BUS7B31 HRM In Context Assignment Sample
Introduction
Human resource manager play significant role in recruitment, selection, training and development of employees so that company could achieve its set objectives. Hr manager continuously monitor the overall performance; find alternative method that could be used to enhance themselves (Vrontis et. al. 2022). Hr manager make use of practitioners that could help it in quickly respondent to the national and international factors at both operational and strategy level.
JP Morgan is an American multinational investment bank and financial services company that was founded on 1 December, 2001. Currently, the organisation is having around 271,025 employees and total assets of US$3.831 trillion.
This report has critically evaluated the approach used by HR of the company in relation to organisation strategy. It also understands the manner in which HRM practitioners respond effectively to international or national factors at both operational and strategic levels.
Critically evaluate approach of HRM strategy in relation to organisational strategy
Human resources management is the most significant process where a company needs to have a good team of human resources management that helps in improving the performance of the employee’s already prevailing in the process. Furthermore, it also helps in gaining competitive advantages in the market, as companies with best human resources cover the maximum shares of the market demand and supply. In short the HR manager of JP Morgan is responsible for abiding all the workplace regulation and employment laws (Boon et. al. 2019). So, it is responsible for maintaining discipline in the workplace linked with organisation strategy that can be easily depicted in more detail as follows:
Strategic approach: Human resources is the most valuable resource of the company where human resources management provides training to polish the skills and abilities that leads to best fit in the work process. The HR Manager of JP Morgan always focuses on retaining employees, as every single individual contributes in reaching the objective. In many cases skills and abilities are inbuilt or have good capturing power to learn the steps or functions to complete the task effectively and efficiently.
Retaining employees saves time and cost at the workplace and also helps in building strong relationships with the people working in the process. But sometime this retaining of employee may prove to be wrong for the company, as employee working with the company for more than a year get to knows about the pros and cons of the workplace which can be leaked in the market or helps other competitor to capture the market shares (Approaches of Human Resource Management, 2021).
Figure 1: Approaches of Human Resource Management
(Source: Approaches of Human Resource Management, 2021)
Management approach: This approach emphasises managing people or employees at every level and department of the company. The HR manager of the company assigns the duties, role and responsibilities according to performance, skills and abilities shown in the training sessions by the employees. Managers of different departments define the working method to achieve the organisational goal with the individual goal. JP Morgan managers always keep clear to their employees about the tasks and directions to be performed in order to have less chaos at the workplace.
This also helps in setting up good communication and coordination between the workers who are performing tasks over the period of time. However, in simple words JP Morgan organises works or tasks in a systematic manner by managing employees and subordinates at every level (Azizi et. al. 2021). On the contrary note, employees coming from different backgrounds, religions, genders and languages are hard to handle by a manager that may lead to different working styles at the workplace.
Human resource approach: Every human or single individual seeks for respect and dignity at the workplace. JP Morgan always respects human resources in order to motivate them. By motivating them through seeking respect, it will help in bursting out their potential towards the work process which helps in achieving organisational goals and objectives. Companies treat people or employees like their family and friends, which leads to working freely at the workplace without any pressure (Organisational Communication The Human Resource Approaches, 2021). Providing a free and healthy environment helps in discussing the problems which have occurred in the work process.
Figure 2: The Human Resource Approaches
(Source: Organisational Communication The Human Resource Approaches, 2021)
JP Morgan tries to bring out the hidden abilities and skills of the employees by treating them right at the work process. Treating rights refers to trusting them, trusting their quality of work; no pressure of work etc. company takes care of every worker from top to bottom level working for them by providing recognition and extra benefits like incentives (Chams and García-Blandón, 2019). Sometimes this leads to overconfidence in the employees that affects the quality of work at the workplace.
Commodity approach: JP Morgan always entertains and keeps the employees who justify their salary or wages in the work process of achieving goals and objectives. This helps in giving more to the employee or person who is performing more effectively and efficiently at the workplace (Macke and Genari, 2019). This approach of the company is treating employees as the commodity at the workplace which simply means providing salary on the basis of working style, skills and ability to handle the pressure and complete the task effectively and efficiently.
Companies think on economic terms by noting the actual work completed by the employees over the period of time. On the contrary, note money matters for the company growth and development. So companies think twice by spending money on the employees who aren’t capable or completing the task on time. Money always plays a vital role in allocating resources which may also affect men ‘s power (Cross and Swart, 2022). Money or funds have the power to hire and fire the employee based on their knowledge and experiences gained in the process.
Proactive approach: The HR manager of the company is proactive in nature for solving problems before they arise in the process. A JP Morgan HR manager anticipates every challenge or problem in order to solve them at the initial stage. This helps in saving time and money in the short and long period of time. Company is still making use of such a model of business in the market where identification of problems on time to time by monitoring and controlling the goals and visions (A Proactive Approach to Business Continuity, 2021).
Figure 3: A Proactive Approach to Business Continuity
(Source: A Proactive Approach to Business Continuity, 2021)
This works with the organisational strategies, if any distractions occur in the process then it should be solved permanently on the priority basis by the HR manager. This satisfies the employees or workers who are working continuously for the achievement of the group goals. It works on the model where prevention is always better than cures (Collins, 2021). But in some cases it may be a failure in the long term as taking steps at the initial stage of a problem may have adverse or worst effects on the permanent goal.
HRM practitioners respond to national and/or international factors at both an operational and strategic level
In the current scenario, there are many changes in the external environment at both national and international level that directly impact the practice of HR managers. Likewise, the government policies, economic condition of the country, technological advancement and many other factors are being considered by the HR manager of JP Morgan. Thus, it has helped the company in growing and sustaining business in a competitive environment (Carnevale and Hatak, 2021). In other words, the different HRM practitioners that have helped in effectively responding to national or international factors at operational level and strategy level can be illustrated as follows:
HRM practitioners respond to national or international factors at operational level
Government regulations: JP Morgan HR manager follows the standards set by the government at the workplace. The HR manager of the company is pressured by the law of providing training and hiring employees for the achievement of goals and objectives. Manager of the company is bound by the law and standards set by the government while providing the process of termination, compensation and much more. If the HR manager of the company doesn’t follow the standards or law of the government, then the company needs to feel sorry by fulfilling the fine or penalty amount (Is government regulation really so bad for business, 2021).
The standards or law varies from country to country in the globe. This affects the business of the company, as JP Morgan needs to follow and perform different laws or standards according to the demand of the country in which the business activities are prevailing to achieve the goal and objective effectively and efficiently.
Figure 4: Government regulation
(Source: Is government regulation really so bad for business, 2021)
Economic conditions: JP Morgan always works on the economic plan which has already been studied by the HR manager. Company human resource management manages hiring on the basis of an economic plan that has already been created by the top level management (Saeed et. al. 2019). This economic plan helps in hiring of the employees and deciding their salary or wages according to the abilities or skills. HR managers of companies make hiring on the basis of economic conditions as talent is affected by the situation prevailing in the economy of the country (Anwar and Abdullah, 2021). Company creates the economic plan based on experience of the experts and then that plan is provided to the human resources management in order to allocate the best resources. The HR manager of JP Morgan works on the economic plan and makes the necessary arrangements for recruiting the employees.
Figure 5: Human Resource Management
(Source: Human Resource Management Day to Day, 2021)
Technological advancement: JP Morgan always focuses on introducing new technologies in the work process in order to have less pressure over the human resources. And technologies are more efficient and effective in terms of time and cost involved in the work process. New technology covers the work of 2-3 employees at the workplace. This saves the time and cost of the HR department of the company to make efforts to recruit the appropriate the new employees and makes them trained to complete the task (Ngoc Su et. al. 2021). Today’s world is full of technologies where companies are developing new and innovative products with the help of new and latest technologies prevailing in the globe.
Workforce demographics: JP Morgan has been working for many years in the market where generation change took place in terms of human resources. The HR manager of the company makes changes by recruiting the young generation and adopting their working style to have growth and development in the market (Gigauri, 2020). The HR manager of the company develops new attractive packages and compensation plans in order to attract the young and new generation in the work process. Nowadays youth is the new power of the company to achieve the target and objective in a given period of time (Mousa and Othman, 2020). The HR manager of the company also designs and provides the work environment which is suitable for the young generation to complete the task effectively and efficiently. It is the time where the older generation takes retirement from the task and the new generation takes the charge to achieve the target and objectives.
HRM practitioners respond to national or international factors at strategic level
Competence: JP Morgan Human resources management always demands accuracy at the workplace. Proper training program is provided to the employee that makes their skills and abilities polished in the process to achieve the goal and objective. Latest and new knowledge is being demanded by the HR manager of the company which helps in making more share of the competitive market. HR manager looks for the experienced worker or employee on whom working is low but results are positive in the process (Competence Hunting, 2020). Strategic plan of the company requires higher knowledge and skills in order to implement in the work process.
Figure 6: Competence
(Source: Competence Hunting, 2020)
Consequence: JP Morgan always focuses on gaining more from the efforts of the employees in the process. The efforts of the employees are being rewarded on the national and international level according to the result occurred at the workplace (Trullen et. al. 2020). This gives an increase in the confidence and moral level of the employee which motivates the employees to complete the task effectively and efficiently. The HR manager builds the incentive plans which motivate the individual as well as the group in order to achieve the attention of everyone at the workplace. Motivating employees contributes more in the process of achievement of targets and goals.
Governance: In this the Hr manager of JP Morgan laid efforts on governing the overall structure, communication system and interrelationship that exist between the employees. It helps in understanding the manner in which individuals share information, work together as a team for the achievement of end objectives. This will help in providing a friendlier environment to employees of the company to coordinate with each other rather than conflict with each other (Pak et. al. 2019). This helps in improving the overall performance of the organisation as well as employees as their continuous efforts are being monitored and strategies are being planned to enhance the overall growth of the firm.
Learning and leadership: The HR manager of JP Morgan has provided a healthy environment to employees so that they could be motivated to learn new things in the best way. It has encouraged them to share their innovative and creative ideas that could be used by firms for gaining competitive advantages. Moreover, this has influenced the JP Morgan employees to effectively adapt themselves with the changing environment so that the company can achieve its objective in a limited time frame (Leadership learning, 2021).
Figure 7: Leadership learning, 2021
(Source: Leadership learning, 2021)
It has also provided equal opportunities to individuals to show their leadership skills that have helped in making optimum use of their skills and knowledge. Thereby they are ready to put more and more effort into the firm so that it could enjoy high sales and profit margin in future scenarios.
Conclusion
From the above report it can be concluded that the HR manager of JP Morgan took the initiative to recruit and retain highly talented and qualified employees in the firm. With a motive that it could deliver qualitative services to customers beyond their expectancy level. HR managers have made use of four different approaches such as Strategic approach, Management approach, Human resource approach, Commodity approach and Proactive approach. All these approaches are directly linked with the company objectives and strategy. At last it can be summarised that HR managers lay more emphasis on effectively adapting themselves to changing international or national factors to promote growth and overall development of the firm at a rapid stage.
References
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