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INTRODUCTION Human resource management within an organisation is related with application of strategic approaches for effectively managing the people and personnel of the organisation in order to achieve the business objector along with attaining competitive advantages in the industry it is operating. In the present report a detailed discussion related with HR activities and its function with in organisation Merrill Lynch Firm is done. This includes the purpose and scope of the human resource management with in the business is presented regarding resourcing the business with skilled and talented people for achieving business objectives. The benefits of HRM practices is explained in context of learning, training and development practices, flexibility in working, management of employee performance and its monitoring, reward and payment management. Furthermore, it includes analysis of the external and internal factors which impacts the HRM decision making and key legislations which are to be considered while making HRM related decisions. Moreover, the report present illustration on the application of HRM practices in the context of business for Merrill Lynch Firm with selection one of various practices (Bondarouk, Bos-Nehles and Hesselink, 2016). TASK 1 Human resource management: Within an organisation HRM serves critical purpose which can be defined as a function implemented by business to deal with the concerns related with staff of the organisation and the peoplewhoaredirectlyrelatedwiththebusinessregardingtheirhiring,performance, compensation,safety,benefits,wellness,trainingandmotivation.Thehumanresource management is also a premeditated approach for managing people and the work culture within a company. Purpose of HRM The main purpose of human resources management is to organize the right abilities, skills and also knowledge of implementing the strategies. It also helps in coordinating the organization individuals for communicating, achieving the particular goals and objectives. It full-fill the needs with the staff and also maintaining the satisfaction of employees in theMerrill Lynch Firm (Deshpande and Golhar, 2015). Nature, function and scope of human resources management 3
HRM is basically concerned with the maintain the workforce of the organization from that there are so many major roles that plays by the HR, whereas there are various functions of HRM which has been follows; Planing:-it is important to have planning of everything which is running in the organization because it is the responsibility of the HR manager which makes each and every plan because it helps in establishing the goals and objectives of the organization and also help sin achieving it on time. Planing includes the determining of the personnel programs that contribute for completing the task. there are so many planning which needed by theMerrill Lynch Firm such as the job description, recruitment and selection process and so on (Guerci, Longoni and Luzzini, 2016). Organizing:-after establishing all the goals and objectives of the organization then it comes to organizing where all the programs has been developed & achieve it. There are so many things which has been organized by the human resource management such as ait makes all the planing into actions in proper and systematic manner. It makes the grouping of all the personnel activities for the positions and functions. It also helps in coordinating the activities of various employees. Directing:-The function of HRM is to creating the plans and also implementing all the plans in very smooth manner and which is depended upon the people. This function of the HRM is to encouraging people for work willingly and also effectively for achieving the goals of the Merrill Lynch Firm. Controlling:-Thetermcontrollingreferstoregulatingandrunningtheactivities according to the plan and it has been formulated which is based on the Merrill Lynch Firm. This function complete the HRM function cycle where the managers easily observes and subsequently comparing all the results according to the set of standards. It also helps in evaluating & controlling all the performance of the departments. Orientation:-it is one of the step that helps the employees for moving towards and also adjusting their themselves for the particular job. It is a process of giving brief knowledge about the specific aspects of their new job which involves the benefits programs, pay etc. Recruitment & selection:-it is one of the main function of the HRM where it chooses the right people, at right time for right place in the organization. It basically designed for maximizing the people and also meeting the objectives of organization (Jamali,El Dirani and 4
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Harwood, 2015). Where it a process of screening, short-listing, sourcing and also selecting the right individuals for the required and vacant positions. Training and development:-it is one of the main and core function of the human resource management where it directly affects the skills and knowledge of performing of the employees. the main role of conducting the training and development program is to helping the employees for learning the particular knowledge and also improving the performance of the employees. it particularly focuses on the growth & development of employees and also improving the future performance of the employees for achieving the goals ofMerrill Lynch Firm. Recruitment and selection approaches From effective recruitment & selection of the job candidates and individuals where theMerrill Lynch Firm. There are different types of approaches of recruitment & selection which are as follows; Jobdescription:-Systematichiringpolicyisgenerallybeginswiththeaccurate description of the jobs where it involves all the detail information about all the aspect of the job such as the job task, pay, reporting etc. the main strength of the job description is it easily motivateemployeesandalsoemployeesthinkstheyaretrustedwithsomanygreater responsibility of the organization and on the other hand the weakness of the job description is it emphasizes the employees from the wrong aspects of their work. Skills inventory:-this step is just identifying the right candidate for the particular job and role in the Merrill Lynch Firm where it compiles the comprehensive listing for representing the set of ideal skills of the employees for each and every job. The strength of the skills inventory is it gives a brief description about the education, skills and current experiences of the employees and weakness is sometimes all the details are not right and proper. Job posting strategy:-from developing this strategy for the job posting is an systematic part of the recruitment & selection process. According to the list and set of the ideal skills in the hand and also it is in the favour of the organization. The strength of the job posting strategy is it post the job on different sites and portals and on the other hand the weakness is receives so many unwanted application from so many candidates (Jayasinghe, 2016). Multi-step recruitment:-it is an systematic process where the interview process has been provided for the deeper insights into all the interested jobs which easily meet the desired 5
skills and profiles of the candidates. Multi-step recruiting is more challenging for the manager because the directors and managers have to collaborate in this situation and take a decision accordingly. The strength of multi-step recruiting is it identify all the lacks and skills of the employees from both the manager and director point of view and weakness is it creates so many problems when both are not agreed on one statement and decisions (Sparrow and Otaye-Ebede, 2017). Hard approach of HRM The hard HRM approach is related where each one is task focused and low commitment for treating the employees simply as the resources of the organization and the main focal point is performance management where it achieves the goals of the Merrill Lynch Firm. It is based on the traditional approach of HRM where it controls the cost, moving, firing and also hiring of the employees. Soft approach of HRM It is an approach where it includes the treating of the employees as one of the Merrill Lynch Firm most important assets. From using the soft approach it shows that the employees of the organization is one of the critical assets which are the key strategies of the firm which runs for the long term (Bondarouk, Bos-Nehles and Hesselink, 2016). TASK 2 The effectiveness of key elements of human resource management in an organisation Benefits of different Human resource management practises There are many benefits by undertaking different Human resource management practises within Merrill Lynch Firm for both company as well as employees working in it. The human resource practises are as follows - Humanresource practise Benefit to Merrill Lynch firmBenefits to employees Learning, trainingand development Decreaseinemployeesturnover rate– The company Merrill Lynch by following effective training and development program in their work placeabletoretainemployees Job satisfaction– The employees by gettingpropertrainingand developmentabletoattaintheir satisfactionofjobbyworkingin efficientmannerandusedifferent 6
within the company by satisfying theirdevelopmentandlearning goals. Competitive advantage– Another benefitscompanyattainsby training and development campaign in the company is that by efficient training company is able to attain goalsontimeandinefficient manner. This helps the company to gain competitive advantage against their rivalries prevailing in the same industry. Achievement of organisational goal – The Merrill Lynch by conducting efficienttraining,learningand development program in their work placeabletotrainandguide employeestowardsgoalof organisation(Bratton,andGold, 2017). Therefore, training program helps employees to stay more clear fororganisationalgoal achievement. Enhances image– Merrill Lynch firm is able to provoke their image infrontofemployeesandthe prevailing market. The company by properdevelopmentandtraining programabletoenhancetheir imagebyprovidingefficient technique which they have learnt in training. Their efficient performance reflectstheirimprovementinjob position. Development of skills –Employees working in Merrill Lynch by getting proper training able to develop their individual knowledge, experience and goal(Omotayo,2015).Proper traininghelpsthemtoattain individual goals in effective manner. Work efficiency– The employees able to enhance their efficiency of work by adoptingtechniquestheylearnin regulartraining.Thecompanyby conductingtrainingatregular intervalsabletoattainmaximum work efficiency. 7
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learning and positive environment. Flexibleworking options Efficientgoalachievement– MerrillLynchfirmbyoffering flexibleworkingoptionstotheir employees enable them flexibility by make them free from time and placeboundation.Thishelpthe employeestoworkinfree environment and according to their convenience environment they able to work efficiently. The employees contribute more towards attaining organisational goal with efficiency. Work life balance –Flexibility in the companyMerrillLynchenable employeestomanagetheir professional life with personal life. Employees feel happy working with an organisation with enable them to balance their work life with that of personal. Employee performance managementand monitoring Increaseproductivity–By measuringperformanceof employees working in the company andproperlymonitortheirtasks abletogainproductivityatan increasingtrend.Thecompany Merrill Lynch measure employees performanceandmonitortheir achievements which enhances their overallperformanceandtheir productivitycontributestothe growth of company. Increase in growth and competitive advantage– The company able to attaincompetitiveadvantageby minimisingthemistakesof employees which provide assist to Identify key strengths and areas of improvement–Theemployeesby performance management able to get proper guidance of their superiors and also able to attain knowledge of their keystrengthwhichreflectstheir quality(Guest, D. E., 2017). Also, theyabletoknowabouttheir weaknesseswhichtheyneedto improvefortheirefficientcareer development and growth. Buildselfconfidence–By performance management inMerrill Lynch firm, the employees get proper guidance from the beginning of task. Also,byaccomplishingtaskin appropriatemannerwithproper 8
theMerrillLynchinattaining success and growth. Resultant the Merrill Lynch firm able to attain competitive advantage against their competitors by proper monitoring andperformancemanagementof staff members. guidancebuildafeelingof confidence in staff members. Paymentand reward management Employeesengagement–Merrill Lynch firm provide both monetary and non monetary benefits to their employees for their valuable ideas and suggestion which help the firm inexecutingcriticaldecision making.Also,employeesinterest retainswiththeworkingof companyenablesasenseof belongingness for getting rewards and recognition. Boost loyalty– The company by satisfyingindividualgoalsfor developmentandgrowthenables loyaltyamongemployees.They workwithconcentrationand efficiencytowardsthecompany getting rewards. Along with it, the turnover of employees by attractive perks from rivalries also decreases withrewardandpayment management within Merrill Lynch. Satisfyindividualgoals–The employees try to work harder to attain rewardsinanymonetaryandnon monetaryform.Also,they accomplish their individual goals and developmentbyattainingrewards, perks and other benefits from the firm Merrill Lynch. Inspiration for hard work- Merrill Lynch firm by offering payment and reward management able to inspire other employees to work hard and motivate them by providing benefits invariousformstoretaintheir interest. Effectiveness of different human resource practises 9
Learning,traininganddevelopment-MerrillLynchfirmenablestrainingand development on regular intervals is beneficial for both company and employees working in it. The company Merrill Lynch able to gain profitability as well as able to increase productivity by conducting training, learning and development program for their employees. On the other hand, employees also feel confident and turnover ratio of employees also decreases with regular training campaign. The employees efforts and hand work help Merrill Lynch firm to attain profitability and productivity. Flexible working options–The company Merrill Lynch enable flexible time and flexible work place option for their employees. This enables the employees to work in stress free environment which enhances their own productivity and that of company as well. Also, the employees able to manage their work life with personal life. This enables efficient working in the company and flexibility enables Merrill Lynch firm to enhance productivity and profitability within organization. Employee performance management and monitoring–The Merrill Lynch firm for controlling and regulating employees working by performance management and also provide them guidance for accomplishing the task in work place. The human resource department identifies key strengths and weaknesses which need to be improved by employees. This analysis determines the capability of employees which is helpful for company to allot their task matching with their capabilities. This enables efficient goal achievement along with productivity and profitability for the company Merrill Lynch. Payment and reward management–The system of monetary rewards and non monetary rewards in company Merrill Lynch create job satisfaction and motivation to contribute hard work among employees. The department of human resource offers rewards to employees engagementby contributionof valuableideaswhichassistcompany in decision-making. Employees working in Merrill Lynch firm also attain incentive benefits every quarter which provide aid in satisfaction of individual goals which lead to accomplishment of organizational goal. The reward management affects on productivity as well as increase in profitability of Merrill Lynch. 10
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TASK 3 Employee relations Employees relations means to efforts to handle relationship among workers and employers. The company with effective good employees relations programs gives fair and conformable treatment to all workers, so that they will be serious to their jobs and loyal to the firm (Schumacher and et.al., 2016). Having good employee relations is important to every firm, as when workers and administrator share positive relations, employees engagement, productiveness, motivation and high morale. Workers who get along with their manager and enjoy instead of feel nervous about going to work in the morning that have better overall work experience. Happy employees work harder, make netter work, ultimately keep consumer happy and thriving business. Strong employees relation is very necessary and important for making the decisions of human resource manager of Merrill Lynch firm. Conflict resolution:The degree of conflict within firm is decreased when work environment is efficient and friendly. This can be happened through strong relationship among employees while they are working in team, because every people have different ideas and opinions (Ali and et.al., 2015). Therefore, human resource management make decisions in terms of dividing people in group. Less conflict outcome in the workers being capable to focus on the activities at hand, and they are more productive. Productivity:Powerful employees relations make pleasurable environment within workplace. It raises the employees motivation and raised employee morale. Thus, it is important to build employees relations at the workplace. Also, human resource department of the Merrill Lynch firmorganizedifferentemployeerelationprogramsthathaveexperiencedenhancesin productiveness. Thus, high productiveness of firm can lead to raise profitability for the firm. Employee Loyalty:The drastic effect on employee loyalty by creating productive and pleasant work environment. Strong employees relations promote loyal workforce withinMerrill Lynch firm. It is important to improve workforce retention, so that employee relation is beneficial for cut cost of recruitment, hiring and training forceful (Ghani, Hashim and Rahman, 2018). For most of the companies, the high cost of employees turnover outweigh the cost of employee relation program which they have in place . It assures that employers has trained and skilled set of workers when lower employee turnover. 11
Therefore, human resource management ofMerrill Lynch firm needs to focus on build strong relationship with employees which can be key to ultimate success of company that outcomes are beneficial. If the powerful relations is in place workers can be more productive, more cost-efficient, make fewer conflicts and can be more loyal (Jayasinghe, 2016). Strong relationship is also important by which employees are also motivated and involved in each and everydecision-makingprocedurewithintheMerrillLynchfirm.Also,highlymotivated employees help to improve the performance of individual and team within the firm. Employment legislations Thishelpsinregulatingtherelationshipoftheemployersandemployeesofthe organization by effectively complying with various legislations (Opoku, M.P and et.al., 2017). Employment legislation states that the employers and employees of the organization has an effective hiring and dismissal process. It helps in treating all the employees of the organization with fair treatment and care (Belloc, 2016). There are various types of legislations within which organization must comply which mainly includes: Anti- discrimination Act:This law states that all the employees of the organization are treated with equal respect. This is done on the basis of race, age, disability, sex, gender, status, etc. every individual of the company should be treated with utmost respect. Individual of the companyshouldnotbediscriminatedortreatedunfairly(8FederalLawsthatProtect Employees,2019). This law helps employees of the employees to get harassed and victimized. Compliance with this law helps in smooth functioning of the organisation (Fredman, 2017). Employees working at the same designation must be given equal play and must not be discriminated on the basis of gender. Health and safety legislations, 1974:Thislaw statesthatthe employees of the organization must be provided with proper ventilation, air conditioning, washing facilities, refreshments,safepassageways,lighting,officespace,hygiene,cleanandsafeworking environment, etc. it helps in maintaining positive working environment which in turn results in higher operational standards and efficiency (Reese, 2015). It is also very useful in protecting the employees from any hazardous activities and makes sure that company takes various effective measures which helps in protecting employers and employees and maintaining positive work force environment which results in higher operational standards and efficiency (Reese, 2015). 12
Data protection Act, 2018:The personal information of the employees must be protected. This law makes sure that the information of the employees should be protected and must be used lawfully, fairly and transparently (Opoku and et.al., 2017). The data given by the employees should be adequate and relevant and musJayasinghe, M., 2016t not contain any invalid information. National Minimum wages Act, 1998:This law states that the company must pay at least the set wages to the employees in order to perform particular set of work. This helps individual to carry out its day to day activities and maintain a standard life (Bell and Machin, 2018). According to this law, people aged from 25 years and older should be given a minimum of£7.83 per hour as per 2018. People aged between 21 years and 24 years should be given a minimum of £7.38 per hour as per 2018. People aged from 18 years and 20 years should be given a minimum of £5.90 per hour as per 2018. people aged under 18 years should be given a minimum of £4.20 per hour as per 2018. TASK 4 Evaluate human resource management in work related context Rational of job description The job description is a communication for candidates regarding desired roles and responsibilities they need to perform on the vacant job position. This helps company to safeguard from legal issues. The most suitable candidates come forwards for appropriate position. This saves time of recruiters. Job description Job TitleHuman resource business manager Reports toHuman resource department Roles & ResponsibilitiesStaffing and recruitment Conduct schedule for training and development Compensation administration Rewards and recognition program Employees retention Protection of employees Legal compliance 13
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Engagement of employees Assist in planning and decision making of company Motivation Continuousauditofactivitiesconductedbyhuman resource QualificationMasters in human resource management Rationale of job specification Job specification is generally formulated for analysing the eligibility of candidates which apply in a company for a vacant job position. A job specification is a part of analysis of job process in which recruiters get knowledge of qualification level, attributes, qualities candidates have with the matching job position. The details of job specification also offer technical and physical skills candidates have along with the desired skills. Job specification Title of the jobHuman resource business manager Date: 26/07/2019 Qualification requiredEssentialDesirableMet Masters in human resource management Yes Need of Exer businesses currently linked to the global automotive industry that you think it may not be profitablperience Experience of at least 2 years in Human resource consultant Yes Personal characteristics & conductEssentialDesirableMet A Good leader Business knowledge Yes Yes 14
Good Communication skills Efficient Verbal and written skills Efficient team working and handling Friendly & flexible personality Problem solving skills Ready to adapt in challenging situations A Quick learner Motivator Yes Yes Yes Yes Yes Yes Yes Yes Roles and ResponsibilitiesEssentialDesirableMet Staffing and recruitment Conduct schedule for training and development Compensation administration Rewardsandrecognition program Employees retention Protection of employees Legal compliance Engagement of employees Assist in planning and decision making of company Motivation Continuous audit of activities conducted by human resource Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 15
CONCLUSION Human resource management within an organization is related with application of strategic approaches for effectively managing the people and personnel of the organization in order to achieve the business objector along with attaining competitive advantages in the industry it is operating. This report will conclude that the nature and scope of the HRM and also the functions of human resource management. It will conclude the effectiveness of the key elements of the HRM in the organization. Further, it will conclude that the internal and external factors that affects the management of human resources and also the HRM practices in the work related context.It will discuss that employee relationship can help to making effective decisions in terms of increase productivity, conflicts resolution, employee morale and loyalty within the workplace. This can help toimprove the performance of the company. Moreover, report has completed that different legislation influence on HRM decision-making such as data protection, equality, national minimum wage, health and safety, anti-discrimination and so on which has followed by the company to protect employees and employers at the workplace. 16
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