Human Resource Management - Merrill Lynch
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HUMAN RESOURCE
MANAGEMENT
MANAGEMENT
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
Purpose and function of HRM in relation to workforce planning in Merrill Lynch Firm.....3
Different factors in recruitment, selection, On-Boarding and Induction and its strengths and
weaknesses.............................................................................................................................6
LO 2.................................................................................................................................................7
Effectiveness of practices of HRM for raising organizational profit and productivity..........7
LO 3 ..............................................................................................................................................10
Employee relation ................................................................................................................10
Employee relation law. ........................................................................................................11
LO 4...............................................................................................................................................13
Applications Human management practices .......................................................................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
Purpose and function of HRM in relation to workforce planning in Merrill Lynch Firm.....3
Different factors in recruitment, selection, On-Boarding and Induction and its strengths and
weaknesses.............................................................................................................................6
LO 2.................................................................................................................................................7
Effectiveness of practices of HRM for raising organizational profit and productivity..........7
LO 3 ..............................................................................................................................................10
Employee relation ................................................................................................................10
Employee relation law. ........................................................................................................11
LO 4...............................................................................................................................................13
Applications Human management practices .......................................................................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
INTRODUCTION
Human resource management is a very extensive activity and involves maintenance of
employees after completing all the functions of selecting, recruiting and hiring. There is a
separate department dedicated for management of human resource activities, and they have an
important part in managing the organization. Here in this report, Merrill Lynch Firm has been
taken to analyse various activities of HRM. It is an American investment company operating
under Bank of America. This report highlights purpose and scope of Human Resource
Management in Merrill Lynch along with the various talents and skills that are necessary in
fulfilling an organization's objectives. It also evaluates the key elements in HRM along with
analysis of internal and external factors that affect the decision-making in any organization.
Lastly, this report also discusses application of HRM practices in a work-related context.
MAIN BODY
LO 1
Purpose and function of HRM in relation to workforce planning in Merrill Lynch Firm.
Definition of Human Resource Management: As per Armstrong and Taylor (2014), human
resource can be defined as a strategic approach to manage the organization's most important asset
i.e. humans employed in the organization. The practice of selecting, hiring and managing an
organization's employees is called HRM. Human Resource Management department and its
functions applicable in a company are referred to as HRM and their basic purpose is to manage
personnel employed in the company and maintain healthy relationships governing them.
Nature and scope of HRM
Nature of HRM: - It helps the employees in developing their potential fully and meeting the
goals provided in future so that the employees can build cordial relations at the workplace. HRM
is pervasive in nature and focuses on developing an employee's potential and encourage or
motivate them to work harder. It also involves identifying the key skills of an employee and task
them accordingly (Stewart and Brown, 2019). At Merrill Lynch Firm, they aim at building
cordial relation in the company by creating a healthy environment. This is achieved by
successfully implementing the various HRM policies designed for the benefit of the employees
and to motivate them like rewards, appraisals etc.
3
Human resource management is a very extensive activity and involves maintenance of
employees after completing all the functions of selecting, recruiting and hiring. There is a
separate department dedicated for management of human resource activities, and they have an
important part in managing the organization. Here in this report, Merrill Lynch Firm has been
taken to analyse various activities of HRM. It is an American investment company operating
under Bank of America. This report highlights purpose and scope of Human Resource
Management in Merrill Lynch along with the various talents and skills that are necessary in
fulfilling an organization's objectives. It also evaluates the key elements in HRM along with
analysis of internal and external factors that affect the decision-making in any organization.
Lastly, this report also discusses application of HRM practices in a work-related context.
MAIN BODY
LO 1
Purpose and function of HRM in relation to workforce planning in Merrill Lynch Firm.
Definition of Human Resource Management: As per Armstrong and Taylor (2014), human
resource can be defined as a strategic approach to manage the organization's most important asset
i.e. humans employed in the organization. The practice of selecting, hiring and managing an
organization's employees is called HRM. Human Resource Management department and its
functions applicable in a company are referred to as HRM and their basic purpose is to manage
personnel employed in the company and maintain healthy relationships governing them.
Nature and scope of HRM
Nature of HRM: - It helps the employees in developing their potential fully and meeting the
goals provided in future so that the employees can build cordial relations at the workplace. HRM
is pervasive in nature and focuses on developing an employee's potential and encourage or
motivate them to work harder. It also involves identifying the key skills of an employee and task
them accordingly (Stewart and Brown, 2019). At Merrill Lynch Firm, they aim at building
cordial relation in the company by creating a healthy environment. This is achieved by
successfully implementing the various HRM policies designed for the benefit of the employees
and to motivate them like rewards, appraisals etc.
3
Scope of HRM: - An HR department is concerned only with recruitment, selection, training and
development as well as remuneration related activities in the organization. They are concerned
with creating a healthy and relaxed environment in the office and prevent any situation of
resistance from Unions etc. i.e. maintain good relations in the industry (Armstrong and Taylor,
2014).
Functions and activities of HRM: The various functions and activities of HRM can be
summarized in the following:
Recruitment: - Recruitment involves identification of the right candidates and appointing the
right employee for the organisation. This is being done through two major sources, named
internal and external sources. At Merrill Lynch Firm, mainly external sources are used for
recruitment and for promotional activities internal sources are utilized (Brewster, Mayrhofer and
Morley, 2016).
Training: - Training and development involves developing knowledge and familiarizing them
with the various activities and operations that are carried out in the business. It can be On the
role or Off the role and ultimately, increases the efficiency of the employees.
Reward Management: - Reward means giving appropriate benefits and incentives so that the
employees can be motivated to work harder to achieve the goals set for them.
Performance: - HRM regularly monitors and evaluates the performance of the employees in an
organization so that they can identify those areas in which the employees perform best and
enhance their dedication level (DeCenzo, Robbins and Verhulst, 2016).
Best Fit approach v/s Best Practice Approach
As per Wilton’s book (2016), Best fit approach emphasizes on aligning the organizational
strategies with the HR strategies so that relevant objectives can be achieved with better
efficiency and the HR policies act as a strong backup for achieving the organizational objectives.
Merrill Lynch adopts Best fit approach in its organization. On the other hand, when it comes to
Best practice model, HR activities support the companies in achieving competitive excellency
and hence at Merrill Lynch only those policies are adopted which are treated as superior to the
remaining ones and will help in better achievement of targets.
Hard and Soft Models of HRM
In the opinion of Brewster, Mayrhofer and Morley (2016) Hard HRM considers employees
simply as a tool that assists in achieving organizational goals. They do not spend any resources
4
development as well as remuneration related activities in the organization. They are concerned
with creating a healthy and relaxed environment in the office and prevent any situation of
resistance from Unions etc. i.e. maintain good relations in the industry (Armstrong and Taylor,
2014).
Functions and activities of HRM: The various functions and activities of HRM can be
summarized in the following:
Recruitment: - Recruitment involves identification of the right candidates and appointing the
right employee for the organisation. This is being done through two major sources, named
internal and external sources. At Merrill Lynch Firm, mainly external sources are used for
recruitment and for promotional activities internal sources are utilized (Brewster, Mayrhofer and
Morley, 2016).
Training: - Training and development involves developing knowledge and familiarizing them
with the various activities and operations that are carried out in the business. It can be On the
role or Off the role and ultimately, increases the efficiency of the employees.
Reward Management: - Reward means giving appropriate benefits and incentives so that the
employees can be motivated to work harder to achieve the goals set for them.
Performance: - HRM regularly monitors and evaluates the performance of the employees in an
organization so that they can identify those areas in which the employees perform best and
enhance their dedication level (DeCenzo, Robbins and Verhulst, 2016).
Best Fit approach v/s Best Practice Approach
As per Wilton’s book (2016), Best fit approach emphasizes on aligning the organizational
strategies with the HR strategies so that relevant objectives can be achieved with better
efficiency and the HR policies act as a strong backup for achieving the organizational objectives.
Merrill Lynch adopts Best fit approach in its organization. On the other hand, when it comes to
Best practice model, HR activities support the companies in achieving competitive excellency
and hence at Merrill Lynch only those policies are adopted which are treated as superior to the
remaining ones and will help in better achievement of targets.
Hard and Soft Models of HRM
In the opinion of Brewster, Mayrhofer and Morley (2016) Hard HRM considers employees
simply as a tool that assists in achieving organizational goals. They do not spend any resources
4
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in them apart from paying them their salaries. The HR department is concerned with hiring,
moving and firing employees as per their requirements. The communication level is also
minimum, and orders are passed down from above without any feedback. Hard HRM is not a
good practice to be adopted but it ensures that employees work effectively and instils a sense of
responsibility in them.
Contrarily, Soft HRM involves treatment of their employees as the most important asset who help
the company in gaining competitive advantage. At Merrill Lynch, the HRM knows the
importance of the personnel employed by them and this helps them in bringing the required
innovation in the activities of the firm.
Workforce Planning: - Workforce planning involves a continuous process which integrates the
needs and requirements of an organization with the objectives and aims of it workforce
employees so that any legal complacencies can be avoided and the human resource is managed.
It also involves forecasting the requirement of the HR in an organization and tries to predict their
tendencies so that they can be effectively managed (Workforce planning, 2019). For e.g. -
identifying the number of vacancies in the HRM department and analysing the importance of
roles so that the minimum criteria required for selection can be met.
Labour Market
As per Banfield, Kay and Royles (2018), The Labour Market involves three types, namely:
Physical and mental labour; Skilled and Unskilled Labour; Productive and Unproductive Labour.
Physical labour involves manual work and mental labour is related more to the intelligence level
of an employee. Skilled labour is the one which has received proper training and unskilled is the
one which performs menial tasks not requiring any expertise or training. Productive labour adds
to the value of the production and unproductive labour involves the rebellious activities which do
not add to the value of any kind of work. The recent labour market trends in UK involves overall
increase in the employee pay but also rising dissatisfaction in the unskilled labour sector as their
increase in pay is much less than the increase in the living standards. However, the demand of
the labour has risen in the recent years. For e.g.- the labour union has protested against the
negligibility of the labourers and seasonal workers forcing the companies to increase their pay
and develop a more permanent source of employment for them.
Turnover, Stability and Retention: In the opinion of Wilkinson, A. and et.al. (2019), turnover,
stability and retention involve the data related to the employee and his satisfaction level. The
5
moving and firing employees as per their requirements. The communication level is also
minimum, and orders are passed down from above without any feedback. Hard HRM is not a
good practice to be adopted but it ensures that employees work effectively and instils a sense of
responsibility in them.
Contrarily, Soft HRM involves treatment of their employees as the most important asset who help
the company in gaining competitive advantage. At Merrill Lynch, the HRM knows the
importance of the personnel employed by them and this helps them in bringing the required
innovation in the activities of the firm.
Workforce Planning: - Workforce planning involves a continuous process which integrates the
needs and requirements of an organization with the objectives and aims of it workforce
employees so that any legal complacencies can be avoided and the human resource is managed.
It also involves forecasting the requirement of the HR in an organization and tries to predict their
tendencies so that they can be effectively managed (Workforce planning, 2019). For e.g. -
identifying the number of vacancies in the HRM department and analysing the importance of
roles so that the minimum criteria required for selection can be met.
Labour Market
As per Banfield, Kay and Royles (2018), The Labour Market involves three types, namely:
Physical and mental labour; Skilled and Unskilled Labour; Productive and Unproductive Labour.
Physical labour involves manual work and mental labour is related more to the intelligence level
of an employee. Skilled labour is the one which has received proper training and unskilled is the
one which performs menial tasks not requiring any expertise or training. Productive labour adds
to the value of the production and unproductive labour involves the rebellious activities which do
not add to the value of any kind of work. The recent labour market trends in UK involves overall
increase in the employee pay but also rising dissatisfaction in the unskilled labour sector as their
increase in pay is much less than the increase in the living standards. However, the demand of
the labour has risen in the recent years. For e.g.- the labour union has protested against the
negligibility of the labourers and seasonal workers forcing the companies to increase their pay
and develop a more permanent source of employment for them.
Turnover, Stability and Retention: In the opinion of Wilkinson, A. and et.al. (2019), turnover,
stability and retention involve the data related to the employee and his satisfaction level. The
5
higher the satisfaction level of an employee at the present working position an environment,
more will be the retention ratio i.e. the stay ratio of an employee in an organization. And the
longer an employee remains in the organization higher is the stability ratio. All the three factors
are related with the comfort level of an employee in the organization. At Merrill Lynch, the
retention and stability ratio of employees is very high thus reducing the turnover ratio.
Legal and regulatory framework
Impact of technology on improving efficiency of HR can be analysed by the increased role of
internet in generating employment along with easy communication passages in the firm. In
Merrill Lynch the employees' performance is analysed through the technology and also their
present mental state is analysed. In case of too much data accumulation, the HR segregates it
properly separating the redundant data from the useful ones (Sloman and et.al., 2016).
Different factors in recruitment, selection, On-Boarding and Induction and its strengths and
weaknesses.
Recruitment: - As per Nankervis and et, al. (2016) there are two major recruitment sources i.e.
internal and external sources. Internal recruitment includes promoting the existing employees of
a company or transferring them from one department to another. External recruitment on the
other hand involves hiring new talent for bringing innovation in the company.
Strengths Weaknesses
The job analysis which involves
systematic study of the requirements of
the present jobs and description
involves describing the roles and
requirements of the job. These help in
identification of the correct employees
which are hired as per the job
requirement (Baum, 2016).
Company will be having strong pool of
applicants with accurate qualification
and they can select the one which fits
The recruitment sometimes brings in
incompetent personnel and this reduces
the efficiency of an organization. When
an employee does not meet the
requirement of competency framework
he is removed, and this increases the
cost of recruitment process.
Recruitment process is not always
efficient in attracting right candidates
and sometimes the person who is hiring
can misjudge which can be disastrous.
6
more will be the retention ratio i.e. the stay ratio of an employee in an organization. And the
longer an employee remains in the organization higher is the stability ratio. All the three factors
are related with the comfort level of an employee in the organization. At Merrill Lynch, the
retention and stability ratio of employees is very high thus reducing the turnover ratio.
Legal and regulatory framework
Impact of technology on improving efficiency of HR can be analysed by the increased role of
internet in generating employment along with easy communication passages in the firm. In
Merrill Lynch the employees' performance is analysed through the technology and also their
present mental state is analysed. In case of too much data accumulation, the HR segregates it
properly separating the redundant data from the useful ones (Sloman and et.al., 2016).
Different factors in recruitment, selection, On-Boarding and Induction and its strengths and
weaknesses.
Recruitment: - As per Nankervis and et, al. (2016) there are two major recruitment sources i.e.
internal and external sources. Internal recruitment includes promoting the existing employees of
a company or transferring them from one department to another. External recruitment on the
other hand involves hiring new talent for bringing innovation in the company.
Strengths Weaknesses
The job analysis which involves
systematic study of the requirements of
the present jobs and description
involves describing the roles and
requirements of the job. These help in
identification of the correct employees
which are hired as per the job
requirement (Baum, 2016).
Company will be having strong pool of
applicants with accurate qualification
and they can select the one which fits
The recruitment sometimes brings in
incompetent personnel and this reduces
the efficiency of an organization. When
an employee does not meet the
requirement of competency framework
he is removed, and this increases the
cost of recruitment process.
Recruitment process is not always
efficient in attracting right candidates
and sometimes the person who is hiring
can misjudge which can be disastrous.
6
best. (Amstrong and Taylor, 2014).
Selection: - After careful evaluation of the probable candidates, those which are found most
suitable to the job are selected at Merrill Lynch.
Strengths Weaknesses
Selection process helps a company in
employing the best candidates out of
everyone and reviewing their
background information.
It become easy to assess candidates
skills and this process is more reliable.
(Banfield, Kay and Royles, 2018).
It is a very expensive and time-
consuming process and might mislead
the HR leading to hiring of wrong
candidate (Advantages and
Disadvantages of Selection and
Recruitment, 2018).
There might be a little biasness or
unfairness that can creep in the process
on behalf of HR when a familiar person
comes for the interview.
On-boarding and Induction: - Induction is a very important program and at Merrill Lynch it
helps in formulation of opinion in the employees' mind.
Strengths Weaknesses
Induction helps an employee in
familiarizing them with the office
environment ad knowing their
colleagues.
Induction helps to boost the Merrill
Lynch growth as it attract and retain top
talents (Amstrong and Taylor, 2014).
Induction is an expensive and time-
consuming process where unnecessary
wastage of resources on behalf of
managers take place (Jensen, 2017).
Many times giving too much
information to a new employee makes
them flustered and apprehensive about
how they would adjust to these
7
Selection: - After careful evaluation of the probable candidates, those which are found most
suitable to the job are selected at Merrill Lynch.
Strengths Weaknesses
Selection process helps a company in
employing the best candidates out of
everyone and reviewing their
background information.
It become easy to assess candidates
skills and this process is more reliable.
(Banfield, Kay and Royles, 2018).
It is a very expensive and time-
consuming process and might mislead
the HR leading to hiring of wrong
candidate (Advantages and
Disadvantages of Selection and
Recruitment, 2018).
There might be a little biasness or
unfairness that can creep in the process
on behalf of HR when a familiar person
comes for the interview.
On-boarding and Induction: - Induction is a very important program and at Merrill Lynch it
helps in formulation of opinion in the employees' mind.
Strengths Weaknesses
Induction helps an employee in
familiarizing them with the office
environment ad knowing their
colleagues.
Induction helps to boost the Merrill
Lynch growth as it attract and retain top
talents (Amstrong and Taylor, 2014).
Induction is an expensive and time-
consuming process where unnecessary
wastage of resources on behalf of
managers take place (Jensen, 2017).
Many times giving too much
information to a new employee makes
them flustered and apprehensive about
how they would adjust to these
7
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established patterns.
LO 2
Effectiveness of practices of HRM for raising organizational profit and productivity.
Learning, Training and Development Practices: - According to Nankervis and et.al. (2016),
Training versus development are two completely different terminologies. Training can be
defined as a learning process through which employees develop skills and development can be
associated more with educational purpose where focus is on growth of employees. Training is a
short term process oriented in present process and development is generally long term and future
oriented. It is job oriented and development on the other hand is career oriented.
Training Analysis helps in identification of the gap that exists between the training which is
imparted to the employees versus the training which employee actually require. When employee
does not get trained according to job requirement; their performance automatically gets affected.
Training Need Analysis helps Merrill Lynch in identification of gaps and its rectification by
implementing correct training procedures (John and Taylor, 2016).
There are various types of training which can be used to train the employees: - Induction,
Upgrading of Skills and Multi Skilling.
The process of Induction involves introducing the new employees to present employees and
making them familiar to their surroundings. Induction helps new employees in familiarizing with
the culture of organization.
Upgrading of skills is adopted when nature of work gets modified and it is important to upgrade
the current working environment as per the changing trends. It involves training sequences where
employees improve their skills and learn new techniques to perform the task that they were
already performing.
Multi skilling helps the trainees so that they can operate in dynamic environment and perform
wide variety of tasks at the similar time.
After imparting the training, it is necessary to regularly evaluate it. For this an entire process
called Training Evaluation is carried out at Merrill Lynch where it is ascertained whether the
current training processes are sufficient to train an employee and whether any changes need to be
accommodated in the process. Thus, all the elements related to training, collectively enhance the
productivity of an organization thus increasing the profit (John and Taylor, 2016).
8
LO 2
Effectiveness of practices of HRM for raising organizational profit and productivity.
Learning, Training and Development Practices: - According to Nankervis and et.al. (2016),
Training versus development are two completely different terminologies. Training can be
defined as a learning process through which employees develop skills and development can be
associated more with educational purpose where focus is on growth of employees. Training is a
short term process oriented in present process and development is generally long term and future
oriented. It is job oriented and development on the other hand is career oriented.
Training Analysis helps in identification of the gap that exists between the training which is
imparted to the employees versus the training which employee actually require. When employee
does not get trained according to job requirement; their performance automatically gets affected.
Training Need Analysis helps Merrill Lynch in identification of gaps and its rectification by
implementing correct training procedures (John and Taylor, 2016).
There are various types of training which can be used to train the employees: - Induction,
Upgrading of Skills and Multi Skilling.
The process of Induction involves introducing the new employees to present employees and
making them familiar to their surroundings. Induction helps new employees in familiarizing with
the culture of organization.
Upgrading of skills is adopted when nature of work gets modified and it is important to upgrade
the current working environment as per the changing trends. It involves training sequences where
employees improve their skills and learn new techniques to perform the task that they were
already performing.
Multi skilling helps the trainees so that they can operate in dynamic environment and perform
wide variety of tasks at the similar time.
After imparting the training, it is necessary to regularly evaluate it. For this an entire process
called Training Evaluation is carried out at Merrill Lynch where it is ascertained whether the
current training processes are sufficient to train an employee and whether any changes need to be
accommodated in the process. Thus, all the elements related to training, collectively enhance the
productivity of an organization thus increasing the profit (John and Taylor, 2016).
8
Job and Workplace Design: - In accordance with Armstrong and Taylor (2014), in order to
implement and formulate an effective design at the workplace, it is extremely important to
include rewards and other monetary as well as non monetary benefits that will help in increasing
the motivation level of employees. At Merrill Lynch; the rewards are usually of two types:
intrinsic and extrinsic. Under intrinsic rewards, factors like praising employees, getting
recognition etc. are included and under extrinsic rewards, monetary aspects like incentives,
bonuses etc. are included. These rewards work as motivators to enhance productivity of
employees and encouraging employees towards achievement of the targets set. This leads to
enhancement in the productivity level of an employee thus increasing the profits of Merrill
Lynch Firm.
Job designing at Merrill Lynch includes job rotation, job enrichment, job simplification and job
enlargement. Here, job simplification involves breakdown of the task in smaller and marginally
easier sub parts while job rotation on the other hand relates to shifting of employee from one to
another job. Job enlargement includes expansion in responsibility at horizontal level i.e.
assigning of more tasks at the similar level and lastly, job enrichment involves increasing
challenges that an employee experiences in performing his duties and responsibilities
(Armstrong and Taylor, 2014).
Flexibility in an Organization: - As per Noe and et.al. (2017), basically flexibility are of three
types in a company that is Numerical, Structural and Functional Flexibility. Numerical
Flexibility generally ensures that company is having good amount of employees so that they can
fulfil needs of the firm. Having a flexible organization is very important as it helps the workers
to work efficiently in order to fulfil needs of the clients. Structural flexibility is also having
relation with structural design changes so that it is easy to accommodate the changes, and
Functional Flexibility is basically a concept used in companies that signifies change management
in the company according to the changing market conditions and trends. For flexible
organizations there are two models:- Handy and Atkinson. According to Handy an
organizational culture is having four categories:- power culture, task culture, role culture and
support culture. Atkinson's model is managerial technique that involves allocation of employees
according to market instability or flexibility of the work force. These are divided into two groups
called core group and peripheral group. Core group are usually full time workers and are difficult
9
implement and formulate an effective design at the workplace, it is extremely important to
include rewards and other monetary as well as non monetary benefits that will help in increasing
the motivation level of employees. At Merrill Lynch; the rewards are usually of two types:
intrinsic and extrinsic. Under intrinsic rewards, factors like praising employees, getting
recognition etc. are included and under extrinsic rewards, monetary aspects like incentives,
bonuses etc. are included. These rewards work as motivators to enhance productivity of
employees and encouraging employees towards achievement of the targets set. This leads to
enhancement in the productivity level of an employee thus increasing the profits of Merrill
Lynch Firm.
Job designing at Merrill Lynch includes job rotation, job enrichment, job simplification and job
enlargement. Here, job simplification involves breakdown of the task in smaller and marginally
easier sub parts while job rotation on the other hand relates to shifting of employee from one to
another job. Job enlargement includes expansion in responsibility at horizontal level i.e.
assigning of more tasks at the similar level and lastly, job enrichment involves increasing
challenges that an employee experiences in performing his duties and responsibilities
(Armstrong and Taylor, 2014).
Flexibility in an Organization: - As per Noe and et.al. (2017), basically flexibility are of three
types in a company that is Numerical, Structural and Functional Flexibility. Numerical
Flexibility generally ensures that company is having good amount of employees so that they can
fulfil needs of the firm. Having a flexible organization is very important as it helps the workers
to work efficiently in order to fulfil needs of the clients. Structural flexibility is also having
relation with structural design changes so that it is easy to accommodate the changes, and
Functional Flexibility is basically a concept used in companies that signifies change management
in the company according to the changing market conditions and trends. For flexible
organizations there are two models:- Handy and Atkinson. According to Handy an
organizational culture is having four categories:- power culture, task culture, role culture and
support culture. Atkinson's model is managerial technique that involves allocation of employees
according to market instability or flexibility of the work force. These are divided into two groups
called core group and peripheral group. Core group are usually full time workers and are difficult
9
to replace and on other side peripheral group is having secondary workers who are seasonally
employed and they can easily be replaced with other workers.
Nowadays, different organizations along with Merrill Lynch is providing their employees an
option of flexible work time and this advantage them as they can work according to their
convenience and this also helps to increase the productivity of the business. It is beneficial to
employees along with the employers as productivity of business rises giving profit to employers
and increasing the pay scale of employees (Human Resource Best Practices, 2019)
Performance and Reward: - According to Armstrong and Taylor (2014), performance
evaluation of an employee is some how critical in order to determine the capability of an
employee. At Merrill Lynch, HRM is regularly monitoring the performance of employees. They
give task to the employees according to their expertise and this helps in improving productivity
of the business and increasing profits of the organization. There are different methods that can
evaluate performance like watching their work, using different monitoring tools, To look how
effective their work is, etc., and after that employees are given rewards on that basis only. The
different ways to reward employees include extrinsic reward and intrinsic rewards. Merrill
Lynch is using both the methods to give reward to their employees. Different methods of
determination are:- 360-degree appraisals, forced distribution method and many more.
LO 3
Employee relation
Noe and et.al., (2017) emphasises that employee’s relation focuses onto maintaing the
relationship of the employers and employee in the organisation. This good employee relation
helps the Merrill Lynch and it managers to maintain the fair and effective policies in the
organization to their wealth management. With having the good and strong employee relation
helps their employees of the organization to perform effectively by collaboration. As the
employees and employers spend a lot time in the Merrill Lynch company and with their co-
workers, and they create the culture and environment of the company. Therefore, having the
good and healthy environment and positive culture in the company, important to main the good
employee relation in the Merrill Lynch company. This employee relation helps the managers and
leaders of the company to motivate them and encourage them.
10
employed and they can easily be replaced with other workers.
Nowadays, different organizations along with Merrill Lynch is providing their employees an
option of flexible work time and this advantage them as they can work according to their
convenience and this also helps to increase the productivity of the business. It is beneficial to
employees along with the employers as productivity of business rises giving profit to employers
and increasing the pay scale of employees (Human Resource Best Practices, 2019)
Performance and Reward: - According to Armstrong and Taylor (2014), performance
evaluation of an employee is some how critical in order to determine the capability of an
employee. At Merrill Lynch, HRM is regularly monitoring the performance of employees. They
give task to the employees according to their expertise and this helps in improving productivity
of the business and increasing profits of the organization. There are different methods that can
evaluate performance like watching their work, using different monitoring tools, To look how
effective their work is, etc., and after that employees are given rewards on that basis only. The
different ways to reward employees include extrinsic reward and intrinsic rewards. Merrill
Lynch is using both the methods to give reward to their employees. Different methods of
determination are:- 360-degree appraisals, forced distribution method and many more.
LO 3
Employee relation
Noe and et.al., (2017) emphasises that employee’s relation focuses onto maintaing the
relationship of the employers and employee in the organisation. This good employee relation
helps the Merrill Lynch and it managers to maintain the fair and effective policies in the
organization to their wealth management. With having the good and strong employee relation
helps their employees of the organization to perform effectively by collaboration. As the
employees and employers spend a lot time in the Merrill Lynch company and with their co-
workers, and they create the culture and environment of the company. Therefore, having the
good and healthy environment and positive culture in the company, important to main the good
employee relation in the Merrill Lynch company. This employee relation helps the managers and
leaders of the company to motivate them and encourage them.
10
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Importance of maintaining good employee relation.
According to Cascio (2015), many situations can arise within the company, when the individual
employee cannot take the decision, as Merrill Lynch works as an investor and an wealth
management service provider, they need to take several decisions before going to invest their
capital. In this, the employee relation helps them a lot to take participative decision, that will be
effective for both company and customers. This relation also affects the decision-making of the
management of Merrill Lynch, as they can take strong decision collectively.
As well, employee relation makes the workload easy, when the relationship among the team is
strong, they share the strong bond with their employers. This gives the advantage to the
employers of Merrill Lynch, to make any decision regarding the workload, when they know that,
employees of their organization can do any kind of work collectively and easily. Employers can
take decision regarding the segregation of the work among the employees that can give the best
result to their organization (Cascio, 2015).
When employees share a good and strong relation, they make the best cultural and positive
environment inside the organization. Having this environment, it helps both the employees and
employers. As they can effectively work in the organization for the improvement of the
organization. This also helps them to increase the productivity and profit share of the company.
This affects the decision-making of the employers as they can make more effective and powerful
strategies for their company (Shen, J. and Benson, J., 2016).
Strategies to improve the employee relation
DeCenzo, Robbins and Verhulst (2016), show that there are many strategies that can help the
managers of Merrill Lynch to improve its employee relation within the organization, such as:
Managers and leaders can involve their team members more and more in all the activities of the
organization and the decision-making of the Merrill Lynch to invest in any firm or to increase its
wealth management services.
Leaders can encourage their employees or team members to share their work with their team
members. This will help the team to get to know each other very well and become friend. This
will help them to work effectively in collaboration.
Managers and leaders of the Merrill Lynch can assign the target to their team members as they
have to do it collectively as a team. This will help Merrill Lynch and its management, because all
11
According to Cascio (2015), many situations can arise within the company, when the individual
employee cannot take the decision, as Merrill Lynch works as an investor and an wealth
management service provider, they need to take several decisions before going to invest their
capital. In this, the employee relation helps them a lot to take participative decision, that will be
effective for both company and customers. This relation also affects the decision-making of the
management of Merrill Lynch, as they can take strong decision collectively.
As well, employee relation makes the workload easy, when the relationship among the team is
strong, they share the strong bond with their employers. This gives the advantage to the
employers of Merrill Lynch, to make any decision regarding the workload, when they know that,
employees of their organization can do any kind of work collectively and easily. Employers can
take decision regarding the segregation of the work among the employees that can give the best
result to their organization (Cascio, 2015).
When employees share a good and strong relation, they make the best cultural and positive
environment inside the organization. Having this environment, it helps both the employees and
employers. As they can effectively work in the organization for the improvement of the
organization. This also helps them to increase the productivity and profit share of the company.
This affects the decision-making of the employers as they can make more effective and powerful
strategies for their company (Shen, J. and Benson, J., 2016).
Strategies to improve the employee relation
DeCenzo, Robbins and Verhulst (2016), show that there are many strategies that can help the
managers of Merrill Lynch to improve its employee relation within the organization, such as:
Managers and leaders can involve their team members more and more in all the activities of the
organization and the decision-making of the Merrill Lynch to invest in any firm or to increase its
wealth management services.
Leaders can encourage their employees or team members to share their work with their team
members. This will help the team to get to know each other very well and become friend. This
will help them to work effectively in collaboration.
Managers and leaders of the Merrill Lynch can assign the target to their team members as they
have to do it collectively as a team. This will help Merrill Lynch and its management, because all
11
the team members get involved within a common task and try to know and make relation with
each other.
Employee relation law.
Purpose of the employment law
Main purpose of the employment law is to protect the employees and their rights in the
organisation from the wrongdoing, that affect the characteristics and rights of the employees.
These employment laws include the discrimination law, minimum wage, workplace health and
safety laws. If any of the law is being performed well by the management of the Merrill Lynch,
then employees can corrective action against the organizational management (Employment law,
2019).
There are different laws that help to protect the employee’s rights, such as:
Equality act — This equality act represents the protection of the employees from any unfair
treatment such as having differences in the pay wages, behaving differently with different
employees, colour discrimination and many more. This act protects the equality of the employees
in the organization (Employment law, 2019).
Data protection act — This act covers the protection of the data and personal information of the
employees in the Merrill Lynch bank. As Merrill Lynch is a financial serviced bank, which have
very confidential data of their employees, it is the responsibility of the managers of Merrill
Lynch to protect the data an information of the employees from the unauthorized access. This
will also harm the Merrill Lynch bank as well (Noe and et.al., 2015).
Health and safety act– This health and safety act protect the employees from the unseen
incident in the organization. This will cover the employee's workforce safety and health issue if
occur while working in the Merrill Lynch organization. In the managers of the Merrill Lynch
protect their employees from any incident (Armstrong and Taylor, 2014).
Redundancy act — As per the Employment law (2019), redundancy act created by the UK
government covers the employee's severance payment in the organization. After completing the
set time period in the organization or qualifying the time period of work, they have the rights to a
severance payment.
Dismissal act — This act by the UK government is being made for the organization, so that
Merrill Lynch bank cannot dismiss or fire any employee without having any valid reason. If
12
each other.
Employee relation law.
Purpose of the employment law
Main purpose of the employment law is to protect the employees and their rights in the
organisation from the wrongdoing, that affect the characteristics and rights of the employees.
These employment laws include the discrimination law, minimum wage, workplace health and
safety laws. If any of the law is being performed well by the management of the Merrill Lynch,
then employees can corrective action against the organizational management (Employment law,
2019).
There are different laws that help to protect the employee’s rights, such as:
Equality act — This equality act represents the protection of the employees from any unfair
treatment such as having differences in the pay wages, behaving differently with different
employees, colour discrimination and many more. This act protects the equality of the employees
in the organization (Employment law, 2019).
Data protection act — This act covers the protection of the data and personal information of the
employees in the Merrill Lynch bank. As Merrill Lynch is a financial serviced bank, which have
very confidential data of their employees, it is the responsibility of the managers of Merrill
Lynch to protect the data an information of the employees from the unauthorized access. This
will also harm the Merrill Lynch bank as well (Noe and et.al., 2015).
Health and safety act– This health and safety act protect the employees from the unseen
incident in the organization. This will cover the employee's workforce safety and health issue if
occur while working in the Merrill Lynch organization. In the managers of the Merrill Lynch
protect their employees from any incident (Armstrong and Taylor, 2014).
Redundancy act — As per the Employment law (2019), redundancy act created by the UK
government covers the employee's severance payment in the organization. After completing the
set time period in the organization or qualifying the time period of work, they have the rights to a
severance payment.
Dismissal act — This act by the UK government is being made for the organization, so that
Merrill Lynch bank cannot dismiss or fire any employee without having any valid reason. If
12
Merrill Lynch is doing so, then the employees can take the action against the organisation
(Armstrong and Taylor, 2014)
Ethical and social responsibility — This ethical and social responsibilities of the management
include the activities and decisions of the management which are being taken for the
organization in order to maintain and provide the welfare in the Merrill Lynch bank organization.
In these, social responsibilities, refers the social activities of the management that re being taken
for the society and its benefits. Like Merrill Lynch can apply and create the CSR (corporate
social responsibility) in the organization for the betterment and to increase the standard of the
society (Sparrow, Brewster and Chung, 2016).
Ethical responsibilities will include the set standard of the policies and value for the Merrill
Lynch bank, in which they perform and serve their services to the customers on the set value and
ethics. Management of the Merrill Lynch set the ethical value for their organization to perform
on to achieve the target for their bank.
Trade Union
Role of trade union
As per Berman and et.al. (2019), trade unions are the collective member's team, that consist the
workers and union leaders, which come in the unity to protect and promote the common interest
and rights of the employees. They have principles roles and responsibilities in the Merrill Lynch
trade union to protect the rights and common interest.
On the basis of the situation in Merrill Lynch bank, trade union of the organisation come and
take stand for their rights and employees of the company. In this, many situations like working
conditions, working hours, holidays, health and safety, promotions, maternity and job security,
and many more. Also help to maintain the employee's relation in the organisation that help them
to take action against the company's management collectively with all the employees of the
organization on any situation like wage discrimination and many more.
Also plays the role of collective bargaining, they go to the management to put any query and
problem of the employees regarding the wages, time, conflicts and working conditions and many
more. In this, trade union plays the effective role to bargain and negotiate the problems with the
management of Merrill Lynch Bank.
13
(Armstrong and Taylor, 2014)
Ethical and social responsibility — This ethical and social responsibilities of the management
include the activities and decisions of the management which are being taken for the
organization in order to maintain and provide the welfare in the Merrill Lynch bank organization.
In these, social responsibilities, refers the social activities of the management that re being taken
for the society and its benefits. Like Merrill Lynch can apply and create the CSR (corporate
social responsibility) in the organization for the betterment and to increase the standard of the
society (Sparrow, Brewster and Chung, 2016).
Ethical responsibilities will include the set standard of the policies and value for the Merrill
Lynch bank, in which they perform and serve their services to the customers on the set value and
ethics. Management of the Merrill Lynch set the ethical value for their organization to perform
on to achieve the target for their bank.
Trade Union
Role of trade union
As per Berman and et.al. (2019), trade unions are the collective member's team, that consist the
workers and union leaders, which come in the unity to protect and promote the common interest
and rights of the employees. They have principles roles and responsibilities in the Merrill Lynch
trade union to protect the rights and common interest.
On the basis of the situation in Merrill Lynch bank, trade union of the organisation come and
take stand for their rights and employees of the company. In this, many situations like working
conditions, working hours, holidays, health and safety, promotions, maternity and job security,
and many more. Also help to maintain the employee's relation in the organisation that help them
to take action against the company's management collectively with all the employees of the
organization on any situation like wage discrimination and many more.
Also plays the role of collective bargaining, they go to the management to put any query and
problem of the employees regarding the wages, time, conflicts and working conditions and many
more. In this, trade union plays the effective role to bargain and negotiate the problems with the
management of Merrill Lynch Bank.
13
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Collective agreements
This collective agreement is the oral and written contract agreement between the employers and
employees' union on the behalf of the employees of the Merrill Lynch Bank. This also the
contract of the schedule of wages, rules and working condition of the Merrill Lynch bank. This is
the legal agreement between the management of the organisation and trade union of the Merrill
Lynch organization to settle down the situation in the organisation. This affect the decision-
making of the management in Merrill Lynch to make any policies and strategies to invest, giving
loan to their employees and many more (Berman and et. al., 2019).
LO 4
Applications Human management practices
Armstrong and Taylor (2014), defines job description as a written document that gives the
detailed information about the job specification, which helps the employees to identify and
match their education qualification with the job specification.
Job Description
Job Title: HR Business manager
Report to: Sr. Human Resource Manager
Full time or Part time: Full Time
Responsibilities of Human Resource Executive
Maintaining records of human resources
Conducting meetings for special projects
Monitoring the programs that are beneficial
Directing the processes related to hiring and training
Set the business objective for the organisation
Essential job functions:
Conducting interviews and recording them
Handling of monthly payrolls
Handling grievances and enquiries of all employees
14
This collective agreement is the oral and written contract agreement between the employers and
employees' union on the behalf of the employees of the Merrill Lynch Bank. This also the
contract of the schedule of wages, rules and working condition of the Merrill Lynch bank. This is
the legal agreement between the management of the organisation and trade union of the Merrill
Lynch organization to settle down the situation in the organisation. This affect the decision-
making of the management in Merrill Lynch to make any policies and strategies to invest, giving
loan to their employees and many more (Berman and et. al., 2019).
LO 4
Applications Human management practices
Armstrong and Taylor (2014), defines job description as a written document that gives the
detailed information about the job specification, which helps the employees to identify and
match their education qualification with the job specification.
Job Description
Job Title: HR Business manager
Report to: Sr. Human Resource Manager
Full time or Part time: Full Time
Responsibilities of Human Resource Executive
Maintaining records of human resources
Conducting meetings for special projects
Monitoring the programs that are beneficial
Directing the processes related to hiring and training
Set the business objective for the organisation
Essential job functions:
Conducting interviews and recording them
Handling of monthly payrolls
Handling grievances and enquiries of all employees
14
PERSON SPECIFICATION
Chef position
Michelin star restaurant
Purpose of Job: To assist the junior chef in the Michelin star restaurant to preparation of the
different foods. Also, chef of the quality and presentation of the food.
Qualification Essential Desirable
Master of Hotel administration √
Bachelor of Hotel management √
Skills Essential Desirable
Social skills √
Effective planning skills √
Creativity in food preparation √
Knowledge and Experience Essential Desirable
Different regional food √
Experience of 2 years √
Summary:
Prepared by:
Title: Chef
15
Chef position
Michelin star restaurant
Purpose of Job: To assist the junior chef in the Michelin star restaurant to preparation of the
different foods. Also, chef of the quality and presentation of the food.
Qualification Essential Desirable
Master of Hotel administration √
Bachelor of Hotel management √
Skills Essential Desirable
Social skills √
Effective planning skills √
Creativity in food preparation √
Knowledge and Experience Essential Desirable
Different regional food √
Experience of 2 years √
Summary:
Prepared by:
Title: Chef
15
Example of CV
Name: Edward JO
Email id: Edwardj18@gmail.com
DOB: 03-10-1994
Contact NO:- 76432578
Qualification
Master of Hotel administration and degree in chef.
Bachelor of Hotel management.
Skills Set
Communication and social skills
Planning and Decision making skill to prepare the food on time.
Creativity to prepare different variety of food.
Work Experience
Work experience in Hilton hotel for 1 year.
Internship Training in Marriott for 2 months.
References
Mrs. rick Bolden
Human Resource Manager, Marriott.
Contact No:-8363534
Impact of technology. As per Sloman, S and et.al. (2016), technology helps Merrill Lynch with
recruiting and selection of the employees for the organisation. In this way, the HR management
of the Merrill Lynch can use the online resources and internet to post the job in the job portals to
identify the qualified employees for the company. Digital networking and social networking help
the management of the Merrill Lynch as they can advertise the available job on the social
networking sites. Therefore, the company is able to attract and call a larger number of
employees.
CONCLUSION
It has been concluded from the above study that there are different role and responsibility
of Human Resource Managers of Merrill Lynch to perform for the bank. Functions such as
16
Name: Edward JO
Email id: Edwardj18@gmail.com
DOB: 03-10-1994
Contact NO:- 76432578
Qualification
Master of Hotel administration and degree in chef.
Bachelor of Hotel management.
Skills Set
Communication and social skills
Planning and Decision making skill to prepare the food on time.
Creativity to prepare different variety of food.
Work Experience
Work experience in Hilton hotel for 1 year.
Internship Training in Marriott for 2 months.
References
Mrs. rick Bolden
Human Resource Manager, Marriott.
Contact No:-8363534
Impact of technology. As per Sloman, S and et.al. (2016), technology helps Merrill Lynch with
recruiting and selection of the employees for the organisation. In this way, the HR management
of the Merrill Lynch can use the online resources and internet to post the job in the job portals to
identify the qualified employees for the company. Digital networking and social networking help
the management of the Merrill Lynch as they can advertise the available job on the social
networking sites. Therefore, the company is able to attract and call a larger number of
employees.
CONCLUSION
It has been concluded from the above study that there are different role and responsibility
of Human Resource Managers of Merrill Lynch to perform for the bank. Functions such as
16
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operative ones help the company with the workforce. Types of labour market also identified with
the help of the PESTLE in organization. It has been analysed how different recruitment and
selection methods help the organisation to select the best employees for their organisation so that
they can contribute to achieve the targets of the Merrill Lynch bank. From the study it can be
visible how employee relation is very important in maintaining healthy environment and to attain
the set target collectively.
17
the help of the PESTLE in organization. It has been analysed how different recruitment and
selection methods help the organisation to select the best employees for their organisation so that
they can contribute to achieve the targets of the Merrill Lynch bank. From the study it can be
visible how employee relation is very important in maintaining healthy environment and to attain
the set target collectively.
17
REFERENCES
Books and Journals
Amstrong, M. and Taylor, S. (2014) Amstrong’s Handbook of Human Resource Management
Practice. 13th Ed. London: Kogan Page.
Banfield, P., Kay, R. and Royles, D. (2018). Introduction to human resource management.
Oxford University Press.
Baum, T. ed., (2016). Human resource issues in international tourism. Elsevier.
Berman and et.al., (2019). Human resource management in public service: Paradoxes,
processes, and problems. CQ Press.
Brewster, C., Mayrhofer, W. and Morley, M. eds., (2016). New challenges for European
resource management. Springer.
Cascio, W.F., (2015). Managing human resources. McGraw-Hill.
DeCenzo, D.A., Robbins, S.P. and Verhulst, S.L., (2016). Fundamentals of Human Resource
Management, Binder Ready Version. John Wiley & Sons.
Jensen, R.S., (2017). Pilot judgment and crew resource management. Routledge.
John, R. and Taylor, B., (2016). Human resource management.
Nankervis and et.al., (2016). Human resource management: strategy and practice. Cengage AU.
Noe and et.al., (2015). Human resources management. Instructor, 2015.
Noe and et.al., (2017). Human resource management: Gaining a competitive advantage. New
York, NY: McGraw-Hill Education.
Shen, J. and Benson, J., (2016). When CSR is a social norm: How socially responsible human
resource management affects employee work behavior. Journal of Management. 42(6).
pp.1723-1746.
Sloman, J. and et.al., (2016). Economics for Business. 7th Ed., Pearson.
Sparrow, P., Brewster, C. and Chung, C., (2016). Globalizing human resource management.
Routledge.
Stewart, G.L. and Brown, K.G. (2019). Human resource management. Wiley.
Wilkinson, A. and et.al., (2019) The SAGE Handbook of Human Resource management. 2nd Ed.
Sage.
Wilton, N., (2016). An introduction to human resource management. Sage.
18
Books and Journals
Amstrong, M. and Taylor, S. (2014) Amstrong’s Handbook of Human Resource Management
Practice. 13th Ed. London: Kogan Page.
Banfield, P., Kay, R. and Royles, D. (2018). Introduction to human resource management.
Oxford University Press.
Baum, T. ed., (2016). Human resource issues in international tourism. Elsevier.
Berman and et.al., (2019). Human resource management in public service: Paradoxes,
processes, and problems. CQ Press.
Brewster, C., Mayrhofer, W. and Morley, M. eds., (2016). New challenges for European
resource management. Springer.
Cascio, W.F., (2015). Managing human resources. McGraw-Hill.
DeCenzo, D.A., Robbins, S.P. and Verhulst, S.L., (2016). Fundamentals of Human Resource
Management, Binder Ready Version. John Wiley & Sons.
Jensen, R.S., (2017). Pilot judgment and crew resource management. Routledge.
John, R. and Taylor, B., (2016). Human resource management.
Nankervis and et.al., (2016). Human resource management: strategy and practice. Cengage AU.
Noe and et.al., (2015). Human resources management. Instructor, 2015.
Noe and et.al., (2017). Human resource management: Gaining a competitive advantage. New
York, NY: McGraw-Hill Education.
Shen, J. and Benson, J., (2016). When CSR is a social norm: How socially responsible human
resource management affects employee work behavior. Journal of Management. 42(6).
pp.1723-1746.
Sloman, J. and et.al., (2016). Economics for Business. 7th Ed., Pearson.
Sparrow, P., Brewster, C. and Chung, C., (2016). Globalizing human resource management.
Routledge.
Stewart, G.L. and Brown, K.G. (2019). Human resource management. Wiley.
Wilkinson, A. and et.al., (2019) The SAGE Handbook of Human Resource management. 2nd Ed.
Sage.
Wilton, N., (2016). An introduction to human resource management. Sage.
18
Online
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<https://bizfluent.com/info-8518707-advantages-disadvantages-selection-
recruitment.html> [Accessed on 01 August 2019]
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through<https://www.digitalhrtech.com/human-resource-best-practices/> [Accessed on 01
August 2019].
Workforce planning. [Online]. Available through
<http://www.businessdictionary.com/definition/workforce-planning.html> [Accessed on
01 August 2019]
Employment law [Online]. Available at < https://www.cipd.co.uk/knowledge/fundamentals/emp-
law > [Accessed on 01 August 2019].
19
Advantages and Disadvantages of Selection and Recruitment. [Online]. Available through
<https://bizfluent.com/info-8518707-advantages-disadvantages-selection-
recruitment.html> [Accessed on 01 August 2019]
Human Resource Best Practices. [Online].Available
through<https://www.digitalhrtech.com/human-resource-best-practices/> [Accessed on 01
August 2019].
Workforce planning. [Online]. Available through
<http://www.businessdictionary.com/definition/workforce-planning.html> [Accessed on
01 August 2019]
Employment law [Online]. Available at < https://www.cipd.co.uk/knowledge/fundamentals/emp-
law > [Accessed on 01 August 2019].
19
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