Human Resource Management (HRM) Functions - Assignment

Added on - 21 Feb 2021

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Human ResourcesManagement
INTRODUCTIONThe HRMfunction includes managing and controlling activities related to employees.As it focuses on different functions such asselection & recruitment, training as well asdevelopment programs,performance appraisal of employees, payroll function and many more.HRM is an essential part,as this will helpthe management inexaminingeveryapplicantsofbusiness and generating effective andbestresult form employees with optimum and properutilization of human resource in effective way. In other words, it can be said that, HRM is aprocess which helps and responsible for managing employees of business organization(Bullerand McEvoy, 2016).For this, report the company chosen is Merrill Lynch.This report considers that, HRMhas various, functions as well as purpose. As the managementof Merrill Lynch focuses ondifferent policies and practise along with the effective rules & regulation of HRMin theirbusiness organization effectively and efficiently. Along with this, they also focuses on laws &standard,which will help the top level management for takingeffectivejudgementwhilepreparationandmanagement.This also includes enhancement of profitability and productivity ofemployers and workers.Task 1P1- Purpose and functions of HRM.HRM department of each and everyorganisation is basically concerned with planning,recruiting and selecting employees. Who basically areHRof the organisation.The HRmanagement team is basically concerned with analysing jobs, conducting interviews, hiringpeople and many more such functions.This type of functions are conducted by human resourcemanagement department in every organisation. They perform all functions related to employees.Their basic aim is to work for the welfare of employee's in organisation. Employees areresponsible for smooth and proper functioning of every organisation. They are responsible forachievement of objectives.This is essential for the HR department to take care that all employeesare happy and satisfied at workplace.(Chowhan, 2016).
Purpose of human resource management:The purpose of HRM is recruitment and selection of effective candidates, proving propertraining and development programs to workforce, performance appraisals of employees,fulfilling needs of employees, providing healthy working environment, law compliances.Where, if it is talked about Merrill Lynch,the management is effectively focusing onmanaging workforce of their company, fulfilling demand and supply of human resourceaccording to requirement of every department for attaining objectives of organization, focus ongiving healthy environment to their workforce for doing effective operations in business. Alongwith this, management of Merrill Lynch also, provide effective training for their job task, so theycan effectively do their work and job roles without any issues and hurdles. In context to this, itcan be said that, by considering and focusing on all of these purpose of HRM, the managementleads to get effective results and also able to enhance productivity and performance ofemployees, which is beneficial for business organization(Cook and Forde 2016).Soft skills and hard skills of HRM.Soft skills:The soft HRM approach, treats their employees as most valuable resource oftheir business, as well as important source for gaining competitive advantage. In this approachmanagement treats employees as an individual and it focuses on needs & requirements ofemployees along with their roles, rewards, motivation and many more needs.Its key features isthat, it strategically focuses on long term workforce planning and it do strong as well as two waycommunication with their employees. Along with this, employees are empowered and motivateto seek delegation and then perform their roles and responsibility and employees getperformance related rewards as well. In addition to this the management adopt democraticleadership style.Hard skills:In this approach, employees are treated as simple as they are resources ofbusiness organization, like machine, building, labour etc. it mainly focuses on identifying theneeds of workforce of business and then make action accordingly like managing, recruiting,firing etc. Its key features is that, management do short term changes in numbers of employees infrequent basis and has one way communication as they get orders and instruction form top level.Along with this, management focuses on minimizing wages by limited recruitment of candidates
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