Human Resources Management: Practices, Functions & Employee Relations

This report provides a comprehensive overview of Human Resources Management (HRM) practices at Merrill Lynch, focusing on the purpose and functions of HRM in workforce planning and resourcing. It examines the strengths and weaknesses of different recruitment and selection approaches, highlighting internal and external recruitment strategies. The report also discusses the benefits of HRM practices for both employers and employees, emphasizing employee welfare and labor relations. Furthermore, it explores the importance of employee relations in influencing HRM decision-making and the key elements of employment legislation and their impact on these decisions. The application of HRM practices in a work-related context is also analyzed, providing a holistic view of HRM within the organization.

Human Resources
Management

Table of Contents
INTRODUCTION.........................................................................................................................3
TASK 1...........................................................................................................................................4
P 1 Purpose and functions of HRM in workforce planning and resourcing Merrill Lynch.........4
P 2 Strengths and Weaknesses of different approaches to Recruitment and Selection...............7
Task 2..............................................................................................................................................9
P 3 Benefits of HRM practices within an organization for both the employer and employee....9
Task 3............................................................................................................................................10
P 5 Importance of employee relations in respect to influencing HRM decision- making.........10
P 6 Key elements of employment legislation and impact upon HRM decision- making..........11
Task 4............................................................................................................................................12
P 7 Applications of HRM Practices in a work- related context.................................................12
REFERENCES............................................................................................................................14

INTRODUCTION
Human Resource Management is the system which plays a very important role in any
organization. It plays a role of maintaining the employee turnover in the company and it always
bring the new competition in the organization (Human Resource Management, 2019). It is the
process where the management helps in organizes, focuses on preparing policies and systems.
They help in boosting the morale of employees by giving them motivation and performance
appraisal. Merrill Lynch is the financial organization who is engaged in the wealth management
and financial services. It is an American company having headquarters in New York city. The
company was started in year 1914 by Charles E. Merrill. The company mainly works as an
investment banker and it comes under the Financial services industry. It is a subsidiary of Bank
of America and as per year 2012 company’s total wealth is US $ 13.8 Billion. Company is
having 15,100 employees and it serves worldwide. This report covers about the various talents
and skills which an HR manager should and what are the key roles of the HR management in
increasing the profitability and productivity of the company (Cascio, 2015). It also covers the
various recruitment and selection process conducted by the HR in order to hire the new
employees in the organization.
TASK 1
P 1 Purpose and functions of HRM in workforce planning and resourcing Merrill Lynch
HRM is the important department for any organization because it sets out the human
resources needs in the company (Garaus, and et.al., 2016). It helps in boosting up the
performance of employees through motivating them, appreciating their work etc. It helps in
coordinating the human resource in the organization to achieve the various goals and targets of
Merrill Lynch.
Main Purpose of HRM in organization
The main purpose of Human Resource Management are as follows-
 Human Resource Management ensures that all the employees in the organization are
viewed as assets of the company in order to increase the efficiency and effectiveness of
Merrill Lynch (Ibrahim, 2016).

 Human Resource Management main purpose is to maintain the company’s culture using
proper communication between employees in all levels.
 The other purpose of the department is to invest in the employees who are working for
the betterment of the company and who maximizes company’s performance.
Functions of HRM in organization
The main function of HRM are as follows-
Planning- Planning is the first and foremost function of Human Resource Management. It helps
in achieving the targets of Merrill Lynch. Planning is the process in which management thinks
about the activities required to be completed in order to achieve the set targets and goals for the
company. Planning helps in forecasting the future by knowing What to do, how to do, when to
do, where to do and Why to do (Allmendinger, 2017). This all 5 W’s sets up the activities to don
in the future in order to achieve the organizational goals. It helps in setting up the definite goals
for the company in order to achieve all the goals on right time.
Organizing- Organizing is the process where all the planned activities are properly organized. It
is establishment of the workers who are required in order to convert the planning into actions in
order to achieve the organizational goals. It is function in which all the planned work is
delegated to the different persons who are capable of doing the particular work (Shire, 2017).
This process is about dividing the individuals into different teams according to their
specialization and capabilities. It helps in facilitating the growth and diversification in Merrill
Lynch and coordinates the employees to work efficiently and effectively in the organization.
Directing- Direction is the important function of Human Resource Management. It is also known
as the heart of management function. It helps in directing the employees in the right direction in
order to achieve the goals set up by management. It gives direction to the employees by properly
guiding them which work has to be done by which employee of the organization. All the other
functions of Human Resource Management are meaningless if direction of work is not properly
done (Zhang, and et.al., 2016). This function is the continuous activity in the organization and
never stops in Merrill Lynch. Direction takes place at every level in the organization and act as
action for all the plans prepared in the company. At this function of HRM, all the plans are
converted into actions in order to achieve the targets of Merrill Lynch.

Controlling- Controlling is the last function of HRM. It evaluates the actual performance of the
company with the planned performance of the company (Leimbach, and et.al., 2017). It is used
in order to know that the planned work is properly implemented or not. It aims at achieving the
defined goals set by management by measuring the actual performance of Merrill Lynch. This
function finds out the deviations between actual performance and standard performance and
takes the corrective actions. It is the forward-looking process and exists at every level of the
company. It is related with the planning because the function helps in setting up the future plans
for the company as per the past deviations.
Operative Functions of organization are
The operative functions of the department are to develop, integrate and maintain the
employees in Merrill Lynch. These functions are generally done by HR department or personnel
department. The operative functions are as follows-
Recruitment- Recruitment is the process where the HR managers recruit the employees for the
organization in order to achieve the set targets by the management. It is the process of
shortlisting, selecting and giving training to the employees who are suitable for the right job by
right person. For recruiting the suitable employees in the organization, managers use various
processes such as Group Discussions, Aptitude Tests, Psychological tests, Personal Interviews
etc. This process helps the employees in recruiting the best qualified employee for Merrill Lynch
who helps in achieving the organizational goals (Cohen, 2017). It also helps in bringing the new
blood in the organization and also increases the competition among the employees.
Job Analysis- Job Analysis is the process where HR gathers all the information related to
recruitment process in order to know whether the person is eligible for the company or not. All
the companies are having their own criteria for selection process and it is necessary for the
person to be fit into the company’s criteria. Job analysis includes the information about
qualification, family, hobbies, interests, short term and long-term goals of the person. It also
considers the knowledge, skills and academic qualification of a person to check whether they fit
in the suitability of the job or not (Landau, 2017). The employee employed for Merrill Lynch
also pass certain physical tests to know whether the employees don’t have any physical issues.
Employees should clearly state all the health-related issues to HR manager.

Training and Development- Training and Development are given to the new employees entered
into the company. They are given in order to train the employees as per the need of the
organization (Kadiresan, and et.al., 2015). The training also helps the employees to know each
other an maintain human relations so that the employees could work in a team. It is also given to
the existing employees of Merrill Lynch so as to increase the efficiency level of their work.
Training and development help in boosting up the employee morale by motivating them. It helps
in increasing the productivity of the employees and also keep them updated about the latest
technology in the organization.
Employee Welfare- Employee welfare is the facilities given by the employers to their employees
in order to motivate the employees for achieving the goals of organization. The employee
welfare helps in increasing the productivity of the employees and are generally for long term but
they give immense profits to Merrill Lynch. It also helps in retaining the employees for long time
period in the company. Employee welfare consist of good working conditions, appreciating the
employees, giving monetary benefits etc (Danielsson, 2016). Employees who are appreciated
always give best results to the organization and work happily in the organization.
Labor Relations- Labor Relations includes all the labors working in the organization. It consists
of counselling them, giving suggestions related to their work, maintain good human relations in
Merrill Lynch. Organization help in maintaining the labor relations by resolving the issues from
time to time in order to maintain good labor relations in the organization. Every company is
having separate department for the labor related issues in order to properly take care of those
issues (Trubek, 2016.). Labors are given training and are counselled by various employees in
order to increase the productivity of organization.
P 2 Strengths and Weaknesses of different approaches to Recruitment and Selection
The different approaches to Recruitment and Selection process are as follows-
Recruitment Approach- The recruitment process includes the process where HR recruits the
person who is best suitable for job role and for working in Merrill Lynch. There are different
approaches of recruiting the employees in the organization.
Internal Approach- In this approach, employers asks all the employees to refer any person who
best suits for the company and also fits in the criteria of Merrill Lynch (Islam, 2018). HR can

also shift the employees through job rotation and transferring employees from one department to
another.
Strengths Weaknesses
 By promoting the employees or
transferring from one department to
another boosts up employee morale.
 It also helps in cost reduction of
recruitment and selection process.
 Also helps in decreasing the employee
turnover in Merrill Lynch.
 This approach helps in increasing the
workplace jealousy among the
employees in Merrill Lynch.
 Lack of new employees which leads to
lack of new knowledge in the
organization (Islam, 2018).
 There is no new competition in the
company which leads to monotonous
work.
External Recruitment-External Recruitment is the process where HR manager recruits new
employ for Merrill Lynch (DeVaro, 2016). This helps in bringing new blood in the organization.
Due to new employee competition among the employees also increases.
Strengths Weaknesses
 It brings the fresh talent in Merrill
Lynch which helps in increasing the
profitability of the company.
 HR gets the wider choice to select the
best employee for the company which
best fits in the job role.
 It increases the employee turnover of
Merrill Lynch because new employees
come into the organization.
 It does not motivate the existing
employee in the organization
(DeVaro, 2016).
Selection- Selection is the process HR selects the best suitable employee for the company from
the available alternatives. HR selects the employees on the basis of their qualification and they
have to clear some tests and interviews which are conducted by HR.

On Board & Induction- This approach is the process where HR provides training to existing
employees at the time of job only and there are no separate sessions for training and development
(Xu, and et.al., 2017).
Strengths Weaknesses
 This approach helps in increasing the
productivity of the employees.
 It helps in increasing the knowledge of
employees of Merrill Lynch (Xu, and
et.al., 2017).
 It decreases the effectiveness of
employees at time of doing job.
 It increases the cost of training &
induction in Merrill Lynch.
Psychological Testing- Psychological tests help in testing the psychology of person for checking
that the person fits in the organization or not. It is conducted by HR in order to know that
whether the person will be fitting in the organization or not.
Strengths Weaknesses
 This helps in knowing the psychology
of the person.
 It checks that whether the employee
will be fit in the organization or not.
 It increases the cost of selection for
Merrill Lynch.
 It also increases the employment
turnover of the company.
Task 2
P 3 Benefits of HRM practices within an organization for both the employer and employee
HRM practices which benefits both the employer and employee of organization are as
follows-
Safety Workplace- Safety Workplace benefits both the employer and employee of the
organization. Diverse workplace benefits to the employer because al the employees wants work
according to their needs (Loewenthal, 2018). It increases the productivity and profitability for
both the employer and employee in Merrill Lynch. Flexible workplace helps the employer and
employee in the organization to work create the flexible schedule for the company.

Training and Development- Training and Development benefits both the employer and
employee of the company. T & D helps the employee in increasing their efficiency and
effectiveness in the company related to their work. Employer can also by giving the training and
development to employee will help them to achieve their targets in Merrill Lynch.
Rewards and Fair Evaluation- HRM practicelike giving rewards and recognition by employer
to employees will help in motivating the employees and the employees will also try to increase
their productivity (Cohn, 2016). This practice will also help the employer in achieving their
targets because it will good for employer to work with motivated employees.
Labor Relations- Labor relations Practice benefits to both employer and employee of the
organization. For labors it helps in resolving the issues related to labors by the employers. It
helps them in increasing the productivity of Merrill Lynch. For employers it is beneficial because
with the productive labors the employers will be working easily and employers can easily
achieve the targets for the organization.
P 4 Effectiveness of HRM practices in terms of raising organizational profit and productivity
There are various effects of raising productivity and profit through applying HRM
practices in organization are as follows-
Promoting Positive Behavior- HRM Practices helps in promoting the positive behavior in
Merrill Lynch. Employer gives rewards and recognition which brings the happy and productive
employees in the company (Alkahtani, 2015). It also helps the employer in attaining all the
targets for the company. Happy and productive employees increase the profitability of the
company.
Developing Employees- Developing employees by giving them proper training and development
helps the employees to increase the intellectual knowledge of the employees. It helps in doing
their work faster by using the new technology and this help the employees to achieve their goals
faster. Thus, this help the company in increasing their profitability and productivity of Merrill
Lynch.
Motivating Employees- Motivating the employees from time to time helps the employees to do
their work faster and achieve their targets. Self- motivated employees can increase the

productivity and profitability of Merrill lynch. Employees can be given self-motivation by giving
them rewards and fair evaluation, appreciating them for their work etc.
Building a Flexible workplace- Flexible workplace help the employers and employees to work
more efficiently and effectively and this also increases the profitability and productivity of
Merrill Lynch. Organization working should be flexible by maintaining the flexible schedule in
which employees can work as per their timings.
Task 3
P 5 Importance of employee relations in respect to influencing HRM decision- making
Importance of maintaining good employee relations help in influencing HRM decision-
making re as follows-
 Decision- making not only includes that the person would be having power share or profit
share in the organization (Maxwell, 2016). Employees relations is also influencing
decision- making in Merrill Lynch by increasing the working efficiency of employees in
the organization. Organization can take the decision on the basis of commitment of
employees related to achieving the targets of the company.
 Increase in productivity can only be possible if all the employees and labor relations in
the organization are good and they are working collecting for attaining the targets of the
company. If all the employees and labors of Merrill Lynch work collaborate than it will
influence the decision- making of the company (Noe, and et.al., 2015). Decisions of the
company are taken by all the employees with mutual benefits to all the employee in the
company.
 When decisions of the organization are taken by the employees of the company than their
will be less conflicts among the employees of Merrill lynch. Better work by all the
employees increases the profitability and productivity of the company. This influences
company to take decisions for the betterment of employees and the company starts to
give more targets to the employees.
P 6 Key elements of employment legislation and impact upon HRM decision- making
Health & Safety Law, 1970- These laws are regulated by Occupational Health and Safety
Administration and protects the employees from unhealthy working conditions. This law takes

care of the employees in Merrill Lynch that the working conditions in the organization are as per
law. All employees are working in conditions which are as per the norms of the legislation. The
company has to report all the products which are banned by the Government or which are
hazardous to the employees (Reese, 2015). Company should consider all the norms under the law
before taking any decisions regarding the employees of the company.
Disabilities Act, 1993- This act covers all the employees who are disabled with any kind of
health issue. Employer cannot discriminate the employees who are disabled and should work
fairly with all the employees present in Merrill Lynch. While taking any decision company
should also consider all the employees including disabled employees and should give flexible
timing and work conditions to disabled employees (Davis, 2016). Employer should keep separate
department for resolving all the issues related with disabled employees in the organization.
Equity Law, 1875- Equity Law is about keeping all the employees at equal level and there is
discrimination among the employees by the employer in Merrill Lynch. Employer should not
discriminate any employee on the basis of their personal biasness or any caste, creed or sex. All
the employees should be fairly paid and promoted by the employer (Doby, and et.al., 2018).
Company should consider all the employees and employers equally while taking decision for the
company.
Wages Act,1948- Wages Act is the act in which all the employees must be given minimum
wages as per the employees are liable to the wages. Merrill Lynch should pay fair wages to all its
employees and all the employees are eligible for minimum wage rate in the company. Company
or Employers should not discriminate the employees at the time of paying wages on personal
biasness. Company should consider all the employees equally while taking any decisions related
to paying minimum wage rate to the employees (Ray, 2016).
Task 4
P 7 Applications of HRM Practices in a work- related context
5. CV for a Human Resource Management Lecturer
John Maggi
38, Bailey Ville, Phase-3, Building No.- 4, Floor No.- 11th, London, United Kingdom

Mobile Phone No.- 9134567890
Email- John.maggi@gmailcom
Career Objective: -
To pursue a long-term career with an organization where my
education, knowledge, and skills can be effectively applied for my
career growth and advancement. To keep learning new challenges and
situations.
Professional Synopsis
 Currently working with Merrill Lynch as a Senior Executive
HR.
 Expertise in handling all the grievances and preparation of
company’s policies and strategies related to the organization.
 Adaptable to day-to-day culture and ensures of smooth
working of business operations.
 Know how to control the employee turnover in the company
and what are requirements of human resources in the
organization.
Language Known English, French, Spanish and Portuguese.
Skills and Hobbies
Cycling, Swimming, Playing Badminton, Newspaper Reading and
Graphical Designing.
4. Person Specification document for a chef position at a Michelin Star
Person Specification Veronica Thomas
34-15, Bile Valley, 3rd building, 5th floor,
Australia, United Kingdom.
Mobile No. 879635420
Email [e-mail]
Professional Qualification  Worked as Head Chef in Mile
Restaurant.
 Develops new dishes and products
according to the wish of customers.
 Also know how to cost control,
average sales, cost of cooking food,
how to maintain quality in Food
industry.
 Having 6 years of experience in
building the policies and procedures in

food industry
 Production matters: Recipes/ Finance/
Cost control/ Budgeting/ Materia cost
etc.
Languages Known English, Spanish, French, and Portuguese.
Skills and Hobbies Cooking, Newspaper Reading, Cycling,
Drawing and Book reading.
According to Brunsson, 2018, employee relations influences the decision- making in the
organization. They are the ones who are involved in the productivity of the company and they
are the ones who increase the productivity of the company. The employees are the one who are
involved in the decision making so that they increase the productivity of the company. Company
should design flexible working conditions so that the employees can work according to their
timing.
Maxwell, 2016, claims that the employees do not affect the decision- making because
they are at the lowest level of the company and at the time of decision- making only upper level
employers are involved. They are only for working in the company and does not have any power
to take the regarding the company’s decisions. They are only involved in the daily working of
the company and also not influences decision power in any organization.

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Online
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