Human Resource Management Purpose and Scope
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Added on 2021-02-20
Human Resource Management Purpose and Scope
Added on 2021-02-20
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HUMANRESOURCEMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Purpose and Scope of HRM........................................................................................................3Strengths and Weaknesses of Recruitment and Selection methods............................................5TASK 2............................................................................................................................................7Benefits of key elements of HRM...............................................................................................7Effectiveness of HRM Practices ................................................................................................8TASK 3............................................................................................................................................9Importance of employee relations...............................................................................................9Employment Legislation ..........................................................................................................10TASK 4..........................................................................................................................................11Application of HRM Practices..................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONHRM is an approach towards operative management of workforce in an enterprise in away that it helps their business to improve its competitive advantage. It helps in improving theperformance of employees in an organisation by providing them training and developing theirskills. Merrill Lynch Firm is a multinational bank that deals with security dealings and primebrokerage. Basically, it involves services like financial, investment management and banking. Itis a public organisation that serves its services worldwide. In this report, the purpose and scopeof human resource management towards achieving organisational objectives is given. It has alsohighlighted the strength and weaknesses of various recruitment and selection methods. Theinternal and external factors that affect human resource management like decision making andemployee legislation is discuss in this report. This project focuses on how human resourcemanagement can help in achieving overall organisational goals. TASK 1Purpose and Scope of HRMPurpose And Functions:Each organisation uses human resource management in order to achieve organisationalobjectives. The basic objective of HRM practices is to fulfil goals of a company by hiring andtraining employees in order to improve their performance. The main purpose towards whichMerrill Lynch perform human resource activities is to bring organisation and people together sothat the goals are met. Human resource management performs various functions and each ofthem has a purpose (Albrecht and et. al., 2015).Recruitment and Selection- Recruitment means hiring employees by identifying suitablecandidates for a job vacancy existing in a company. On the other hand, selection refers tochoosing the best candidate among other applicants who had applied for a job (Bratton and Gold,2017). The basic purpose of Recruitment and selection is to find out suitable candidate for a jobvacancy . Merrill Lynch hire and select workforce by using various methods of recruitment andselection. Training and Development- This function of HRM aims to train and develop employeesin order to improve their performance. It includes developing skills and knowledge of employeeswith the help of which they perform effectively towards achieving organisational objectives.
Training is an approach where workers are provided with guidance and supervision on the wayin which a particular task is performed. On the other hand, development means overall growth ofemployees by which they can perform assigned tasks related to a job profile (Bryson, 2017).Merrill Lynch provide training to its employees and develop theirs skills to meet organisationalobjectives. The purpose of training and development is to provide certain skills and knowledgefor overall development of employees. Planning- This function includes to formulate planning in regard to sources ofrecruitment and selection in order to meet organisational objectives. It also helps in avoidingshortage of workers and increase their effectiveness (Cascio, 2015). It maintains a balancebetween demand and supply of workforce for meeting enterprise's targets. Merrill Lynch beforeexecuting any task, indulge in proper planning. The purpose of planning in an organisation is tosave time and money and smooth functioning of work .Performance Management- This is one of the vital function of human resourcemanagement. It is an approach to create a work environment under which employees are able toperform in a best way possible. Basically it involves measuring performance of employees timeto time in order to check the quality of work. If employees perform in an desired manner, thanthey are given monetary benefits in form of rewards like bonus, incentives, appraisal and so on.Merrill Lynch regularly check activities of employees and see whether they are performing in aneffective manner or not. Merrill Lynch Firm also provides various perks to its employees whenthey perform well which result in creation of motivation among them. Its basic purpose is toimprove the overall performance of an organisation.Scope:Human resource management has wide scope and is very vital element of anorganisation. Its covers three aspects which are personnel aspect ,welfare aspect and industrialrelations aspect (Cascio, 2015). It includes planning, recruitment, selection, placement, housing,transport, health and safety, training and development, collective bargaining, grievance and soon. Hard and Soft HRM:There are two models of HRM which are applied by managers on their subordinates.These can be explained in detail below-
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