The Role and Scope of Human Resource Management at Merrill Lynch

This report provides a detailed analysis of Human Resource Management (HRM), focusing on its role and scope within Merrill Lynch, a division of Bank of America. The report explores the purpose and functions of HRM, emphasizing workforce planning and resourcing, including staffing needs and compensation strategies. It evaluates recruitment and selection methods, comparing internal and external approaches and discussing their respective benefits and shortcomings. Furthermore, the report examines the benefits of HRM practices for both employers and employees, highlighting the importance of learning, development, and training. It also assesses the effectiveness of various HRM practices in enhancing organizational productivity and profitability, with a specific focus on employee relations and engagement. The report concludes by discussing the significance of employee relations and key employment legislation and their impact on HRM decision-making.

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:
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The few purpose of human resource management that are applicable to workforce
planning and resourcing are mentioned below: Staffing needs: Human resource department of Merrill Lynch concentrates upon the
requirements of staffing within enterprises. This involves position announcements
development which aids in identifying the job responsibilities as well as ascertaining the
post an level of skills. Overall activities from job vacancy to choosing and training of
staff in performed through respective firm HR. It assists in attaining business objective
effectually and efficiently.
 Compensation: It is the accountability of Merrill Lynch to facilitate equal and fair
compensation according to their employees skills and performance without performing
any kinds of discrimination. Human resource of respective organisation have to analyse
as well as do modification into their pay structure for reaching compensation trends to
facilitate workers an appropriate pay. Whole legislation related to equal pay, minimum
wages are to be comply through Merrill Lynch for attaining their goals.
HRM functions:
There are several HRM functions that are applicable to workforce planning as well as
resourcing (Birasnav, 2014). This will also aids in facilitating knowledge and understanding in
accomplishing organisational goals that are as follow: Maintaining effective work condition: It is the accountabilities of human resource
management to facilitate positive and effective work atmosphere to workforce. With the
assistance of this , they can able to give encouragement to staff of Merrill Lynch for
attaining their goals. Human resource manager have to facilitate both monetary as well as
non monetary benefits to workers for motivating them for effective performance.
Maintaining healthy work conditions leads staff to become satisfied and feel happy with
its job profile and company.
 Recruitment and selection: Recruitment is considered as procedures of screening as well
as choosing effective individuals for particular position (Byrnes, 2014). This is essential
for Merrill Lynch to implement appropriate and efficacious staffing plans as well as
evaluate the requirement of workers for provided job post. Both selection as well as
recruitment are significant function for Merrill Lynch as this aids into cost minimisation
of firm. This human resource management function helpful to hire and choose talented
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and proficient workforce for attaining the goals. As workers are individuals who are
accountable for the enterprises success and failure through using knowledge as well as
abilities.
P2.
The HR manager of Merrill Lynch have to perform recruitment as well as selection for
choosing the appropriate candidates for vacant position in order to attain their goals
appropriately and efficaciously. The several approaches that is utilised through given firm for the
recruitment and selection with its benefits and shortcomings are discussed below:
Recruitment:
Recruitment is defined as the whole procedures to attract, shortlist, choose as well as
appoint appropriate candidates for jobs into firm. Mainly there are two approaches first one is
internal and external that aids Merrill Lynch to ascertain as well as choose appropriate candidates
for their vacant post. Both the approaches are explained below:
 Internal approach: This is considered as the approach in which firm recruit candidates
for filling its vacancy with existed staff in firm (Clark and et.al, 2016). It is the simple
methods that can be adapted through Merrill Lynch in order to hire candidates needed for
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Illustration 1: Recruitment methods
(Source: Recruitment methods. 2019)

various position. Also, they can utilise promotions and transfers methods to hire
employees. So, the benefits and shortcomings of this particular approach are as follows:
Benefits Shortcomings
 Both transfer and promotion methods
of internal approach is faster as well as
cost effective way to fill the vacant post
in Merrill Lynch.
 Merrill Lynch staff already know about
their operational activities so no need to
provide training to them.
 In this, the number of candidates are
limited for vacant post.
 Due to this, there is lack of ideas from
outside.
 External approach: This is considered as the approach in which firm recruit the
candidates from outside. It needs efficacious process fro inviting huge number of
individuals. For instances, Merrill Lynch adopt campus recruitment as well as walk in
interview for hiring the candidates. So, its benefits and shortcomings are as follows:
Benefits Shortcomings
 Campus and walk in interview
recruitment aids Merrill Lynch to hire
the proficient as well as talented
candidates for vacant post.
 It aids Merrill Lynch to bring
innovation and creative ideas in
company.
 This approach is the costly as well as
long procedures in context of firm and
participants too.
 The staff already work in company feel
demotivated as well as not satisfied as
they do not obtain opportunity to get
promotions.
Selection:
This is considered as the process of selecting appropriate candidates for vacant post
within organisation. Moreover, it is also defined as the process of interviewing individuals as
well as analysing their skills, knowledge and abilities for specific post. The selection of
proficient candidates assists into accomplishment of organisational gaols (Geissen and et.al,
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2015). There are various methods that are utilised through Merrill Lynch HR manager such as
face to face interview, group discussion and so on. Out of it, the most appropriate methods for
them is interview in which interviewer can simply judge candidates as well as their capabilities
and knowledge that are needed for them. The benefits and shortcomings of selection method are
as follows:
Benefits Shortcomings
 The interview method of selection aids
the interviewer of Merrill Lynch to get
knowledge about skills and abilities of
several candidates as well as choosing
the best among them.
 With this, Merrill Lynch can select
proficient candidates according to
business requirements.
 Interview procedures can involves
biased decision which can be partial for
particular interviewee.
 This is a time consuming procedures
for making decisions to select
proficient candidates for its company.
Thus, recruitment as well as selection are essential for Merrill Lynch as these aids them
to hire talents and proficient candidates as per the requirement. Also, it is suggested to respective
company to use external and internal approach as in internal involves promotion, transfer etc.
where as external includes walk in interview, campus placements and so on for attaining their
objective effectively.
TASK 2
P3.
Human resource management is considered as a crucial aspects that is required to be
perform in firm for effectual accomplishment of activities as well as it will also assure about the
development of positive work environment at organisations (Head and Alford, 2015). This is the
responsibility of human resource manager is to considered overall practices that comes within its
jurisdiction which have to performed effectively that outcomes in enhancement of organisational
productivity as well as profit. The several kinds of benefits collected through employee and
employers from the uses of human resource practice is discussed below:
HRM Practices Benefits to employer Benefits to employees
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Learning, training and
development
Learning, training and
development is the crucial
aspects that has various types
of benefits to firm as well as
many stakeholders that are
related with company
(Hornstein, 2015). Merrill
Lynch usages on the job
method in order to improve
their staff skills. The benefits
that is related with this
particular method to employer
in about accomplishment of
operational procedures of its
various services that aids to
develop trust among clients.
Moreover, also helpful in
optimum usages of resources.
Learning, training and
development is the concepts
that is essential in firm as it
will assists employees to
become familiar with various
work procedures of company.
The main advantage which can
accumulated through staff of
respective firm by using the
training method such as on the
job within Merrill Lynch is
regarding its development of
existent knowledge and skills
that ultimately assists into
improvement of its
professional as well as
personal career.
P4.
Human resource management practices are considered as the procedures that are
performed through firm for enhancing their profit as well as productivity. Within Merrill Lynch,
HRM Practices are utilised to efficaciously manage its human resources in order to satisfy their
customers (Howard-Grenville and et.al, 2014). Several practices of human resource management
that is useful for Merrill Lynch is discussed below:
Learning, development and training practices: All these are different aspects that
indirectly aids into improvement of staff into firm. Learning is the procedures of obtaining new
or changing existent, attitudes, skills, knowledge and so on. Training have short term effects over
staff skills as well as it will assists them to understand the current job profile work procedures
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with their effectual performance into company (Meyers and Van Woerkom, 2014). Mainly there
are two method of training that are off the job as well as on the job. The one which is
appropriate for Merrill Lynch is on the job training. Also, development is broad aspect and it
will aids in enhancement of whole personality of individuals that is carried by them where ever
they move. It will aids their staff to gain effective opportunity into company as well as improve
its professional career. Learning, training and development is the process that aids in facilitating
effective information regrading job profile to staff. These practices assists workers to improve
themselves through grabbing the knowledge about its work as well as appropriate techniques that
can be utilised through them. Merrill Lynch utilises the on the job training methods through
which it can able to trained its staff only about their organisational process. It outcomes in
efficacious performance of workers through which the productivity of organisations get
enhanced. Through practising on the job training, cost to firm also minimised that outcomes in
profit maximisation.
TASK 3
P5.
Employee relations is considered as the firm's efforts to manage relationship between
employers as well as staff. This is essential for enterprises to has effective relationship with its
personnel for the attainment of objectives efficaciously and appropriately. Employee engagement
is defined as the situation where staff are engaged in its work. It will contribute towards
organisational success through saving time and resources in order to increase productivity as
well as reducing outsourcing (Noe and et.al, 2017). So, the strategy that Merrill Lynch used to
improve employee engagement are discussed below: Asking for feedback: Generally, employers are giving feedbacks to staff regarding its
work environment, workload, working style and many more. But by taking feedbacks
from their own employees will help Merrill Lynch human resource manager to improve
the employee engagement as they feel comfortable to discuss and tell their issues.
Moreover, through asking their staff for feedbacks to make them feel that its views are
valuable.
 Facilitate a good atmosphere: Every day work are some tiresome experiences after
sometime, mostly in case of uncomfortable atmosphere at work area. So, the Merrill
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Lynch employers have to try to perform to develop a environment which is friendly,
comfortable such all the facilities are appropriately provided etc. as well as which shows
branding of their firm. Thus, this will aids respective firm to improve the employee
engagement at workplace.
The above strategies is utilised to develop employee relation and involvement. Both staff
relation and engagement are helpful for Merrill Lynch to enhance their profit and productivity,
maximise workers loyalty, minimised disputes and many more.
P6.
Employment legislation is undertaken as the regulation that deals with workers rights as
well as accountabilities of employers. There are various issues included into legislations like
equality, discriminations, minimum wages and many others. Also, these were applied through
firm to protect employee from unethical behaviour through its employers. HR department is
considered as the essential part of company as without this they can not able to perform their
operation in appropriate way (Omotayo, 2015). But before making any types of plan or
strategies, it is crucial for Merrill Lynch HR to comply overall laws associated with the
operations of enterprises. There are few important legislation which is set through UK
government which have to be applied through Merrill Lynch are discussed below:
 Anti discrimination law, 1995: This guideline expresses that the representatives should
not be dis fantastic as in sync with its sexual orientation, age, pay and others. they might
be to be treated what's more into their work of art district. besides, it moreover have
results upon the decision making of Merrill Lynch human helpful asset. since it needs to
form rules also to procedures identified with artistic creations as in sync with the steerage
provided through the specialists of joined realm. Breaking of times may moreover
furthermore drives them to confront criminal settlement that cause results the business'
market notorieties (Paillé and et.al, 2014). subsequently, this is fundamental for separate
undertaking to agree with this lawful offense rules through providing equivalent
prospects to faculty instead of its gender, age, etc.
 Health and safety law, 1974: This law is set up through the United Kingdom experts for
guaranteeing the assurance, government assistance notwithstanding wellness of
representatives into Merrill Lynch work environmental factors. the main goal of this law
is to guarantee that organization will comprehend its parts in doing as well as supporting
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wellness and assurance at work of art area. This creates director mindful to offer top
notch or comfortable environmental factors to their staff in which they performs with no
sorts of wellbeing just as life possibility. This specific crime proposals have enormous
results upon the choice creation of the HR. As they needs to consent the orders of this law
sooner than planning any plans and rules related with workplace. Merrill Lynch need to
adjust with this lawful rules as representatives are additional green or suggested while it
experience secure at canvases area.
TASK 4
P7.
There are many human resource practices which are adapted through the manager of
Merrill Lynch in order to recruit proficient candidate at work area. This aids them to attain their
goals in efficacious and appropriate way. This involve hiring staff, identifying vacant post,
performing training and development and so on (Potts and et.al, 2016). For this the appropriate
methods to hire staff is external methods in which Merrill Lynch can able to choose candidate
large number of applicants. The some practice of human resource management adapted through
respective company are as follows:
Job Specification:
Job specification is defined as the written statement of experience level, specific qualities,
educational qualification, technical skills and other which are needed to perform the job,
accountabilities included into job as well as another sensory demands (Shappell and et.al, 2017).
This aids Merrill Lynch HR manager to understand the candidates qualification level, abilities
etc. and also helpful to provide detailed information about its job along with their
accountabilities, expected physical and technical skills and so on.
JOB SPECIFICATION
Firm name: Merrill Lynch
Job title: HR business manager
Location: London
Qualification required:
 M.B.A specialisation in human resource.
 Graduation in any field (From certified University)
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