to Employers
Flexible working options Flexibility on the job is related to
the the willingness and ability to
readily respond to changing
circumstances and expectations.
There are various options to
employees for working flexibly
such as part time hours, flexi
time, staggered hours, work from
home and others. It is beneficial
for the employees because it
allows employees to work when
they are not well and they can do
work without going to office. It
reduces employee burnout due to
overload, consumption of
employee commuting time and
fuel costs and beneficial for
flexibility to spend time with
family, personal obligations and
life responsibilities conveniently.
It is beneficial for the
employer because it
increased employee morale,
engagement and
commitment to organisation.
It reduce absenteeism,
turnover of valued staff and
the employees can complete
it work which is beneficial
for the company because it
will not be pending (Chang,
Wang and Huang, 2013).
Learning, development and
training practices
It is a process which is organise
by the company to improve
group and individual
performance by increasing and
honing skills and
knowledge(Buller and McEvoy,
2012). . The company can
various tools such as online
training, coaching, e-learning and
It is beneficial for the
employer because with the
help of it they can improved
employee performance and
encourage them towards
organisation's goals. With
the help of it they can find
out the weakness of the
company and their
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others to provide training and
development and learning
program. It is beneficial for the
employees because it increased
employee motivation, job
satisfaction and capacity to adopt
new methods or technologies.
employees and provide them
training and development
program (Dries, 2013).
Payment and reward
management
It is concerned with the
formulation and implementation
of strategies and policies that aim
to reward employees and
workers of the company for their
good work and performance. It
can be provided to the employees
in various form such as gifts,
promotion, retirement plans,
health life insurance bonuses and
others. It is beneficial to
employees because it motivate
or encourage positive attitude
and behaviour in employees. It
makes employees more likely to
seek advancement and they built
loyalty or honesty.
It is beneficial for the
employers because it retains
employees, attracts new
employees, avoids the cost
of hiring and training new
employees, creates a healthy
work environment and
strengthens the company's
reputation (Gatewood, Feild
and Barrick, 2015).
P4.Evaluation of the effectiveness of the different HRM practices in terms of raising
organisational profit and productivity
HRM has been effective for JP Morgan to raise organisational profit an productivity by
the following perspective:
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Learning, development and training practices- In it, the HRM of Morgan can enhance
and improve the existing and new hiring employees skills and knowledge. Training allows
employee to acquire new skills, perform better and increase productivity. With the help of
training and learning program the employees of the company get information and knowledge
about the new technologies that can help them in their work and it beneficial for the growth of
the profit and enhance the productivity of the company (Gill, 2012). For example, if there are
any new technology launched in the market and the employees of JP Morgan are not aware with
it. In this situation company can organise training an learning program to provide knowledge and
information about that technology so that the employees can do their work properly and reduce
the errors and problems in their work. This help the company to enhance its productivity and if
productivity enhanced profit is also increase.
Flexible working options- It is also important to increase the profit and productivity of
the company because when employees are sick and not able to come to office than with the help
of this HRM practice they can do their work by using a tool work from home, part time job and
others. These can help the employee to complete their work on time and increase and enhance
the profit or productivity of the company(Gatewood, Feild and Barrick, 2015)..
Payment and reward management- It is an most important HRM practice of the
company which help the company to increase its profit and enhance the productivity of the
organisation. If the company provide reward to its employees for their good performance, they
feel motivate and this reward system encourage them and they do their work with more attention
which increase the growth and profit of the company.
TASK 3
P5. The importance of employee relations in respect to influencing HRM decision-making
Employee relation
It refers to a company's efforts to mange relationships between employers and employees
of the company. It describes about the communication between the superior of the company and
the worker or employees or others (Huczynski, Buchanan and Huczynski, 2013).
Importance of employee relation to influencing HRM decision making
Employees relation are most important for decision making. In Morgan, It is important
because if the relation of employees and employer are good, they can equally participate in the
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