HRM Report: Merrill Lynch's Functions, Recruitment, and Practices

This report offers a comprehensive analysis of Human Resource Management (HRM) practices within Merrill Lynch, a prominent financial services company. It begins with an introduction to HRM, emphasizing its role in organizational success through effective employee management. The report then delves into the purposes and functions of HRM at Merrill Lynch, including staffing, benefits, and performance appraisals. It explores recruitment and selection approaches, comparing internal and external methods, highlighting their strengths and weaknesses. Furthermore, the report examines the impact of various HRM practices on both employers and employees, emphasizing the benefits of maintaining employee relationships and providing training and development. Finally, the report discusses how effective HRM practices contribute to increased profitability and productivity within the organization. The report provides a detailed overview of how HRM strategies are implemented at Merrill Lynch to achieve its organizational goals.

Human Resource
Management

INTRODUCTION
Human resource management is consider as a procedure to deal with proper management
of peoples at an organization that aid or assist staffs that how they conduct activities properly as
well as attaining competitive advancement. It will also help in enhancing performance of
employees by motivating and encouraging them which leads to accomplishment of task in
impressive way. In an organization there are numbers of functions that are executed by human
resource management, those are i.e. related to planning, organizing, directing, controlling,
monitoring and many more (Coccossis and Mexa, 2017). Firm taken for this report is Merrill
Lynch that is dealing in financial service industry and it is founded in year 1914 by Charles E.
Merrill. Its headquarters is located at New York City, New York, United State. This respective
enterprise is operating its activities through several divisions such as Merrill Lynch Wealth
management, Merrill Edge, Merrill Private wealth management and many more. Topics which
are going to explain in this report are purpose and function of Personnel Management as well as
it will include recruitment's strength and weaknesses and selection approaches. In addition to
this, it will also consider goodness of different HRM practices and its effectiveness in order to
arise profits. This report will also inform about importance of diverse Human Resource
Management document as well as legislation of respective field.
TASK 1
P1
HRM refers department which plays an essential role at workplace. They also conduct
various necessary activities such as planning, recruiting, controlling, selecting, monitoring,
motivating and many more (Donate and Pablo, 2015). Through this employees get motivated as
well as conduct its activities in impressive style which leads to achievement of targets as well as
goals. The respective department at Merrill Lynch develop strategies and hire employees
accordingly this will leads to accomplishment of company's aims and targets. Addition with this,
they execute their full potential to training and motivate workers which will target to conducting
of work in effective style. There are various scope of human resource management which are
faced by Merrill Lynch are it help in employees hiring, remuneration management, help in
developing and maintaining industry relationship. Along with this it will also help in motivating
employees, maintaining staffs, understanding prospectives of employees and many more. Some

of the major purpose as well as functions played by HRM of a respective organization are
mentioned below:-
Human resource management purpose
 Staffing: It is consider as main purpose of HR manager in which they generally conduct
recruitment and selection of appropriate candidate for a company so that they give their
full efforts so that they able to attain their target in impressive style by accomplishing
work properly (Potts and et.al., 2016). In regards of this organization its HR manager do
proper analysis of candidate before recruiting them. This is so because through it they
able to identify respective candidate is appropriate or not.
 Benefits: Another major purpose of human resource manager is to create scheme as well
as action plans in order to provide benefits to staffs so that they feel motivated and do
task or operations in effective style (Geisler and Wickramasinghe, 2015). In respect of
Merrill Lynch their human resource manager provide various benefits such as health
insurance, dental insurance, retirement plans and so on. By this employees of respective
firm also get encouraged as well as motivated so accomplish their work effectively.
 Performance Appraisal: It is necessary for human resource manager to analysis
performance of employees appraise them accordingly. This is so because through it they
feel motivated as well as feel valuable that will encourage them to conduct its actions in
effectual way (Ortiz and Bansal, 2016). In this context HR manager of Merrill Lynch
design various appraisal policies like rating, reward, promotions and many more.
Moreover by this staffs of this firm will able to accomplish their task impressively.
Function of HRM
 Planning: This is consider as managerial role of HR manager and department at that they
create goal and target for organization and its employees. Along with this they also
develop or plan policies as well as procedure which help them in gaining target
(Marsden, 2017). In regards of Merrill Lynch its human resource manager conduct proper
planning of each and every things so that its employees do those function in proper
manner. It will guide them to accomplish their targets smoothly and effective manner.
 Training as well as development: This is consider as function of HR manager to
develop activities related to training as well as development which will motivate and
encourage its staffs to accomplish its work impressively and successfully (Grizzetti and

et.al., 2016). In respect of Merrill Lynch, their human resource manager create plan of
action and strategies of training along with development activities as per requirement of
employees. Through this staffs able to conduct their work in effective manner with
minimum wastage.
These are main purpose and functions which are played by Human Resource Manager at
Merrill Lynch in order to perform work and motivate employees effectively.
P2
In an organization human resource manager need to conduct selection and recruitment
activities which assist them to appoint suitable candidates which leads to accomplishment of
aims and objective in effective manner. In regard to human resource manager manager of
Merrill Lynch, they adopt various approaches which have both strength as well as weakness,
from which some of them are given below:-
Selection Approach
It refers to a method which is applied by HR manager of an organization in order to select
candidates which is selected in recruitment process. It is generally consider two methods i.e.
shortlist candidates as well as assess which candidate is more appropriate in relation to perform
tasks in more impelling manner (Inkinen, Kianto and Vanhala, 2015). In context to Merrill
Lynch their human resource manager can adopt several methods for selection process such as
group discussion, interview, tests, quizzes etc. It has some advantage and disadvantage which are
mentioned below:-
Selection Approach
Strength Weaknesses
 Through this
interviewer of Merrill
Lynch will capable to
know ability, skills,
knowledgable and so
on of candidate.
 Along with this they
also able to hire
candidate according to
 Sometime at respective
situation candidate not
always be honest.
 This may also leads to
loss with some
effective candidate due
to rejection.

requirement of
particular position.
Recruitment Approach
It is defined as a tool which is used by an organisation to recruit appropriate candidate for
particular job role (Jabbour and et.al., 2015). This method also help them in analysing and
evaluating candidate according to requirement company 's particular position. The recruitment
approach is further divided into two type i.e. internal and external that can be adopted by
respective company, explanation of which are given below:-
Internal recruitment
It is defined as a way of recruitment that are used by an organisation to recruit candidate
or employees from inside the organization. In respect of Merrill Lynch their human resource
manager can adopt promotional as well as transfer method in order recruit employees through
internal medium.
Internal recruitment
Strength Weaknesses
 It is cost effective as
well as it will also
motivate employees.
 Internal recruitment
also assist Merrill
Lynch in processing
employees
engagement.
 If respective company
adopt this method they
get limited pool of
candidates.
External recruitment
It is defined as a technique adopted in various companies to recruit employees from
outside the organisation. In this they generally create a large pool of candidate for a particular
position and then appropriate candidate from those audiences (Kalysh, Kulik and Perera, 2016).
For this human resource manager of respective company can adopt face to face interaction,
Skype interview and so on.

External recruitment
Strength Weaknesses
 Through this company
able to provide
opportunities to new
candidates.
 By this they also able
to recruit appropriate
candidate for a
particular position.
 It is little bit cost
effective as well as
time taking for
respective company.
TASK 2
P3
There are various HRM practices conducted in an organisation which impact its
employees and employers in positive way. With help of this they are capable of achieving their
targets properly. In addition to this, it will guide an organisation to motivate employees and
gaining high profitability (Coles, Bailey and Calvert, 2012). In respect of Merrill Lynch, both
employer and employees get various benefits as well as they also ensure to enhance their
superiority of work. Some of the leading benefits to human resource management are given
below:-
Benefits for employers:
 Maintaining employees relationship: By using appropriate and efficient personnel
management activities an organization will be competent to maintain proper employees
relation. Through which employer capable to conduct their piece of work in effective
style that leads to accomplishment of targets as well as goals properly (Ng and Feldman,
2012). In respect of Merrill Lynch by maintaining effective employees relation their
employer able to evolve and maintain accurate and positive operating environment. That
targets to conduct work and all activities in an exact and appropriate criteria which will
help to attain objectives.
 Training and development: It is define as a method or technique through which staffs
fit to perform their work in effectual way that will leads to accomplishment of targets in

correct way. In context to Merrill Lynch, providing training and development help its
employees because through it their employees able to do work in effective mode which
assist them to attain of targets and goals properly (Shen and Benson, 2016). Addition to
this, it will too help employer in adopting new techniques as well as ideas because trained
employees conduct particular work and adopt new techniques in proper manner.
Benefits for employees:
 Employees relation: The effective employees relation help employees in conducting and
accomplishment of their piece of work in impressive way. Through this by proper
employee relation, staffs as well feel motivated and get encouraged to perform their work
in efficacious style (Huczynski, 2012). In regard of Merrill Lynch, through effective
employee relation employees get motivated which encouraged them to accomplish their
activities in appropriate way so this respective company is capable to attain their aims
and targets in properly. Through this they also able to satisfy with this workplace which
directly and indirectly improve their quality of activities in efficient manner.
 Training and development: Through providing appropriate training and development an
organisation able to motivate as well as raise skills, quality and capabilities in employees.
That will aid them in doing work in effective and proper way with this company attain
their goal (Collins, 2013). In respect of Merrill Lynch they provide proper training and
development session to employees that assist them in conducting activity in effective
manner. By this their employees too capable to enhance own skills, ability and
knowledgable that impact their quality of work. By this staffs also competent to perform
particular activity in impelling way with minimum wastage.
Human resource management practices at Merrill Lynch help both employers and
employees in performing activities in effective manner. This can also guide them in achieving
targets and goals in appropriate manner.
P4
According to an organization there are several human resource management activities
which assist them in raising their profit ratio along with productivity (Schaufeli and Taris, 2014).
Through this they also capable of attaining goals in sufficient and impressive manner by
performing their tasks. In respect of Merrill Lynch they adopt different human resource

management activities that help them by improving their staffs productivity and company
profitability, from which some major of them are explain below:-
 Established transparency: By adopting transparency at workplace an organisation able
to establish feeling of belongingness among employees. This is so because through this
HRM practices employees able to know each and every things which they need to know
which motivate employees. In regard of Merrill Lynch, they create sufficient
transparency at workplace through which all employees are capable of doing their work
in effective manner which step up towards enhancement in their productivity. This will
directly and indirectly leads to increment in profitability ratio.
 Conduct training and development: This is one of the main practices that is used by
human resource management in a company. Through this their employees capable to do
their work in efficacious way which turns towards to enhancement in productivity with
profitability (Durst and Runar, 2012). In respect of Merrill Lynch their human resource
manager develop training and development programmes in reference to requirement of
employees which assist them in enhancing their skills, ability and knowledgable through
which their productivity get enhance. By this they also competent to raise profitability
ratio of respective company at particular marketplace.
 Develop proper and open communication: In an organisation it is necessary to develop
proper and open communication because of it every employees capable to conduct
interaction in effective manner. Through this human resource management able to
conduct sufficient work in appropriate way which help in resolving issues because each
employees communicate with each other in effective manner. In regard of Merrill Lynch
by choosing this human resource management practices they are capable to develop
proper and effective communication among the employees which help in accomplishing
of work in good order (Durst and Runar, 2012). Along with this they also able to enhance
productivity of employees which will helps to increase in profitability ratio at a particular
marketplace.
By adopting above human resource management practices Merrill Lynch competent to
accomplish their activities in effectively which leads to achievement of targets. Along with this
through this respective organisation also able to enhance their employees work quality and this
will also aid them by increasing profit margin of company.

TASK 3
P5
Employees relation is define as efforts of an organisation in order to develop as well as
maintain effective relationship between employers and employees. If a company having proper
programs for employees relation they able to conduct fair and proper treatment for employees.
This will also motivate and encourage employees to conduct work in effective manner so that
they as well as organisation able to attain their objective in effective manner (Koopman, Lanaj
and Scott, 2016). In respect of Merrill Lynch they adopt various method in order to develop
proper employees relation which will influence decision making process of Human resource
manager. From which some major of them are given below:-
 Resolve conflict: It is necessary for manager of a company to develop as well as
maintain proper environment at workplace which leads to less conflict situation. For
which they can adopt various methods such as develop rules and regulation, motivate
employees, understand employees issues and many more (Latorre and et.al., 2016).
Along with this it is also necessary for HR manager to resolve conflict situation in
effective manner so that employees didn't feel demotivated. This situation will directly
and indirectly impact on decision making of HR manager at Merrill Lynch because if
there is conflict situation at respective place then they have to invest their time on
respective issues in order to develop decision accordingly.
 Enhance working condition: This is consider as duty of HR manger to develop those
practices that enhance working condition at workplace. This is so because through it they
able to prompt and motivate staffs which helps in conducting their activities in effectual
mode (Latorre and et.al., 2016). Moreover, at respective company decision making of
human resource manager get influence by working conducting because if there is bad
working condition then employees feel demotivated and it will directly impact on
working of employees due to this it is consider as necessary for manager to create scheme
as well as policies respectively.
 Motivate employees: It refers to situation at which employer and manager conduct
action for motivating employees which will enhance their productivity. Activities which
can b conducted by Human resource manager are like provide training and development,
reward, encourage and many more. In respect of Merrill Lynch they their HR manager's

decision making get influenced by respective situation because they need to develop
proper activities as well as condition which encourage employees to feel connected as
well as attracted towards organization (Marsden, 2017). Through this staffs able to do
their work in effective and approaches style and this will also helps in attaining objective
properly.
By adopting these method for developing as well as enhancing employees relation Merrill
Lynch human resource management also able to take proper decision that aid them in directing
activity properly as well as attaining objective in impressive mode. Moreover it will also help
them in motivating employees which enhance their productivity.
P6
There are numbers of rules and regulations that are developed by legal authorities in
order to provide guidelines to companies and its staffs accomplish their work or task effectively
and in legal manner (Koopman, Lanaj and Scott, 2016). These legislation are related to each and
every functions conducted by a firm. In regard of Merrill Lynch their human resource
management consider or follow various employment legislation that will helps in accomplishing
of each and every task in appropriate and legal way. This is so because through legislation
respective company get guidelines of how to do any work in legal style, that will also helps in
accomplishment of practices properly. Some major employment legislation adopted by Merrill
Lynch are given below:-
 Minimum wage Act: The respective legislation is developed by government of United
Kingdom at year 1998 and it will describe about minimum age of an individual according
to their age (Durst and Runar, 2012). In year 2019 the government bodies revised it and
set minimum standard for wages i.e. staffs from aged under 18 years they get £ 4.35,
peoples between aged 18 to 20 get £ 6.15 and individual aged between 21 to 24 get
amount for £ 7.70. Along with this for those employees who are aged 25 or more they get
£ 8.12 (National Minimum Wage, 2019). So HR manager of respective company set
wage of employees according to respective wage standard as well as they also provide
wage according to candidate skills and experiences.
 Equity Act: The respective legislation is developed by legislative assembly of United
Kingdom in the year 2010 which provide guidelines related anti discrimination law.
According to this legislation in an organisation no staffs and manager can conduct

discrimination to any body on several basis (Equality Act 2010: guidance, 2019). Such as
race, colour, age, gender, region, values and many more. In respect of this is consider as
responsibilities of human resource manager at Merrill Lynch to create or design proper
rules, regulation and policies so that they able to avoid situation of discrimination on the
basis of ace, colour, age, gender and so on. This is essential because if there is
discrimination situation at workplace then it will reduce motivation level and quality of
work of employees (Durst and Runar, 2012). Due to which it is responsibilities of
manager to adopt this policy or legislation in effective manner.
 Working time regulation Act: This legislation is developed by United Kingdom
government in the year 1998 and it will describe about employees rights regarding
working hours and off time as well as this will also mentioned regulation time with and
without payment. It is essential for employer to mentioned all details about working time
in contract provided by company during time of employment (Schaufeli and Taris, 2014).
According to respective legislation worker of respective organisation didn't need to
conduct work more than 48 hours as well as night shift work average working hours is 8
hours from 24 (Maximum weekly working hours, 2019). At respective company manager
and employee develop policies related to working hours of employees.
By adopting all these rules and regulation developed by United Kingdom government
helps Merrill Lynch human resource management to accomplish its activities as well as
operations in legal and effective style.
TASK 4
P7
In an organization there are various type of human resource management practices that
are conducted by manager which leads to accomplishment of activities in effective manner as
well as attain organization goal. For which they also need to hire or recruit employees
accordingly who will help company in attaining their objective effectively (Ortiz and Bansal,
2016). In respect of Merrill Lynch they want to enhance work performance at workplace for
which are hiring new candidates who are more skilled as well as experienced. In order to this
they need to develop various HRM documents or practices which help them in attracting more
and more pool of candidates, some major of them are given below:-