Role of HR, Marketing and Finance Functions in an Organisation

This report discusses the roles of HR, marketing, and finance functions in an organization, with a focus on Tesco Plc. It explores the importance of collaborative working practices and financial management and reporting. The report highlights the significance of these functions in achieving organizational success.

Introduction to
Business Studies

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................4
Role of HR, marketing and finance functions in an organisation..........................................4
Collaborative working practices.............................................................................................5
Role of financial management and reporting.........................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Every business organisation are very much depend on the contribution received by
different departments which includes HR, Marketing, Finance etc. These departments perform
different but equally important role in the growth and success of an organisation (Tsourvakas and
Yfantidou, 2018) HR function fill the requirements of skilled workforce whereas marketing
department reaches the information of company’s products and services to the targeted
customers by using promotional tools such as TV advertisement, Social media marketing etc.
Finance department holds responsibility of maintain strong financial stability of an organisation
by raising and allotting funds in profitable areas. The present assignment report is based on
Tesco Plc which is multinational UK based groceries and general merchandise retailer having
headquartered in Welwyn Garden City, England. The report discusses the success factors of an
organisation which includes roles of HR, Marketing and finance function, importance of
collaborative working practices, role of financial management and reporting.

TASK
Role of HR, marketing and finance functions in an organisation
All the departments play an important role in an organisation so that all the business
operations can run smoothly the company objectives are achieved on time and within budget. All
the departments individually and collectively contribute towards the success of business as they
help it in performing all the essential functions in an efficient manner. The HR department of
Tesco is responsible for managing the human resources of company so that they can use their
skills in achieving company objectives and increasing its profitability (Blank and Dorf, 2020).
Various functions performed by the HR department are recruitment and selection, training and
development of workers, compensation, rewards, employee engagement, employee retention etc.
All these functions help in improving their work performance so that company goals can be
achieved in desired manner. Finance department of Tesco help in managing the flow of money
within and outside the company so that the financial stability of company can be ensured which
is important for its to smoothly run in the business environment. Various functions which are
performed by this department are related with managing the cash flows of business so that
investments can be made in profitable projects and the money can be used efficiently in
maximising company profits (Trullen and et. al., 2016). This department also help in making
decisions regarding the sources of finance from where desired amount of money can be arranged
for the proper functioning of business and also for investing in new projects of company. It also
helps in controlling the credit of company so that debts of company can be managed so that
balance between the surplus and debts can be maintained which can help in making the financial
statements of the company strong so that the interests of shareholders can be increased (Doppelt,
2017). Marketing department is responsible for reaching to the target customers of the company
so that they can be made aware about the company products and services. It also helps in
performing various other functions like researching the market so that customer demands can be
analysed which can help in developing new products so that high customer satisfaction can be
achieved. It also help in building strong relations with customers by offering the customers with
products and services through effective marketing mix strategy so that high customer satisfaction
can be achieved (Harmeling and et. al., 2017).

Collaborative working practices
Collaborative working is related with having a working environment in organisation
wherein all the workers can work together with high efficiency as focus is given on collaboration
among workers which help them, in efficiently working in teams. Businesses where collaborative
working practices are followed workers can efficiently work together and coordinate their work
so that the work can be completed on time and in desired manner (Feng, Morgan and Rego,
2015). It also help in enhancing innovation in company as all the workers can work together on a
project and come up with creative ideas so as to solve a problem or to deal with customer
demands in an efficient manner. It is important that collaborative working environment exist in
Tesco so that all the employees of company can collaborate their work and help in improving
their work productivity. It can also make the complete process of work in Tesco highly efficient
as all the teams can perform their work in an efficient manner (Gomber, Koch and Siering,
2017). Thus through increased collaboration among employees their productivity can be
enhanced and also they can be made more confident about their contribution towards the success
of company. Collaboration can also help in motivating the employees to perform better as they
are able to efficiently use their skills and knowledge in completion of work which can help
increasing employee retention. Through improved teamwork the company projects can be
achieved on time and stipulated budget which is essential in making the company more efficient
in achieving its objectives. Competitive advantage can be achieved by Tesco by implementing
collaborative working practices in company so that its reputation in market can improve and its
sales can increase. Effective communication, participative leadership, employee engagement,
training and development programmes etc. are certain requirement which can help in gaining a
collaborative working environment in company. It is important that the manager and leaders of
company encourage high participation among workers so that they can contribute towards
making team work and collaborating working practices more efficient (Klein and Falk-
Krzesinski, 2017).
Role of financial management and reporting
Financial management is related with managing the finances of an organisation so that
financial stability of an organisation is achieved and strong financial position of company can be
managed in market. Planning, organising, directing and controlling the finances of organisation
help in their effective management so that a balance between the risks and profits can be

maximised which can help in managing the financial position of business (Nawaz, 2017).
Financial reporting is related with maintaining the financial records of a business so that the
amount of debts and profits of a company can be known which can help in ascertaining the
financial position of a business in market. The financial reports play an important role for the
investors of business as they rely on the financial reports to determine the soundness of business
and its capability to give good returns on their investments in business. Thus both the financial
management and reporting plays an important role in an organisation so that through financial
management financial stability of company can be achieved whereas through the reports
company can gain investment which help in its smooth functioning (Sweeting, 2017). Financial
report also helps the management in making efficient decisions regarding managing the finances
of company so that they can be utilised in maximising the benefits of company and efficiently
utilising of resources so that productivity of company can be increased. In Tesco it is important
that finances of company are prudentially managed so that the financial condition of company
can be made sound and trust of stakeholders can be gained. It also help in making highly
accurate financial statements and balance sheet of company so that its audit can be ethically
conducted which can help it in gaining various benefits on behalf of the audit (Frank and et. al.
2017).
CONCLUSION
It can be concluded from the above report that the growth and success of an organisation
is depends on the efforts and contribution made by different departments and its staff members.
HR function is liable to recruit and select skilled employees according to their skills and abilities
whereas marketing departments is liable to promote produced products and services into the
market so as to influence buying behaviour of targeted customers. Finance departments also
holds a responsibility of enhancing financial performance of an organisation by maintaining
financial statements such as profit and loss a/c, balance sheet. It easily attracts new investors to
show their interest in an organisation. Apart from this, working together by employees always
brings positive results to an organisation due to which it is important for an organisation to
implement collaborative working practices that promotes team work at workplace.

REFERENCES
Books and Journals
Blank, S. and Dorf, B., 2020. The startup owner's manual: The step-by-step guide for building a
great company. John Wiley & Sons.
Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for
business, government and civil society. Routledge.
Feng, H., Morgan, N.A. and Rego, L.L., 2015. Marketing department power and firm
performance. Journal of Marketing, 79(5), pp.1-20.
Frank, M.C. and et. al., 2017. A collaborative approach to infant research: Promoting
reproducibility, best practices, and theory‐building. Infancy, 22(4), pp.421-435.
Gomber, P., Koch, J.A. and Siering, M., 2017. Digital Finance and FinTech: current research and
future research directions. Journal of Business Economics, 87(5), pp.537-580.
Harmeling, C.M. and et. al., 2017. Toward a theory of customer engagement marketing. Journal
of the Academy of marketing science, 45(3), pp.312-335.
Klein, J.T. and Falk-Krzesinski, H.J., 2017. Interdisciplinary and collaborative work: Framing
promotion and tenure practices and policies. Research Policy, 46(6), pp.1055-1061.
Nawaz, N., 2017. A comprehensive literature review of the digital HR research filed.
In Information and Knowledge Management (Vol. 7, No. 4).
Sweeting, P., 2017. Financial enterprise risk management. Cambridge University Press.
Trullen, J. and et. al., 2016. The HR department's contribution to line managers' effective
implementation of HR practices. Human Resource Management Journal, 26(4),
pp.449-470..
Tsourvakas, G. and Yfantidou, I., 2018. Corporate social responsibility influences employee
engagement. Social Responsibility Journal.