Human Resource - Merrill Lynch Assignment

HUMAN RESOURCE -
TASK 1

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Nature and scope of HRM...........................................................................................................1
Definition of HRM.......................................................................................................................1
Activities and Functions of HRM................................................................................................1
'Best Fit' approach vs 'Best Practice'............................................................................................1
Soft and Hard models of HRM....................................................................................................2
Workforce planning.....................................................................................................................2
PESTLE analysis and Types of Labour Market..........................................................................2
Impact of advance technology on HRM practices.......................................................................3
Sources of Recruitment................................................................................................................3
Selection methods........................................................................................................................3
On- boarding and induction.........................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Human Resource Management refers to strategic approach of managing the manpower in
the organization. To gain the competitive advantage it is crucial for any business to manage their
human resource efficiently (Stewart and Brown, 2019). It is helpful in maximizing the
employee's performance. The project report is based on Merrill Lynch Firm. It is situated in
central London. The study will cover (Task 1) in which it will describe the HR activities in the
organization.
TASK 1
Nature and scope of HRM
Managing the workforce in the organization is the role of HRM. For achieving the
mission of the business HRM practices are helpful. Efficient managers in Merrill Lynch Firm is
helpful for the achieving the goals of the company. For recruiting talented employees in the
organization HRM plays vast scope.
Definition of HRM
Tactful management of Workforce in the organization refers as Human Resource
management (Human resource management (HRM), 2019). HRM is helpful for increasing the
performance of employees in Merrill Lynch Firm. HR department of the firm is responsible for
looking after overseeing polices and regulating the workers in an organization.
Activities and Functions of HRM
Functions and activities of HRM in Merrill Lynch Firm are as follows -
 Recruitment and Selection of workforce
 Talent Management
 Training and development
 Compensation and benefits
 Career development and assignment of job role
 Performance Management
 Employee Engagement
 Team building
'Best Fit' approach vs 'Best Practice'
This means that HR managers needs to make strategies based on the circumstances in the
organization. Contingency theory applied in this case decisions of HR managers are based on the
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situation (Morgeson, Brannick and Levine, 2019). Rather than applying best practices HR
managers needs to think good practices which best suits for the organization through analysing
the current situation.
Soft and Hard models of HRM
Hard HRM treats employees as the resources of the organization. The Hard HRM has
strong link with corporate planning. The total number of resources that the firm will need is
analysed by the HR department through recruitment. It major focuses on the workforce needs
such as minimum wages.
Soft HRM model put emphasis on the building the trust and commitment with the
employees. Workforce planning is done as per this model (Banfield, Kay and Royles, 2018).
Employees are benefited with the rewards if they outperform in the organization. Performance
appraisal program is being conducted by the HR department.
Workforce planning
This refers to continuously analysing the needs of the organization. It refers to ensuring
sufficient number of manpower in the organization. HR department of Merrill Lynch firm
ensures that sufficient number of workforce is availed in the organization in order to meet the
production, service, legislative and regulatory needs of the company.
PESTLE analysis and Types of Labour Market
Labour refers to amount of the social and mental efforts used in the organization to
produce goods and services. Various types of Labour are the physical and mental labour,
unskilled and skilled labour and productive & unproductive labour (Brewster, Sparrow and
Houldsworth, 2016). The regular pay of the labour is increased as per the latest trend of the
labour market. Thus, Merrill Lynch Firm HR department needs to take decisions regarding the
pay scale of the employees in the organization.
Pestle analysis of Merril Lynch firm
Political Factors
 Taxation polices
 Political Stability
Economical Factors
 Impact of Brexit
 Interest rate fluctuations
Social Factors
 Skill level of workforce
 Power structure in society
Technological Factors
 Advanced Technological software
 Resolved technology transfer and
licensing issues for the broker.
Legal Factors Environmental Factors
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 Employment law
 Health and safety law
 Waste Management
 Environmental norms
Impact of advance technology on HRM practices
Advanced technological software's is helpful for recruiting the employees in the
organization. The firm uses Zoho Recruit software for doing selection process with ease.
Technological software's are helpful for giving training to the employees. Payroll software is
helpful for giving timely salary and wages to the employees of the company (Wilton, 2016). HR
helpdesk software is helpful for decision-making of HR managers in the organization. HR
department of Merrill Lynch firm uses data management software for keeping track record of
their employees information. BambooHr software is also useful for improving the efficiency of
the HRM practices.
Sources of Recruitment
Internal Recruitment
 Transfer
 Promotion
External Recruitment
 Employment exchanges
 Employment agencies
 Advertisement
 Campus recruitment
Internal recruitment is cheaper than external one. The employees know about the work,
and they have familiarity about the role and responsibilities of the organization. Thus, there is
savage of training cost. On the other hand external recruitment adds to the cost but here the
talented employees get recruited (Brewster Mayrhofer and Farndale, 2018). The inefficient
employee is replaced by the efficient one. Thus, by recruiting the best candidate the HR
department is able to improve the overall efficiency of Merrill Lynch firm.
Selection methods
Various methods of selection which are used by Merrill Lynch firm are as follows -
 Interview
 Panel interview
 Personality test
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 Aptitude test
 Online screening
 Group exercises
On- boarding and induction
The induction program is helpful for making newly recruited candidate well versed with
the job role in the Merrill Lynch firm. It is a type of orientation program. It is helpful for making
new employees familiar with their responsibilities in the organization. On boarding period is of
90 days in the firm (Nankervis, Baird and Shields, 2016). By providing training to the employees
HR mangers ensurers that employees works with their full potential in the organization.
CONCLUSION
It has been concluded from the above project report that HRM activities are helpful in
increasing the employee's performance in Merrill Lynch Firm. Various HRM practices such as
compensation and benefits are helpful for increasing the employee's morale in the organization.
It has been summarized that both the internal and external methods of the recruitment are helpful
for increasing the performance of company. Different selection methods are helpful for choosing
the best candidate for the vacant job role.
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REFERENCES
Books and Journals
Banfield, P., Kay, R. and Royles, D., 2018. Introduction to human resource management.
Oxford University Press.
Brewster, C., Mayrhofer, W. and Farndale, E. eds., 2018.Handbook of research on comparative
human resource management. Edward Elgar Publishing.
Brewster, C., Vernon, G., Sparrow, P. and Houldsworth, E., 2016. International human resource
management. Kogan Page Publishers.
Morgeson, F.P., Brannick, M.T. and Levine, E.L., 2019. Job and work analysis: Methods,
research, and applications for human resource management. Sage Publications.
Nankervis, A.R., Baird, M., Coffey, J. and Shields, J., 2016.Human resource management:
strategy and practice. Cengage AU.
Stewart, G.L. and Brown, K.G., 2019. Human resource management. Wiley.
Wilton, N., 2016. An introduction to human resource management. Sage.
Online
Human resource management (HRM). 2019. [Online]. Available through :
<https://searchhrsoftware.techtarget.com/definition/human-resource-management-
HRM>.
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