Functions and purposes of HRM

Human Resource
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Functions and purposes of HRM...........................................................................................1
P2. Approaches concerned with recruitment and selection.........................................................3
TASK 2............................................................................................................................................6
P3. HRM practice.........................................................................................................................6
P4. Effectiveness of practice of HRM to raise profit and productivity of organisation..............8
TASK 3............................................................................................................................................9
P5. Importance of employee relations in respect to influencing HRM decision making............9
P6. Employee legislations..........................................................................................................10
TASK 4..........................................................................................................................................11
P7. Application of HRM practice..............................................................................................11
CONCLUSION .............................................................................................................................15
REFERENCES:.............................................................................................................................16

INTRODUCTION
In dynamic world, significant role in played by human resource management to ensure
organisational success together with improving brand image so that long term sustainability is
achieved by business (Bratton and Gold, 2017). It provides leadership and directional provisions
to design as well as carry out activities so that effectiveness of employees with organisation are
fully maximised. To gain knowledge regarding human resource management, hand picked firm
is Merrill Lynch Firm that is situated at Central London. Covered aspects in the report are
HRM's purpose and functions, approaches of recruitment and selection, HRM practices,
importance of employee relations, elements of employment legislations together with application
of practice associated with human resource management concerning work relations.
TASK 1
P1. Functions and purposes of HRM.
Human resource management aims to build favourable, respectful and healthy
environment at work location for each personnel. It helps in development of creative ability,
personality and skills of employees to enhance caliberity to work. (Boon and Raven, 2012).
Functions and activities of HRM:
Various HRM functions are applicable on employee resourcing addition to workforce
planning that aids in goal accomplishments. Various HRM functions along with activities used at
Merrill Lynch Firm are:
Training and development: On boarding training programs are organised for new
employees where as ongoing training with development are provided to existing personnels that
helps in performing operations or activities in dynamic or uncertain situations. Merrill Lynch
Firm managers delivers such programs so that workforce accepts challenges and performs best
work.
Compensation: This function is related to determine competitive, equitable with
adequate compensation to personnels for their contribution towards business targets. Employees
of Merrill Lynch Firm are compensated with monetary together with non monetary rewards.
Advising to upmost management: Human resource management also provides their
valuable advises concerned with formulation, implementations and assessment of personnel
1