HRM Report: Workforce Planning and Employee Relations at Merrill Lynch

This report provides a comprehensive analysis of Human Resource Management (HRM) practices at Merrill Lynch, focusing on workforce planning, recruitment and selection approaches, and employee relations. It explores the purpose and functions of HRM in workforce planning and resourcing, highlighting the strengths and weaknesses of different recruitment methods, including internal and external approaches. The report also examines the benefits of HRM practices for both the employer and employee, and their effectiveness in raising organizational profit and productivity. Furthermore, it emphasizes the importance of employee relations in influencing HRM decision-making and discusses key elements of employment legislation and their impact on HRM decisions. The analysis incorporates practical applications of HRM practices within a work-related context, providing insights into how HRM contributes to the overall success of Merrill Lynch by maintaining employee morale, fostering a positive work environment, and ensuring compliance with legal requirements. The report concludes by summarizing the critical roles of HRM in achieving organizational goals and maintaining a competitive edge.

Human Resources
Management

Table of Contents
INTRODUCTION...........................................................................................................................................3
TASK 1 .........................................................................................................................................................3
P 1 Purpose and functions of HRM in workforce planning and resourcing Merrill Lynch........................3
P 2 Strengths and Weaknesses of different approaches to Recruitment and Selection..........................6
Task 2...........................................................................................................................................................8
P 3 Benefits of HRM practices within an organization for both the employer and employee.................8
P 4 Effectiveness of HRM practices in terms of raising organizational profit and productivity ...............9
Task 3...........................................................................................................................................................9
P 5 Importance of employee relations in respect to influencing HRM decision- making.........................9
P 6 Key elements of employment legislation and impact upon HRM decision- making........................10
Task 4.........................................................................................................................................................11
P 7 Applications of HRM Practices in a work- related context...............................................................11
CONCLUSION.............................................................................................................................................13

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 organizing, 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 skills
which HR manager possess 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). It helps in increasing productivity of company by

motivating employees in order to work more for company by engaging employees in
various activities. Human Resource Management help company in creating good working
environment so that it will be flexible working of all employees.
 Human Resource Management main purpose is to maintain the company’s culture using
proper communication between employees in all levels. It help company in maintaining a
proper culture so that every employee in company could maintain that culture and work
accordingly. Every organization has their own culture in which employees has to work in
order to smooth functioning of business. 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. If the
employees work for success of company than it is also responsibility of company's HRM
to take care of their personal goals.
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 do 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
that what they have to do and how. All the other functions of Human Resource Management are
meaningless if direction of work is not properly done. 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. 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 and 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.
Labour Relations- Labour Relations includes all the labours working in the organization. It
consists of counseling them, giving suggestions related to their work, maintain good human
relations in Merrill Lynch. Organization help in maintaining the labour 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 labour related issues in order to properly take

care of those issues (Trubek, 2016). Labours are given training and are counseled 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. Recruitment is a
process where the most suitable person is recruited as per their capabilities, knowledge and
Qualification. It is the approach which is done by HRM in order to fulfill requirements of
employees required by organization. There are different approaches of recruiting the employees
in the organization.
Internal Approach- In this approach, employers ask 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. Internal Approach help managers to reduce the cost and time of HRM because
recruitment is done within the organization.
Strengths Weaknesses
 By promoting the employees or
transferring from one department to
another boosts up employee morale
(DeVaro, 2016).
 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. External Recruitment is

very much essential for companies who needs employees with technology updated knowledge. It
will be helping organization to increase early working of operations as compare to those
employees who are not familiar with current technology.
Strengths Weaknesses
 It brings the fresh talent in Merrill
Lynch which helps in increasing the
profitability of the company (Islam,
2018).
 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. There are several examples
for Selection process such as Aptitude Tests, Group Discussions, Personal Interviews,
Psychometric Tests etc.
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.
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 all 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 practice like 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.
Labour Relations- Labour Relations Practice benefits to both employer and employee of the
organization. For labours it helps in resolving the issues related to labours by the employers. It
helps them in increasing the productivity of Merrill Lynch (Trubek, 2016.). For employers it is
beneficial because with the productive labours 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 (Allmendinger, 2017). 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 (Noe and et.al., 2015). 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 (Ray, 2016). 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 as follows-
 Decision- Making not only includes that the person would be having power share or
profit share in the organization (Maxwell, 2016). Employee’s 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.
Importance of trade Union
Trade union plays an important role in UK as they help in protecting interest of workers
and providing them benefits such as pay benefits etc. They are performing various activities that
include negotiate agreement between employer and employee in Merrill Lynch. It is important
for workers to safeguard interest in the company that will be helpful for it in the future. In trade
union members are discussing their problem with employers so they will provide solution to
them for particular problem. Advice may be related to professional background or either
financial advice.
P 6 Key elements of employment legislation and impact upon HRM decision- making
There are several elements which are to be followed by HR of company. This helps them
to take effective decision and ensure that all laws are followed. Moreover, any change in laws
impact on HRM decision making. The various laws are as follows :-
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. 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