logo

Human Resources Management Process Assignment

   

Added on  2021-02-19

13 Pages4352 Words20 Views
Human ResourcesManagement

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Throw-light on purpose and scope of Human Resource Management in context of resourcingan firm with talent and skills effectively to meet business set standards....................................1TASK 2............................................................................................................................................4Examine the effectiveness of key elements of human resource management in an enterprise. .4TASK 3............................................................................................................................................6Evaluate internal and external factors which impact human resource management decisionmaking process by including employment legislation................................................................6TASK 4............................................................................................................................................1Application of HRM practice in context of human resource management lecturer....................1CONCLUSION................................................................................................................................2REFERENCES................................................................................................................................1

INTRODUCTIONHuman Resource Management can be defined as procedure of recruiting, providingorientation, appraising the performance of workers, selecting, inducting staff members, impartingtraining and development etc. This act is performed in each and every organization so that bestresults can be attained in the global market. It plays a significant role in the motivating potentialemployees to raise the overall performance (Analoui, 2018). This particular assignment is basedon Merrill Lynch Firm in central London. It provides investment management services to thecustomers over the years. The report includes purpose and function of HRM in a company.Building strong relation with staff leads in raising overall productivity and profitability ratio isstudied. The importance of HRM practices in a company is focused over the years. Theadvantages and disadvantages of recruitment and selection approach are examined. Severalemployment laws are ascertained so as to make changes in the the laws as per the dynamicenvironment. TASK 1Throw-light on purpose and scope of Human Resource Management in context of resourcing anfirm with talent and skills effectively to meet business set standards.HRM (Human Resource Management) refers to as framing unique strategies forplanning, motivating, inducting staff members, conducting orientation programmes etc. so thateasily fresh nominee can adjust with the working environment. By doing so effective outcome isachieved in the global market which is a positive mark for the company (Banfield and Royles,2018). The numerous functions of human resource management are as follows:Planning: Merrill Lynch Firm perform several functions of human resource managementout this is planning. It is done by the top level management as well as is directly related withhuman resource practices so that without interruption business functions can be performed.Proper planning leads in achieving set goals and objectives in the set time duration. In effectiveplanning provide unproductive outcomes which is a negative mark in the competitive marketplace. Recruiting: Hiring skilled and capable workers in Merrill Lynch Firm they will be ableto accomplish competitive advantages against rivalry. This function of HRM plays a crucial role1

in placing right nominee for the post vacant. Also it is related with human resource practices sothat tough competition can be given to the competitors prevailing in the global market. This actdirectly or indirectly push other staff members to work hard day and night to meet the emergingneeds and wants of the customers over the years (Bratton and Gold, 2017). Training and development: Providing proper training and development aspect to theemployees of Merrill Lynch Firm directly leads in retaining potential staff for longer timeperiod. HRM function includes training and development aspect and is associated with the HRpractices in the working premises. By doing so overall workforce performance of staff memberscan be uplifted with the phase of time. The various purpose of human resource management are as follows:Performance Appraisal: The core purpose of human resource management is toappreciate the deserving candidate by providing them appraisal to the staff of Merrill LynchFirm. The purpose of HRM is connected with human resource practices as through this businessis able to provide quality services and product to the clients. Appraisal can be in any form suchas monetary (Cash amount, Cheques) or non- monetary (Holiday, Gifts, Family trip etc.)incentives. By doing so directly or indirectly it encourages staff members to achieve the setobjectives within the set time period (Brewster and Hegewisch, 2017). Staffing Needs: The purpose of human resource management is to handle and managevarious needs and demands of the enterprise staff members. Merrill Lynch Firm HR departmentcreate position announcements that covers identifying job duties as well as measuring therequired skills needed for a position. Staffing needs is interrelated with human resource practicesso that improvements can be done accordingly. HR department also focus on promotion andtransfer of existing staff members as it upgrade goodwill in the eyes of the customers. In an organisation certain skills are executed in the working environment as it boost upthe working style of workers. There are two types of skills which are, hard and soft skills, bothare effectively and efficiently performed in an organization (Brewster and Söderström, 2017).Soft skills: It is a gathering of social skills, personality traits, people skills, careerattributes. Communication skills etc. Soft skills plays a critical role in Merrill Lynch Firm as itaid in attracting, finding and retaining customers. By doing so set goals and objectives can befull-filled in the specific time period. Leadership, flexibility, adaptability, conflict resolution etc.are examples of soft skills. 2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Human Resource Management - Merrill Lynch
|19
|5838
|126

Human Resource - Merrill Lynch Assignment
|7
|1383
|22

Human Resources Management : Solved Assignment
|15
|4292
|61

Benefits of HRM Practices
|21
|5146
|68

Human Resource Management - Merrill Lynch Firm
|18
|5404
|57

Human resource management - Merrill Lynch Assignment
|8
|1411
|42