Job Recruitment Process: A Case Study on J.P. Morgan

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Introduction

J.P. Morgan is a company that provides commercial banking, private banking services, asset management, and corporate and investment banking services. The company is headquartered in the United States but has been established in Hong Kong for over 90 years (J.P. Morgan, 2022). The company is committed to ensuring that Pacific Asia achieves economic inclusion and growth through enhancing small business development, workforce readiness, and financial capability.

Job Analysis

For J.P. to accomplish its goals in the Asian market, it must have the right and qualified personnel in its Hong Kong offices. The company is looking for an International Coverage Executive (ICE) to work in the commercial banking department of the company. The ICE personnel will be responsible for managing transaction services requirements of the specialized industry client segment and other subsidiaries of corporate client banking. In addition, the ICE will be in charge of relationship management within the Asian market to ensure that the firm achieves mutual relationship goals. ICE will have to leverage the firms capabilities to ensure that they provide client-dedicated services and meet the clients domestic and international financial needs. ICE must apply local market expertise and knowledge to enhance the companys financial position. Finally, the ICE will be responsible for traditional banking services, which include trade finance, treasury services, foreign exchange, and bilateral commercial lending.

The job specifications for this post include ten years of experience as a sales coverage manager or client relationship manager. The person must have a proven record of successfully servicing multinational clients banking transactions and helping the company to develop locally and internationally. In addition, the ICE must have credit knowledge in banking and demonstrate a solid understanding of treasury services products, including cross-border products, liquidity, and cash management. Excellent communication skills are compulsory as strong influencing skills for the ICE. Finally, the ICE should work in different time zones with various stakeholders and coordinate teams effectively.

Job Design Based on Efficiency, Motivation, Safety and Health, and Mental Capacity

Design for efficiency

To achieve efficiency in the position of ICE, it is important to apply good relations and eliminate recurring duties in the workplace. The company can seek to automate recurring responsibilities such as treasury service and foreign exchange to save time (Wu et al., 2022). The ICE must manage employees effectively and use cross-departmental collaborations to enhance operational efficiency. To achieve financial efficiency, the company must remove barriers to data flow and analysis (Alsharif, 2021). These will help reduce administrative work and enhance financial growth. Hence with the reduction of administrative and recurring tasks, the ICE can deliver services efficiently.

Design for Motivation

Ensuring that the ICE is motivated towards their job, J.P. Morgan should ensure that they provide job security for the employee. This will include signing a long-term contract so the employee may feel secure in the workplace (Peters et al., 2018). The company can introduce an attractive reward system to motivate employees to attain the set goals. The other design to motivate the ICE is job enlargement, whereby the employee will be given a wide range of work in a similar field. This will remove the boredom of doing the same work every day hence increasing their motivation (Manzoor et al., 2021).

Design for Safety and Health

The company should have a well-laid-out compensation scheme for ICE employee health coverage. This can range from fully paid insurance coverage to annual medical cover to lump sum compensation in case of harm during work (Shrank et al., 2021). In addition, the company can ensure that the package covers the employees family. This will make the employee feel more secure in the workplace and focus on achieving set goals.

Design for Mental Capacity

The design for mental capacity includes having random mental check-ups for the employee. This method will help determine whether they are experiencing psychological or mental problems. When employees are psychologically depressed, they are likely to have reduced work performance (Ajefu et al., 2020). Thus, the company must ensure that it takes care of the employees mental status to perform in the workplace optimally.

Recruitment Strategies and Their Implementation in the ICE Position

One of the recruitment strategies commonly used in the finance sector is using the right sourcing channels and the right sourcing strategy. Good employer branding is essential in attracting potential candidates to an organization (Poto
nik et al., 2021). J.P. Morgan is an international company with a good reputation which implies that it can attract top talents in the industry. However, the company must use the right channel to get the most effective employees for the organization (Poto
nik et al., 2021). Different sourcing strategies have varying rates in different countries. However, one of the most effective is using an online job portal to advertise for jobs. J.P. Morgan has implemented this strategy by advertising for this post on some of the most viewed online job portals across China and the world, such as Glassdoor.

The other recruitment strategy that the company provides is using attractive compensation. The human resources manager must acknowledge that different countries have varying attitudes toward pay. Thus, they must ensure that they compensate employees effectively, especially if they work in multinational companies (Poto
nik et al., 2021). J.P. Morgan is an American-based company, and the minimum wage in America is higher than the wage in China. Thus, the company has used compensation differences to ensure that they provide a competitive salary for the job post of the ICE. Compared to other financial firms based in China, J.P. Morgan can provide better compensation for its employee, which is a factor that attracts more candidates.

The other strategy that the company has used is keeping compliance regarding issues related to compensation and recruitment procedures. Different countries have varying laws and policies regarding the recruitment process of employees, including the minimum wage, medical benefits, income tax, leave policy, appointment letter, social security, and gender issues. The recruiter must be able to deal with these obligations and follow the country-stated laws. J.P. Morgan has ensured that they follow Chinas regulations by noting down that they believe in diversity and that their company provides equal employment opportunities to people from diverse backgrounds (Poto
nik et al., 2021). It states that the company does not discriminate against applicants based on pregnancy, disability, age, race, sexual orientation, gender, or other bases as protected by the law. In addition, the advert states that they accommodate people from varying religious backgrounds.

Selection Strategies and Their Implementation for ICE

J.P. Morgan has a wide range of enrollment strategies that it can use to ensure that it hires the best candidate for this position. The first selection strategy is the employees skills, knowledge, and abilities (Mohammad, 2020). This is a traditional recruitment style and uses the jobs key responsibilities to ensure that the candidate selected for the job can deliver. Human resources have to find an effective way of evaluating each candidate and ensure that they can deliver the given responsibilities (Mohammad, 2020). In this case, the ICE position requires a person who has a work experience of ten years and above and must have a proven positive record. This implies that human resources can consider checking the employees recommendation from the previous job to determine whether they successfully have ten years of experience. The candidate must have exemplary knowledge of the treasury and its products, and this can be evaluated by giving them a test to determine their capability concerning this matter.

The other strategy that the company can use is the conjunctive selection strategy. This strategy enables the human resources department to administer multiple assessments in various stages to determine the most appropriate candidate. This is whereby the participants are subjected to several tests based on the assignment they are applying for, and if one fails, they are eliminated (Mohammad, 2020). This method is appropriate for this job because it is a complex job that requires a wide pool of skills and knowledge which may be difficult to assess using a single test. Thus, the human resource will produce a series of tests based on the different competencies they want to achieve, and then the most successful candidate is chosen for the job.

Conclusion

J.P. Morgan company can significantly benefit by employing the above strategies because they will enable it to choose the most suitable candidate, which will help the company to achieve its goals. Being a financial company, it must ensure that it provides design for efficiency, motivation, health and safety, and mental capacity. In addition, the company should use the right sourcing strategies and channels to ensure it reaches the top talents. Finally, the accurate application of the selection strategies, including the conjunctive strategy focusing on skills and knowledge, will help the company to get the best candidate for the job.

References

Ajefu, J. B., Demir, A., & Haghpanahan, H. (2020). The impact of financial inclusion on mental health. SSM Population Health, 14(2), 100630.

Alsharif, M. (2021). The efficiency of banks and stock performance: Evidence from Saudi Arabia. Cogent Economics & Finance, 9(1).

Hanson, G. C., Rameshbabu, A., Bodner, T. E., Hammer, L. B., Rohlman, D. S., Olson, R., Wipfli, B., Kuehl, K., Perrin, N. A., Alley, L., Schue, A., Thompson, S. V., & Parish, M. (2021). A comparison of safety, health, and well-being risk factors across five occupational samples. Frontiers in Public Health, 9(1).

J.P. Morgan. (2022). J.P. Morgan Hong-Kong | About us. Www.jpmorgan.com.

Manzoor, F., Wei, L., & Asif, M. (2021). Intrinsic rewards and employees performance with the mediating mechanism of employees motivation. Frontiers in Psychology, 12(6).

Mohammad, A. (2020). A Review of recruitment and selection process. ResearchGate.

Peters, D., Calvo, R. A., & Ryan, R. M. (2018). Designing for motivation, engagement and wellbeing in digital experience. Frontiers in Psychology, 9(6).

Poto
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Shrank, W. H., DeParle, N.-A., Gottlieb, S., Jain, S. H., Orszag, P., Powers, B. W., & Wilensky, G. R. (2021). Health costs and financing: Challenges and strategies for a new administration. Health Affairs, 40(2), 235242.

Wu, Y. H., Bai, L., & Chen, X. (2022). How does the development of fintech affect financial efficiency? Evidence from China. Economic Research-Ekonomska Istra~ivanja, 13(2), 119.

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