Human Resources Management (HRM) is the deliberate launch into the effective administration of the workers in an institution to yield the profit. To get the best out of the given circumstances, we need to manage our resources, which in this case is humans that is why we need human resource management. As opined by Wheely (2010), Human Resources Management has sole responsibility for the growth and administration of a company to enhance the effectiveness. It deals with all kinds of paperwork and legal procedures for any new recruitment or in case an employee quits or is fired. It also looks after the concerns of the current employee and tries to motivate the employee to raise the production of the company.
P1 - Purpose and Function of HRM in context of Barclays. (M1)
Human resources are always an essential issue in any company because the people working in it decide a company's face. Thus, at Barclays it takes extensive care of its employees. It looks after its employees via screening, coaching and incentives. To provide better leadership to the world, it launched Leadership Program (Milewicz, 2013). The company is so obsessed with HRs that they have a program to train the future HR. The human resource management functions can be categorized such as operative, managerial, advisor function that explained blow:
Operative Function: These include many factors that is:
- Training and Development
- Professional Development:
- Performance Appraisal:
- Compensation and Benefits:
- Ensuring legal compliance:
In case of Barclays the HRM team recruits the best candidates who can help in the growth of the firm. Further, as an operative function employee development through training, employee encouragement through performance appraisal, rewards is also done.
Managerial Functions: This function includes planning, organization, directing and controlling.
Advisory Functions: Basically Adviser Group plays a vital part in HR management system, The Adviser Department divided also into two groups and that is,
- Top Management Adviser
- Departmental Health Adviser
Hence, the above stated HR function helps The Barclays Company execute its operation in a better manner.
P2- Strengths and weaknesses of different approaches to recruitment and selection process at Barclays (M2)
Barclays is always applauded for its workspace diversity and flexible work hours. It has a total employee of about 50,000. It is expanding for both onsite and remote positions. They generally tend to hire people with innovative approach and cutting edge of things. To maintain this huge number of employees the management of this organization should think about the Employee welfare, on that aspect SWOT analysis can play a crucial role.
Strengths of Barclays in context of HRM: As stated by Daniel (2013), the world of digital payments is growing rapidly and so is Barclays. There are big openings in coding, programming, engineers, designers and developers. They are also looking customer care executives who provide assistance. One of the strengths of Barclays is also hires virtual employee who does not have to relocate for the job. They also hire employees who can do any kind of work and are flexible too. They provide all variety of facilities to their customers whenever in need. According to the viewpoint of Jarvis (2015), one of the most significant weaknesses, here is the Barclays show too much trust in its employees.
Weakness of Barclays in context of HRM: Once, any member is not able to live up to the expectations it creates a ruckus of the situation. HR team has to go through all the rule and regulation systematically and take all the responsibility. Barclays yield and profit. The impact of HR management decision makes a profound effect towards company's exposure. According to the viewpoint of Legge (2017), the HR team maintains a leadership attitude towards the employee that helps to boost up in work. Barclays needs to keep a better relationship with customers about debts on credit cards. They need to change their present schemes on credit card charges and all the hassle to get a Barclays cards. They have offices in very few cities of Asian countries that need to grow. Apart that as intended by Legge (2017), Political rules tend to come in the way of Barclays as it is very hard with its regulations worldwide. Intense competition has led to recent downfall of the company, as it is not ready to lower its prices in the name of standards. Every country has different tax and revenue, so it should also change its levied percentage of taxes. Lastly, everything is as per the American business model, which is not compatible everywhere in the globe.
P3. The Benefits of Human Resource Management for Employees and Employer:
As intended by Gray (2014), Human resource management is the process of joining the human resource department with the intended goals of business to pick up the market goals in an effortless way. In short, human resource involves recruiting, hiring, and manage the employees. A confident and successful human resource system requires many more sections of that company like organizational culture and management health security. However, with an understanding of this part of HR management system business title-holders can proficiently structure its business strategy.
Organizational Culture: Organizational culture is nothing but gathering values, company that is Barclay’s vision, tradition, working rules and company's benefits that a company had achieved over the past years. As intended by Cox (2016), the Human Resource management plays a vital role in influencing the Barclays culture in front of a business prospective nature. Employees of the company know and learn from the HR department about the guideline, procedure; company's standard into the market and many other things which are acceptable in the workplace. For example, Barclays has a policy of punctuality, and that is very important on company premises. This policy promotes time management skills for junior employees, or the HR department of Barclays Inc organization accepts a better time soft time management skills that values employees self-determination to manage their schedule.
Planning for Change:
Nowadays business of the world changes rapidly with high accuracy and all the companies update continuously. It is the responsibility of the HR department to progress its own company, like other companies the HR team of Barclays helps the company for ongoing changes and it cannot be ignored (Neely, 2013). Planning for changes means assisting the employees to understand the company's profile, about its product and helping them to make out their roles allow for the larger picture of th