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Human Resource Management of J. P. Morgan Chase and Co. -
January 27th, 2011
JPMorgan Chase & Co. is a global securities, investment banking and retail banking firm. It is a major provider of financial services, with assets of $2 trillion, and is the U.S. banking institution having the second largest market capitalization and third largest domestic deposit base (behind Wells Fargo and Bank of America). The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $53.5 billion in assets as of the end of 2009. It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
The JP Morgan brand is used by the Investment Bank as well as the Asset Management, Private Banking, Private Wealth Management, and Treasury & Securities Services divisions. Fiduciary activity within Private Banking and Private Wealth Management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The CHASE brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. The corporate headquarters are in New York City and the retail and commercial bank is headquartered in Chicago.
JP Morgan Chase is one of the Big Four banks of the United States with Bank of America, Citigroup and Wells Fargo.
One pragmatic advantage of narrowing grievances to alleged violations of labour agreements is that both union and management officials are freed from handling a potentially large volume of employee complaints, including those that are not well articulated. A possible disadvantage of a narrow definition of grievances is that certain important employee complaints may go unheeded and may, in turn, contribute to low product quality, high turnover, absenteeism and strikes, and internal union turmoil. In any case, we use the term ‘grievance to refer to any alleged violation of the labour agreement between the parties where the grievance takes a written form and where it pertains to written contract language. The term ‘grievance procedure’, refers to the system established by the parties for the processing and settlement of grievances ( 1988). This system is shaped by certain environmental forces, union and management organizational characteristics and policies, employee characteristics and attitudes, and the nature and structure of the bargaining relationship between the parties.
In an example cited by (1989), three grievance issues faced by public sectors are discrimination, rules violation and general complaints. In the first instance, eleven agencies processed complaints based on discrimination or equal employment opportunity allegations. Discrimination was spelled out as based upon race, sex, religion, colour, national origin, ancestry, age, veteran status, or handicapped. Where these complaints were excluded from the grievance procedure, other appeal systems existed to adjust these problems, e.g., state or federal agencies, Equal Employment Officers, or HR professionals. The grievance policy of a county stated, "It is important to recognize those actions that do not fall under the grievance procedure. These are actions for which there already exists another appeal procedure. Civil Rights complaints should be submitted to the HR Director or the EEO Specialist. The complaint most commonly classified as a grievable issue is rules violation. The following definition of a grievance by a county illustrates the broad scope of grievable subjects. ‘A “grievance” is a complaint by an employee concerning the interpretation of application of policies and procedures governing personnel practices, departmental work rules, unsafe or unhealthy working conditions, or other policies or procedures of a working nature’ (as cited in 1989: 344). In the last issue, which is general complaints, fifteen agencies solicited employee complaints of a general or unclassified nature. Unclassified complaints were described by two agencies as ‘situations where the employee feels just cause for protest’, or ‘circumstances though to be unjust’. These definitions clearly represent the broadest interpretation of a grievance. The intent is the solicitation of any employee concern regardless of substance. Organizations using this approach want to convey a full and open attitude toward resolving employee concerns. This philosophy could be labelled the ‘humanistic’ approach to grievance resolution ( 1989).
Discipline, on the other hand, has been first specifically defined by (as cited in Day 1993) and they stated it has three distinct meanings: (1) punishment for a violation of a work rule or direct order; (2) training that moulds and strengthens the employee's behaviour; and (3) control gained by enforced obedience. From these three definitions, one can see that discipline not only has a corrective component but also an educational one. Often viewed synonymously with punishment, discipline is contrasted to punishment by these authors. Punishment is defined as an ‘undesirable event that follows an instance of unacceptable behaviour and is intended to decrease the frequency of that behaviour’ ( 1993: 21). According to the (1992: 192), discipline is defined as an ‘oral admonishment confirmed in writing, a written reprimand, or a suspension of 14 calendar days or less’. Adverse action is defined as ‘a removal; a suspension for more than 14 calendar days; a reduction in grade; a reduction in pay; and a furlough of 30 calendar days or less of a full-time employee ( 1992: 192). Clearly this definition focuses more on the enforcement or punishment side of discipline.
Training is the corner stone of sound management. For it makes employees more effective and productive. It is actively and intimately connected with all the personnel and managerial activities.
Training is a practical and vital necessity because, apart from the other advantages, it enables employees to develop and rise within the organization and increase their “market value”, earning power and job security. It enables management to resolve sources of fiction arising from parochialism, to bring home to the employees the fact that the management is not divisible. It moulds the employees’ attitude and helps them to achieve better cooperation with the company and a greater loyalty to it. The management is benefited in the sense that higher standards of quality are achieves, a satisfactory organizational structure is built up, authority can be delegated, and stimulus for progress applied to employees.
Last edited by netrashetty; January 27th, 2011 at 10:41 AM..