Role of HR and Finance Functions in Business Organizations

This report discusses the roles of human resource and finance functions within an organization, focusing on Tesco. It also explores the importance of collaborative working practices and the knowledge of financial management and reporting in business.

Introduction to Business
Studies

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Role of HR and Finance function within the organisation..........................................................3
Collaborative working practices..................................................................................................5
Knowledge of role of financial management and reporting within organisation........................5
Conclusion.......................................................................................................................................7
References........................................................................................................................................8

Introduction
Business studies refer to an important element in business that helps organisations to
understand e need of market and their consumers. It is necessary for every business organisation
to perform this function in order to make sure that they can successfully fulfil this need of their
consumers (Cagle, Yılmaz and Doğru, 2020). The following report is carried upon Tesco which
was discovered in 1919 by Jack Cohen. They are successfully serving customers in a number of
countries including India, South Korea, Hungary, United Kingdom, and Ireland and so on. The
following report is discussing various role of human resource and finance functions within an
organisation. The collaborative working which will successfully elaborate knowledge and role of
financial management in the organisation or also discussed.
Main Body
Role of HR and Finance function within the organisation
In a huge organisation like Tesco there are a number of different functions which are
performed by human resource, marketing and finance department of the organisation. Below
mentioned are its description:
Roles of human resource
Recruitment: Recruitment is the primary responsibility of human resource department in Tesco
within which the professionals in human resource department are required to fill in the vacant
positions of different jobs with skilled individuals. It is necessary as these individuals will help
the organisation in order to successfully fulfil all the goals and objectives.
Training and development: There are a number of changes taking place in business environment
from there today. In order to be up to date with all those changes it is necessary that the
employees in the organisations are skilled and trained. Therefore human resource department
provides training and development to the employees in Tesco so that they can successfully deal
with the changing external environment of the business.

Employee relations: It becomes necessary for an organisation to make sure that the employees
relation within the organisation are successful (Macchi, Savino and Roda, 2020). Human
resource department in Tesco is responsible to make sure that effective and open communication
between all the employees in the organisation is taking place so that they can together work
towards the goal without any grievances or conflicts.
Role of marketing
Promotion and managing brand: The key role of marketing department in an organisation is to
promote and manage the brand. The marketing department of Tesco is responsible to make sure
that they are maintaining brand value of the organisation by using a number of different
promotional tools such as internet, TV, website and so on. It is necessary that the consumers are
well aware about products and services of the organisation.
Conducting customer and market research: Order to successfully fulfil all the needs of
consumers market research is required by organisations. The marketing department of Tesco
make sure that they are conducting various market research from time to time so that they can
understand consumer preferences and changing market trends. It also assist the employs to work
in favors of organisation by fulfilling different needs of consumers.
Meeting customers’ needs and wants: There are a number of different needs and requirements
of consumer which are to be fulfilled by different services and products provided by the
organisation. The marketing department of Tesco is responsible to understand those needs and
wants of consumer in order to fulfil them successfully.
Roles of finance
Financial decisions and controls: The finance department of Tesco is responsible to conduct all
the physical activities that are taking place in the organisation. It is necessary that they are
providing enough information so that the financial statements and budgets of the organisation
can be managed from time to time.
Financial planning: In order to successfully deal with all the market operations it is necessary
that proper budget are planned by the organisation and allotted between different departments

(Nair and Reddy, 2017). In Tesco finance department is necessarily required in order to fulfil all
these financial needs and planning.
Capital management: There is huge capital which is to be managed between different
departments from time to time. The capital in the organisation of Tesco is maintained by finance
department in order to properly structure and composite the finance and capital available with
business.
Collaborative working practices
Collaborative working and partnership are involved in order to make sure that two or
more organisation and working successfully. This is also successfully covering various informal
and alliances for joint delivery of certain projects through merger. Organisation and also
collaboratively working together in order to make sure that all the important role of business has
successfully fulfilled by more than two people which can help in proper conduction of the work.
Various important collaborative working practices within an organisation I mentioned below:
It helps in increasing innovation: It is necessary for an organisation to continuously bring in
innovation in its working. When collaborating with other organisations it is easy to bring in more
innovative ideas in order to fulfil needs and requirements of consumers.
Increased learning prospects: It is often seen that when two or more organisations are working
together they can synergize the aptitude of each other and fulfil the needs of customers. There
are a number of different approaches used by different business and joining with each other will
help them to understand the best prospect which will help in fulfilling the needs of their
customers (Albertoni, Elia and Piscitello, 2017). Along with this the teamwork in organisation
can also successfully help in meeting all the required goals and objectives of the organisation in
the stipulated time period in a better manner.
More adaptability in venture: It is often seen that when a group is having information and
grasping the assortment of different attitudes it helps in improving capacity of the business.
Along with this working together can also help in gaining the best result and satisfying the
consumers more than they are when working alone.

Knowledge of role of financial management and reporting within organisation
Financial management is important aspect in business which helps in attaining more
profits and also increasing productivity of business for a longer period of time. Various roles of
financial management in Tesco are mentioned below:
Financial decisions and control: The financial manager in Tesco is responsible to take all the
decisions regarding finance and imposes control over the funds within the business. They are
offering a number of different techniques such as financial forecasting, profit and loss analysis,
ratio analysis, cash flow system in order to successfully understand which of the following
policy can help the business in order to make sure that they are achieving all the objectives in the
given time period.
Financial planning: The financial management of an organisation is responsible to make sure
that they are fulfilling all the capital requirements of the organisation from time to time. It is
often seen that when an organisation goes to expand or enhance their business they require huge
funds and capital in order to make sure that they are successfully expanding their business. This
capital is developed by finance department and the finance manager is responsible to make sure
that they are choosing optimum way of acquiring the capital. Allocation of capital between
various departments and resources is also done by the financial manager which is an important
function in order to make sure that organisation is growing sustainably along with the changing
external business environment.
Risk management: While working in a business there is a number of different risks that finance
of the business can face. The marketing of products and activities include huge risk as huge
funds are invested in promotional tools and activities (Aagaard, 2016). It is the duty of manager
in Tesco to make sure that they appropriately understand all the risk that is important for the
business. In order to do so they are using a number of different tools and criteria is which will
help in understanding the aspects and effects of various changes that are going on in business. It
is a successful function which will help the organisation to make sure that they are ready to face
the risk and they have the funds in order to manage the dynamic changes in business
environment
Therefore all these functions of finance management are necessary for the organisation to
make sure that the task has successfully completed bringing maximum customer satisfaction.

Also the reporting of all the financial aspect is necessary so that all the desired goals of the
organisations can be achieved. When talking in simple terms it is often said that reporting and
documentation of various work in an organisation helps them to create evidence of the task
conducted which can be used later on.
Conclusion
With the help of the following discussion it can be successfully summarised that human
resources, marketing and financial development of an organisation is necessary to make sure that
all the aims and objectives of organisation are fulfilled. The major advantage of financial
function in the business is that it helps in creating funds and managing them for the business to
sustainably grow. Also collaborative working helps the business in accomplishing all their goals
and objectives taking help from others.

References
Books and Journals
Cagle, M.N., Yılmaz, K. and Doğru, H., 2020. Digitalization of Business Functions under
Industry 4.0. In Digital Business Strategies in Blockchain Ecosystems (pp. 105-132).
Springer, Cham.
Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability in the
manufacturing strategy through a multiple perspective of different business
functions. Journal of Cleaner Production, p.120771.
Nair, J. and Reddy, D.B.S., 2017. Leveraging Enterprise Resource Planning Systems to Digitize
Business Functions. In Enterprise Information Systems and the Digitalization of
Business Functions (pp. 20-46). IGI Global.
Albertoni, F., Elia, S. and Piscitello, L., 2017. Complementing the reshoring of manufacturing
activities: the relocation of business functions. In Reshoring of Manufacturing (pp. 57-
75). Springer, Cham.
Aagaard, A., 2016. Sustainable business: Integrating CSR in business and functions. Stylus
Publishing, LLC.