Human Resource Management Assignment | Merrill Lynch

Programme Title BTEC Pearson L4 in Business
Unit Number and Title Unit 3 Human Resource Management
Targeted Learning
outcomes
LO1, LO2, LO3 and LO4
Referred Pass Merit Distinction
Unit Final Grade
Learning Outcomes Feedback Grades awarded
LO 1
LO 2
LO 3
LO 4
Guidance for improvement / Action Plan / General comments

Date assignment marked:__________________________

Human Resource Management

INTRODUCTION
Human Resource Management is strategic approach of organisation for effective
management of employees and people related to organisation. There are different activities and
practices are used by the HRM department in the company to manage and improve and enhance
the performance and productivity of employees to gain marketplace advantage for higher
marginal profit and generate high revenue (Bondarouk, Meijerink and Leak, 2016). These
practices of HRM focuses on the individual employee performance to provide the company with
advantage in target market. This report is providing brief about function and activities of human
resource management in the organization to learn different strategy of HRM practices in Merrill
Lynch Firm. Merrill Lynch Firm id providing financial services to the company clients. This
company was founded in 1914 by Charles E. Merrill. Company is operation on May location
around the globe. The parent company of Merrill Lynch organisation is the Bank of America.
This report is providing the brief of work force management practices of HRM in Merrill Lynch
Firm. Functions of HRM are explained to find effectiveness of these practices. All the internal
and external factors of organisation are covered in study to evaluate their influence on Merrill
Lynch Company.
TASK 1
Purpose and function of HRM.
Human resource management — It is the blueprint that described the management approach.
Firm can use in the business to manage the People by organising, Planning, controlling, directing
and recruiting (Paredes, 2019). This approach helps to manage the people effectively in a
workplace such that they help their business to achieve the future goal and helps to take a
competitive advantage. This department enhances the development among the employee through
different learning programme as they able to achieve the goal of the organisation.
Nature -
1. It gives confident among the people that they have and ability to achieve goal of the firm.
2. It provides the training and development program to employees for develop their skills.
3. The main aim of achieving the goal of the firm with rules and regulations.
4. It is the inclusion function that helps to manage the people in an organisation.
Scope -
Personal management — The main scope of is that hiring, recruiting and motivate the people
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By provide training, placement, promotion, transfer, power, productivity etc.
Industrial relationship — in this, it contains grievance handling, collective bargaining, reduce
disputes, managing the relationship with co-workers etc.
Welfare aspect — In this strategy HR staff is concentrate on health and safety aspect of
employees, education level, provide better canteen facilities, flexible working hours,
transportation activities etc (Stachová, Stacho and Blštáková2019).
Purpose and function -
Recruitment and selection — Recruitment is the process of hiring and selecting the best
candidates by inviting the employees through advertising in newspaper, TV, social platforms etc.
This is the process that helps to firm for selecting the best candidate according to the
qualification and knowledge of employees (Ahmad, 2015). In this the purpose of Merrill lynch is
to recruit the best candidate for the suitable job position firm can use the internal and external
method for selecting the employees. Internal method provides the helps to firm for select the
candidate within the business like provide the opportunity to existing employees through
promotion transfer etc. on the other side external method provide helps to Merrill lynch for
recruit the candidate outside the business, as this method grab the new ideas that helps to make
the new and innovative products (Banfield, Kay and Royles, 2018). Thus, Merrill lynch used
these both methods for the purpose of this function is to select the best employees regarding
enhance the productivity. Thus, it makes better work force planning based on Channing needs
and requirements of employees.
Training and development — This process is provided the training facility to the employees for
develop the new skills in the employees for performing their work accordingly. Merrill lynch use
this method for the purpose of increase the knowledge among the employees. Therefore, they do
their work effectively and makes higher production (Fu, Jonathan and Bano, 2019). Thus, it
helps to enhance the profitability of the firm.
Hard HRM — This process is described that firm only focuses on productivity as they hire the
person on the needs of company. Thus, Merrill lynch pay the minimum salary to employees by
recruit the enough staff as requirements.
Soft HRM — This process is describing that firm many focuses on employees that they believe
that human resource is important resources for the business. Therefore, firm provides the benefits
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