Role of HR, Marketing and Finance Functions in an Organisation

This assignment discusses the role of HR, Marketing and finance function along with the importance of collaborative working practices in an organisation.

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.............................................................................................4
Role of financial management and reporting.........................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Every business organisation desires to get strong market image and long term
sustainability and it can be possible only if various departments such as finance, HR, Marketing
etc. performs its allotted roles and responsibilities in an efficient manner (Waldron, 2017). Apart
from this, working together by employees always brings profitable result to an organisation thus
it is important for an organisation to promote collaborative practices that brings all employees
together for achievement of organisational goals and objectives. The present assignment is based
on Amazon which was established in the year 1994. It is an American multinational technology
company which started as an online marketplace for books but expand its business by selling
wide range of products including electronics, furniture, jewellery and many more. The report
discusses the role of HR, Marketing and finance function along with the importance of
collaborative working practices.

TASK
Role of HR, marketing and finance functions in an organisation
Every department within an organisation contributes equally efforts towards the
achievement of organisational goals and objectives by performing different but important roles.
It includes HR, Marketing, Finance etc. On the basis of two factors i.e. size and complexities
importance of departments to an organisation depends. Business without a set organisational
structure have problems implementing company policies and operating at efficient production
level. Amazon is multinational organisation thus achieving sustainability in global market can be
possible if their respective departments performs well. HR department is responsible to recruit
and select right candidates for the right position at the right time so that possibilities of achieving
desire target will be maximum (Bos-Nehles and Bondarouk, 2017). Human resource department
is the critical component of employee well being in any business, no matter how small the
business is. Following are the main responsibility of Human resource as these are benefits,
payrolls, hiring, calculation of TDS and employment related tax for deduction on salary. For this,
they conduct interview programs, training and development programs, providing rewards to
existing employees on the basis of their performance so that retention of skilled employees with
company can be high. Finance department also plays an important role in the growth of business
of Amazon by raising finance from different sources such as Bank loan, investors etc. and
allocate them according to the requirements. They are responsible to make availability of
sufficient funds so that business activities can be executed smoothly without facing any issues
(Nawaz, 2017). It assists an organisation to invite new investors by disclosing accurate financial
position through maintaining financial accounts and reports. Apart from this, marketing
department plays an effective role in increasing customer base and sales of Amazon by using
different promotional channels such as TV Advertisement, social media marketing etc. It makes
direct impact on the buying behaviour of targeted customers in favour of an organisation. For
example, hiring celebrities such as Ranbir Kapoor to promote Amazon’s product in India. Thus,
all these departments contribute maximum support mutually with an objective of maximising
profitability of an organisation (Kumar, Rahman and Kazmi, 2016).

Collaborative working practices
Collaborative working is defined as a process of bringing employees together to perform
better in order to improve their productivity as well as efficiency. It promotes healthy working
environment which encourages workers to perform well and gain strong position within an
organisation (Hope and Vyas, 2017). Brain storming, Providing value and equal parketing are
some important aspects that collaboration brings. To promote self analysis, problem solving, It
helps to look at the bigger picture as these are some reasons due to which business encourage
collaboration among their team. It also help the company to pool off strengths and talent,
develop and improve skills and knowledge of employees, it become helpful for speedy solutions,
help to increase efficiency, gives retention of workforce for long term and also provide job
satisfaction. Amazon is multinational organisation which employed large number of workers
thus getting maximum support from them in achievement of its short and long term objectives is
important which can be possible if satisfaction level and working behaviour of employees are
maximised. Thus, collaborative working practice is important for Amazon to adopt in order to
provide an opportunity to employees to generate new and innovative ideas so that it could be
undertaken while decision-making process. Collaborative supports employees to get equal
chance of performing with more efficiency and taking support from co-workers. It brings
motivation among them and creates healthy relations among employees (Clow, 2016).
Sometimes, employee lacking knowledge in specific area due to which they cannot perform as
per their expectations. Thus, getting support from co-workers who have sufficient knowledge
and experience in particular field helps employees to improve their productivity and performance
level. Thus, leaders and managers of Amazon should conduct several practices such as role play,
meetings, form groups etc. to bring staff together. Leaders can adopt democratic leadership style
which promotes employees to perform freely without getting suggestions from anyone. It makes
employees more capable to create new thoughts and ideas to make managers’ decision more
effective (Harmeling and et. al., 2017).
Role of financial management and reporting
Finance is an essential part of every company. It is difficult for organisation to sustain for
long duration without adequate finances. Efficient management of these financial resource is
essential to be sustainable and viable in the long run. Due to importance of finance function in
organisation, demand for skilled and intelligent professional has always been steady. Financial

management and finance manager play crucial role in making financial decisions and exercising
control over finance in the company. They use smart techniques for doing ratio analysis,
financial forecasting and for making financial statements such as balance sheet, cash flow
statements, Profit and loss account statement etc. Finance manager are held responsible for
planning of financial activities and resources in the organisation. For that purpose members of
finance team use available data to understand the needs and priorities of the the company and
help to make plan and budgets for the same so that they can reflect the true and fair financial
position of the company. Financial management is held responsible to record all expenditures
incurred and income generated by an organisation in order to identify their actual financial
stability into competitive market. It comprises of different functions that to be perform by
financial management which includes planning, organising, directing and controlling etc.
Maintaining financial reports that contains information about cash inflows and outflows makes
easy for multinational organisations such as Amazon the amount of funds they have at present to
spend in execution of different business activities (Doppelt, 2017). It encourages departments of
an organisation to freely implement their ideas by investing funds in different areas. The main
purpose of producing financial report is to invite new investors and ensure existing shareholders
regarding their return on their investment. This facilitates an organisation to get funds easily
from market. Amazon is operated its operations in different nations and generating huge
revenues every year thus maintaining record of expenditure and income helps their manager to
know that whether their company could sustain in market for longer duration or should make
changes in existing policies to achieve the same (Olaisen, and Revang, 2017). Both financial
management and reporting plays significant role in the maintaining strong market position of an
organisation. For example, financial management ensures appropriate availability of funds to an
organisation whereas reporting ensures financial stability of company. It motivates management
to make an effective decision for future time period as having appropriate amount of funds
makes easy to go for risk that may bring profitable result in return and moves ahead than their
rivals in competitive market (Rivera, 2018). Financial report likewise helps the administration in
settling on proficient choices with respect to dealing with the funds of organization so they can
be used in amplifying the advantages of organization and effectively using of assets so
profitability of organization can be expanded. In Amazon it is significant that accounts of
organization are prudentially overseen so the financial stability of organization can be caused

sound and trust of partners to can be picked up. It likewise helps in making exceptionally precise
fiscal reports and monetary record of organization so its review can be morally led which can
help it in increasing different advantages in the interest of the review (Trullen and et. al., 2016).
CONCLUSION
It has been concluded from the above report that organisations can achieve its desired
goals and objectives within pre-determined time period when various departments such as HR,
Finance, Marketing etc. perform their allotted roles and responsibilities in more effective and
efficient manner. For an instance, HR division recruits skilled and knowledgeable employees,
Marketing promotes products and services of an organisation, Finance raises and manages funds
etc. It makes easy for an organisation to achieve long term sustainability into market. Apart from
this, collaborative working practices is also beneficial to adopt in order to bring motivation
among employees and creates healthy working atmosphere. To attain financial stability, it is
important for financial management to maintain records and documents that contains relevant
information and data related with actual financial performance of an organisation.

REFERENCES
Books and Journals
Bos-Nehles, A. and Bondarouk, T., 2017. HRM implementation in Europe–the need for a
dialogue between HR and line management. European journal of international
management, 11(5), pp.511-514.
Clow, K.E., 2016. Integrated advertising, promotion, and marketing communications. Pearson
Education India.
Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for
business, government and civil society. Routledge.
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.
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.
Hope, O.K. and Vyas, D., 2017. Private company finance and financial reporting. Accounting
and Business Research, 47(5), pp.506-537.
Kumar, V., Rahman, Z. and Kazmi, A.A., 2016. Stakeholder identification and classification: a
sustainability marketing perspective. Management Research Review.
Nawaz, N., 2017. A comprehensive literature review of the digital HR research filed.
In Information and Knowledge Management (Vol. 7, No. 4).
Olaisen, J. and Revang, O., 2017. Working smarter and greener: Collaborative knowledge
sharing in virtual global project teams. International Journal of Information
Management, 37(1), pp.1441-1448.
Rivera, M.D., 2018. Paying for financial expertise: privatization policies and shifting state
responsibilities in the school facilities industry. Journal of Education Policy, 33(5),
pp.704-737.
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.
Waldron, K., 2017. Implementing a collaborative working environment using agile: The
lexisnexis experience. LIM, 17, p.16.