HRM Report: Analysis of Recruitment Process at Merrill Lynch, HRM

This report provides a detailed analysis of the recruitment process within the context of Human Resource Management (HRM), using Merrill Lynch as a case study. It begins with an introduction to HRM and its importance in organizational success, focusing on workforce planning and the nature and purpose of HRM. The report then examines the strengths and weaknesses of both internal and external recruitment sources and selection processes, including interviews and assessment tests. It explores the benefits of various HRM practices for both employees and employers, highlighting the impact of these practices on organizational profit and productivity. The report also emphasizes the significance of employee relations in HRM decision-making and analyzes the influence of employment legislation. Finally, it discusses the application of different HRM practices in a work-related context, offering insights into how organizations can optimize their recruitment and selection strategies for improved performance and employee satisfaction. The report includes detailed discussions on job analysis, training and development, performance management, and compensation and benefits, providing a comprehensive overview of the HRM function.

RECRUITMENT
PROCESS
1

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
2

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.
3

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
4

managers to plan the overall incentives for their employees (Jabbour, and de Sousa Jabbour,
2016).
4) Recruitment and selection:
It is a function where for achievement of organisational objectives required personal is hired by
employees different vacancies of job profile that are occurring in the Merrill Lynch.
5) Benefits and compensation:
It is a function that is associated with overall controlling of cost so that there can be
efficiency in procedure of hiring of employees and planning of fair remuneration according to
their contribution which they are making towards organisation. in Merrill Lynch human resource
managers are planning compensation and different benefits for their overall workforce.
There are two approaches to HRM that is approaches for managing different functions these
approaches are discussed below:
1) Hard approach:
This is an approach where employees are treated as one of the most useful resources for
achievement of organisational objectives. In Merrill Lynch, this approach is applied for
achievement of some specific objectives and in this only some employees are selected who are
competent enough to work for search specific objectives for a period of time.
2) Soft approach:
It is a process where employees are treated as individual resource most important the
source of organisation for achievement of high competitive advantage. In Merrill Lynch, efforts
are made for the purpose of empowerment of employees at different levels and also make plans
for their benefits and retaining them for a longer duration of time (Jewell, Jewell and Kaufman.,
2020)
.
Assessment of HRM functions:
5

Human resource management has to perform different operational and managerial
function in order to manage the Human Resource Department. Based on employee performance
there is various compensation and overall benefits are planned so that employees are able to
maximize their contribution level towards organisations objectives.
P2: Strength & Weaknesses associated with the different approaches related to recruitment &
selection
Recruitment is basically a process for inviting different individuals to apply for vacant
positions in organisation. There are basically 2 sources of recruitment data internal sources of
recruitment & external sources of recruitment with their strengths and weakness are discussed
below:
Internal source of recruitment:
Internal recruitment of recruitment is basically a process in which a company wants to fill
the vacancy with the help of their internal source by promotion for transfer of existing employees
(Marlerand Parry, 2016). It is a very effective method that helps in saving lot of time and efforts
by human resource manager as there is no need of long processes of interview:
Strengths of Internal
Recruitments
1) Adaptability is very high in case of internal sources as
employees are already familiar with overall organisation
environment and all the policies. That is very difficult in case
of external sources of recruitment.
2) Accurate selection is also very high in case of internal sources
of recruitment has employees are completely aware of overall
capabilities and skills of an employee.
3) encouraging hard work on part of employees as they feel
highly motivated and being valued in organisation and helps in
Putting more efforts towards their high responsibility that are
being assigned to them
Weaknesses of Internal 1) Promotes favouritism as it can lead unfair treatment of
6

Recruitments different employees and they might have more dissatisfaction
and create some amount of internal conflicts.
2) There is limited choice that is available with the
organisation as employees may have different set of skills and
requirement for a particular position May require some
necessity skills that may or may not present in the existing
workforce
External sources of recruitment:
It is referred to as a process where vacancies in organisation of from different outside
sources which means there is hiring of new talent with the help of different employment
agencies, campus recruitment, walk-in processes etc. It is a source that helps in bringing a new
talent in organisation with enthusiasm and innovative ideas that is again a very expensive process
and is also very time consuming but helps in hiring of competent individuals.
Strengths of
External
Recruitments
1) External sources help in better understanding of
Technology and skills in organisation.
2) It helps in selecting qualitative candidates as there are
large numbers of options that are available and bring in
some new set of skills that can aid in increasing overall
productivity in the organisation.
Weaknesses of
External
Recruitments
1) Internal sources of recruitment and involve high cost that
may consist of training employees orientation of
employees etc.
2) There can be some adaptability issues that can be faced
by candidates who are completely new to the
organisation as they may take time for adjusting with
overall new culture of organisation that can lead to
7

affecting their performance level.
Analysis:
It can be analysed that in case of recruitment in Merrill Lynch there can be different types of
internal and external sources that can be used by the human resource management according to
the staff requirement. If they organization fees that they have competent workforce and internal
sources can be used and if there is requirement of some new talent and external sources can be
use.
selection:
It is basically a process where are suitable candidates are selected for different vacancies by
putting these candidates for different process such as screening, interviews and various group
activities for analysing the specific qualities required for a job. Some of the basic techniques that
are used for the purpose of collection along with their strength and weaknesses are discussed
below:
Interview: . It is a process there right candidate is selected by face to face interview that takes
place between the candidate and the interviewer to analyse the skills and knowledge of a person
Strengths of
Interviews
1) It helps in selection of a suitable candidate as interview or can assess a
candidate for asking them all the relevant questions regarding the job role
2) it is a very effective method in terms of saving time as patient can take
place very fast and it leads to Depth analysis in a very short period of time.
Weaknesses
of
Interviews
1) There can be biasness of interview that can influence overall process of
selection and in appropriate candidate can also select that can affect the
functioning of organisation.
2) the process can be incomplete information provided by candidate is not
right and they are not able to provide exact information for which the
interviewer is looking for that can lead to deliver situations of interviewer
and ambiguity in the overall selection process.
8

Assessment and selection test:
It is a selection approach that can be used for analysis of the abilities, skills, specific
technical set and personality of individual that can be objective and subjective at same time.
These are usually conducted for specific job that requires high amount of Technical competence
and capability so that individual does not face for the difficulties when hired in the organisation.
Strengths of
Assessment and
selection test
1) It helps in uniform basis of selection of candidates on based of course
that they have attained in the written test.
2) It helps in detailed assessment of abilities of a candidate based on
quantitative and qualitative questions and also some time situation
questions are asked in case of jobs that require high interpersonal skills.
Weaknesses of
Assessment and
selection test
1) There can be situation of some and reliable conclusion that have been
drawn from a test and is not exact according to the candidate personality.
2) There can be wrong criteria of assessing for wrong job and this
Misinterpretation might lead to business in the overall selection
procedure and incompetent individual can be selected for different job
profile.
Analysis:
While selecting a individual in Merrill Lynch the decision rest for the management to select a
individual based on interview or any other method that is suitable for department and has to be
according to the required job position.
TASK 2
P3: Benefits of different HRM practices for both the employee & employer
Human resource management is focusing on management of people in such a manner that
it can help in improvement of overall efficiency of individuals and achievement of goals in the
organisation. The function is very important for motivating people and providing them various
9

communities and for the identification of employees that can help in smooth functioning of the
organisation.
Basis Benefits of HRM practices to
Merrill Lynch
Benefits of HRM practices to the
employees
Organisational
Culture
The overall organisation culture that
has been established by various
regulations rules and procedures will
help employees in controlling the
overall behaviour of employees and
maintaining a positive working
environment (Hassan, 2016).
Organisation culture is very helpful
for employees to contribution level as
positive work culture will help in
enhancement of overall productivity
of employees (Wilton, 2016)
.
Training and
Development
In Merrill Lynch, there can be
identification of requirements of
training and skill development
requirements of individual that can
help Merrill Lynch as an
Organisation in achievement of high
competitive advantage (Wilton,
2016).
There are different training programs
that help in enhancement of the
present level of competence of
employees in Merrill Lynch that in
turn leads to their individual
development that can help in
developing more career prospects in
coming future period of time (Shen,
and Benson, 2016).
Recruitment and
Retention
This practice helps Human Resource
Department Merrill Lynch to
obtaining right individual for a right
profile and retaining such individuals
for a longer duration of time in the
organisation (Guerci, Longoni, and
Luzzini, 2016)
recruitment; practices helps in
recruitment of employees and also in
increasing the satisfaction level of
present staff in Merrill Lynch by
providing them more opportunities of
getting promoted and different job
responsibilities according to their
10

level of competence in Merrill Lynch
(Morgeson, Brannick,and Levine,
2019).
Conflict
Resolution
In Merrill Lynch human resource
practices help in resolving various
issues that are occurring in the
organisation and formulation of
certain procedures and guidelines for
the purpose of solving of conflict.
There are large number of employees
that are working together for
achievement of a common object is
then there is requirement of some
healthy competition that is beneficial
for organisation but many times high
competition can lead to negativity
and lot of internal conflicts that takes
place between employees working at
same level and same position. In
Merrill Lynch, this can lead to
negative environment and affect the
mental state of a employee lead to
non achievement of David laid down
objective. Human Resource
Department in Merrill Lynch, will
help in handling such internal
conflicts and maintaining overall
positive environment.
11

P4 : Effectiveness of different HRM practices for generation of organisational profit & overall
productivity
In every organisation, there is requirement of affecting human resource practices that can
help in achievement of high competitive advantage (Tzabbar, Tzafrir. and Baruch, 2017).
Human Resource Department actually helps in increasing the profitability by improvement of
efficiency and HR practices are becoming board considerable for improvement of growth and
profitability in any organisation. In Merrill Lynch, usage of a 360 degree feedback approach
that is supplied by human resource manager in the beginning of every financial year then this
approaches review throughout the year and at the end of financial year a feedback approach is
prepared by each employee that helps in analysing a all around analysis data used for analysing a
particular employee as a individual based on views provided by the superior subordinates and
colleagues (Heilmann, Forsten-Astikainen and Kultalahti, 2020). This helps in assessment of
individual with a 360 degree approach. Further, use of certain training programs for the purpose
of analysing the productivity and profitability of organisation.
Different methods related to HRM Practises:
Organisations have to follow different human resource practices according to their nature
and objective they are willing to achieve (Stewart. and Brown, 2019). Human resource practices
such as various leadership systems, feedback approaches, mentoring programs are some of the
initiatives that have been taken by Merrill Lynch in order to increase the effectiveness of the
workforce and performance monitoring system are used for analysing and evaluating the
performance level of employees according to some specific standard that have been set in the
initial stages of analysis of a individual.
Evaluation:
Practices are very helpful for Organisation in many different ways such as it helps in recruitment
of new and planning overall benefits and compensation programs for such workforce. It also
helps in conflict management programs and different set can help in the employees are
contributing towards their job responsibility (Bos-Nehles, Renkema, and Janssen, 2017). 360
12