Human Resources Management : Solved Assignment
Added on 2021-02-20
15 Pages4292 Words61 Views
Leadership ManagementProfessional Development
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Human ResourcesManagement
INTRODUCTIONHRM can be considered as operation that designs to improve performance of the employeefor meeting employers strategic goal and objective (Human resource management, 2019). Herethe Merrill Lynch firm which is located in central London. It has been considered that there arevarious function which is applicable for employee planning and resources, it also involve thestrength of recruitment approach and its weakness as well. It also reveal the benefit of workingof HRM on employer as well as on employees and their effectiveness in order to increase theorganisational profits or earnings, and productivity. This study also give the discretion about theimportance of the employees relationship and highlights the legislation of employment which hasits influences in determination of HRM and illustrate the application of the HRM practicesrelated to work (Noe and et.al., 2015).LO1P1) Goals and functions of HRMHuman resource Management is a procedure of recruiting, training and hiring of newapplicants. The objectives of HRM are directly related to organisation's goal and mission.Manager of Human Resource has its vital importance in strategic decision making it is theresponsibility to find high skilled employee to keep them bored and reduce workers absenteeismand turnover rates. Purpose of HRM are as followsTraining- Training is organised to enhance the knowledge of employees, their skills,attitude and behaviour as well, to ensure considerable improvement in the performance ofMerrill Lynch(Banfield, Kay and Royles 2018). Purpose of training and development inMerrill Lynch is to enrich quality of work done by its employees. The process helps inenhancing the growth of the employee thus, develop them professionally. Guiding thestaff member will improve the skills and talent of the worker. As skilled employee willassist in improving the productivity of the Merrill Lynch. Training and developmentprograms are done so that the employees get habitual of new methods, updatedtechnologies and culture of working of organisation.Recruitment – Purpose of this function is to recruit or hire the applicants who is best fitfor the vacant post in Organisation. There are two types of recruitments ie, Internal: inthis process the organisation fills the vacancies by hiring the employees from the1
workforces who are already working within the organisation. External: in this process,firm will hire the candidates who are from outside the organisation. Recruitment is donewith the motive to provide necessary number of skilled employees to the Merrill Lynchso that the business process keeps going on. It determines the present and futurerequirements of the organisation. Recruitment assist the selection process by reducing thenumber of visible under or over qualified job applicants. Rewards- Different types of reward are provided to the workers when they perform wellin the job this includes variable pay, bonuses, profit sharing and stock options. This isdone in Merrill Lynch to motivate the employees. Rewards assist in boosting self esteemof the worker. Reward system influence the employee decision to come to work orremain with the Merrill Lynch. Rewards will increase the satisfaction for the job in theemployees.Performance management- Main purpose of this technique is to administer and develop.The aim of this factor is to evaluate if the job assigned is performed well or not.Performance management helps the Merrill Lynch is to access performance and rewardsacordingly. Thus, business objective of a firm is achieved by effective performancemanagement.. P2 Strength and weaknesses of different approaches to recruitment and selection. Internal- The employees in this factor hires employees within the organization. Strength- From this process reduces the time required in hiring the candidate. It is thecost less process and increases the employee engagement. It reduces cost of training andsaves the time as people already know the business environment. This function assist inbetter selection as performance of the employee is already known by the management. Itimproves employee morale.Weaknesses- The biggest weaknesses of this method is that it has limited choice. Chancesof innovation is eliminated. This process vacant another position by the Merrill Lynch.Eliminates the process and saves time for hiring or recruiting employees. External - In this process business used recruit people from outside the organization. Firm usesconsultant agencies support to get the deserving candidates in firm.Strength- The biggest advantage of this process is that the selection is done apart from thebusiness environment to invite new idea with new people. Merrill Lynch can select the2
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