Benefits of HRM Practices for Employees and Employers

RECRUITMENT
PROCESS
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Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Nature & purpose of HRM for various steps of workforce planning...............................3
P2: Strength & Weaknesses associated with the different approaches related to recruitment &
selection..................................................................................................................................6
TASK 2............................................................................................................................................9
P3: Benefits of different HRM practices for both the employee & employer........................9
P4 : Effectiveness of different HRM practices for generation of organisational profit & overall
productivity...........................................................................................................................12
TASK 3..........................................................................................................................................13
P5: Importance of employee relation in influencing HRM decision making.......................13
P6 : Elements of the process of employment legislation and its overall impact on HRM
decision making....................................................................................................................14
TASK 4..........................................................................................................................................15
P7: Application of Different HRM practices in work related context..................................15
CONCLUSION..............................................................................................................................19
REFERNCE...................................................................................................................................20
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INTRODUCTION
HRM is regarded as important function of every organisation as it is related with managing
the workforce of organisation. This is a function that is responsible for selection and recruitment
of individuals and then retaining them for longer duration of time what different activities such
as compensation and benefits for such human resource functions is basically consisting of
different application of tools such as 360 degree feedback and different training programs that
have to be adopted by organisation to maximize the contribution level towards the goal of
organisation. This report is based on Merrill Lynch that is a management company (Boella and
Goss-Turner., 2019). It belongs to financial services and was founded in the year 1914 and is
serving worldwide. The report is based on facilitating the HR Department of this organisation to
achieve competitive advantage by of different functions of Human Resource Management.
Along with it, the strength & weakness approaches of recruitment & selection are discussed.
Benefits of Human Resource practices for employee & employer are discussed and techniques of
such practices are discovered for organisations profits. Apart from this there is importance of
employee relation for decision making process of HR and application of Hr practices in
organisation is done.
TASK 1
P1. Nature & purpose of HRM for various steps of workforce planning.
HR management is function that is concerned with effective leader the human resources in
organisation by way of proper planning of all their activities.
Nature of strategic HRM:
Strategic human resource management is applicable to all Enterprises
it focuses on utilisation of employee potential for organisation and their personal development
(Bratton, and Gold, 2017).It is basically for motivating and inspiring people for achievement of
targets.
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SCOPE of strategic HRM:
1) HRM is related of different functions of planning of procurement process compensation
decision etc.
2) It is concerned with facilitating & improvement of overall working situation of employees
3) It is used for maintaining the overall relations consultancies And Labour unions by the
organisation.
Purpose and function of HRM:
The point of HR Department is managing the overall requirement of employees in organisation
with the aim of maximizing the employees’ efficiency & achievement of goals. Falling discuss
some of the Human Resource Department functions that help in Merrill Lynch in Planning they
work force and various human resource management decisions:
1) Job analysis designing:
It is a function that is related with analysing and describing the details of a job in relation with
qualifications, set, potential knowledge abilities of a individual in relation with organisations
requirement of responsibilities this going to help Merrill Lynch in planning of their overall
workforce (Chowhan., Pries and Mann, 2017).
2) Training and development:
It is also a HR management function that is dealing with increasing the present level of
knowledge of their personnel in organisation (Delery and Roumpi, 2017). In Merrill Lynch this
function is going to assist employees in increasing and preparing the overall work for hire job
responsibilities.
3) Performance management
This is the function that is related with evaluating the employee performance according to
different set standard for measuring the present as well as those standards of performance it has
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