Human Resource Management

HUMAN RESOURCE
MANAGEMENT

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 application HRM 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.
Here are the major functions of human resource department in Merrill Lynch-
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
to decrease there employee turnover ratio. The purpose of professional development is
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.