Human resource management - Merrill Lynch Assignment

   

Added on  2021-02-20

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Human resource management
Human resource management - Merrill Lynch Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1- Purpose and functions of HRM.............................................................................................1P2- Recruitment and selection.....................................................................................................3REFERENCES................................................................................................................................6
Human resource management - Merrill Lynch Assignment_2
INTRODUCTIONHuman resource management is a managerial function which aligns withbusiness strategy to effectively manage people so that they can help better inachieving long term organisational goals (Armstrong and Taylor, 2014). This reportincludes broad HRM principles, practices and functions practised at Merrill Lynch,An investment and wealth management division of Bank of Americaheadquartered at New york.TASK 1P1- Purpose and functions of HRMNature: The central characteristics which form part of an integrated HRMare that it is an integral part of the management, pervasive, continuous and peoplecentric function.Scope: The wide scope of HRM activities include recruitment,compensation plan, employee motivation and engagement, maintaining industrialrelations, ensuring induction and training facilities for the employees. Functions: The key functions of HRM at Merrill Lynch along with itspolicies and practices include recruitment planning, staffing, training, relationshipbuilding, change management, motivating, conducting induction, designing rolesand compensation structure. 'Best fit' vs 'Best practice' approach: Best fit approach suggestsdevelopment of HRM practices according to the business strategies, Organisationshould develop HRM practices which aligns with the nature of the entity whereasBest practice approach suggests that certain HRM practices are universal in naturewhich helps business in achieving competitive edge irrespective of its nature(Bratton and Gold, 2017). 1
Human resource management - Merrill Lynch Assignment_3

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