Human Resource Management - Merrill Lynch
Added on 2021-02-21
15 Pages5078 Words89 Views
HUMAN RESOURCEMANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Function of human resource management...................................................................................3Soft and Hard Human resource management..............................................................................5Recruitment and selection process and it benefits and drawbacks..............................................5TASK 2............................................................................................................................................6Advantages of various HRM practices for both employees and employee's...............................6Evaluation of the effectiveness in different HRM practices for raising the organisationalprofits and productivity................................................................................................................8TASK 3............................................................................................................................................9Employee relation in HRM decision-making..............................................................................9Strategies used by the HR..........................................................................................................10TASK 4..........................................................................................................................................12Application of the HRM practices in relation with the work.....................................................12REFERENCES..............................................................................................................................15
INTRODUCTIONHuman resource management (HRM) is one most important function of business. Thispractice includes process of recruitment, selection and developing the employees. Humanresource management helps company to manageHuman resource of company. Merrill Lynch ispart of bank of America which operations in investment management and wealth managementsector. 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 areavailable all over global.This report is about Human resource management of Merrill Lynch. Study will discusspurpose of HRM as well as strength and weakness of different recruitment and selection. Willalso highlight benefits of HRM practices for both employees and employer and effectiveness ofHRM 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 HRMdecision-making process. At last application HRM practices in Merrill Lynch(Boon. and et.al,2018).TASK 1Function of human resource managementIntroductionHRM is the practice which include hiring, recruiting and deploying the employees. Thereis 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 challengingone. Recruitment process requires lot of resources. First HR department need to identify the needof human resource in the company then the company attract the candidates and recruit the bestout of them, to help the company to achieve the business objectives (Analoui. ed, 2018). Therecruitment process in Merrill Lynch is very long. The HR department analysis all the candidatesproperly by taking personal interviews, group discussion and pre-employment test and after allthese they select the best candidates for job vacancy. The purpose of recruitment is hiring thebest 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 majorfunction of HR department of company. This program helps new employees to settle in workculture of company and helps to improve skills and knowledge of old employees. Theseprograms boost performance of employees and to motive them to face uncertain conditions inmarket. Human resource department of Merrill lynch stays updated with market situational andorganize 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 standardperformance even in uncertain situations. The purpose of training and development is to get theproductive result from the employees by developing skills in them in order to make theemployees compatible.Professional development: One of the most important function of Human resource department. This function ofHRM helps the employees to grab the opportunities of growth, education and other skillstraining. In these the organisation promotes their employee's for several educational option,corporate responsibilities and many more (Nieves. and Quintana, 2018). Merrill Lynch fund theiremployees for high opportunities like education loan on low rate, the company organize sponsorvarious seminar for the professional development of them. These activities help the organisationto decrease there employee turnover ratio.The purpose of professional development isdeveloping soft skills such as as teamwork and adaptability well as hard skills such as typing,accounting and also finance.Human resource planningHuman 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 employeesare 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.
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