HRM Report: Functions, Practices, and Legislation at Merrill Lynch

This report provides a comprehensive analysis of Human Resource Management (HRM) practices at Merrill Lynch. It begins with an introduction to HRM and its functions, including workforce planning, job analysis, and recruitment strategies. The report then delves into the strengths and weaknesses of various recruitment and selection approaches. It also examines the benefits of HRM practices for both employees and employers, and evaluates the effectiveness of these practices in terms of organizational profit and productivity. The report further explores the importance of employee relations in influencing HRM decision-making and analyzes the elements of employment legislation and its impact on HRM. Finally, the report discusses the practical application of HRM practices within an organization, offering insights into how Merrill Lynch can optimize its HRM strategies. The report concludes with a summary of the key findings and recommendations for future improvements.

Human Resource
Management

Table of Contents
INTRODUCTION...........................................................................................................................5
TASK 1............................................................................................................................................5
P1: Functions of HRM for purpose of resourcing & workforce planning.............................5
P2 Strength & weakness of various approaches of selection & recruitment..........................6
While selecting a employee in Merrill Lynch any of these methods can be used for getting a
detail view of a employees and asses them according to key skill requirements of the job.. 7
TASK 2............................................................................................................................................7
P3 : Benefits of HRM practices for employee and employer both.........................................7
P4 : Effectiveness of HRM practices in terms of organisational profit and productivity......8
TASK 3............................................................................................................................................9
P5 : Importance of employee relation in influencing HRM decision making .......................9
P6 : Elements of employment legislation and its impact on HRM decision making..........10
TASK 4..........................................................................................................................................12
P7: Applying of HRM practises in a organisation................................................................12
CONCLUSION .............................................................................................................................15
REFERNCES.................................................................................................................................16

INTRODUCTION
Human resource management refers to a function of a organisation that is having aim of
maximisation of employee performance for achievement of organisation objectives. Present
report is based on Merrill lynch that is investment management organization (Bratton, and Gold,
2017). Present report has a in to facilitate Human resource department of this organisation in
performing various functions. It consist of functions such as section and recruitment approaches,
HR practises, importance of legislation of employees etc.
TASK 1
P1: Functions of HRM for purpose of resourcing & workforce planning
Human resource management is related to utilisation of human resources of a
organisation for various functions such as planning, directing, organising & controlling.
Purpose of HRM: The main objective of HRM is to manage overall requirements of employees
with a aim to increase employee efficiency (Collings, Wood, and Szamosi, 2018). Below
discussed are some of functions that are helpful for Merrill Lynch:
 Job analysis: It is a step that is concern with job details, skills required, knowledge
required etc. all this is helpful for Merrill Lynch in making plans for overall workforce.
 Training : It is the function that is focussing on providing the knowledge & skills that are
required for making employees capable to improve their performance. It is also helping
them in getting prepared for high level of jobs (Delery, and Gupta, 201).
 Recruitment of employees: For achievement of overall goals it must have a competent
workforce. It facilitates HR managers in making decision regarding filling of various
vacant positions. It is filled according to key requirement of skills.
 Management of performance: This function is helpful for organisation to make a
evaluation of their performance standards. It is also used for deciding the incentives of
employees according to their level of performance achieved.
Soft & hard approaches can be used for managing of human resource. Such approaches are
applied for workforce planning & resourcing:
 Hard approach: This is a approach that is used for achievement of overall goals of a
organisation. It is focussing on identification of workforce requirement in a organisation

in different levels. In Merrill Lynch this approach is used for filling of all vacancies
arising in course of business (Gay, 2018).
 Soft Approach: This is a approach inn which employees are given individual treatment
for attainment of competitive advantage. This approach is used in Merrill Lynch to
involve employees so that further beneficiary and compensatory plans can be made by
the organisation.
Assessment of HRM functions in providing skills & talents for achievement of objectives
Human resource management has to perform some functions such as operational for
management of human resources. Based on employee performance there is a requirement to plan
for various training programmes to make employees more capable for doing their assigned tasks.
P2 Strength & weakness of various approaches of selection & recruitment
Recruitment is referred to as creation of a pool of talent by inviting applicants for a job.
There are basic sources as discussed below:
Internal sources of recruitment: it is a process in which a organisation is willing to fill
their vacancies by use of internal sources such as promotion, referral etc.
Strengths Accurate selection of candidates is possible as
employees are aware of present skills of their
employees (Guest,, 2017).
Weakness It is a process that is offering very limited
choices to employers as compared to external
sources of recruitment.
External sources of recruitment is basic process that is used for filling vacancies from external
sources by use of means such as campus recruits, employment agencies etc.
Strengths It is very helpful in selection of a candidate
with desired amount of skills.
Weakness This methods involves large amount of time &
cost that can lead to wastage of resources of a
organisation

Selection is a process in which a candidate is selected based on screening of candidates
so that their capabilities can be analysed for specific type of jobs. There are two basic sources of
selection that is being used by Merrill lynch has been used as discussed below:
Interviews: It is a process in which right candidate is selected by asking various questions as
discussed below:
Strength A suitable Candidate can be select as interview
will be bale to analyse a candidate in detail by
asking all questions that are relevant to asses
their skills (Hanushek, 2020).
Weakness It is based on biased nature of interviewer
which can posses a influence on process of
selection if no proper information is selected of
a candidate
Assessment & selection test is a basic process that can help in making a analysis of
aptitude, abilities of employees. It is helping employer in identification of candidate and its
capabilities in such situations
Strength It helps in assessment of a abilities in a detail
manner of a prospective candidate (Mertens,
and Wilson, , 2018).
Weakness Sith method may not be reliable if conclusion
drawn from test are not much reliable.
While selecting a employee in Merrill Lynch any of these methods can be used for getting a
detail view of a employees and asses them according to key skill requirements of the job.
TASK 2
P3 : Benefits of HRM practices for employee and employer both
Human Resource Management refers to management of people in the organization effectively
and efficiently. The HRM includes planning, recruitment & selection, training & development of
the human resource to achieve the organizational goals. The HRM concern with managing

human resource of an organization in such a way that help in achieving goal of organization
along with individual goals.
Basis Benefits of HRM practices to
Merrill Lynch
Benefits of HRM practices to
the employees
Organisational Culture Organization's culture motivates
the employees. Some set rules and
regulations, policies, procedures.
Merrill Lynch manage and
control the organizational culture
(Morgeson, , Brannick, and
Levine, 2019).
Comfortable working culture
of organization attract and
motivates employees at work.
Merrill Lynch comfortable
working culture easy and
adaptable for employees
Training and Development Merrill Lynch need to train their
employees for effective and
efficient working. This help in
achieving organizational goal.
Training develop or upgrade
the skills and knowledge of the
employees which is really
helpful at their work.
Recruitment and Retention Recruit right person at right place
and provide various benefits and
incentives to employees help
Merrill Lynch in retention of
employees
Recruitment and Retention
process increase the
competitive advantage
between employees and help
in retention.
Conflicts Resolution Merrill Lynch concern about their
employees so they resolve the
conflicts of employees for smooth
running of organization. Their
policies and guidelines help
employees.
Conflicts Resolution increase
the concentration of employees
at work because their issues
get resolve.

P4 : Effectiveness of HRM practices in terms of organisational profit and productivity
Human resources are the basic for every organisation which as they support firm to
facilitate smoothness in work. They have direct impact on firm profitability and productivity. In
context of Merrill Lynch firm have strong human resources department which perform all
function in firm for maximization of profit. This also facilitate growth of firm by using human
resources efficiently.
Employee performance management and monitoring
Here firm use 360-degree feedback as there main approach. This approach states thatt
manager evaluate the performance of employees within organisation. This can be done on
regular or inter well basis where manger have to take feedbacks from employees about there
performance and what are the problems employees are facing (Nolan, and Garavan, 2016). This
framework help firm in increasing motivation of employees in organisation as well as evaluate
there performance within the organisation. This also help firm in getting knowledge about the
employees qualities which they possess in organisation. Merrill can use this in conducting
training program for those employees who are not performing well in firm.
Different Methods of HRM practices in organisational context
HR practices is an important part of firm as it manage the human resources of
organisation which are essential for profitability and running of organisation. This function have
various methods which includes incentive system, mentoring, leadership, feedback system and
training and development. In firm. Merrill Lynch will use training and feedback method in theret
organisational structure (Smith, 2016). This will facilitate firm in motivating its employees and
retaining them for long period of time.
Evaluation of HRM practices and their application in organisational context
HRM function of organisation plays various roles in firm as it recruit people. Provide
training to them, development of there working pan, personal goal achievement, long term
planing of human resource and reward management of employees. These all function are
performed by human resources department. In context of Merrill Lynch human resources
department have spatiality in performant training and developable roles which facilitate firm in
managing talent in organisation. It have also negative impact on firm as increase cost of firm.

TASK 3
P5 : Importance of employee relation in influencing HRM decision making
Employees relation mean organisation maintain and manage good relation with the employees.
Merrill Lynch always maintain good and better relation with their employees and this help them
in motivating and encouraging employees. Maintain good relation is important for Merrill Lynch
and also for employees. This made clear understanding and clear the disputes between both
employees and employer.
 Good and healthy relation will make employees comfortable with their work and other
employees. With this employees focus on their work and try to improve performance.
 Maintaining good relation also increase profitability and productivity because of this
employees show effectiveness and put efforts in their work which is profitable for the
organization. Employees perform their tasks with cooperation with this employer take
decision on time to generate revenue (Stewart, and Brown, 2019).
 When organisation maintain the healthy relation with employees this increase the
participation and involvement of employees. They guide and give good advice to them
and also resolve their problems or issues.
Employees participation and involvement is important for the organisation for achieving
the goal. Some strategies were formed for employees participation and engagement according to
the situation in the organization. Merrill Lynch also used some strategies for their employees
engagement are:-
 Merrill Lynch motivate employees and maintain flexible working environment. Maintain
healthy and comfortable environment which make employees more loyal for the
organization.
 Manager of Merrill Lynch always take care of their employees time to time observe
them and take feedbacks which make employees more comfortable at work.

P6 : Elements of employment legislation and its impact on HRM decision making
Employment legislation is that framework which includes rights of employees within
the organisation for saving their interests . This also maintain the relationship between firm and
its employees. This various impact of firm some of them are mentioned below:
 Nations like UK are promoting combined work culture in there country, where there is
no scope for discrimination in firm. For this government and law institutes has formed
anti discrimination law , this law have huge amount of penalty as well as 3 year jail to
employer or employee who perform unethical of discrimination. Firm has implemented
this law on there recruitment process as they does not divide individuals on there gender
or race basis.
 Personal data is also an important assets which can be easy missus by other. In UK there
is separate law regarding data security. This law will will help firm in maintaining its
personal informations securing. This will also facilitate employees in safeguarding their
personal information.
Critical evaluation of employee relation management and employment legislation in HRM
decision making
There is close relationship between firm relation manager and employee legislation of
firm this is because both are interlinked to each other while performing functions in organisation.
Employee legislation is consist of number of laws which help firm in managing ethical behaviour
in firm. This will leads in establishment of better relations in organisation between employee and
manager (World Health Organization, 2016).

TASK 4
P7: Applying of HRM practises in a organisation
Human resource practises are very helpful for applying in a organisation. In every organisation
there is need for a persons specification so that knowledge, skills, qualities etc. required for a job
can be analysed in detail. This is a document that is helping a recruiter in analysing their
candidates & selection of most suitable candidate according to job requirements. In present
scenario, there is a vacant position of a human resource manager that will be filled based on
below discussed procedure:
1. Identification of vacancy: In first step vacancy is identified. There is a vacant
position of a human resource executive in Merrill Lynch and for filling this position
HR manager is developing a process.
2. Job analysis: In this step all duties & responsibilities have to be identified according
to which a application will be invited. In merrily Lynch this is done by preparation of
job specification as mentioned below:
Job specification
Job information
 Position: Human resource executives
 Organisation: Merris Lynch
 Job role Human resource department of Merrill Lynch is having a vacant position of a
HR manager. Skill requirements are communication & management skills that are
required for performing various job roles.
 Roles & Responsibilities:
Designing of a plans for recruitment of employees for different positions. Maintenance of
employee relations. Organisation of activities like recruiting employees, planning theior
orientation etc.
Key Requirements:
 A minimum work experience of two years in HRM.
 Knowledge to apply theoretical knowledge in performing of different functions of
Human resource.
 Additional certificates and diplomas apart from post graduation will provide advantage.