Role of HR, Marketing and Finance Functions in Organizations
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Added on  2023/01/10
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This report discusses the role of HR, marketing, and finance functions in organizations, including their key concepts and collaborative working practices. It also highlights the importance of financial management and reporting in organizations.
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Introduction on business studies
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Role of HR, Marketing and finance functions within organisations...........................................1 Concepts of Collaborative working practices..............................................................................2 Role of financial management and reporting in organisation......................................................3 Conclusion.......................................................................................................................................4 References........................................................................................................................................5
INTRODUCTION Business studies refers to a core subject which demonstrates different functions of a company, that helps in running it successfully. It includes role of human resource, marketing, finance functions and more, which perform different-different activities and working practices (Schechner, 2017). The present report demonstrates role of such functions, including their key concepts with an understanding of collaborative working practices. MAIN BODY Role of HR, Marketing and finance functions within organisations To operate a business successfully and meet every desired objective on time, each and every function of a company perform equal and important role. For example – HR or human resourceisoneofthemainfunctionthathelpsinbringingtalentedworkforcewithin organisation, without whom a business cannot be formed (Rossier, Bühlmann and Mach, 2017). For this purpose, a number of activities like hiring and recruiting most eligible people at workplace, provide training to make them familiar with organisational culture and way of carrying out their roles or responsibilities etc. are performed by HR managers. They mostly work in collaboration with other departments, to move business imminently into innovative face, by enhancing its productivity, efficiency of customer services and more. Similarly, another main function is marketing, whose main role is to promote business at marketplace, for bringing awareness among people about type of specific products or services as well as how the same would meet demand of them (Quinlan and et. al., 2019). Along with this, marketing team of a companyalsoconcernsonidentifyingneedsandpreferencesofcustomers,including competitors’ strategy and strengths that avail largest share of market. Through these information, otherdepartmentslikeproduction,sales,HRdepartmentsandother,emphasismoreon developing productivity of business, so that better products can be uniquely offered to targeted audience and gain their retention for longer period. Including above functions, finance management also perform specific key activities of business which are mainly responsible, for solving money related issues. This function is responsible to allocate financial resources to all departments, so that they can carry out their core business activities efficiently (Narayanan, 2017). For this purpose, financial management team involves collection and analysis entire information related to finance data. Along with this, apart 1
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from fund procurement and allocation of capital in different divisions, finance team of a company concerns on enough working capital, efficient inflow and outflow of cash, for meeting operational expenses, by tracking account payable and receivable information. They also taken major decisions on the way surplus or profits of business can be utilised, for meeting future demand in efficient manner, without risk of loss (Howitt, 2019). In addition to this, they work in collaboration with HR and marketing team including other divisions also, for evaluating how capital resource can be managed and utilised in optimum manner. Concepts of Collaborative working practices Collaborative working includes different ways in which different organizations can work together. There are a lot of benefits of implementing collaborative working practices within a workplace. This can include an increased flexibility in the project direction wherein all members of the team are aware of the goals and objectives(Grosser, Moon and Nelson, 2017). Also, when people from different backgrounds come together for a project, they bring along a variety of skills as well as perspectives. This helps in improving the environment of the workplace as well makes sure that the overall creativity among the employees. There are different departments within an organization like Human Resources, Marketing, Operations and Finance. All of these departments work in collaboration with each other. This allows the employees to think out-of-the boxandcreatively.Collaborationamongdifferentdepartmentsensuresthattheoverall productivity of the employees is improved and that they are offered increased possibilities of learning(Ghauri, Grønhaug and Strange, 2020). This is because when the team members of different departments are exposed to collaborative learning, they get a chance to learn new skills and gain knowledge from each other. This not only helps in increasing their skillset, but also improving the employees’ overall worth within the organization. This also helps in increasing employeeengagementaswellastheircommitmenttowardstheirjobs.Also,whenan organizationpromotescollaborativeworkingamongitsdifferentdepartments,theywork together in making sure that the overall stakeholder relationships are enhanced(Cumming and Zhang, 2019). Team leaders of different department. Collaboration allows employees working in different departments to come together and offer their own perspectives. Employees of the company get a chance to approach a particular problem or situation in a creative and unique way instead of just a traditional way(Schechner, 2017). These days, organizations that have operations in different parts of the world, practice the concept of virtual 2
collaboration. This means that employees of different departments working in different locations get an opportunity to interact with each other. This eliminates the need of any kind of infrastructure as well as the company also saves a lot of money in finances. The process of finding solutions to different problems become easier and also the progress can be tracked effectively. Collaborative working practices help in minimizing the risks and increases the organization’s overall ability to finish off important projects within the deadline(Rossier, Bühlmann and Mach, 2017). There are different ways in which collaborative working practices can be promoted within an organization. This can include brainstorming, providing value to the employees and offering them equal opportunities so that they can develop new skills. Also, working across different departments collaboratively can help the employees in delivering new as well as improved output. The organization also gets an opportunity to save unnecessary costs as well as allow knowledge and information sharing within the workplace. Organizations that do not follow or promote collaborative working practices within their workplace have employees with low motivation as well as productivity levels(Quinlan and et. al., 2019). This can lead to creating a negative impact on the overall performance of the organization and its performance within the industry. Role of financial management and reporting in organisation Financial management refers to one of the most important aspect in an organisation, where to start-up a business and run it successfully, it is essential for entrepreneurs to have excellent knowledge about same (Narayanan, 2017). It involves various key activities like strategic planning, directing, organising, managing and controlling entire financial based functions. In this regard, managers associated in this function, mainly took major steps on maintaining the sufficient supply of capital and funds; ensure all stakeholders and shareholders get good return on investment; optimum utilisation of money; and creation of real investment opportunities to run business successfully. For all these procedures, role of financial managers also involves response towards adoption of new technology that helps in monitoring each and every business transaction, so that timely actions can be taken for resolving any financial issue (Howitt, 2019). For managing and reporting data about financial management, managers of a firm carry out various activities like preparing the financial statements, forecasting and managing budget; monitorfinancialdetailsforensuringthatlegalrequirementsareadequatelymanaged; 3
supervising team for reporting and budgeting; reviewing financial reports to reduce costs and overhead expenses; support other departments in utilisation of money for carrying their activities etc. Moreover, financial managers also concern on reducing negative impact of tax laws & regulations, economic crises and more, by making effective and timely capital investment decisions (Grosser, Moon and Nelson, 2017). Such decisions are mainly based on long-term achievements, where managers mainly seek to maximise firm’s value by making investment in newprojectsthatyieldnetpresentvaluewithleastrisk.Forperformingallthesekey responsibilities, people that are associated within financial management work, must have possessed some important skills and key knowledge. It includes analytical skills for taking major decisions;communicationabilitiesforworkingcollaborativelywithentiredivisionsand reporting about financial transactions with proper justification to upper management team (Schechner, 2017). Similarly, key knowledge about way to perform financial planning, allocation & utilisation of funds, controlling overhead expenses, taxation and accounting aspects are essential for performing all above functions appropriately. Conclusion It has summarised from entire report that behind running a business successfully, there are various functions performed by a number of departments in a company. Each and every function like HR, finance, marketing and more, helps in meeting corporate objectives by increasing productivity and performance of business in best way. Along with this, they also support and work in collaborative manner with each other, to ensure that entire resources like manpower, machine and money can be optimised adequately. 4
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