Strategic Human Resource Management at LV

Introduction

Managing human resource is effective for the organisations where it is possible for the organisational leader and management team to restructure the employment rules and introduce the monetary and non-monetary rewards to satisfy the employee and retain them for long run as the employees are the major stakeholders in managing the organisational performance and achieving future organisational goals and objectives (Armstrong and Taylor, 2020; Bratton and Gold, 2017). For those who are seeking HRM dissertation help, understanding all these dynamics and strategies becomes very critical. The aim of the study is to analyse the scope and purpose of the human resource management and review the human resource policies and practice to manage the organisational employees in long run. The study is helpful to evaluate the management practice in the organisation, named LV. it also helps to develop job description and review the policies in the organisational context. LV is the UK’s largest friendly society and it has been established in the year of 1843. The organisation is efficient to provide a variety of financial services including life insurance, pensions, and investment projects and insurance which are effective to retain the clients in the country. There are over 5.8 million customers and the company is also effective to manage over 5500 staff that is efficient to run the financial operation across the country. There are 14 offices in the UK where the leader of the company and the management team try to manage the employees and develop sting team efficiently in order to run the organisation successfully.

Explaining the purpose and scope of Human Resource Management

Human resource management provides an opportunity to the organisation to develop effective strategic planning to manage the employees in the organisational context and in this regard, there are different scope and purposes of managing human resource management in the organisation (Chelladurai and Kerwin, 2018). The organisation LV aims at managing human resource in the organisation so that it would be possible for the firm to retain the right candidate in the workplace and run the organisational activities efficiently in long run. The major scopes of the human resource management are such as job designing, human resource planning, recruitment and selection of the right candidate in the organisation as well as developing induction process, arranging training and development program, giving benefits and compensation and performance appraisal (DeCenzo, Robbins and Verhulst, 2016). These are the major scope of the business in managing human resource in the organisational workplace. LV aims at designing appropriate induction process top share the organisational information and data with the employees and inform them about the organisational working practice and own roles and responsibilities so that the employees can acknowledge the working practice and contribute positively in managing the organisational performance. the another scope of managing human resource for the firm LV is to arrange effective training and developing program for the employees and redesign the compensation and benefits for retaining the employees for long run. LV aims at managing the string employee’s base through providing performance appraisals and compensation and for this it is beneficial for the firm PV to manage human resource and develop string policies and practice to manage the staff at the workplace of LV.

Figure 1: Scope of human resource Management

There are other scope for which the organisation LV aims at managing human resource which are designing effective recruitment and selection process as well as job design to attract the candidates in the job market, human resource planning and developing industrial relations so that the firm LV can secure future sustainable development in the financial market of the UK. Hence, the purpose of the managing human resource in LV is clear where the company aims at retaining the experienced staffing long run through developing human resource planning and providing high incentives and compensation benefits. On the other hand, the functions of the human resource management in the organisational context are such as evaluating the performance, apprising, planning and staffing, developing effective strategic planning, motivating, managing change and maintaining relationship with other stakeholders engaged with the business (Sparrow, Brewster and Chung, 2016). The functions of the organisations in managing human resource are important for LV to maximise the objective of the firm as a whole. The major aim of the organisation is to secure future sustainable development in the financial market in the UK by strengthening their customer’s base through satisfying the customers and retaining more new customers to make effective decision for managing personal finance. In this regard, the functions of managing human resource in LV are such as planning properly, develop strategic decisions, motivating the employees in long run, managing change in the organisational workplace, maintaining corporate relationship with the stakeholders and apprising which are effective for the company to make the business successful.

Figure 2: Functions of managing human resource

The above mentioned functions of human resource management are effective for the organisation LV to sustain in the market and retain the experienced staff to mange financial operations in the workplace. the function of planning and strategic decision are effective for the business to achieve future goals as well as the other function such as motivating the staff, apprising and planning are effective for redesigning the human resource planning to maximise the values for the employees and retain them for long run (Berman et al., 2019). In this context, the organisation LV has its own style of recruitment and selection which are job promotion through social media such as FaceBook, Instagram, Twitter and LinkedIn, applying online, and the selection process includes telephonic interview and face to face interview which further helps to achieve final outcome of recruitment and selection. In this regard, there are strengths and weakness of online job advertisement and the major strengths are such as promoting content as well as job description at the organisation. People have wider range of experience, outside people can bring new ideas and there is larger pool of workers from which the company can recruit the right candidate according to their job requirements and organisational responsibilities (Marchington et al., 2016). The weaknesses of online job advertisement are such as it is a longer process, it is expensive as advertisement and interview are necessary and the selection process becomes difficult as there is large talent pool.

The organisation mainly selects external recruitment process to enhance their creativity and innovation where the outside talent pool is beneficial for the firm LV to develop diversify technique and strategy to perform the financial tasks. In this regard, for successful selection process, the organisation chooses telephonic interview and the face to face interview process. In this context, the telephonic interview is quick process and it can be done immediately where the people can express the thoughts ad it is cost effective way to take interview of the candidate. However, the weaknesses of the telephonic interview are such as the personality trait of the candidate cannot be analysed and the management team sometime face difficulties in identifying the knowledge and efficiency of the candidate over the phone. The face to face interview is hereby one of the effective ways for the organisation LV to recruit the right candidate after evaluating the skill and efficiency of the people. In this regard the advantages of the telephonic interview are such as useful information exchange, effective communication, improving understanding, understanding personal trait, information and direction and managing confidentiality which are effective to make effective selection decision of the candidates. However, there are certain disadvantages of face to face interview such as it incurs higher cost than other method; there may be some possibility of biasness of the interviewer and the respondent’s fears about the lack of anonymity. Though there are certain weaknesses of the telephonic interview, it is necessary for the firm LV to arrange face to face interview for the candidates in order to select the right individuals for managing the financial task in the workplace of LV.

Evaluating the effectiveness of the key elements of Human Resource Management

There are various strategic planning in the organisation through which the organisations try to mange heir employees and retain them for long and in this regard both the monetary and non-monetary rewards are playing crucial role in managing the employees at the organisational workplace (Bailey et al., 2018). In this regard, the human resource management team in the organisation LV design the salary structure efficiently which are effective for creating values for the employees. For example, the strategies of giving performance related pay as well as yearly compensation and bonus system in the company LV are also effective strategic practice to strengthen their employee base and retain the experienced employees for long run. As per the Herzberg’s motivational theory, there are crucial factors for motivating the staff such as achievement, recognition, responsibility management and personal growth and on the other hand the factors such as working condition, co-workers relationship, existing policies ad practice, wages and salary are influencing the workers to perform better in near future. There are high performance incentives in the organisation where the finance managers and the financial advisers are paid high incentive structure according to their performance in the UK financial market. High retention of the customers and high turnover of the business are the major factors which evaluate the performance of the team and on the basis of the performance of the team members, they get high incentives and yearly bonus. This structure further attracts more employees to show their creativity and perform better in the organisation to contribute positively in the organisation to achieve future success. Additionally, the organisation LV is successful to retain the staff by giving the promotion, hike on their salary on a certain interval and this is also effective strategy to retain the experienced staff in the finance market and enhance the organisational performance. Hereby, the strategy of rewards and benefits are effective for the employees in LV to be encouraged to perform in the workplace and to contribute positively in achieving future aim.

Figure 3: Herzberg’s motivational theory

On the other hand, training and developmental program is another activity which retains the employees in the workplace. the management team of LV is efficient to arrange the on-the job and off-the job training program for the benefits of the employees, where the financial assets and instruments are discussed through the sessions so that the employees can perform better and retain more long run customers. The training session further provides a scope for personal and professional development of the employees and this further enhance the interest of the staff to perform better and gather more in depth knowledge related to finance (Brewster et al., 2016). The online training courses and organisational portal are also another strategy of LV to provide class session to the employees and on the other hand, the on-job training program is also effective where the employees can share their skill and experiences with others and contribute positively in working in the organisational workplace. In this regard, the safety at workplace and the organisational culture are two major factors that affects on the employee’s retention. In this regard, the strategy of developing organisational culture in LV is also beneficial to provide suitable working environment to all the staff where the management team can manage the worker efficiently. in this regard, the management team of LV provides flexibility to the workers in choosing their working hours and taking leave as per their requirements and additionally, the freedom to work at the workplace are also effective to manage performance of the employees and develop effective human staffing policies to retain them for long run. Hereby, the personal and professional developmental scope for the employees, organisational culture with freedom to work and flexibility are effective in LV to manage the staff and retain them for long run.

Additionally, leadership is another major factor that contributes in staffing and human planning in the workplace and in this regard the leadership style influences the followers towards achieving future success (Guest, 2017). The organisational leader at LV is efficient to develop flexible working atmosphere where the team members can work efficiently. The leader provides proper advice and directs the team members towards working efficiently with their full potential ad financial skill so that they are able to manage the customers and convince them to invest more in the organisation for better return on investment. The efficiency of the employees and the knowledge of the staff are effective to run the financial activities in the company LV and in addition to this, the leader plays a crucial role in managing the team members and leading them towards achieving future success. The leader is efficient to develop partnership working practice and support the workers for building strong corporate relationship with trust and respect for each other. this activities of leaders and effective for enhancing communication and improving cooperation which in turn helps the firm LV to manage the performance of the workers and lead them towards achieving the organisational future objective to establish the brand in the international finance market.

Analysing internal and external factors affecting Human Resource Management decision-making

there are crucial internal and external factors that influence the organisational decision making practice and in this regard employee relation is one of the effective internal factor and the employment legislations is the external factor that influence in making decision in the organisational context (Banfield, Kay and Royles, 2018). In the recent era of globalisation, employee relation is necessary in the workplace where it helps to improve workplace relation and develop mutual trust and respect in the organisational workplace. The elder in LV is efficient to support the staff and motivate them for team building activities and this further enhances the corporate relationship in the workplace. The leader is also efficient to develop strong bonding with all the staff through developing open communication and improving operation and this further provides a scope to the leader to share the thoughts of the staff as well as express the thoughts and vision of the leader in the workplace (Louis and Urcan, 2018). in this context, the leader in LV is also efficient to manage transparency and accountability and this further helps to improve fairness and consistent treatment at the workplace of LV. loyalty towards all the employees in LV and fulfilling the commitment of the leader are effective to develop employee relationship and it further helps the firm to restructure the strategic planning in achieving future success. Through developing strong relationship at the workplace, it is also possible for the leader at LV to empower the staff ad make proper decision for the benefits of the organisation. Hereby, employee relation is beneficial for LV to develop the strategic planning and cooperatively the leader can create innovative decision for the benefits of the organisation. Employee relationship is also beneficial to enhance internal communication where mutual trust and respect further helps he leader to understand each other’s opinion and develop strategic planning for maximising the values for all the staff. The leader also can manage internal changes and mitigate internal conflicts to improve the organisational practice and satisfy all the staff for improving their performance in LV in long run.

On the other hand, employee legislation is an external factor which is helpful to reshape the organisational decision (Hecklau et al., 2016; Alananzeh et al., 2017). The employment legislation and practice are beneficial to develop strong organisational policies for employing the staff successfully. In this regard, the Health and Safety at Workplace Act 1974 is one of the effective rules, which reshape the organisational policies for managing safety and security of the staff (Wilton, 2016). LV is efficient to manage employee’s safety and security where it provides safe environment and clean place to work together and part from that, insurance for the employees and other insurance for workplace accidents are there which create values for the staff in LV. additionally, the Minimum Wage Act 1948 is also effective for the leader at LV to reshape the salary structure for the employees so that they can be motivated to perform better. The Equality Act 2010 and non-discriminatory practice at the workplace are also beneficial where the leader at LV aims to treat all the staff fairly which develops string binding and corporate relationship with all the staff at the workplace of LV. Additionally, the Data Protection Act 1998 is also there where the data and personal information of the employees are kept secured through the computerised database system, and this further improves trust and loyalty among the leader and the employees (Delery and Roumpi, 2017). Hereby, the legislative practice and laws are effective to restructure the organisational policies and practice to retain the employees and manage their performance successfully through human resource policy so that the elder at LV can retain the experienced staff for long run and motivate them to perform better. Hereby, the employee relations and legislation, both are effective factors to develop proper human resource strategic planning in the workplace, where the leader at LV can encourage the staff member and lead the successfully towards achieving future success by providing proper training and development program, incentives and performance related pay as well as suitable environment to work flexibly (Przytuła, 2018).

Apply Human Resource Management practices in a work-related context

Job description:

Personal specification:

Short listed candidate for interview:

Interview questions for the Personal Assistant vacancy:

How do you manage internal and external contact by receiving and screening incoming phone calls, online post and emails, dealing or redirecting as appropriate to support the overall efficiency of the business operation in LV?

What is your managerial style to improve coordination and enhance communication at the organisational workplace?

What is your strategy to build and maintain strong working relationships with the senior management and other colleagues?

What is ideal workplace for you?

What is your preferred working practice for providing secretarial support?

How would you manage time and efficiency at the organisation?

How would you manage multitasking at LV including room bookings, hotel & ticketbookings, travel arrangements, catering arrangements and organise ad hoc events within the allocated budget to help support head of the department efficiency?

What are your strategies to assist the preparation and co-ordination of meetings?

Evaluating the process of selection of personal assistant:

The above mentioned process of recruitment and selection in the organisation LV is effective, where the job description is helpful for the candidates as well as for the organisational representative to find the right candidate for the post of personal assistant. The company is searching for efficient employee for the post of personal assistant where he or she is able to manage the tasks related to project, arranging meeting, supporting the board of the directors and support in multi tasking in arranging hotels and booking rooms, as well as managing meeting sand developing organisational reports. The job description is effective where the candidate can review the details as a personal assistant in the company so that he or she can apply for the vacancy in the organisation (Atan, Raghavan and Mahmood, 2016). After applying through online portal, the organisational representative review the person specification and match own requirements and organisational roles so that it is possible to recruit the right people for the benefits of the firm. After that, the interview questions are also beneficial in this regard to arrange face to face interview and analyse and evaluate the skill and understanding of the candidate about the post and roles as a personal assistant, so that the human resource management can recruit on the basis of the education and experience of the candidate (Al-Shaiba, 2017).

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Conclusion

the organisational practice and polices of human resource management are effective for the company LV to recruit and select the right individuals in the organisation, where the individual is efficient to manage the activities as a personal assistant. The organisation LV needs to focus on the managing human resource through developing human resource planning, reallocating the organisational resources, arranging training and developmental programs, providing induction to the new employee as well as designing the appraisal program, incentives and performance related pay so that it would be possible for the firm LV to strengthen their employee base and retain the experienced staff who can manage the financial operational activities in LV as well as manage the meetings, finance related documentation and handle customers as well with the help of the board of directors on LV.

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