HRMT20024 - Managing Human Resource A Study on Merrill Lynch

Task 1

P1 Function and purposes of HRM

Human resource management is consider as important department within business organization which handles employees aspects and various functions like planning, organizing, directing and controlling and providing benefits and incentives to employees. Therefore, human resource management is important for organization who analysis the needs of organization and selects best staff for running business activities (van den Brink, Fruytier and Thunnissen, 2013).

Workforce planning: This planning ensures that an organization has current and future personnel needs that helps to work effectively. The meaning of workforce is competent personnel who can understand the needs of organization and put their efforts to complete task. Human resource management uses workforce planning that is cost effective method to hire and retain employees in their organization.

Resourcing: This is more effective than recruitment because it focuses on long term goals and strategic within organization. It consider different functions and strategic requirement that helps employees to accomplish objectives. In Merrill Lynch, HR manager identify the needs of employees and build policies to retain them for long term (Kim and Bae, 2017).

Purpose of HRM

To maximize the performance - Every industry needs HRM for the purpose of increasing the production by raising organizational performance. Such as management of Merrill Lynch prevent employees prevent issues at work place and maximize the business performance by investing correct person.

To increase the employee's job satisfaction – HRM is good for organization as well employees that analysis the employees needs and build policies for their benefits. Therefore, purpose of HRM is to increase the employee's job satisfaction by following policies and regulations. The HR manager of Merrill Lynch follows some regulations for the purpose of providing benefits to employees and increase job satisfaction (Masoudi and et.al., 2012).  

Different Functions of HRM:

HRM contains various functions which are applicable on employees resourcing and workforce planning in order to accomplish goals (HRM functions, 2018). Various functions of HRM are:

Training and development: It consider in operative function that allows employees to gain new skills and knowledge in order to perform job effectively. It helps to increase the confidence level of existing employees and ensures they are working right work. HR manager of Merrill Lynch provides training and development programme to employees in order to prepares them for higher level responsibilities and perform daily operations effectively (Dumont, Shen, and Deng, 2017).

Performance Appraisals - This function is most important for organization as it helps to increase the job satisfaction of employees by giving them appraisals. In Merrill Lynch, HR manger check and analysis employees performance who are working at there and give appraisals to good performer employees that helps to increase motivation level.

Managerial functions: This function is related with management which helps to achieve business goals by performing all business activities. Managerial functions of Merrill Lynch are as given:

Planning - It consider as primary function of any organization which helps to achieve future goals. Planning helps Merrill Lynch management to collect, analyse and identify present and future needs in order to accomplish business goals.

Organizing - This function helps to organize the business activities within organization. In Merrill Lynch HR manager organize all business activities which relates to employees benefits and organization welfare (DeNisi, Wilson and Biteman, 2014).

Directing - This function helps to activate employees at various levels and contribute towards organizational goal. In Merrill Lynch HR manager shows a right path in order to accomplish goals.

Controlling - In this function all business activities and and employees performance are controlled by manager of organization and compare with goals in order run a business. By controlling all activities and performance organization can achieve business objectives efficiently.  

Approaches of HRM:

Hard approaches – This approach characterised employees as resource of organization who helps works at workplace and complete their task is consider as hard approach. It is task oriented by following rational and strategic aspects while making plans in order to achieve business objectives. By using hard approach, Merrill Lynch's manager make plans and perform business activities effectively (Kang, Snell and Swart, 2012).

Soft approaches – This approach considers employees as the part of key assets of business entity who understand needs and make efforts to complete targets. It mainly focuses on personnels and their directions in order to complete commitment. Using this approach, manager of Merrill Lynch understand needs of employees and give their efforts to accomplish target.

The difference between Best Fit approach and Best practice is explained as follows:

Hard model of HRM: This model is focusing more on cost control, task to be performed and attaining set goals and objectives.

Soft model of HRM: It is defined as this model emphasizes on individual self direction as well as places trust, commitment and self-regulated behaviour at the middle of the strategic approach to people.

Internal labour market is defined as administration unit in a company where pricing and allocation of labour is designed by administrative rules and regulations. There are three types of labour market which are physical and mental labour, skilled and unskilled labour and productive and unproductive labour which are prevailing in the open market place. By doing so turnover, retention and stability of potential employees can be easily. As it helps to safeguard the rights of the labour in the working premises. Legal and regulatory framework creates huge impact on labour performance and retention. The policies framed by regilatory body helps the labour to work effectively and efficiently because they are assured that they are not illegally treated at the workplace.

Modern tools and techniques has raised efficiency of HR practices has it has made the work of recruitment and selection. As as well as large number of skilled applicant can be stimulated towards the vacant post by online recruitment and interview process.

P2 Merits and Demerits of of different approaches to recruitment and selection

Recruitment: Recruitment is important for organization which fulfil needs of skilled and talented staff by recruiting number of applicants. This is the process of attracting individuals for the purpose of performing different roles within organization. It involves various procedure to search the applicants for hiring at numerous positions. In Merrill Lynch, HR manager make plans, source employees, screening and evaluating their performance in order to fill vacant position (Townsend and et.al., 2012). 

Recruitment approaches:

External approaches: To find out the suitable person out of the organization and world is contained in external approach. It involves different sources like job portals, event recruiting, online recruitment, media advertisement, direct recruitment, contractors, consultants etc. Some recruitment methods are opts by Merrill Lynch that are:

Direct recruitment – In this method, Merrill Lynch's administrator paste a notice on factory gate which influence job seekers to get a chance of job opportunities. This is the direct method of recruitment which are used by organizations to fill vacancy instantly. This is mainly used in factories where needed of many labours occurs suddenly and can be fill by this method.

Media advertisements - In Merrill Lynch HR manager make plans to put advertisement on social media, print media and other which helps to attracts number of applicants for getting job opportunities. Organization pays huge amount of money for give the advertisement in which they consider job position, location, salary and job responsibilities with required qualification towards filling vacant position (About internal and external recruitment, 2018).  

Short comings with benefits of recruitment approaches:

Internal approaches: To identify the needs of employees and recruit them from the organization is termed as internal recruitment. It reduces the risk of organization as employees are well aware about norms and environment of enterprise. In Merrill Lynch, administrator can fill the vacancy by recruiting candidates from the organization. It uses following sources:

Internal advertisements: Job related information or notices are hang on notice boards and break rooms in order to provide fill vacancy. It helps to perform responsible job responsibilities within organization.

Temp to permanent: To upgrade temporary employees in permanent or full time position is consider as internal recruitment. This process make feel happy to employees by providing full time job opportunities. Some benefits and limitations of internal approaches are as given: 

Benefits along with shortcomings of internal recruitment approaches:

Job analysis refers to as accumulating and examining data regarding the job vacant in the company along with this context in which jobs are performed. Normally it is used to measure placement of jobs.

Selection: To select and put a right individual for right position is consider as selection. It involves skills, experience and talent of individual person and then provide a job opportunities. In Merrill Lynch manager are using this process to select the skilled and suitable candidates for responsible position.  

Selection approaches:

Group exercises: Herein, organization provides a job role to a group with same topic and evaluate their performance that helps to select best candidates within organization. For instance, administrator of Merrill Lynch provide a job role to all applicants with same topic and analysis their performance in order to select best employees (Abstein and Spieth, 2014).

Reference checking: Some times organization also check reference and backgrounds to know the behaviour and skills of candidates in order to select the person. In Merrill Lynch, manager select the best person to perform job responsibilities with the help of reference and getting information from past company. 

Shortcomings as well as benefits of selection approaches:

Therefore, different sources are opt by Merrill Lynch to recruit and select best candidates within organization. By selecting good candidates it can achieve business goals and objectives properly.

Induction is explained as introducing new employees with the existing staff members so that they they easily involved with them and can adjust with their new job role.

There are various issues affecting induction and socialisation of employees are, giving to much information at once, impersonal induction experience, trying to do everything in day one etc. by this negative impression is build in the mind of the employee and chances of turnout raises.

Task 2

P3 Benefits of HRM practices for employer and employees within organization

HRM practices are related term that defines systems, regulations, policies and activities which are followed by organization in order to achieve business goals. Moreover, it helps to get competitive advantages by implementing the HRM practices. The management of Merrill Lynch opt HRM practices that are:

Training, development together with learning practice: It is one of the good HRM practice which improves the performance of employees and business organization. Under this practices Merrill Lynch provides proper training and development education to its employees that is used to face the challenges and changes within organization. Superiors and employees are benefited with training and development learning practices that are:

Training gap is discussed as understanding the difference or gap among employee training and needs of training. There are numerous types of training such as, job instruction training, refresher training, vestibule training and apprenticeship training. According to the type of business they adopts this of training sessions for their co-workers.

The several types of evaluation of training are , assessing application, assessing learning, assessing satisfaction etc. all this aid in evaluating the training programmes effectively. By this improvements can be done accordingly for better results.

P4 How HRM practices are effective for raising organizational productivity and profitability

Another HRM practice is applied by Merrill Lynch that is providing them rewards such as, extrinsic (bonus, public recognition, salary hike etc.) and intrinsic (motivating workers from within to perform better about any external reward, by reading books, watching video etc.) from work (Marler and Parry, 2016).

Motivational theory (Maslow need hierarchy model) is linked with reward as both the aspects helps them to perform better in cut throat competitive world. Motivational theory raises the standards of the people by fulling each stage as same as when rewards are provide to them they are reached to the next position as compare to other team mates.

Job extension techniques is the most important method of job design and it covers certain steps such as, job rotation, job enrichment, work simplification and job enlargement. This helps in attaining the set goals and objectives effectively.

There are various types of flexibility such as, numerical, structural and functional flexibility. By examining all this flexibility in the premises firm can gain best outcomes as compare to competitors.

Handy model of flexible is studied as it focus on building interaction of humans and nature. This model is focusing more on long term behaviour instead of short term behaviour.

Flexible working options are available in the firm so that personal and organization goals can be meet in the set time frame. As 24/7 hour of services are provided to the customers so there is less time with employees to deal with personal life. So flexible tome is permitted in the company so that personal and firm's aims and objectives can be attained.

Benefits to employer by flexible working practices are :

• Set standards are achieved
• Less turnout ratio of skilled employees

Benefits to employees by flexible working practices are :

• Render their hundred percent in the work to complete the assigned work-related
• Personal life is managed properly along with professional life so they remain satisfied.

Key performance indicator (KPI) is used by the form in order to measure the performance of employees for productive outcomes in intense competitive world.

Online payment method is used to transfer the amount so that cash less mission can be full filled. As well as non-monetary rewards are offered to the employees in which gifts, holiday. Vacation with family etc. are given.

There are distinguish method of determination such as, Book value, discounted cash flow, weighted average method, common discount, transaction comparables etc. Organization is using Book value method of determination because it the easiest way to conduct.

Task 3

P5 Importance of employee relations which influences HRM decision making

Human resource is the foundation key of any business organization that influences decision making. Employees are important for organization who understand the needs and works accordingly to achieve goals. The importance of employee relation are as follows:

Reduces absenteeism: The employees of Merrill Lynch are more serious about their work and they works properly by reducing the absenteeism. Employees feels secure and healthy in case of maintaining good relation by employer. It helps to get best results within organization that motivates employees and employer to make right business decisions.

Strategies for building and improving employee relations and engagement are as follows:

Involve in decision making process: By involving teammates in the decision making process healthy relation among employer and employees can be build as co-worker think that their values are given importance and priority in the decision making process.

Resolve the quarries immediately: Management by resolving big or small issues of the staff members again helps to build clear and transparent relation among firm and sub-ordinate. By this smoothly working environment is provided for the working and feeling of equality is build in the eyes of the workers.

P6 Employment's Key legislation which impacts on decision making

Employment law is build at the workplace so that any kind of illegal activity and discrimination can not be performed in the firm premises. The various legislations are used by Merrill lynch that are:

Healthy and safety Act, 1974: This act is related with health and safety of employees which make feel them good and retain long time. This act states that organization should thing about their employees who are working at workplace. Such as Administrator of Merrill Lynch are providing good health and security to its employees that impacts on decisions positively.

Anti discrimination Act, 1977: Some laws and regulations that prohibits racial discrimination and sexual discrimination at workplace is characterised as anti discrimination act. This act should follow by all organization at workplace that gives equal opportunities to employees by preventing from discrimination. (Bondarouk and Ruël, 2013).

Above mentioned laws are applied by Merrill Lynch that helps to retain employees for long term and it increases productivity and profitability. Such organization treats employees equally and provide them good health and safe environment so decisions can make properly without any hurdles.

Ethical and social responsibilities are performed by the organization so that good will can be raised in the open market place. By doing so living standard of the people can be raised accordingly. All this directly or indirectly raises national economy.

The role of trade unions at national level is that they safeguard the right of the workers and fight for the employees if they are ill treated in the working premises. They fight for staff members, salary, overtime payment, holidays, promotion etc. They work day and night to provide them their human right as well as justice.

Collective agreements is explained as it is a written contract among employer and trade union in which all the terms and conditions of employment are mentioned in the form of bargaining unit. covers grievances, discipline and redundancy which are explained below:

Grievances: In the contact policies regrading grievances resolution are mentioned so that best solution can be attained in the near future without any kind of conflict.

Discipline: Proper formate is followed while framing the contract. Proper sequence is followed so that all the points are covered in organized manner in order to reduces mis-understanding in the near image.

Redundancy: Terms and conditions regarding redundancy is mentioned in the contract held between employees and employer. Here, redundant refers to as too many people working together and are performing the same job.

Grievances is the best practices because it helps to resolve the issues of workers. By this potential workers are retained for longer time duration in the firm. By solving the issues of the co-workers immediately smooth working environment can be build which is a positive mark for the business.

Task 4

P7 Application of HRM practices in organizational context

CV or Resume for Human resource management Lecturer profile

Person specification: This document is very useful for the company as it helps them to identify about the skills, qualification, training experience and other attributes of a person.  

Modern technology has improved recruitment and selection method. As this aspect can be done through the use of online resources, social networking and digital platforms. Digital technology has greatly impacted their day to day working as well as made their work easier. By this skilled and experience employees are hired in short time span.

Designing and placing job advertisements: This is the way through which huge applicant can be attracted to apply for the post through online resources. By promoting the vacant position by making it attractive more candidate will be interested to share their CV on the site.

Short listing and processing applications: Modern tools has made the HR work easy as through online sources the short-listing of candidate and applicants can be done smoothly in organized manner. Also, it saves time and money.

Interviewing and best practices: In order to place deserving candidate at the vacant position interview session is must in order to understand the customer perception and mind set. Also, in order to cross check their data and information gathered through online sources. So, it is the best practices which need to conducted by the HR of the company in effective manner for better results.

Selection best practices: Through modern tools and techniques it has become easy to select appropriate candidate for the job position. Before arriving at the interview physically their CV are scanned properly and telephonic round are taken as well as through Skype interview are conducted. All this saves time of both employer and employees because it consumes lot of time to visit the place for interview in the initial stage. In the final round candidate is called for interview or for other basic formalities. It is the best practices in the limited time duration the most suitable candidate is selected for the vacancy.

Roles and responsibilities of human resources are a crucial and difficult task, understanding the work progress and flow must need in-depth knowledge of the topic to compete for the same. Many students face problems due to lack of sufficient knowledge in the topic and failure to acknowledge the real interest in the management of the human resource, professors get a topic to make create a problem for the students. But do not worry  Instant Assignment Help Australia  has all solutions to your problems, we provide the best quality work for  Human resource essay help with the help of the expert writers we will get your work done with the quality paperwork.

CONCLUSION

From the above discussion it has been summarised that there are different function like HRM, marketing, financing, IT etc. which are managed by HR manager in order to run business successfully. HRM is consider as important function which is perform HR manager by formulating HRM practices and legislations. It focuses on recruitment and selection of potential person by conducting interview programmes and testing process. Different sources are used by organization to recruit the employees like media advertisement, external and internal method that helps to call many applicants in organization. Health and safety act, 1974 and Anti discrimination act, 1977 are used by organization for providing employees benefits and increase productivity.

You may also like to read:

• HRMT2237 - Human Resource Management of Merrill Lynch Firm
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• Human resource management in Hilton Hotel

REFERENCE 

Books and Journal

Tochaee, E. B., Hosseini, H. M. and Reihani, S. S., 2016. Fabrication of high strength in-situ Al-Al3Ti nanocomposite by mechanical alloying and hot extrusion: Investigation of fracture toughness.Materials Science and Engineering: A,658. pp.246-254.

van den Brink, M., Fruytier, B. and Thunnissen, M., 2013. Talent management in academia: performance systems and HRM policies.Human Resource Management Journal. 23(2). pp.180-195.

Kim, D. O. and Bae, J., 2017.Employment relations and HRM in South Korea. Routledge.

Masoudi, A., and et.al., 2012. Long-term investigation on the phase stability, magnetic behavior, toxicity, and MRI characteristics of superparamagnetic Fe/Fe-oxide core/shell nanoparticles.International journal of pharmaceutics. 439(1-2). pp.28-40.

Bondarouk, T. and Ruël, H., 2013. The strategic value of e-HRM: results from an exploratory study in a governmental organization.The International Journal of Human Resource Management. 24(2). pp.391-414.

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