Role of HR, Marketing, and Finance Functions in Organizations

INTRODUCTION TO
BUSINESS STUDIES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO1. The role of HR, Marketing and Finance Functions............................................................3
LO2. Collaborative Working Practices........................................................................................4
LO4. Financial Management and Reporting within the organisation..........................................5
CONCLUSION -.............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
This report evaluates the role of HR, Marketing, and finance function within the
organisations and the collaborative working which has been growing over the years. This report
further discusses Financial Management and Reporting that is done in organisation.
MAIN BODY
LO1. Roles of different department in Organisation -
The following discussed below is the role of HR, Marketing and Finance functions within the
organisation -
Role of HR -
Recruitment & Training – Recruitment means finding appropriate candidate for a particular role,
advertising a vacancy, selecting and interviewing candidate, overseeing contracts of
employments etc (Ajoudani and et.al., 2020). It is the responsibility of HR department to provide
training to its existing and new employees in order improve their skills.
Performance Appraisal – HR department cheer and motivates employees to work with their full
potential. It also monitors the performance of employees and give rewards and training as per the
employee performance.
Maintaining work Atmosphere – It is the responsibility of HRM to provide good working
environment so that consistent productivity is maintained and no issues arise. If any disputes
arises, it is to be effectively dealt by HR department.
Compensation and Benefit Administration – People work in the organisation for growth and
financial assistance (money) all decisions regarding the post salary, benefits rewards that is taken
by HR department.
Role of Marketing -
Determining and Managing Organisation's Brand – This role involves defining what
organisation is, what is does it do and how does it showcase itself in the market (Bettiol,
Capestro and Di Maria, 2017). It focuses on the impression that organisation want to have on its
customers and partners when it interacts with them.
Listening to Customer Needs – It is the responsibility of Marketing department to formulate
strategies, before that it needs to take feedbacks from internal channels and from outside the
company to know have complete ideas what can be improved in its products and services.