Examination of different concepts of HRM within HSBC bank and understanding key elements of decision making.
- Understanding the objective of HSBC bank regarding HRM in their business.
- Understanding the significance of employee relationships along with measured HRM Practices in HSBC bank.
Human resource management is the management are the management of human and financial resources in the firm. They includes different functions such as planning, organizing, directing and controlling etc (Banfield, Kay and Royles, 2018). Hence through this they can earn more revenues and they can increase the market share. Through this they can easily expand their business and can maintain good reputation in minds of all people and in the market. Project describes about the HSBC bank that provides financial to their customers. It was found in 1865 in U.K. Project describes about the purpose and scope of human resource management so that firm can easily accomplish the objectives. It further explains about the effectiveness of key elements of human resource management in the firm. It also describes about the internal and external factors which can affect personnel management including the employment legislation etc. It also explains about the application of humans resource management in work related context.
P.1 Purpose and scope of human resource management to achieve objectives
There is different purpose and scope of the organization. This is crucial so that firm can easily accomplish their objectives. So hence objectives of HSBC bank is described below:
Recruitment: In this firm selects talented and intelligent workers in the organization. Through this they can manage all tasks and activities in a better manner. Hence they can easily accomplish their objectives. This leads to successful running of the organization. Through this they can easily achieve their goals.
Training and development: Manager organize various training seminars so that all employees can get appropriate training for staff members. Through this they can increase their Knowledge and they can handle all activities and tasks in better and effective manner. Thus they can easily accomplish their targets.
Performance appraisal: HR manager can check performance of staff members that they are achieving their targets or not (Bratton and Gold, 2017). Rewards are given to employees if they had achieved their targets and this highly motivates employees to perform better . Thus they can give good results.
Planning: HR manager can create different policies and strategies so that they can do planning of various other activities and tasks. Hence all employees can be instructed to complete their activities. Thus all task can be easily completed in time and thus all staff members can easily finish their activities in time (Brewster, 2017).
Organizing: HR manager give various resources to all staff members sop that they can complete their activities in minimum time. Through instruction and guidance received by employer all employees can perform all activities in time.
Directing: It is the process through which manager motivates and give instruction to all employees. Through this they can easily accomplish various activities and thus they can easily their accomplish various tasks. Through their guidance they are motivated and they give best outcomes.
Controlling: Controlling is the process through which performance of all employees are controlled and thus they can easily accomplish their objectives. Standard performance is compared with present performance. Manager take corrective steps so that performance of workers can be improved.
Functions of HRM:
Reduces employee turnover: HR manager tries to increase the employees and take steps so that employees do not eave their jobs. They solve all their issues and give rewards to all staff members so that they can give good results.
Decrease conflicts: HR manager tries to reduce the disputes and conflicts. Hence as a result they can perform well in firm. Thus they can give good results.
Recruitment and termination: Company can take steps to recruit educated employees and then they can also take steps to terminate the employees. Thus these two functions are crucial in the firm.
P.2 Strengths and weakness of recruitment and selection methods
There are advantages and disadvantages of various sources of recruitment and selection methods (Brewster, Brookes and Gollan, 2015). So strengths and weakness of various sources in HSBC are-
It is the process through which employees can be selected and they can be selected from within the company. Thus strengths and weakness are described below:
Reduces costs: Manager tries to reduce the costs of selecting staff members so that they can invest their money in profitable activities (Friedman, 2017). Through this all activities and tasks can run profitably and successfully. This include the promotion and transfers etc.
Knowledge of person: Manager have knowledge about their experiences and the personal information about existing employees. Through this they can easy sejhect all e mployessin the company.
Less choices: Company have very less choices of selecting employees as they are selecting staff members from the company. They do not use external sources and selects employees from outside firm. Hence they have less choices.
Training new person: As manger selects employees from internal source they have to give training so that they can learn methods and ways of performing task of new job position. It involves costs.
External recruitment: When manager selects workers from outside firm then it is known as external recruitment. Strengths and weakness is described below:
New talent: Firm selects from outside firm so hence they can select employees who have new talent. Through this all activities are managed properly. It also helps firm to achieve objectives.
Improves diversity: It helps in maintaining diversity in the company. As all employees are selected from different background so hence it promotes diversity in the firm.
No knowledge of person: Firm do not have knowledge of person as they selects from external source. They have some information but they do have much information. Thus as a result firm cannot earn more revenues.
Communication gap: As employees are selected from external source then they there is communication gap between all employees and the manager. So hence as a result they can properly interact with each other. This can reduce productivity of firm (Harrison and Lock, 2017).