Analysis of HRM Functions and Processes at Merrill Lynch

This report provides an analysis of the Human Resource Management (HRM) practices at Merrill Lynch, a wealth management consultancy under Bank of America. It delves into the core functions of HRM, including planning, recruitment and selection, and training and development, highlighting their role in achieving company objectives. The report examines the strengths and weaknesses of both internal and external recruitment methods, such as promotions, internal advertisements, and job portals. Furthermore, it explores various selection processes, including employee interviews and skill-based tests, assessing their effectiveness in identifying suitable candidates. The conclusion emphasizes the significance of these HRM functions in aligning with the company's goals and objectives. The report references various books and journals to support its findings. This assignment is available on Desklib, a platform offering study resources.

HUMAN RESOURCE

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Functions and scope of the HRM.................................................................................................3
Weakness and strength of the selection and recruitment.............................................................4
CONCLUSION................................................................................................................................6
REFERENCE...................................................................................................................................7

INTRODUCTION
Human recourse can be mean as the function that deal with the employees in the
organisation and related issues, like recruitment and selection, staffing, training development,
compensation etc. This report is based on the Merill Lynch company which is investing and
wealth management consultancy works under the Bank of America. This report will gong to
explain the functions and scope of the human resource management. Further more the strength
and weakness of the recruitment and selection also will be defined in this report.
TASK 1
Functions and scope of the HRM
Purpose of the HRM
HR management of the Merill Lynch company has performed different operation to fulfil
these purposes:
 One of the objective of HRM of Merill Lynch is to achieving the effectiveness and
efficiency so that can help their employees to attaining the goal of the company.
 Another purpose is to effective utilization of the resources like employees and non-
human resources to obtaining the goal for Merill Lynch (Stewart and Brown, 2019).
 One of the main purpose of HRM of Merill Lynch is to right hiring or staffing with the
suitable skill for the post at right time to attain the goal for company.
Functions of HRM
There number of functions performed by the Human resource of the Merill Lynch
company. These functions of HRM also helps to enhance the skills and talent of their employees
in order to achieve its business objective. These functions are:
Planning: Planning is one of the major functions, Which performed by the HR managers
of the Merill Lynch company to enhance the talent of their employees. For this they identified
the business objective first and then planning to hire those employees who have the ability to
fulfilling set goal by preparing the job description, job analysis (HRM functions, 2019). This also
helps the company to conduct the training program to enhance the skills and talent of their
employees.
Recruitment and selection: This also helps the Merill Lynch company to achieving the
goals of the company and to enhance the skills and talent. HR managers of the company recruit
the people by having the full understanding of the vacant post, so that they can only call suitable

people who can contribute to achieving objective of the company. When HR hire and select
suitable skilled employees for vacant post, then will have understanding of their job role and will
help to accomplish the objective of company (Morgeson, Brannick and Levine, 2019).
Training and development: By gaining the effective training and development
employees of the Merill Lynch, that help to enhance their required skill in their job. This training
also help to give better understanding of their job role so that employees can perform in the
direction to achieving the goals of the company.
Job analysis
Weakness and strength of the selection and recruitment
Recruitment can be mean as the process to analyse the job requirement in the company
and the searching for the best suitable candidate for the vacant post in the company.
Internal recruitment
Analyse, identifying and attracting the number of employees within the organisation is
being referred as the internal recruitment.
Types of internal recruitment
Promotion — This is the method which can be applied by the HR of Merill Lynch. In
this employees of the company can promote to higher post on the basis of their performance
within organisation.
Strength and weakness
Promotion help to motivate the other employees the Merill Lynch. This will also helps to
increase the productivity of the company, as employees have better understanding of their job
role (Buckley and et.al., 2019). However this can also be dis courage the capable people from
outside. This may create the conflict if promotion will be biased.
Internal advertisement
This is the method to hire the candidate for the vacant post in the Merill Lynch company.
In this employees also can refer to their friends and family for the post.
Strength and Weakness
This method helps to increase the productivity or the sales of the company, as employees
already have the clear policies, job role and have required skills. On the other hand This method
bound the creative and innovative ideas in the Merill Lynch company for their investments from
the external candidates.

External recruitment
This is the process to call the candidates from the outside world for the better
performance and innovation.
Job portals
Strength and weakness
This will help the company to large number of candidates with specifying skill in the
portals for the specific job role (Vining, 2019). Contrary this can be high cost process to the
Merill Lynch company. Also might be time consuming for the HRM.
Selection process
Whereas selection is the process to picking up the most suitable candidate from the pool
of talented candidates which are being called through the recruitment for the vacant post in the
company.
Types of the selection
Employee interview - This is the selection method in which employee and employer
have the formal conversation or questioning and answering is being happened to know their
employees personally.
Strength and weakness
This give the chance to managers of company to know their employee personally, to
know their behaviour and can make relation with them. However candidate might be get nervous
and can lost their confidence in from the interviewer.
Tests of aptitude, ability and skills - This can be referred and use to screening the
employees on the basis of their skills and ability for the vacant post (Macke and Genari, 2019).
Strength and weakness
This has the strength to test the ability and the skills of the candidate, as the Merill Lynch
is wealth management firm which require the financial skills. Which can be identified by this test
method. However this method can be time consuming for the management as if they have to test
large number of the candidates.
CONCLUSION
It has concluded from the above report is that, HR director of the Merill Lynch wealth
management company has number of functions like training and development, planing etc.
which are being performed in the direction to fulfil the purpose and objective of the company. It

has also identified that HR of the company can apply any of the internal and external recruitment
and selection method to hire the candidates who can help to achieving the objective of company.

REFERENCE
Books and Journals
Buckley and et.al., 2019. Research in personnel and human resources management. Emerald
Publishing Limited.
Macke, J. and Genari, D., 2019. Systematic literature review on sustainable human resource
management.Journal of cleaner production. 208. pp.806-815.
Morgeson, F.P., Brannick, M.T. and Levine, E.L., 2019.Job and work analysis: Methods,
research, and applications for human resource management. Sage Publications.
Stewart, G.L. and Brown, K.G., 2019. Human resource management. Wiley.
Vining, J., 2019. Social science and natural resource recreation management. Routledge.
Online
HRM functions.2019.[Online].Available
through<https://www.civilserviceindia.com/subject/Management/notes/hrm-functions.html>

1