Human Resource Management: Function & Purpose

HUMAN RESOURCE
MANAGEMENT

INTRODUCTION
Human Resource Management refers to employee’s management in organization.
Companies make different policies and structure as well as motivating the employees so that
human resource can be managed effectively (Banfield, Kay and Royles 2018).
Merrill Lynch is a financial services' industry which is a division of Bank of America
and it was established on 6th January, 1914. The founder of this company was Charles E. Merrill
and it has its headquarter situated in New York, U.S. The company provides wealth as well as
investment services and it serves worldwide.
This report includes HRM functions and purpose in according to planning and resourcing in
an organization through various skills like training and developing the employees in order to
achieve the competitive advantage effectively in the organization. It also includes HRM practices
and its benefits for firm and employees. Application of recruitment will be described in the
current assignment.
TASK 1
P1 HRM functions and their purposes
HRM can be defined as essential part in contributing for long term growth and survival of
organization. HR department manages the recruiting and selecting of the best employees at
the appropriate place and also manages the remunerations as well as provides the best
facilities like transfer, placement, rewards, training and development to the employees in
order to attain the purpose of business effectively. HRM administration also assess the
problems or conflicts among employees and provide the best solutions in order to maintain
employee relations and also trains the current employees as well as new employees
regarding the policies, structure and skills. HRM motivates the employees by conducting
training programmes in order to develop their capabilities and apply to the workplace
which will result to employees retention for the long run in the organization (Berman and
et.al., 2019).
There are several functions of HRM applicable to the workforce which will help Merrill Lynch
Firm for proper planning and resourcing these are:-

 Recruitment and selection(workforce planning):- The first and foremost important
function of the HRM that will help the Merrill Lynch Firm to select the best applicant at
the right or appropriate place. It is the duty of the HR head to determine the needs of the
company and select the applicants according to the vacancies. HR manager chooses the
appropriate candidates as per the job to attain the administration objectives effectively.
 Training and development(HRD):- The another function that HRM should provide to
the current as well as to the new employees is by training and developing. In order to
motivate and to train the applicants of the Merrill Lynch Firm. HR department should
organise orientation and development programmes for training staffs regarding policies
culture and structure for performing the job at the same time set up the orientation
programme for the new applicants to get familiar with the existing employees. HR
manager should enhance employees for developing the ability and knowledge of
candidates to contribute to the administration.
 Compensation and benefits(rewards):- HR manager is liable to direct and attract the
new candidates by giving them the benefits like rewards, compensation and incentives.
In order to attract the new applicants of the Merrill Lych Firm the HR manager should
provide the best benefits like insurance benefits, incentives compensation in order to
motivate the new as well as existing employees towards the work.
 Risk management:- HR management and risk department of Merrill Lynch Firm should
manage the risk properly by assessing the risk that can be hazardous to company. HRM
should provide proper training to employees regarding the management of risk factors as
well as to protect the employees by providing extra health and safety facilities as per the
health ans safety act 1974(Bratton and Gold 2017).
P2. Recruitment and selection process strengths and weaknesses
Recruitment
It can be recognised as a process of attracting and finding the potential resources for the
purpose of filling up the vacant positions of an organisation is known as recruitment.
Recruitment is a process of determining the vacancies for the jobs and analysing the screening,
job requirements, short listing and selecting the right person for the right job. Recruitment
approaches are of two types: