Merrill Lynch: HRM Practices, Employee Relations, and Legislation

This report provides a comprehensive analysis of Human Resource Management (HRM) practices, specifically focusing on their application within Merrill Lynch. The report begins by outlining the benefits of various HRM practices, such as learning and development, flexible working, employee performance management, and payment and reward systems, for both the employer and the employee. It then evaluates the effectiveness of these practices, highlighting their impact on organizational growth and employee performance. The report further explores how employee relations, including employee engagement strategies like appreciation, open communication, flexible working, and encouragement, influence HRM decision-making. Additionally, it examines the impact of employment legislation on HRM decisions. Overall, the report offers a detailed examination of key HRM elements and their practical implications within a corporate setting.

HUMAN RESOURCE
MANAGEMENT

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 2.................................................................................................................................................3
P 3: Benefits of HRM practices within an organization.............................................................3
P 4: Effectiveness of HRM practices..........................................................................................5
LO 3.................................................................................................................................................7
P 5 Employee relation to influencing HRM decisions:...............................................................7
P 6 Employee legislation to influencing HRM decision:............................................................8
LO 4...............................................................................................................................................10
P 7 HRM Practices in work-related context:.............................................................................10
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Human Resource Management refers to the strategic approach to the management of the
organization to give an organization to gain a competitive advantage. It is managed such that to
get maximum employee's performance and to accomplish strategic key objective of the
organization.
Merrill Lynch is an American Investing bank which also deals in wealth management.
They engage in prime brokerage and broker-dealer activity. Its headquarter is in New York City.
It was founded in January 6,1914 by Charles E. Merrill. It has approximately 14,000 financial
advisers and manages assets of 2.3 trillion. This project covers the effectiveness of the key
elements of the Human Resource Management(HRM) in an organization, analyzing internal as
well as external factors which affect HRM decision making and employment legislation and
HRM practice in work related context(Shin and et. al., 2015).
LO 2
P 3: Benefits of HRM practices within an organization
Employer Employee
Learning, training and
development
HR team of the firm needs to
develop new strategy to
achieve long term as well as
short term objectives to benefit
the company. Firm must work
on the progress of company to
achieve the targets. Changes
must be made to compete with
competitors. This will help
firm to grow, with all round
development of the
firm( Havur and et.al., 2016).
Learning and training will help
employee to evolve as an
individual. Training will help
us to give us the idea about
how the task need to be carried
out to accomplish a task.
Training gives us about how
the new techniques
implemented must be carried
out. For a successful working
of the firm we need to develop
new skills and to give out
more efficient results. Training
and development is done to
enhance the knowledge of the

employee.
Flexible working Firm must provide flexible
working hours to its employee
as flexible working gives
employees easy way to work.
Working in shifts will lower
the stress and workers work
with enthusiasm. Leave
facility must be provided to the
workers. There are many part
time workers which works on
temporary basis so as to
provide an effective working
culture HR team must work on
many techniques for proper
functioning of the
firm(Schwalbe,2015).
Merrill Lynch must give a
flexible working hours to its
employee, as flexible working
can give the employee an
interest to work. Work must
not be hectic, it must be
according to the human
working conditions. Flexible
working helps employee to
work with interest. Flexible
working does not give stress
and tiredness to the workers.
Employees performance
management
Employees performance must
be checked on a regular basis
as working in a firm must not
affect the firms performance.
Employees performance must
be tracked so that his
performance must be graded
according to work they
performs. Management of the
workers must be done
according to the need of the
particular type of work. The
track of work tries the firm to
Employee must be motivated
for their work each time a
worker performs better, the
work must be appreciated,
which boosts the enthusiasm
of the worker and helps him to
work better. Management must
be done according to the
workers flexibility.
Management of performance
must be improved, skills and
knowledge must be improved
so as to compete with the

compete weaker employees
must be provided with training
to increase their performance
which will help the firm as
employee are assets to the
firm.
competition(Kanki, 2019).
Payment and Reward HR team of the firm must
reward the workers who
performs better on monthly
basis, as appraisal boosts up
the performance of individual
and that of the firm. Payment
must be made according to the
work done and incentives
added(Long, 2018).
Workers wages must be
according to the type of work
they perform, workers must be
rewarded with some bonus or
incentives for the better
performance which will help
other workers to come up and
increase their performance a
set of competition between
workers helps each other to
enhance the performance.
They must be rewarded with
appraisal within the working
culture. Their appraisal will
help them to lead and guide for
betterment of future.
P 4: Effectiveness of HRM practices
Learning, training and development: This method helps the firm to grow, by providing training
the workers grow which helps in the development of the firm. By time to time training the
workers improves the efficiency to work and enhances the performance. Learning helps the firm
as well as individual to grow and compete with the market competitors. Training improves
efficiency of workers and help them to work for the betterment of the firm which brings the
company's better performance. Training is effective means which helps people to grow the
organization they work in. training gives improved way of performance. This improves the
efficiency of the firm and helps the firm to stand out in the competition(Mukkelli, 2015). Various

training are provided to employee like in Merrill Lynch training for every sector of the firm .
Training helps in development and easy working of the firm. Because of training the workers can
improve their performance. With training HR can improve the working culture of the
organization(McCaffery, 2018).
Flexible working: Flexible working is effective for both organization as well as for workers. For
working in shifts it will be easy for workers to work for the organization as in hotel industry a
worker must give a 24 hours job, it is quiet easy for a worker to work in shifts. Flexible working
gives all round development of a human. As human need a social balance in life apart from the
job. Working in shifts can give proper rest and time to socialize with the world. With flexible
working the employee can enhance its performance and work with sound mind. A flexible
working keep you fresh and active towards your work. Working with fellow workers can
enhance you and make you grow with your performance, a good group of people can improve
your working skills there must be many part time workers with you can work with sometimes
you need to mold your performance according to the requirements of the firm .HR can give work
from home facility which encourage workers for the job by providing flexibility(Maylor,
Blackmon and Huemann, 2016).
Employee Performance Management and Monitoring: Employee performance can be a key to
the organization if the employee can work efficiently the organization it will be beneficial to the
performance of the firm. HR must see the performance of the worker and track its record for
upliftment of the firm. The efficient working must be rewarded and must be appreciated as it is
beneficial for the firm. Merrill Lynch must track the record of the employee and see the
performance they must improve on the weaker section by training which will help in performing
better. By no. of sales and providing customers performance can be monitored.
Payments and Rewards: Efficient performance will lead to better payments a good performer
must be rewarded for their performance. HR of the firm must monitor the best performance and
must reward the best performer. Which are assets to the organization. Payments must be
delivered with fix pay add on with incentives. Rewards helps the workers to work better and
helps to improve. With skills improved the performance will bring quality work within the
organization. HR team must see that the payment must be on time, many workers are dependent
on salary for their livelihood. Reward gains interest of the workers and urges to do
better(Sadgrove, 2016).

LO 3
P 5 Employee relation to influencing HRM decisions:
Employee engagement is a strategy which is improves employees passions about their
jobs, they are committed towards their job roles and organization and putting discretional efforts
into their work life. Employee engagement is differed from employees satisfactions.
This strategy of Human Resource Management is also made impact on the decision-
making strategy of HRM. It is helpful for reducing staff turnover, improving productivity and
efficiency, retain their employees at on high rate and earn more profits with team(Hislop, Bosua
and Helms,2018).
Improving employee engagement at Merrill Lynch:
Employees engagement task is play very vital role in Merrill Lynch company, they work upon
improving and enhancing the morale of their workers I the firm by different aspects, i.e.:
 Show Appreciation: Appreciation is very essential for each and every person in the
organization, it motivates employees and their performances. According to Merrill lynch,
A well done job is always be appreciated. It is not only important for employees that they
feel their works necessary or matters but as manager, it is essential that their contribution
should be appreciated personally. Also, by this strategy employees feel motivated and
show their best productivity and efforts for earning high profit for company. Appreciation
influencing HRM decision making, because for this HR have to design specific strategies
for employee's to boost up their morale.
 Open communication: Merrill lynch also use the strategy for improving employees
engagement in firm. According to the company. It is very important for every employees
that they're being heard and their opinion valuable assets in an organization. So the
company follows the open communication session, where all worker are warmly invited
and give their suggestion and opinion upon some serious issues of company(Turner,
2016). With the help of these technique employees of firm feel that they are valuable
member of the company and their thoughts are also matters equally matters in firm.
Which may improves employees relation with company. It is also made impact on HRM
decision-making process, because for this HR department have plan session for this and
also have work upon the different suggestions and opinions of employees, and select the
best one for solving the problem and issues of firm(Hayes, 2018).

 Flexible Working: The another aspect which encouraging employees relation is flexible
working hours. In this Merrill lynch provides comfortable working hours to their
workers. They provide them facilities of as per the needs of employees, like flexible
beginning and finish time or work from home etc. By these factors employees doesn't feel
work pressure on them, they can freely perform their task in company. With the help of
flexible working hours, workers shows more efficiency and creativity in their work. For
providing flexible working in company HR department have to design policies and
procedure as per the employees needs(Deresky, 2017).
 Encouragement: It is very important factor for enhancing employee engagement in an
organization. Merrill lynch focus upon the continuous encouragement of the employees.
Regular feedback and encouragement actually inspire finer job performances. Company
focus upon the employee's performance for make them motivates in their jobs, because
without encouragement they feel that they are not doing well(Myers, 2019). However,
their work is analyzed and they are given genuine feedback to improving their quality of
work, they become engaged and more driven. It is also made impact on HRM decision-
making, because for encouraging the workers HR design and plan different benefits,
incentives plan for motivate the employees.
 Offer Training and Development: Merrill lynch also provides training and development
facilities to their employee's for enhancing their knowledge and performance. By these
aspects employees more learn about their job roles and duties. They perform their task as
per the training session which is provided by firm. When an employee isn't trained in
good order, it will form their perception of how much firm value them. Training and
development aspects also influence HRM decisions. Or this factor HR have to design
training as per their employees needs and every employees have different types of
training needs(Del Río and et.al., 2016).
P 6 Employee legislation to influencing HRM decision:
Employee legislation is the act and law, which regulate employment within organization.
It directly affects the employees, employers and trade unions. They protect the employees rights
and set obligation and responsibilities for employers. It works upon employee welfare, health
and safety, compensation and equal opportunities.

Elements of employee legislation in Merrill lynch:
 Anti-Discrimination act: Company follows this act for protecting their employees and
workers from any kind of discrimination at work place. This law includes protection from
age, sex, race, ethnicity, nationality, mental illness, disabilities, gender, sexual
orientation, religious, or individual political opinion. Merrill lynch use this law for
protect their employees. This law gives an equal opportunity to the workers and
employees in firm. For the adoption of this act HR have to design and shape the rule and
procedure as per the governs legislation. This may impact HRM decision-making
policies(Bartlett and et. al., 2016).
 Data Protection act: The data protection act, 1998 is designed to protect companies data
stores in computers or any other device. Merrill lynch use this act for protecting their
confidential data. According to these act company has legal right to control information
about themselves. Company also follow the principles of data protection act for
effectively control data i.e., data must be accurate, fare, lawful, adequate, relevant, secure
and not transfer to other country without protection. For the data protection act, HR
shapes the rules and policies which are useful for protect data. Like they design
passwords for data, making strategies for evaluating data, manage users and control
access.
 Equality: Merrill lynch use follows this act in company for providing equal rights and
opportunities to the employee's in firm. This act protects individual from the unfair
treatment. By suing this act in company, it provides equal pay facilities to all workers,
protect them discrimination at work-place. This act covered all the employee's,
employers, suppliers, consumers, job applicant and former staff etc. This act also
influencing the decisions of HRM. For the adoption of this act in firm HR department set
the bench mark for an individual, which are received equal pay, benefits and
opportunities in organization(Bakker and Demerouti,2017).
 Health & Safety: The health and safety act, 1947 defines fundamental structure and
authority for the encouragement, standard and enforcement of workplace health, safety
and welfare. Merrill lynch also use this act for their employee's health and safety at
workplace. By this company considers the different provisions related to their health and
safety point of view. They provide them proper training to work on the machinery,

provide them safety guards, maintain the cleanliness in premises, facilities of lighting,
proper ventilation, spittoon, toilets, drinking waters, creches etc. Health and safety act
made huge impact on HR decisions. For this act HR plan the different health and safety
provisions for their employees. They also conduct serve and plant visits for health and
safety officer in company premises for measuring the all provisions(Ansoff and et.al.,
2018).
LO 4
P 7 HRM Practices in work-related context:
Company Merrill Lynch
Post HR Manager
Location London, United Kingdom
Report to CEO
Qualification MBA in HR or master in Human Resource
management.
Responsibilities Maintenance records, payroll, personnel
management, design strategies and policies
for employees welfare, recruiting and
selection process, conduct interviews,
screening, managing attendances.
Title of the job HR Manager
Date: 26, Sept, 2019
Qualification required Essential Desirable Met
MBA in HR or Master in
Human Resource
Management
Yes Yes
Need of Experience

2-4 years (In same field.)
Yes Yes
Personal characteristics
& conduct
Attractive personality,
Quality of quick
decision-making,
Power of Influencing
others,
Punctual,
Excellent communication
skills,
Analytical thinking,
Managing employees
relations.
Yes
YES
Roles and
Responsibilities
Head hunting,
Cold meeting,
Maintaining records,
Conducting interviews,
Design strategies for
organization and
employees welfare,
Payrolls etc.
YES
Yes

CURRICULUM VITAE
Peter Martin
122, 15 Street,
London, UK
[e-mail]
810******5
Objective: To obtain good opportunity in an organization with Merrill Lynch company.
Qualification:
 Qualified MBA in HR from business school, London.
 Bachelor in BBA in HR from London high school, London.
Experience:
 I completed by one year internship with ABC company in United Kingdom.
 I have 2 year working experience as HR executive with XYZ company, London.
Skills:
 Knowledge of day to day HR work.
 Payroll.
 Head hunting and Cold meetings.
 Recruiting and selection.
Language: English & French.
Nationality: British
Date of Birth: 23 April 1995
Hereby, declare that above information are provided as per my knowledge.
Thank You. Date- 2 Sept, 2019.