Roles of HR and Finance Function within Tesco

This poster discusses the roles of HR and finance function within Tesco, including recruitment, financial planning, capital management, promotion, and customer research.

Introduction to Business Studies
INTRODUCTION
This poster is based on Tesco which was founded in 1919 and
founder was Jack Cohen. They are serving in UK, Ireland, India,
South Korea, Czech Republic, Slovakia and Hungary. This poster
will be going to discuss role of HR and finance function within
organisation.
Function within Tesco
In an organisation like Tesco, there are several roles are performed
by Human resource, marketing and finance department. The
description of them as under:
Roles of HR
Recruitment- It is the primary role and responsibility of Human
resource division (What is the role of human resource management
in an organization?. 2020). In Tesco, within this role, the HR
function conduct hiring and selection process for filling the vacant
positions of particular job positions by using and considering
different methods of recruitment and selection.
Training and development- It is another effective role of Human
Resource department. In Tesco, under this role, the HR manager
organise training and development programmes so that existing and
newly hired employees can make development in their skills and
knowledge. In respective establishment, the HR divisions provide on
the job and off the training to its staff.
Employee relations- It is an effective role of HR function and within
it, by using following effective communication and open
communication, the management of Tesco, make good relation with
employees. It is crucial as it assist in developing venture and
reducing conflicts.
Roles of Marketing
Promotion and managing brand- It is the key role of
marketing function and by performing this role, the marketing
department of Tesco, endorse its goods and services by using several
promotional tools like social media, internet, TV, company website,
web advertisement and many more. So that people are aware with
the commodities and services which are offered by the business
firm.
Conducting customer and market research- It is another
effective role of marketing. In Tesco, the marketing manager
organise market research so that they can familiar and find out needs
and demands of consumers, changes which are arisen in consumer
preferences and market trends. This will assist in producing products
as per customers and market requirement as well as meeting needs
of target audiences and market.
Meet consumer’s needs and wants- In Tesco, this
function play an effective role in term of fulfilling consumer needs
by offering commodities as per their taste, preferences and
requirements (The Role of a Marketing Department, 2020). They
control wants, as these are shaped through cultural and individual
personalities.
COMMUNICATION PRINCIPLES
Roles of Finance
Financial decisions and controls- Financial manager plays an effective role
in making monetary decisions and exercising control over fund and capital with the
business venture. In Tesco, They make utilisation of financial techniques such as
ratio analysis, financial forecasting, profit and loss analysis etc. in term of taking
finance related decisions.
Financial planning- In Tesco, finance managers are accountable for the planning of
fiscal activities and processes with the firm (The Role of Financial Management in
an Organization. 2020). To this end, they utilise accessible information to
acknowledge the demand and priorities of the venture as well as the whole financial
situation and make plans and financial statements or budgets for the same.
Capital management- It is an effective role of finance function to estimate the capital
needs of the business establishment for time to time, determine the capital structure
and composition and make the selection of source of finding for the finance
requirements.
CONCLUSION
After going through overall discussion it has been summarised that, Human resource
have several important role in organisation as it work for employees and organisation
both. As they provide assistance in accomplishing desired goals and objectives in
effective manner.
REFERENCES
What is the role of human resource management in an organization?. 2020. [Online].
Available Through: < https://www.poppulo.com/blog/what-is-the-role-of-human-
resource-management-in-an-organization/>.
The Role of Financial Management in an Organization. 2020. [Online]. Available
Through: < https://talentedge.com/articles/role-financial-management-organization/
>.