The Role and Scope of HR

The Role and Scope of
HR

INTRODUCTION
Human resource management is considered as a strategic approach to manage individuals
into firm for gaining the competitive advantages. It is helpful to enhance the performance of staff
for attaining strategic objectives of employees. Moreover, they are accountable for several
activities like hiring, training and development, performance appraisal and others (AlAriss,
Cascio and Paauwe, 2014). As per the scenario the chosen company for this report is Merrill
Lynch which is an American investing as well as wealth management division of Bank of
America. Its headquarters is in New York, U.S. Also, it operates in many countries such as
London, Japan, Ireland, Germany and many more. This report covers the purpose and function
of HRM, benefits and shortcomings of various approaches to recruitment and selection, benefits
of human resource practices for employee and employer, effectiveness of various HRM practices
in context of raising organisational productivity and profit. Moreover, importance of employee
relations and key employment legislation as well as their impacts on decision making of HRM
are also discussed in this report.
TASK 1
P1.
Human resource management is defined as the procedures of managing people within
firm into structured as well as thoroughgoing way. Moreover, this encompasses the management
of individuals into company from a macro perspective that is handling staff in context of
collective relation among workers and administration (Human Resource Management (HRM) -
Definition and Concept. 2019). Strategic human resource management is defined as the
procedures of formulating programmes, policies as well as practices which aids firm to attain its
goals. Also, it is an approach which describes how the objectives of the company will be attained
by individuals with the help of human resource strategies as well as integrated HR practices and
policies. Workforce planning and resourcing is defined as the procedures of assuring a firm have
present as well as future access to the human capital it required to perform in efficacious and
proper way. So the purpose and functions of Merrill Lynch human resource management are
discussed below:
HRM Purpose:
1