Analysis of HRM Practices and Benefits at Liverpool Victoria

This essay provides an overview of Human Resource Management (HRM) practices at Liverpool Victoria Insurance, a leading UK insurance company. It highlights the role of HRM in areas such as human resource planning, performance management, learning and development, and rewarding employees. The essay evaluates the effectiveness of various HRM practices, discussing their benefits for both employees and employers, including creating a positive work environment, managing conflicts, and ensuring health and safety. It also examines different methods used in HRM practices, such as job analysis, recruitment agencies, and training programs. Recommendations are provided to enhance HRM practices at Liverpool Victoria, focusing on employee security, selective hiring, effective training, information accessibility, and performance-based compensation. The conclusion emphasizes the essential role of HRM in driving productivity and profitability, noting Liverpool Victoria's successful implementation of HRM practices to achieve organizational success.

HRM PRACTICES

INTRODUCTION
• Liverpool Victoria insurance company is a company
which teams in life insurance investments and
pension schemes to protect the income of their
customers and engaged in this business since 2007.
• The company has achieved a great success in a very
few years and became one of the largest insurance
companies of United Kingdom having 5700 number
of employees (Than, Le, and Le, 2021).

HRM AND THEIR ROLE IN THE
COMPANY
• The human resource manager plays in effective
role in this function of a company and provides
the services that are essential in the management.
• Human Resource Planning
• Performance management
• Learning and development
• Rewarding

BENEFITS OF DIFFERENT HRM
PRACTICES
• Benefits of HRM practices to employees
• Create a positive environment
• Drafts and revise employment policies
• Benefits of HRM practices to employers
• Conflict management
• Health and safety
• Training and development

EVALUATION OF THE
EFFECTIVENESS OF DIFFERENT
HRM PRACTICES
• There are so many human resource
management practices that are used in an
organization. Human resource Management
not only helps an organization to manage
their personal but also affects their
productivity and profitability
• Raising organizational productivity
• Raising organizational profits

DIFFERENT METHODS USED IN HRM
PRACTICES
• There are several methods that are used by
human resource management in the HRM
practices that are required to be discussed
• Job analysis
• Use of recruitment agencies
• Training
• Job rotation

RECOMMENDATION
• The various recommendation which can be made to Victoria Liverpool insurance company to
effectively apply HRM practices or given below
• Effective security to the employees
• Selective hiring method
• Effective training method
• Information that is essential for employees should be accessible easily
• Proper self-managed and effective teams
• Adopt fair and performance based compensation and rewarding system

CONCLUSION
• The above discussion helps to conclude that human resource management is very essential
function of any company which provides good productivity and profitability to the company.
• Human resource manager plays a vital role in the company to employee effective and
talented employees who are responsible for the success of an organization. Liverpool
Victoria insurance company also uses HRM practices in the company which helps them
effectively raise their profitability and productivity in the company.
• The benefits of HRM practices helps both employer and employee in the company which
motivates them to give their best in the company.

REFERENCES
Than, S.T., Le, P.B. and Le, T.T., 2021. The impacts of high-commitment HRM practices
on exploitative and exploratory innovation: the mediating role of knowledge
sharing. VINE Journal of Information and Knowledge Management Systems.
Lei, H., Khamkhoutlavong, M. and Le, P.B., 2021. Fostering exploitative and exploratory
innovation through HRM practices and knowledge management capability: the
moderating effect of knowledge-centered culture. Journal of Knowledge Management.
Aydoğan, E. and Arslan, Ö., 2020. HRM practices and organizational commitment link:
maritime scope. International Journal of Organizational Analysis.