Human Resource Management Report: Purposes, Practices, and Benefits

This report provides a detailed overview of Human Resource Management (HRM) principles and practices, using JP Morgan as a case study. It begins with an introduction to HRM, outlining its purposes and functions within an organization. The report then delves into different approaches to recruitment and selection, analyzing their strengths and weaknesses. It further explores the benefits of effective HRM practices for both employers and employees, highlighting aspects such as career growth and a strong workforce. The report also examines the effectiveness of HRM practices in enhancing profits and productivity, as well as the importance of employee relations and relevant employment legislation. The analysis includes strategic HRM, covering hard and soft HRM, and the functions of HRM like staffing and employee relations. Finally, the report concludes with a summary of the key findings and recommendations for JP Morgan, emphasizing the importance of strategic HRM in achieving organizational goals.

Human Resource
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Purposes and functions of human resource management.................................................1
P2. Strengths and weaknesses of different approaches to recruitment and selection.............3
TASK 2............................................................................................................................................5
P3. Benefits of human resource management practices for both employer and employees. .5
P4. Effectiveness of different human resource management practices for profits and
productivity.............................................................................................................................6
TASK 3............................................................................................................................................8
P5 Importance of employee relations in respect to influencing HRM decision making........8
P6 Employment legislation that impact upon HRM decision making...................................9
TASK 4..........................................................................................................................................10
P7 Application of HRM........................................................................................................10
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Human resource management is backbone for every organisation. Through the assistance
of HR management, right person can be placed at right position. This helps in to motivate their
employees through various activities such as recruiting, staffing, selecting, training, rewarding,
performance appraisal and many more. Human resource department is generally used for
creating, putting effects on employees and organization by using different working policies and
procedures. Therefore, humans are considered as a biggest contribution for an efficient,
productive manpower that gears business enterprise in the progress to maintain their reputation
in the market place (Hendry, 2012).
This report covers the purpose and functions of human resource management that are
used for planning and resourcing of JP Morgan is an American International investment bank
that provide financial and other banking services as well. This has been enlisted as one of the
most valuable banking organisation on the grounds of market capitalisation. This project bring an
outline on the benefits of human resource management for both employees and employers and
effectiveness of different HRM to increase the level of profits and productivity.
TASK 1
P1. Purposes and functions of human resource management
Human resource management is an eminent part for every business organization. Without
a HR department, the workers will not able to focus on their goals and targets which they want to
achieve. It deals with the problems related to employees such as hiring, training, development,
compensation, effective communication with their clients and so on. This assist in determining
the functions that are performed by using various strategies and theories (Bratton and Gold,
2017). They also, helps in to analysing the different human resource procedures such as
developing skills, knowledge, motivation, managerial skills and so on. Therefore, it is an
essential element for JP Morgan to target their customers in such a way, so that they able to grab
customer's attention. Strategic human resource management is necessary for programs, policies
and practices to achieve the firms objectives. The nature and scope of strategic human resource
management, these are described in below as:
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 Strategic human resource management are based on policies and procedures to involve
the achievement of business objectives. It is pervasive in nature that helps in managing
all the levels of management (Brewster and Hegewisch, 2017).
 This approach is people bound core activities. It works with and for people of JP Morgan
as one of the largest bank that bring together to achieve the individual as well as
organisational objectives.
 Human resource management is a continuous activity which is necessary to update and
improve the changes that helps to increase the competition of JP Morgan. Therefore,
employees should be trained, developed to replace the existing system while adopting
new strategies for next level competition.
The different approaches of human resource management are described in below as:
Hard human resource management is based on functional approach that assist their staff
management as a resources which are used to control the higher profits and competitive
advantages. The main purpose of hard human resource management JP Morgan is to manage the
task that are to be served by the employees in group or individual basis such as increase the sales
through investments. The hard HRM is classified as fundamental functions that are focused by
the human resource department JP Morgan. As they treats their employees as a resources of
business, they have a strong link with corporate business planning how to do, what would be the
cost for it.
In case of global context, human resource management plays a vital role to describe
them at international level to achieve the company's objectives. It includes vast range of
practices, managing diversity, knowledge to implement its practices. This assist in maintaining
the balance in financial position, natural resources to manage them in an effective manner to
increase the position of JP Morgan macro level (Armstrong and Taylor, 2014).
Soft human resource management are also known as developmental human stress that are
basically requires the trust, skill development and collaboration that are passed to forms of
employee representation and commitment for the work that are assigned to them. Under this
approach of human resource management, workers are get engaged at a time of decision making
to share their views and opinions related to business activity of Mark and Spencer.
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Therefore, JP Morgan should adopt soft human resource management approach providing
support to improve efficiencies of employees as well as establish better relationship with them.
This helps in earning more and higher profits (Briscoe, Tarique and Schuler, 2012).
Purpose of HRM
 Remuneration and reward: This aspect consider the better performance to their
employees according to their educational qualification, experience and the job role. The
existing performance of employees can be converted into an effective one through
providing rewards that increases their efficiency level of JP Morgan. This can be
achieved by using the strategy such as offering trips, bonus, incentives and many more.
 Resource planning: This aspect bring highlights on the plan which are planned for
workforce. Since resource planning is an essential part which is necessary to be arranged
by every human resource manager of respective company. Also, guides to inspire them
for adapting and motivating for learning which is an essential element for dynamic
environment of JP Morgan investment and finance.
Functions of HRM
 Staffing: According to this aspect, it is an effective method which is used for placing a
right person for a right job. This helps in determining the objectives, performing their
task, recruitment, training and development, performance appraisal, benefits and reward
for good performer and many more. Staffing assist in JP Morgan to choose and improve
the performance for better results.
 Employees and labour relations: This aspect helps in JP Morgan to adopt the policies
and procedures that are to be used for employees welfare. It will bring peace and
harmony among workers, as a result, increase the efficiency and the performance of an
individual employee (Daley, 2012).
P2. Strengths and weaknesses of different approaches to recruitment and selection
Recruitment approaches are paramount for every business organization to improve their
existing performance of employees. Therefore, recruiting and selecting workforce plays a vital
role in appointing an appropriate or suitable employees for a pro- active strategy used by the HR
manager of JP Morgan. It includes various steps such as recruiting, selecting, aptitude test, etc.
for suitable job position, these are describe under as:
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 Internal approach is an approach which are used to promote internal employees on the
basis of promotion, transferring and employees references. It can only be achieved by
using training and development of an individual (Huselid and Becker, 2011). On the
other hand, an internal approach helps in to save time, money also reduces the efforts of
HR manager of JP Morgan. There are some internal approaches such as promotion,
transfers or employee references that increases the level of employees to achieve growth
in their career.
 External approach refers to hiring people from outside the business organization. It
includes the functions such as advertisement, employment consultancy, recommendations
and many more. This method requires huge amount, time and also efforts that are taken
by HR manager to recruit people from outside business firm. It will bring fresh and
innovative ideas, creativity for JP Morgan.
The strength and weaknesses of different approaches to recruitment and selection are
mentioned below as:
Internal approaches
Strength Weaknesses
 By using an internal approach,
employees know how their company
operates.
 In this case, employees are familiar to
their day to day operations (Jackson-
Schuler and Jiang, 2014).
 In case of this, as workers know how
their company operate. Therefore, they
can easily manipulate their juniors to do
their work.
 Under this, as they are familiar to their
daily task can become lazy while
performing same task every day.
External approach
Strength Weaknesses
 External approach is an cost effective
method. As an assistance HR they able
to manage their work from online job
portal.
 In an external approach they hired
 Whereas, in this method, there are large
number of candidates which are not
hired as per the job description and
person specification.
 Although, under the weakness of
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specialist for knowledge of recruiting
process.
external approach, it a cost consuming
method as HR assistance has to hire
suitable person for a specific position.
From the above discussion, it has been concluded that, as an assistant human resource of
JP Morgan, they should adopt external approaches for recruiting and selecting method. This will
assist them in adopting new and fresh ideas and talent related to vacant job position (Guest,
2011).
TASK 2
P3. Benefits of human resource management practices for both employer and employees
The human resource management is an essential part for every business organization.
This includes recruiting, selecting, managing the existing employees of JP Morgan. It is a
systematic approach that link between the objectives and improving the performance of an
individual (Marler and Fisher, 2013). The benefits of different HRM practices for both employer
and employees are briefly mentioned under as:
Benefits for Employee Benefits for Employer
 Career growth: This aspect deals with
human resource manager to influence
their employees by rewarding them
from incentives, appreciating their
work, bonus, offering trip and many
more. Career growth helps JP Morgan
employees to focus towards their
objectives and bring enhancement to
their work. While using performance
appraisal for employees that can boost
up their efficiency level in their work,
thus increase their existing
performance. This focus on employees
career and succession planning to
 Strong workforce: This aspect is used
to build the workforce more strong that
able to take care there own business
enterprise that is JP Morgan. Strong
workforce can be achieved from
training, attending seminars,
workshops, meeting and other related
activities. If there is a lack of human
resource in JP Morgan. It will not able
to achieve their objectives, as they are
the main component to increase the cost
productivity by using effective and
efficiently methods for better
enhancement in there existing working
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overcome from their drawbacks. It get
achieved by adopting various strategies,
approaches, training bring stability in
their work and many more.
conditions (Cascio, 2018).
 Healthy working- environment:
Under this aspect, it deals with healthy
and safety working conditions with an
effective manner. For improving the
working conditions, safety and welfare
environment provided them to enhance
their performance. This can get through
policies and procedures to protect from
risk of different activities. Also, healthy
working environment employees will
reduces the ratio of absenteeism, job
security, retention towards workers by
providing necessary elements to
achieve their task on target.
 Reduction in conflicts situations: As
an effective employer, it is necessary to
reduce the conflicts among existing
business enterprise which helps in the
increment of their existing
performance. This involves effective
coordination and cooperation within JP
Morgan.
 Motivation: This part play a vital role
for benefits of employees. Through
motivation employees can perform
there task in better quality. This will
bring an impact on overall productivity
of JP Morgan as well as increase the
efficiency in their existing working
conditions. While using motivation this
bring out employees hidden talent that
helps them to achieve rewards on the
basis of their performance.
 Team Building: Under this portion, if
an effective communication is there
with their employees, it will result to
build a team in an effective manner.
This helps employer to guide them in
proper and well mannered.
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P4. Effectiveness of different human resource management practices for profits and productivity
Under this portion, it covers different ways of human resource management practices that
are used to recruit or introduce new employees to bring a positive outcome while taking decision
in JP Morgan. This can be achieved by pre-determine objectives to understand various activities
to increase there profits and bring enhancement in their existing performance. The effectiveness
of different HRM practices are described below as:
Learning, Development and Training Practices – It is important for the HR to organize
the training and development program for the new employees and the existing as well. Training
encourages them to adopt the changes in working and the new ones also boost their confidence to
work in the organization. It will enhance the productivity of the JP Morgan because when
company will recruit freshers at that time the existing will get the promotions and they need to
learn the new working practices. This is a continuous learning process for employees and it raise
the profit and productivity of JP Morgan because the are not get stuck at one place. If they would
get sustain on a place at that time it it becomes tough for the organization to increase the
performance in the marketplace.
Flexible Working Options – This gives a freedom to the employees to work according
to their convenience. There are several part time employees in JP Morgan and they are playing a
crucial role for the organization (Albrech, 2011). In this circumstances, it is necessary for the HR
manager to encourage them to balance their personal and professional life. Through flexible
working hours, workers can mange their work in an efficient manner. There are several other
employees who are working on the part time and they will also get time to innovate the things
and that is beneficial for the company as well.
Employee Performance Management and Monitoring - Human resource managers
need to monitor the employee performance within the organizational activities. It is essential to
find out the employees efficiencies and effectiveness in the work to measure their strength and
weakness. In order to overcome their weaknesses, it is necessary for manager to organize
training sessions that increase the confidence among employees and can give a hike to the profit
and productivity.
Payment and Reward Management – The management needs to motivate the
employees on the basis of their performance. The organization should give them credit for their
hard work because it is them who put efforts to achieve the objectives and goals. So, it is
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essential to give them reward to make them feel proud to be a part of JP Morgan. When firm
will treat them nicely then the employees will feel enthusiastic and this will also enhance the
profit and productivity of the firm.
TASK 3
P5 Importance of employee relations in respect to influencing HRM decision making.
An organization can gain various benefits through enhancing the employee engagement
in the corporate activities. It is necessary for the human resource managers to establish a strong
employee relations among the employees because they are the major source to bring the profit
and increase the productivity of the firm (Renwick-Redman and Maguire, 2013). So the HR
manager of JP Morgan needs to develop such policies to increase the employee involvement in
the organisation activities to attain the objectives and goals. It is important to establish a
employee relations which can impact on the HRM decision and that are mentioned below -
Shared work among the employees – The employees should have their responsibilities
as no one can accomplish the task all alone. So the HR manager needs to divides the work
among the employees according to their capabilities and qualification and instruct them to
complete the task within a specific time (Nickson, 2013). It will also develop a bind among the
workers and team efforts with increasing productivity. If HR professional of JP Morgan will
distribute the work among the employees then it will complete the work within time and that will
bring the more opportunities to grab the new projects. As the sharing of work will finish the
work in time and it also supports to the HRM decision to bring the new projects that can raise the
revenue and profit.
Motivation – In JP Morgan the employees get motivation and support in their work.
They always get guidance to complete the task because the employees always needs to get the
motivation to overcome the challenges while working. Motivation is needed to raise the
confidence of the employees because it can be seen that when an employee is not confident to do
the task. In this situations, the HR manager of the JP Morgan needs to motivate employees and
boost up the enthusiasm in them to accomplish the task. This made a huge impact on the HR
decision because it will reduce the employee turnover and enhance the organizational functions.
Reduce conflicts – If the HR will enhance the employee engagement then there is a
possibility to reduce issues among them. As they would have a bond among them so they will
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respect each other and it will help them to know different point of views. JP Morgan has
developed better workplace as the employees has no conflicts among them. This will reduce the
conflicts among workers and it also impact upon the HRM decisions as the employees can give
their best in their performance and there will be no issue emerge in which they were wasting
their time and that was also affecting their work.
Attracting new talent – It is manager's responsibility to maintain a good environment in
JP Morgan through various employee engagement activities (Budhwar and Debrah, 2013). This
aids to attract the new talent cause the employees are seeking for a positive and innovative
workplace so it can help the HR manager to hire the new employees which can raise the
productivity and organisation performance.
P6 Employment legislation that impact upon HRM decision making.
There are certain employment legislations which has to be followed by JP Morgan. The
Union Kingdom established various rules for the organizations to run an organization
successfully. The laws are mentioned below -
Equality Act – This act abides corporates to conduct a business without any
discrimination. The Equal Act is developed by the UK legislation to protect the employees at
workplace. The firm has no right to discriminate the employees in terms of gender, colour, race,
religion, physical disability, language, citizenship, status and income (Van-Riemsdijk and Kees-
Looise, 2013). This act is amended and incorporated various equality laws such as Equal Pay Act
1970, Sex Discrimination Act 1975, Race Relations Act 1976, Disability Discrimination Act
1995, Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality
Regulations 2003, Employment Equality (Age) Regulations 2006, the Equality Act 2006 and
Part 2 the Equality Act Regulations 2007.
All of these acts protects the employees and employer from several conspiracies and in
any situation, the employer cannot violate the rules and if they do so then they are responsible for
the employee aligation. If human resource manager of JP Morgan prejudiced with the employees
then worker has the right to sue them.
National Minimum Wage Act, 1998 – The government of United Kingdom established
this law to protect the workers. It specifies that every employee even they work on the grounds
of the company should get minimum wages they can't be forced to work less than the minimum
wages. For an example, a peon works on the ground level of JP Morgan but they supposed to get
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