Strategic HRM in Business Success

Introduction

Human resource management is mainly a strategic approach through which the organisations can manage skills and knowledge in the workplace to achieve the strategic objectives of the firm (Collings, Wood and Szamosi, 2018). Through managing the human resource of the companies, the management team try to retain efficient employees for the organisation and improve performance of the firms in order to fulfil the pre-specified goals of the organisation. The aim of the study is to identify the scope and purpose of human resource management in the organisations through which it is possible to manage the employees in the workplace and lead them towards achieving success. The study also provides a scope to analyse the external and internal factors that have crucial impacts on the human resource management practice. The study is related to the human resource planning process in the JP Morgan which is situated in London and through this paper, it is possible to analyse the human resource management strategic planning in the company by which the organisation can fulfil their strategic goal.

LO 1: Explaining the purpose and scope of human resource management in terms of resourcing an organisation with talent and skills appropriate to fulfil business objectives

The purpose of human resource management is to employ skills and abilities of the workforce efficiently so that the organisation can meet the strategic goal of the firm. the human resource management provides an opportunity to the organisations to develop and maintain quality of work life and communicate human resource policies and regulations with the employees so that the organisation can be ethically and socially responsive to the needs of the society. Through managing human resource of the companies, it is possible for the management team to retain the employees for long run and motivate them properly to stay longer and give their full potential to meet the strategic objective (Armstrong and Taylor, 2014).

The strategic planning of managing human resource is also beneficial to provide the organisation with well-trained and well-motivated employees which in turn helps to enhance organisational performance in long run through which the organisations also can gain high competitive advantage over other firms operating in the market (Brewster and Hegewisch, 2017). Supply of efficient human resource to the companies is possible through human resource management where the managers can motivate and retain the employees successfully. The scope of managing human resource is therefore includes effective planning, appraising, evaluating the performance of the employees, motivating the employees and managing relationship as well as managing organisational change where cooperation and collaboration are helpful to develop effective team through successful human resource management. Through managing human resource practice in the organisation JP Morgan, it is easy to meet the pre-specified objectives of the firm and retain skill and abilities in the company so that they can enhance the organisational performance in long run. It is necessary for the company JP Morgan to develop effective strategic planning of human resource management so that the management team can retain efficient staff members who can perform well and maximise the organisational values which is essential for the firm to gain high competitive advantage in the market (Chang and Chin, 2018).

In this context, hard and soft human resource management policies and practices are also effective to develop appropriate organisational strategic planning through which the management team can meet the organisational objective. In the hard-human resource management practice, the employer attitude is task oriented and the recruitment process is on the basis of abilities of the employees. The work place culture is usually hierarchical and there is high pressure in the workplace where the employees are bound to do their responsibility (Bratton and Gold, 2017). On the other hand, soft human resource management includes where the employer is people oriented and the recruitment process depends on attitude and potential if the staff members and the work place culture is cooperative where the employees can plan for career growth. In this regard, both the human resource management strategies are helpful for the employer in the JP Morgan to develop the best policies and practices in the firm to recruit efficient employees in the company so that their performance can be enhanced in near future.

There are various recruitment and selection process which are beneficial for the organisation to retain efficient employees for enhancing the organisational performance as a whole. Online job boards and websites is one of the effective recruitments and selection process which is cost effective and it is updated technology through which the vacancies of the firm can be fulfilled with skilled workforce (Baum, 2016). However, the disadvantage of this process is that it is a lengthy procedure where there may be inappropriate candidates who are applying for the post even if they are not suitable of the organisational job role. internal recruitment is another process which is cheaper and quick to recruit (Nel et al., 2014). People are familiar with the business and it provides an opportunity to promote the employees in the business. However, it limits the numbers of talent pool there is no scope for new ideas from outside of the organisation. Recruitment through consultancies is also another effective way to recruit the right candidate in the organisation which have several benefits such as it identifies the people who are eligible for the post and who are experienced (Snell, Morris and Bohlander, 2015). The consultant has specialist knowledge ion recruitment market and build personal relationship with the candidates for better placement. However, it is costly approach and tit also limits the talent pool of the candidates. advertisement is another procedure to recruit and select the right candidates in the firm like JP Morgan where positive message from the company, two-way communication through online medium are helpful to encourage the people and target the eligible candidates for the organisation, but it is also costly, and it has limited tracking and reporting on success (Brewster, Brookes and Gollan, 2015). These recruitment and selection process are beneficial for the company JP Morgan to retain the skilled and efficient workforce for the firm to enhance the overall performance solve that it is easy to achieve success in near future.

LO 2: Evaluating the effectiveness of the key elements of human resource management in an organisation

There are different methods and strategies of human resource management practice through which, it is possible for the organisation JP Morgan to retain the employees and enhance the overall performance of the firm. In this regard, the human resource management practice of the firm includes training programs, flexible working conditions, payment and reward management and employee performance management. these are the main human resource management practices through which the firm can retain the staff members for long run. there are several benefits of managing these practices for both the employers and employees which will be discussed further,

The organisation JP Morgan can utilise the human resource management practice for enhancing the overall performance of the organisation through performance management, providing effective reward system, giving effective training and development program as well as providing flexible working environment where the employees can perform better an fulfil the organisational objective successfully.

LO 3: Analysing internal and external factors that affect human resource management decision making including employment legislations

There are many internal and external factors that have crucial impacts on the resource management and decision making practice of the organisation. Employee’s relationship is one among them where the employer tries to build strong relationship with the employees so that it is possible to share knowledge and understanding with the employees (Bailey et al., 2018). In the organisation JP Morgan, it is beneficial to build strong corporate relationship with all the employees so that the employers can communicate with them and make effective decision in the firm. Developing strong relationship with the employees is also beneficial to empower the employees in the organisational decision making behaviour where the employers can get different opinion from the employees and choose the best possible decision for the firm. It is therefore beneficial to build strong relationship within the workplace and it has positive impacts on the organisational decision making behaviour where the employers and employees try to cooperate to make effective planning for the firm to mete the strategic objective in near future. It is an effective strategy for the employers in the organisation JP Morgan where employee’s engagement is beneficial through which the employer and employees can cooperate and interact in the workplace to develop effective strategic planning to enhance the organisational performance so that it is possible for the firm to gain highly competitive advantage. These strategic planning of building strong relationship with the employees is also useful for the firm JP Morgan to enhance performance and develop proper tactics to achieve success.

There are other external factors such as employee’s legislation which also have crucial impacts on the human resource management where the rules and policies related to employment is helpful for the employer as well as the employees to work efficiently and enjoy the benefits in the firm (Albrecht et al., 2015). The Minimum Wage Act is beneficial to set the appropriate salary structure for the employees as per their potential. managing the reward system and performance related pay further helps the employees to work efficiently and the employer tries to motivate the employees through managing the reward system so that the employees can feel valued in the workplace. Anti-Discriminatory Act is also beneficial for the employer to create flexible working atmosphere by ensuring transparency and accountability where none are discriminated in the workplace and the employer treat all of the employees fairly. fair treatment and equality in the workplace of JP Morgan are beneficial to manage the employees and retain them for long run. for example, the employer in the organisation JP Morgan can utilise the legislation related to employment laws to improve engagement with the employees where the staff members can feel valued in the workplace and they can meet their basic needs in their lives. in addition to these, Health and Safety Act at workplace is also another legislation where the employer are concerned about any hazardous situation and the employer also look forward on maintaining hygienic factor in the workplace so that the employees can work freely without harm. Additionally, the employer also provide insurance for the employees which is also another strategy to maintain health and safety at workplace where the employees feel secure to work in the workplace of the organisation (Armstrong, 2014). Diversity management and no-discriminatory actions in the workplace are effective strategic planning to manage human resource and retain skilled workforce for the organisation to enhance the organisational capabilities. For example, the employer of the JP Morgan can manage cultural diversity in the workplace by providing cultural training and arranging general meeting or induction for the employees where the staff members can understand each other and work with cooperation and collaboration. moreover, empowering the employees in the organisational decision making behaviour and providing them, flexible working environment are also beneficia through which the management team can manage the human resource of the firm (Bos-Nehles et al., 2017).

LO 4: Applying human resource management practice in a work-related context

Job advertisement is one of the effective ways to recruit and select the skilled employee in the organisation where the employer or the leader can improve the performance of the firm as a whole and achieve success sin near future.

As the organisation JP Morgan is a famous firm for investment banking and financial service, it is beneficial to hire efficient consultant who can guide the customers for better investment where they can get effective return on investment.

Purpose of the Job:

To provide sound knowledge to the customers regarding in investment banking and financial service

To inform practical experience to the customers regarding the way they can invest in the JP Morgan for better return

To effectively contribute to raising the fund in the JP Morgan and enjoy the benefit for investment

Roles and responsibilities:

Contributing in the performance of the firm

retaining more customers for more investment in the JP Morgan

Manging the existing staff members as well as the customers successfully

Person Specification:

Required Qualification:

PhD in investment banking and financial services from government recognised university

Minimum 60% marks in MBA in finance and accounting

Fluency in English

Desired Qualification:

Minimum 5 years of experience as a financial consultant

Have excellent verbal and non-verbal communication skill

Ability to manage customers and the internal staff members in the organisation

Extra activities:

Punctual at work

Involved in effectively coordinating training programs in the financial services

Ability to supervise the internal staff members and manage the customers

It is the responsibility of the manager to manage the activities in the workplace of JP Morgan where the employee’s legislations and rules are beneficial for the manager to manage the internal staff members and enhance the performance of the organisation as a whole. The manager can build string relationship with the internal staff members and retain them for long run to perform better and serve better service to the customers efficiently. Through applying effective reward system as well as performance related pay and building string relationship, the manager in the JP Morgan can establish the firm at international level by ensuring high performance.

Conclusion

It can be concluded that, the human resource management practice and the strategic planning to manage the staff members are beneficial for both the employers and the employees to manage the organisational performance and establish the firm at international level. Through the above human resource management practice, it is possible to run the organisation JP Morgan efficiently and enhance its performance as a whole. the recruitment and selection process through job advertisement is also advantageous to identify the efficient staff that can manage the operational activities of the firm as well as manage the other staff members in the organisation for developing an effective team so that it is possible to achieve the organisational goal successfully. The strategic practice such as training and development, high communication, strong relationship with the employees, managing cultural diversity and health and safety at workplace are beneficial for the employees in the JP Morgan to work efficiently and improve their performance to achieve success. The legislative practice related to Employment is also beneficial for the firm to retain the efficient staff members for the company and manage the staff members for long run. the firm JP Morgan can conduct external recruitment strategy through providing Job advertisement to increase talent pool and choose the best employees who is able to handle the activities in the firm.

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