Human Resource Management - Merrill Lynch Firm
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Added on 2021-02-20
Human Resource Management - Merrill Lynch Firm
Added on 2021-02-20
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INTRODUCTIONHuman resource management within an organisation is related with application ofstrategic approaches for effectively managing the people and personnel of the organisation inorder to achieve the business objector along with attaining competitive advantages in theindustry it is operating. In the present report a detailed discussion related with HR activities andits function with in organisation Merrill Lynch Firm is done. This includes the purpose and scopeof the human resource management with in the business is presented regarding resourcing thebusiness with skilled and talented people for achieving business objectives. The benefits of HRM practices is explained in context of learning, training anddevelopment practices, flexibility in working, management of employee performance and itsmonitoring, reward and payment management. Furthermore, it includes analysis of the externaland internal factors which impacts the HRM decision making and key legislations which are tobe considered while making HRM related decisions. Moreover, the report present illustration onthe application of HRM practices in the context of business for Merrill Lynch Firm withselection one of various practices (Bondarouk, Bos-Nehles and Hesselink, 2016).TASK 1Human resource management:Within an organisation HRM serves critical purpose which can be defined as a functionimplemented by business to deal with the concerns related with staff of the organisation and thepeople who are directly related with the business regarding their hiring, performance,compensation, safety, benefits, wellness, training and motivation. The human resourcemanagement is also a premeditated approach for managing people and the work culture within acompany.Purpose of HRMThe main purpose of human resources management is to organize the right abilities, skills andalso knowledge of implementing the strategies. It also helps in coordinating the organizationindividuals for communicating, achieving the particular goals and objectives. It full-fill the needswith the staff and also maintaining the satisfaction of employees in the Merrill Lynch Firm(Deshpande and Golhar, 2015).Nature, function and scope of human resources management3
HRM is basically concerned with the maintain the workforce of the organization from that thereare so many major roles that plays by the HR, whereas there are various functions of HRMwhich has been follows;Planing:- it is important to have planning of everything which is running in theorganization because it is the responsibility of the HR manager which makes each and every planbecause it helps in establishing the goals and objectives of the organization and also help sinachieving it on time. Planing includes the determining of the personnel programs that contributefor completing the task. there are so many planning which needed by the Merrill Lynch Firmsuch as the job description, recruitment and selection process and so on (Guerci, Longoni andLuzzini, 2016).Organizing:- after establishing all the goals and objectives of the organization then itcomes to organizing where all the programs has been developed & achieve it. There are so manythings which has been organized by the human resource management such as ait makes all theplaning into actions in proper and systematic manner. It makes the grouping of all the personnelactivities for the positions and functions. It also helps in coordinating the activities of variousemployees. Directing:- The function of HRM is to creating the plans and also implementing all theplans in very smooth manner and which is depended upon the people. This function of the HRMis to encouraging people for work willingly and also effectively for achieving the goals of theMerrill Lynch Firm.Controlling:- The term controlling refers to regulating and running the activitiesaccording to the plan and it has been formulated which is based on the Merrill Lynch Firm. Thisfunction complete the HRM function cycle where the managers easily observes and subsequentlycomparing 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 alsoadjusting their themselves for the particular job. It is a process of giving brief knowledge aboutthe 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 choosesthe right people, at right time for right place in the organization. It basically designed formaximizing the people and also meeting the objectives of organization (Jamali, El Dirani and4
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