Human Resource Management - Merrill Lynch
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Added on 2021-02-20
Human Resource Management - Merrill Lynch
Added on 2021-02-20
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HUMAN RESOURCEMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3LO 1.................................................................................................................................................3Purpose and function of HRM in relation to workforce planning in Merrill Lynch Firm.....3Different factors in recruitment, selection, On-Boarding and Induction and its strengths andweaknesses.............................................................................................................................6LO 2.................................................................................................................................................7Effectiveness of practices of HRM for raising organizational profit and productivity..........7LO 3 ..............................................................................................................................................10Employee relation ................................................................................................................10Employee relation law. ........................................................................................................11LO 4...............................................................................................................................................13Applications Human management practices .......................................................................13CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
INTRODUCTIONHuman resource management is a very extensive activity and involves maintenance ofemployees after completing all the functions of selecting, recruiting and hiring. There is aseparate department dedicated for management of human resource activities, and they have animportant part in managing the organization. Here in this report, Merrill Lynch Firm has beentaken to analyse various activities of HRM. It is an American investment company operatingunder Bank of America. This report highlights purpose and scope of Human ResourceManagement in Merrill Lynch along with the various talents and skills that are necessary infulfilling an organization's objectives. It also evaluates the key elements in HRM along withanalysis 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 BODYLO 1Purpose and function of HRM in relation to workforce planning in Merrill Lynch Firm.Definition of Human Resource Management: As per Armstrong and Taylor (2014), humanresource can be defined as a strategic approach to manage the organization's most important asseti.e. humans employed in the organization. The practice of selecting, hiring and managing anorganization's employees is called HRM. Human Resource Management department and itsfunctions applicable in a company are referred to as HRM and their basic purpose is to managepersonnel employed in the company and maintain healthy relationships governing them.Nature and scope of HRMNature of HRM: - It helps the employees in developing their potential fully and meeting thegoals provided in future so that the employees can build cordial relations at the workplace. HRMis pervasive in nature and focuses on developing an employee's potential and encourage ormotivate them to work harder. It also involves identifying the key skills of an employee and taskthem accordingly (Stewart and Brown, 2019). At Merrill Lynch Firm, they aim at buildingcordial relation in the company by creating a healthy environment.This is achieved bysuccessfully implementing the various HRM policies designed for the benefit of the employeesand to motivate them like rewards, appraisals etc.3
Scope of HRM: - An HR department is concerned only with recruitment, selection, training anddevelopment as well as remuneration related activities in the organization. They are concernedwith creating a healthy and relaxed environment in the office and prevent any situation ofresistance 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 besummarized in the following:Recruitment: - Recruitment involves identification of the right candidates and appointing theright employee for the organisation. This is being done through two major sources, namedinternal and external sources. At Merrill Lynch Firm, mainly external sources are used forrecruitment and for promotional activities internal sources are utilized (Brewster, Mayrhofer andMorley, 2016).Training: - Training and development involves developing knowledge and familiarizing themwith the various activities and operations that are carried out in the business. It can be On therole or Off the role and ultimately, increases the efficiency of the employees.Reward Management: - Reward means giving appropriate benefits and incentives so that theemployees 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 anorganization so that they can identify those areas in which the employees perform best andenhance their dedication level (DeCenzo, Robbins and Verhulst, 2016).Best Fit approach v/s Best Practice ApproachAs per Wilton’s book (2016), Best fit approachemphasizes on aligning the organizationalstrategies with the HR strategies so that relevant objectives can be achieved with betterefficiency 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 toBest practice model, HR activities support the companies in achieving competitive excellencyand hence at Merrill Lynch only those policies are adopted which are treated as superior to theremaining ones and will help in better achievement of targets.Hard and Soft Models of HRMIn the opinion of Brewster, Mayrhofer and Morley (2016) Hard HRM considers employeessimply as a tool that assists in achieving organizational goals. They do not spend any resources4
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