Human Resource Management Practices in Merrill Lynch Firm

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UNIT 3: HUMAN RESOURCE MANAGEMENT
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STUDENT NAME-

Contents
Introduction................................................................................................................................3
LO1............................................................................................................................................4
LO2............................................................................................................................................7
L03.............................................................................................................................................9
LO4..........................................................................................................................................12
Conclusion................................................................................................................................14
References................................................................................................................................15

Introduction
Human Resources Management is the key structure of the organisation. With the help of HR
Management develop the performance skills in the association. In this report identify the
basic concept of the HR function to gain the association goal. The HR department of Merrill
lynch firm is generated that concept with the help of them increase the working progress and
management plan of the association. The aim of the management of Human Resources is
improving the working quality of the employee and follows those services with the help of
both client and association gain the profit. This report represents the basic need of the HR
management policy to increasing work satisfaction.

LO1
HRM Definition: HR Management is the basic need of the organisation. With the help of the
HRM increase the growth rate of the association and also increase the performance structure
of the employee in the association.
Scope of HR Management: HR Management plays a vital role in the working structure of
the association. With the help of the HR Management protocol increases the working
efficiency and generates a positive working environment. As an HR assistant in Merrill
Lynch Firm (Central London) analysis the basic scope of the HR Management function.
Main Scope of HR Management
(1) Personal Planning Aspect:
(a) Planning of HR: In this protocol determine the job vacancies in the organisation and
planning according to the requirement.
(b) Selection and Recruitment: Complete the recruitment process and select the candidates
according to the qualification.
(c) Training and Development: Provide the proper training to the new and old employee to
increase the performance vector. During the training, programme HR introduces the complete
organisation policy and working dispute section of the association.
(d) Motivation: HR Management provides the proper motivation to the employee to provide
the maximum working efforts (Cascio et al., 2015).
(2) Welfare Planning Aspect: HR Management creates a path function with the help of them
manage the safety and health regulation for the organisation employee. HR provides the
different type of the facility like restroom, transport, canteen, medical facility, education,
health safety and housing room for the employee with the cause of them improve the
performance structure of the employee.
(3) Manage the relation of Industrial: HR coordinate with the industrial union member or
specific task analyser to avoid the strike or any other negative activity. With the help of the
HR, a working platform managed all the bargaining, working settlement and working
procedure during the work operations.

Purpose of the HR Management: In the Merrill Lynch firm (Central London) determine the
basic need or purpose of the management for HR. The HR department of Merrill Lynch firm
(Central London) justify the objectives of the HR Management with the help of them improve
the working efficiency of the employee.
Main Purpose of the HR Management:
(1) Managed the Organization Concern: According to the organisation working objectives
increase the work structure.
 Processed the recruitment, training, selection, placement and policy of promotions.
 Provide a path function to the employee to gain the organisation goal.
 With the help of the available resource increase the association work efficiency.
(2) Importance of Professional: Manage the professional working environment in the
organisation.
 Generate a high range of the opportunity to develop professional skills.
 Manage the good relationship with the organisation employee.
 Proper distribution of work in all working employee.
 Processed the proper training to the employee to increase the work skills.
(3) Importance of Social: HRM manages the social value for the employee to increase work
satisfaction.
 Manage employee dignity.
 Provide a high level of working conditions (Albrecht et al., 2015).
 According to the qualification and work experience provide a suitable job title.
 Give the proper safety and health regulation for the employee.
(4) Importance of National: Management of HR create a path function with the help of
them increase the growth of the industry and provide the maximum job opportunity for the
employee.

HRM Process for the Business Objectives: With the help of the HRM protocol increase the
service range of the organisation department. As an HR assistant in Merrill Lynch Firm
(Central London) concept of the HR process depends on the following parameters.
(1) Planning of Workforce: In this application generated that HR policy with the help of
them the performance of the employee should be increase and organisation gain his goal.
(2) The market of Internal Labour: With the help of the personal activity plan increase the
professional skill in the employee and according to the market rubrics provide the suitable
training for the employee (Jabbour et al., 2016).
(3) Manage the regulatory and Legal Frame Work: HRM manages all the individual
activity which is performed in the association and directly or indirectly connected with the
growth structure of the association. Handle all the legal dispatch which affects the services
range of the association.
Function of HRM
 Create a path function to achieve the organisation Goal.
 Mange the high range of moral activity for the employee.
 Produce a quality work structure.
 Increase the employee performance structure according to department requirement.
 Manage the teamwork protocol and teal collaboration to increase the growth rate of
the association.
HRM Activity
 Manage the planning of Manpower.
 Develop the selection, placement and recruitment protocol.
 Provide the appraisal to the employee according to the performance.
 Generate health and social security for the organisation employee.
 Manage the quality work structure (Collings et al., 2018).
 Provide the feedback council for the employee to increase the performance.
PESTLE: It is the basic concept of the HRM protocol. With the help of this application
focused on the growth rate of organisation with the proper performance structure of the
employee.

LO2
HRM Key Element for the Organisation: As an HR assistant in Merrill Lynch Firm
(Central London) development protocol of the HRM increase the skills, attitude and
knowledge of the employee of the organisation. The basic need of the HRM key element
increases the work satisfaction rate from the employee side and increase the growth rate from
the organisation side.
Main HRM key Factor for the organisation:
(1) Training: Training is the basic concept of the HRM protocol. The aim of the training
application is to increase the professional behaviour in the employee for growth of the
association. With the help of the training, protocol increases the knowledge, working skills
and creates the conceptual attitude in the employee. The basic function of the training is
increasing employee skills and generates a high level of knowledge. With the help of this
protocol increase the positive thinking in the employee.
The need for the Training: For the development of the organisation require the need for the
training. Training is very helping full for the association and employee to increase the
working skills. With the use of the training application increase the productivity of the
association (Noe et al., 2015).
(1) Improve the performance: With the help of the training, application improves the
performance structure of the employee. The working strength of the association should be
increased with the help of the training protocol.
(2) The satisfaction of Employee: Due to the cause of the training application improve the
satisfaction rate of the employee and manage the growth activity for the employee. All the
stress level should be minimized during the training function.
(3) Production Increase: With the help of the training application employee find out the
working protocol and this is helpful to increase the production of the association. With the
use of the training application employee identify the new technology which is generated in
the market and according to them provide proper production level.

Type of Training:
(1) Conference and Lectures: With the help of the conference and lectures protocol provide
the complete detail of the industry. In the conference with the use of the presentation,
application represent the information of the regarding the organisation work protocol.
(2) Training with Vestibule: In this training, the application generates a working
environment with the help of the new employee determine the working conditions (Albrecht
et al., 2015).
(3) Training with simulation: in this application with the help of the simulation technique
like games and case study provides complete information regarding the work structure of the
association. With the help of this protocol increase the knowledge of the new and old
employee and determine the working conditions.
(4) Training with Sensitivity: In this protocol with the use of the sensitivity of social
application and effective work, the condition provides complete information regarding the
organisation work structure to the new employee.
Training Evaluation
Training evaluation is the parameter with the help of them identifies the effect of the training
application. With the help of the evaluation of the training, the application determines the
daily routine of the employee for a high growth rate.
Main Evaluation Process:
(1) Evaluation of Formative: With the help of this function provides complete feedback to
the employee according to his performance (Garcia-Lillo et al., 2017).
(2) Evaluation of Process: In this application determines those concepts which are gain
through the time of training.
Objective of Evaluation
 Observation
 Interview
 Self-diary
 Self-Recording

(2) HRM Policy:
For increase, the high productivity HRM follows the policy concept with the help of them
increase the performance of the employee.
Main HRM Policy
(1) Working Discipline Policy: With the help of this policy protocol manages the discipline
in the organisation (Nobari et al., 2018).
(2) Dress Code Policy: With the help of this application function mange the proper and
professional dress code in the organisation.
(3) Ethics Policy: With the help of this policy parameter increase the employee safety and
health protocol to generating high productivity.
L03
Factors affecting Human Resource Management’s decision making.
The human resources department does various jobs for the organisation from providing the
workforce to the organisation to establishing a bond between the employees and the company
by performing various human resources activities.
There are both internal as well as external factors which affects the decision making of the
management should consider these factors before making any decision towards the growth of
the company. Further is a brief analysis of both factors:
Availability of the workforce:
The first and major task of any human resource management is providing the workforce to
the organisation. Even though there’s a lot of workforces could be available as the Brexit is
very near but the major discussion is about the quality of the workforce (Bratton & Gold,
2017). There are various factors in the quality workforce, such as skills, the quantity of the
workers, attraction towards the company, location of the company, etc.

Regulations by the Government:
Another factor which affects the decision of the Human Resources Management is the
regulations by government, the organisation has to follow the regulations on every step of the
working whether the hiring, leaving, training, compensating or any other task should be done
by the government regulations or they might end up being a lawsuit against the organisations.
Economic Conditions
The economic condition of the country and the world is an important factor, it affects the
various decisions like the hiring of the new associates to cutting out some of the existing
workforces. The company has to save some funds in case there is a foreseen downfall in the
economy. One of the major examples of these situations is the Brexit, due to which there
could be a hard hit in the European economy (Noe, et. al., 2017).
Improvement in the Technology
The technology might help in easing the work but it also causes the downsizing of the
workforce. As the technological advancements happen in the business the work which was
supposed to be done by a larger workforce could be performed with a shorter one too. This
will result in letting go of some of the workers, this will affect the labour pool as the workers
might migrate to different places in search of work.
Along with the external factors the major impact is due to the internal factors of the
organisation. The Internal factors are listed below with their brief:
Growth Factor:
The most important factor of a great organisation is its growth in the market throughout time.
The Human Resources Department is the first one to analyse the need of the company as per
its growth, the higher the growth of the company the greater the need of the workforce of the
companies. Some companies when establishing their work under one sector they want to
grow aggressively and a great amount of expansion is experienced during this time. Hence,
resulting in recruiting of employees at a higher rate. Opposite to that if a company may feel
that the growth of the company has stopped or is in the downfall than the company has to
take some strict decision of downsizing the workforce but while doing this the companies like
Lynch Firm who believes in the employee management. They must help the leaving taskforce
in every possible manner so that the relationship with the employees should remain good.

Employees Relation:
The relation between the employees with the organisation and within the organisation plays
an important role, the employees must feel good, safe and working environment inside the
company. This helps in keeping the employee connected with the organisation for a long time
(Bratton & Gold, 2017).
Unions
The various unions also affect the management, human resources management should have a
good relationship with these unions. These are the legislation whose rules should be followed
and various decisions should be carried out by keeping there say in it (Noe, et. al., 2017).

LO4
Human Resources Management Practices in a work-related context
Human Resources Management performs various practices like the selection and hiring
process, the payment, selecting and managing benefits, training of skill, legal practices and
performance management.
Making of Job Description
The job description can be created in such a way that the skills act as a keyword and the most
eligible people could find out with the help of them. The employees should be well skilled
and talented also the employees should share the values of the firm (Donate, et.al., 2016)
Hiring
These practices are used in the working of the organization on a daily basis, it starts with the
selection and recruitment of the employees, discussing and persuading them in working on
the appropriate cost as per the market and maintaining a good relationship between them to
keep them connected with the organization and give their best (Vanhala & Ritala, 2016).
Training
Once the employees are hired, they become a part of the organization and the training part is
the most crucial one as the employees have to go through a whole new working environment,
these practices can help the employee understand the various processes easily and also
keeping the employee’s morale up.
Controlling of the People
The employees who are working in the organization should maintain a decorum in their
professional life, the human resources management should also keep a track of the
employee’s growth and other professional activities which could help in not just controlling
the team but also knowing the most dedicated people towards the team who should be
promoted or awarded with the new responsibilities.