TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 Function of human resource management...................................................................................3 Soft and Hard Human resource management..............................................................................5 Recruitment and selection process and it benefits and drawbacks..............................................5 TASK 2............................................................................................................................................6 Advantages of various HRM practices for both employees and employee's...............................6 Evaluation of the effectiveness in different HRM practices for raising the organisational profits and productivity................................................................................................................8 TASK 3............................................................................................................................................9 Employee relation in HRM decision-making..............................................................................9 Strategies used by the HR..........................................................................................................10 TASK 4..........................................................................................................................................12 Application of the HRM practices in relation with the work.....................................................12 REFERENCES..............................................................................................................................15
INTRODUCTION Human resource management (HRM) is one most important function of business. This practice includes process of recruitment, selection and developing the employees. Human resource management helps company to manage Human resource of company. Merrill Lynch is part of bank of America which operations in investment management and wealth management sector. The headquarter company is in New York City (Collings, Wood. and Szamosi, 2018). Merrill Lynch has more than 15100 financial advices working for them and their services are available all over global. This report is about Human resource management of Merrill Lynch. Study will discuss purpose of HRM as well as strength and weakness of different recruitment and selection. Will also highlight benefits of HRM practices for both employees and employer and effectiveness of HRM practices. Furthermore, study will discuss importance of employee relation in decision- making along with these major elements in of employee legislation and its impact on HRM decision-making process. At last applicationHRM practices in Merrill Lynch(Boon. and et.al, 2018). TASK 1 Function of human resource management Introduction HRM is the practice which include hiring, recruiting and deploying the employees. There is a great scope of HRM which is described in the below topic. HerearethemajorfunctionsofhumanresourcedepartmentinMerrillLynch- Recruitment: This is the major responsibility of human resource management and the most challenging one. Recruitment process requires lot of resources. First HR department need to identify the need of human resource in the company then the company attract the candidates and recruit the best out of them, to help the company to achieve the business objectives (Analoui. ed, 2018). The recruitment process in Merrill Lynch is very long. The HR department analysis all the candidates properly by taking personal interviews, group discussion and pre-employment test and after all these they select the best candidates for job vacancy. The purpose of recruitment is hiring the best employees from the best possible source at the negotiable rate . Training and developing:
Identifying need of training and developing programs and organize them is one of major function of HR department of company. This program helps new employees to settle in work culture of company and helps to improve skills and knowledge of old employees. These programs boost performance of employees and to motive them to face uncertain conditions in market. Human resource department of Merrill lynch stays updated with market situational and organize programs for their employees to overcome them (Longoni. Luzzini. and Guerci, 2018). These programs are more situational based and help the employees to maintain their standard performance even in uncertain situations. The purpose of training and development is to get the productive result from the employees by developing skills in them in order to make the employees compatible. Professional development: One of the most important function of Human resource department. This function of HRM helps the employees to grab the opportunities of growth, education and other skills training. In these the organisation promotes their employee's for several educational option, corporate responsibilities and many more (Nieves. and Quintana, 2018). Merrill Lynch fund their employees for high opportunities like education loan on low rate, the company organize sponsor various seminar for the professional development of them. These activities help the organisation todecreasethereemployeeturnoverratio.Thepurposeofprofessionaldevelopmentis developing soft skills such as as teamwork and adaptability well as hard skills such as typing, accounting and also finance. Human resource planning Human resource planning (HRP) is step by step methodology of analysing the need of human resource in a systematic manner. This is done to assure the accurate number of employees are available to meet the requirement of the company to successful operate their business activities. Merrill Lynch does a proper HRP. The company mostly perform this activities when they are above to open a new branch. The purpose of HRP is planning in advance about how to recruit the employee and what are the sources available for recruitment. In order to make the employees developed by providing training and development by following the plan will enhance the skill and also will help in achieving the business objective by increasing the productivity of the employees.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Soft and Hard Human resource management Soft HRM:In this approach of human resource management the employees of the company are treatedimportant asset of the company, the motivation level of the employees are higher and the employee’s relation are better in the approach of HRM. In this approach the leadership style in company is democratic leadership style and the company focus on long term business strategies Merrill Lynch follows this approach of HRM as it is more employee oriented it helps the company to maintain good relation with their employees and increase the retention rate of the company (Potcovaru, 2018). Hard HRM:In this approaches of human resource management the employee of an organisation. The motivation level and employee relation are lower in this type of HRM approach. The leadership style followed by the company is autocratic leadership style. This approach focus on the short term business strategies and objectives. Merrill Lynch switch to this approach in case of emergency and crisis because of the decision-making in these approaches doesn't requirements lot of time and participations of the employees. Recruitment and selection process and it benefits and drawbacks Recruitment: It is the process in which the company attracts the candidates for the jobs then shortlist and select the candidates and appoint the best one. Recruitment process includes internal and external recruitment, both the methods have their own advantages and disadvantages. Here are strengths and weaknesses of internal and external method of recruiting. Internal recruitment:This is the type of recruiting in which an organization recruits the employees from the company itself. Merrill Lynch uses this recruitment methods to change the job status of their employees form part-time to full time, transferring the employees, promotions etc. Strengths: The biggest benefits of internal recruitment technique are it requires less resources than the external technique moreover it also motives the employees and boosts their moral. This method is often use by the Merrill Lynch to promote their employees, which helped them to increase the retention rate of company and enhance the performance of their employees (Stewart, 2018).Weaknesses: The major weakness of this recruitment technique is it reduces the number of potential employees as well as the fresh idea in the workplace of Merrill Lynch. Along
with this, it some creates disputes between the employees External Recruitment:In this type of recruitment technique the company recruits the candidates other than their existing employees. The Merrill Lynch uses this method to fill the vacancy rather than the existing employees. ï‚·Strengths: The strengths of external recruitment methods is to increase the number of potential employees in the company and increase the fresh idea in company. Merrill Lynch uses this method when they want to recruit candidates in a large amount.ï‚·Weaknesses: The major weakness of these recruitment technique is it needs lot of resources for it. Furthermore, it increase the employees turnover ratio in Merrill Lynch Selection: The selection process differs from company to company. Selection is the process of choosing the best candidates, which are more suitable for the job role. Merrill Lynch selects the employees on the basis of performance in pre-employment test and their personal interviews ï‚·Strengths: The biggest advantages of this selection method it assist the Human resource department in properly analysing the candidates and their skills and knowledge. Along with this method has and personal interviews in it which allows the HR to have a face to face interaction with the candidates and analysis their communicate skills, level of confidence etc.The strength of the company is available sources from which it becomes easy for the HR department for the hiring (Mone. and London, 2018) ï‚·Weaknesses: The disadvantages of this selection process are it doesn't forecast the full potential of the candidates. Furthermore the candidates can easily lay in their CV and their personal interviews. Even after the pre interview test and Personal interviews practical skills (team work, smart work, hard work) of the employees are still unidentified. The weakness of the company is its strict policies which consumes a lot of time. TASK 2 Advantages of various HRM practices for both employees and employee's Introduction learning is a part of training and training is a part of development. Learning means acquisition of knowledge or skills, Training means action of teaching the emplyees and Developing means over all development of the employees. BASISEmployeesEmployer
Learning,training and developing Trainingand developingprograms increasestheskillsandthe knowledgeoftheemployees moreover it boost the performance of theemployeesofMerrilllynch (Meyer. and Xin, 2018). Traininganddevelopment programshelpstheemployerto boostperformanceofthe employees which ultimately boost theperformanceoftheMerrill Lynch Flexibleworking options TheFlexibleworkingoptionis advantageous for the employees as of Merrill Lynch as they can work accordingtotheirconform.This option increase the productivity of the employees Theflexibleworkingoptionis beneficial for the employers as it is more employee friendly program which can increase the retention rate,moreoveritwillsavethe resources of the employer(Mone. and London, 2018). Performance managementand monitoring Thebenefitsofperformance management and monitoring to the employees of Merrill Lynch are it forecasttheir performance.It also helps the employees to identity their weaknesses(Mone.andLondon, 2018). The major benefits of management and monitoring of performance to theMerrillLynchishelpsin decision-makingregardingthe promotionandfiringofthe employees. Reward management Theadvantagesofproperreward management in Merrill Lynch are it increases the motivation level of the employees,whichboosttheir performance to earn more and more rewards and incentives The main benefits of proper reward management in Merrill Lynch are it increases the effectiveness and theefficiencyoftheemployees whichleadtoincreaseinthe effectiveness and efficiency of the Merrill Lynch.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Evaluation oftheeffectiveness in different HRM practices for raisingtheorganisational profits and productivity. Thereare different HRM practices that are followed in company which directly or indirectly contribute which involves hiring, recruiting and managing employees to havethe contribution in productivity and profit to company.All the below mentioned activities will increase the profits by less waste cost and increase the productivity by taking less time by the employeesThe HR department have major responsibility for ongoing development of employee. The continuous training keeps skills of employees up to date and brings those forwards in the world of innovation and creativity(Nieves. and Quintana, 2018). TheHRM different practices are There are basically are the two methods used in the company are- OnTheJobTrainingMethods–Thisthemethodofusedforthenewand inexperienced employee through observing peers and manager for performance in job along with trying to imitate the behaviour. This method doesn't cost much and less disruptive in employees. Through the use of this training method giving training employees in same machine and experience on particular standard. Methods are- Mentoring- the development of attitude is focussed in this training of new employee by a senior person by the way of one on-one interactions. Job Rotation-the process of rotating the employees through the series of related jobsso that the employees can be elevated from the boredomand allow the development in their own skills. Off The Job Training Methods— justto create a separate job environmentand overall development of employees . It is the job training is basically about the development of employees away from the field. Methods are - Lectures -Thisis suitable method when large number of trainees are required. Lectures can be very helpful in explaining concepts and principles clearly along with face to face interaction is very much possible (Nieves. and Quintana). Sensitive Training- This training is making employee understand about themselves and others reasonably, which can be done through developing social sensitivity and behavioural
flexibility. It is ability of an individual to sense what others feel and think from their own point of view. Contributes in development of companies productivity and profitably. Trainingis a appropriate way to make the employeesdoout to their best. Having full knowledge andskills helps inincrease ofjob satisfaction and makemore confident about work.Increaseinconfidenceleadstoincreaseinproductivitywhichisextremegoalfor company. Atrainingprogram allow to havestrengthened those skills that each employee needs to improve. Adevelopmentprogram brings all employees to a higher level, so they all have similar skills and knowledge. This helps reduce any weak links within the company who rely heavily on others to complete basic work tasks. TASK 3 Employee relation in HRM decision-making Introduction The role of Employee is immense in HRM decision-making. If relationship between HR and employee is not sound than it can bring negative results for Merrill Lynch so it is very important that relationship between HRM and employees must be sound. The employee must have to share cordial relationship with the HR in order to make fluent working conditions. The relationship between the employee and the HR is explained by the following points. Employee relationship helps HRM by making friendly policies In order to seek out conflict between the employees and employer HRM of Merrill Lynch makes favourable policies for both Employees and employer. Strategy used by the HR The strategy used by HRM in order to resolve this issue by making decision of providing incentives for extra work done by employees(Stewart, 2018). This strategy will make employees always motivated and satisfied employee will engage themselves in working effectively in order to achieve goal of Merrill Lynch. Conducting activities by the HR The HR in order to improve relationship among employees conducts various activities which boosts employee's efforts and make them ready for work. Various recreational activities can be conducted such as meditation, sports and games etc. All these activities will make employees know each other pretty well(Terziev, Banabakova. and Georgiev, 2018).
Strategies used by the HR The strategy for this which is going to be the best for the Merrill Lynch is conducting sports activities in between the job in order to engage the employee well. This will increase the productivity of the employees and the employees will work more productively after rejuvenating. Conducting Celebration by the HR There are variousactivitiessuch as celebratingChristmas, NewYear celebration, Celebrating Easter, etc. All these activities are performed by the HRM in order to build friendly relationship with the HRM by the employees(Analoui, 2018). This will help the Merrill Lynch by making the employees satisfied as the employees will feel the company like home. Strategy used by the HR The HR of the Merrill Lynch will use the strategy of celebrating the birthdays and the all the festivals at the end of the month after completion of the work. This will make the work to be completed on time by more engagement of the employees. Flexible working conditions Flexible working conditions are must for the employees in which the employees are free to work as per their suitability. The employees are allowed to do work from home, allowed to do work based on the styles of the employees, flexibility in working hours, etc. Strategies used by the HR The strategy used by the HR for the employee relationship in HR decision-making is going to be Flexible working hours in which the employees allowed to work on night as well as on days this will give competitive advantage to the Merrill Lynch by more employment and which will lead to more task completion(Boon. and et.al, 2018). Impact of legislation of HRM decision-making Legislations are the rules which are required to be followed by the HR in order to prevent form any penalty or any liability. The legislation affecting the HRM is as follows:Anti- discrimination Act 1975 This Act is for the equality of the employees. As per this act all the employees must be considered equal and should not be discriminated on the basis of gender, colour, religion and culture. All this will affect the HRM by making policies in which discrimination on the basis of all the above factors must not be done because if it is done and the employee report to the
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
government then it can impose high penalty to Merrill Lynch(Brueller, Carmeli. and Markman, 2018). Health and Safety Act 1974 As per this act the health of the employees as well as the employer plays a crucial role for the Merrill Lynch and must be taken proper care. The health and safety laws in which the working conditions must be safe including safe machinery is required to be used, proper maintenance of machines, Training related to safety, all the necessary equipment of safety, all these are must be considered. This affect the HRM decision-making by making the health and safety policies in the Merrill Lynch which will include proper sanitation facility for the workers, safety equipments example fire extinguisher and training. This will give competitive advantage by increasing the profit due to no liability because of non-compliancearkman, 2018) (Buckley. and et.al, 2019). Data Protection Act 2018 As per this act the HR must protect the data of the employees and must not misuse the data by providing the data to the other organization for their personal gain. The decision-making of HRM can be affected due to this by forming strict rules and by providing extreme security to the data of employees of the Merrill Lynch. This will increase the performance of the employees as the employees will help safe about their information(Buckley. and et.al, 2019). As per the view of (Buckley. and et.al, 2019).the trade Trade union in the UK was formed in order to protect the rights of employees as well as employers. Royal commission of 1867, was formed to sought out the problems faced by the employees and employers. Trade Union Congress which was founded in the year 1867 made emergence of the proper act for the Trade Union according to which Combination Act 1825 came into force. Under the act freedom was given to both of them and the liability was exempted by the providing funds to the Union. The various HRM practices are affected due to this and it led emergence of employee friendly law because the employee were exploited earlier in which they were paid very less and even not paid sometimes for the overtime. Margaret Thatcher was the person behind the Trade union which contributed immensely towards the development of the economy of the UK.
As per the view of (Nieves. and Quintana, 2018)Due to emergency of the Trade Union it also protected the rights of the employer in which employees used to take money in advance and then abscond themselves. The employees also do not pay attention towards the rules and regulations for them and take leaves. After emergency of UK trade Union it protected the interest of the employer by making proper laws for them. HRM practices improved drastically after the emergence of the UK trade union in which contracts were specified of the employees. Proper overtime pays was mentioned and the working hours are required to be mentioned in the contract. Conclusion From the about report it is concluded that in order talk competitive advantage over the competition Merrill Lynch must maintain great relationship with the employees which can be by providing them proper training, conducting several activities and making friendly policies. The HRM must also follow the legislations of the HRM in order to prevent Merrill Lynch from any liability or any penalty which will decrease the profit of the company (Kim. and Jeong, 2018). TASK 4 Application of the HRM practices in relation with the work There are several HRM practices from which the following have been selected: Agenda for the seminar of training the receptionists of The George Hotel The agenda for having the conduction of seminar is all about the for development of aspiration among the receptionist by managers as per there job description. The agenda will have the certainest objectives to have receptionist job in organization along with demonstration of reflective professional image. There is managing of telephone communication along with clarity's and courtesy. They will be had proper understanding over dealing politely with satisfied and discourteous employees. They will be trainees to have personal development plan to have effective development. Day one 8.00-9.00Entry of receptionists 9.00-9.30Introduction to improve communication Day two 10.45-12.00Introduction to interpersonal skill 1.15-2.45Topic detail
Leadership Teamwork Motivation patience 3.00-4.00Summary of all topics End day 8.00-9.00No registration will be made 9.00-9.30Technology skill introduction 10.30-3.30Mobile learning Company has planned to provide training to its staff so that they can improve their working abilities and can put best efforts for the growth of company. 8-9.00. the agenda of this training is to make people aware with duties of receptionists, in this all they will get to know about working areas of that job and outline will be given. 10.45-12.00 interpersonal skill training will be given in which it would be communicated to them that it is essential to develop this skill so that person can coordinate with all consumers effectively and can resolve quarries timely. 1.15-2.45 will be training of leadership, motivation. This will help the person in knowing importance of these areas. Agenda is series of activities in which the trainer processes the training activities by providing the course for training to the trainees. There are several agendas for the training and development which are explained below in the prospects of George Hotel. The training agenda will takes into account the development of skills such as communication skills, interpersonal skills and technological skills. All these skills will be provided by giving training to the receptionists under the different time slots which is described as follows. The training will start at 8:00 AM for 2 days. As per the view of (Brueller, Carmeli. and Markman, 2018)The goal of the agenda is going to be is going to application of HRM pra.ctices in which I will train the receptionist by giving them training of the interpersonal skills in which the Leadership principles will taught to them along with the leadership styles. Teamwork will be taught by me to them in which how to work as a team without blaming any single person will be guided to the receptionists. Taking
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
responsibility in the absence of the other receptionists will also be taught by me as a trainer along with importance of patience as the customers are very much important for the George Hotel. At the end of the day the summary will be explained by me in order to recall what is taught by me. As per the view of (Mone. and London, 2018)On the second day introduction to the technological skills will be given by me to the receptionists in which the programming skills, and how to use the software of the George Hotel will be taught to the receptionist in which how to do booking, how to make entry of the customers and the relevant room will be trained by me. The training will be provided by me. The HRM practices provided by me in the training are going to be Performance linked bonus appraisal in which employees will taught how to perform well in order to achieve the goal of the George Hotel which is increase the productivity of the receptionist. Conclusion As per the study it is concluded that it is very important to maintain relationship among the HR and the employees. The HR plays a dominant role in forming policies for the employees. There are various ways by which the development of employees can be made which is by giving training and development of the employees, motivating the employees, providing recreational activities to the employees, etc. There are also various laws such as Anti-discrimination laws, Data protection laws, Heath and Safety laws, etc. all these laws must be followed by the HR of Merrill Lynch. The HR must make policies considering all these factors. Thevarioustoolsfortheemployeesareriskmanagement,rewardmanagement, performance evaluation, etc all these tools are necessary for the valuation of the employees and the HRM must consider all these factors while performing the duty. The HRM can make themselves updated by market research about the sources of training and development. HRM must also consider various sources from which the department can provide employment to the employees. It can be campus recruitment, Walk in interview, etc. HRM must hire skill candidates in order ot achieve productive and high performance for the Merrill Lynch.
REFERENCES Analoui, F. ed., 2018.Human resource management issues in developing countries. Audenaert, M. and et.al., 2019. When employee performance management affects individual innovation in public organizations: The role of consistency and LMX.The International Journal of Human Resource Management,30(5). pp.815-834. Boon, C. and et.al., 2018. Integrating strategic human capital and strategic human resource management.The International Journal of Human Resource Management.29(1). pp.34- 67. Brueller, N.N., Carmeli, A. and Markman, G.D., 2018. Linking merger and acquisition strategies topostmergerintegration:aconfigurationalperspectiveofhumanresource management.Journal of Management.44(5). pp.1793-1818. Buckley, M.R. and et.al., 2019.Research in personnel and human resources management. Emerald Publishing Limited. Collings, D.G., Wood, G.T. and Szamosi, L.T., 2018. Human resource management: A critical approach. InHuman Resource Management(pp. 1-23). Routledge. Haak-Saheem, W. and Festing, M., 2018. Human resource management–a national business system perspective.The International Journal of Human Resource Management.pp.1-28. Kim, H.W. and Jeong, Y.S., 2018. Secure authentication-management human-centric scheme for trustingpersonalresourceinformationonmobilecloudcomputingwith blockchain.Human-centric Computing and Information Sciences.8(1). p.11. Longoni, A., Luzzini, D. and Guerci, M., 2018. Deploying environmental management across functions: the relationship between green human resource management and green supply chain management.Journal of Business Ethics.151(4). pp.1081-1095. Meyer, K.E. and Xin, K.R., 2018. Managing talent in emerging economy multinationals: Integrating strategic management and human resource management.The International Journal of Human Resource Management.29(11). pp.1827-1855. Mone, E.M. and London, M., 2018.Employee engagement through effective performance management: A practical guide for managers. Routledge. Nieves, J. and Quintana, A., 2018. Human resource practices and innovation in the hotel industry: The mediating role of human capital.Tourism and Hospitality Research. 18(1). pp.72-83. Nieves, J. and Quintana, A., 2018. Human resource practices and innovation in the hotel industry: The mediating role of human capital.Tourism and Hospitality Research.18(1). pp.72-83. Potcovaru, A.M., 2018. Human Resource Management in the Public versus Private Sector: A Theoretical Perspective.Economics, Management, and Financial Markets,13(3). pp.203- 209. Ren, S., Tang, G. and Jackson, S. E., 2018. Green human resource management research in emergence: A review and future directions.Asia Pacific Journal of Management.35(3). pp.769-803. Rigby, C. S. and Ryan, R. M., 2018. Self-determination theory in human resource development: Newdirectionsandpracticalconsiderations.AdvancesinDevelopingHuman Resources.20(2). pp.133-147. Stewart, D.W., 2018. Managing competing claims: An ethical framework for human resource decision making. InClassics Of Administrative Ethics(pp. 128-145). Routledge.
Terziev, V., Banabakova, V. and Georgiev, M., 2018. Social activity of human resource as a basis of effective social policy.Available at SSRN 3138140. Online Flexibleworking.2019.[online].AvailableThrough: <https://www.citizensadvice.org.uk/work/rights-at-work/flexible-working/flexible-working- what-is-it/>. TrainingAgenda.2019.[online].AvailableThrough: <https://www.template.net/business/agenda-templates/sample-training-agenda/>.