Role of HR and Finance in Business Studies

This report discusses the roles of HR and Finance functions within an organization, specifically focusing on TESCO. It also explores collaborative working practices and the importance of financial management and reporting.

Introduction to
Business Studies

Contents
INTRODUCTION...........................................................................................................................1
Role of HR and Finance function within the organisation..........................................................1
Collaborative working practices..................................................................................................3
Knowledge of role of financial management and reporting within organisation........................3
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Business strategies are considered as the essential components which assist entity to
acknowledge the requirements of marketplace as well as its customers. Moreover, this is vital for
all business is to conduct respective functions for assuring that they may effectively accomplish
their audiences’ requirements. For this, report the undertaken company is TESCO, it is one of the
renowned retailers and having headquarters is in Hertfordshire, England, United Kingdom. The
topics which are going to be discussed in this report are human resource as well as finance
functions role into entity and collaborative work practices. Apart from this, the roles of financial
management as well as reporting are also discussed in this report.
Role of HR and Finance function within the organisation.
Within large entity such as TESCO, there are various functions that are performed through
finance, marketing and human resources department. Some roles which are playe by all of them
in TESCO are discussed below:
Role of human resources:
 Training and development: There are various changes that are occurring within business
atmospheres. So, for being upgraded as well as up to date with whole that modifications,
this is essential for them that their staffs within firm are competent as well as well
trained. Thus, human resources department needs to facilitate training as well as
development session to staff with TESCO so that they could successfully deal with the
modifying external business surroundings.
 Staff relations: This becomes essential for entity to assure that staff relations into firm
are successful. Moreover, the department of human resource within TESCO is
accountable for assuring that effectual as well as open communication among whole staff
in workplace is undertaking so that they may perform together towards the objectives
without any disputes or grievances.
 Recruitment: Recruitment is considered as the fundamental accountability of human
resource department within TESCO that the professionals within human resources
department are needed to accomplish into vacant post of various jobs with competent
persons. Moreover, this is essential as these people would assists entity for successfully
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accomplishing overall objectives in effective and efficient manner (What is the role of
human resource management in an organization?. 2020).
Role of finance department
 Financial planning: For successfully deal with whole marketing operations this is vital that
appropriate budget are planned through entity as well as assigned among various
departments. Within TESCO, finance department is essential as this assist them to
accomplish whole these monetary requirements as well as planning.
 Financial decisions and control: The TESCO’s financial department is accountable for
performing whole physical practices which are undertaking within entity. In addition to this,
it is vital that they are facilitating much information so that financial statements as well as
budgets of firm may be managed from time to time.
 Capital management: As within firm, there is larger capital that is going to be managed
among various departments from time to time. Therefore, In TESCO, their capitals are
maintained through finance functional units for appropriately structuring as well as
composition the capital available with business (The Role of Financial Management in an
Organization, 2020).
Role of marketing department
 Performing consumers as well as market investigation: For effectively accomplishing
the whole requirements of customers, marketing research is needed through entity.
Moreover, the marketing department of TESCO have to assure that they are performing
several market research at regular basis so that it could able to acknowledge the
preferences of clients as well as changing trends of marketing. In addition to this, It also
aids staff to perform the task in favour of entity through accomplishing the several
requirements of customers.
 Meeting the requirement as well as desires of consumers: There are various
requirements as well as desires of clients that are going to be accomplished through
various services as well as goods through entity. In addition to this, the TESCO’s
marketing department is accountable for understanding those requirements of audiences
for accomplishing them in successful way.
 Promoting and managing brand: The main role of marketing department within entity is
to assure that assure that their brand is managed as well as promoted effective and
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efficiently. Moreover, the TESCO’s marketing department is accountable for assuring
that they are maintain the brand value of firm through utilising huge number of several
promotional activities like websites, internet and many others. . along with this, it is also
crucial that clients should be aware regarding the products as well as services that firms
are offerings (The Role of a Marketing Department, 2020).
Collaborative working practices.
Collaborative working and partnership are incorporated for assuring that two and above
entity are performing in successful way. In addition to this, it is also successfully undertaking
several informal networks and alliance, full merger or joint delivery. In addition to this, within
entity the collaborative working practices plays crucial role as into this two or above individuals
perform together those outcomes in simple attainment of objectives in effective way. Along with
this, there are various essential collaborative working practices that are discussed below in
respect of TESCO:
 Enhanced learning projects: This is often monitored that when two or more firms are
performing together then they could able to synergise the aptitude of all others as well as
accomplishing the requirements of audiences in addition to this, there are various
approaches which are utilised through different business as well as joining with one
another would assisted them in understanding the appropriate aspects that would aids
them to accomplish the requirements of its clients. Furthermore, the team work within
entity like TESCO can also assists to meet overall specified objectives on pre-determined
time duration in appropriate and proper way.
 It assists in enhancing innovation: This is vital for entity to regularly bring innovation
into their working. Moreover, when collaborating with another firm, this is important to
bring much innovative thoughts for accomplishing the requirements of clients.
Knowledge of role of financial management and reporting within organisation.
Financial management is considered as the essential aspects within business that assists
them to attain huge profitability as well as also enhance the business productivity for longer
durations. Moreover, the various roles of financial management within TESCO are discussed
underneath:
 Financial Planning: The financial management of entity is accountable for assuring that
they are accomplishing whole needs of capital of business time to time. In addition to
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this, it is often observed that when firms’ needs to explore or maximise its business it
needs larger capital as well as funds for ensuring that they are effectively exploring its
business. Along with this, respective capital is formed through finance department as well
as financial manager is accountable for assuring that they are opting optimal manner of
obtaining the capital. Apart from this, the capital allocation among several department as
well as resources is also performed through financial manager that is an essential
functions for assuring that entity is developing substantially in addition with changing
external environment of business.
 Risk management: While performing into business, there are various risks which
finance of business may face. Moreover, the products as well as practices marketing
incorporate larger risk as more funds are invested into promotional activities as well as
techniques. In addition to this, this is the accountability of manager within TESCO is to
ensures that they effectively acknowledge whole risk which is essential for business.
Along with this, for performing so they are utilising various techniques as well as aspects
that would assist to understand the criteria as well as impacts of several modification
which are going to be performed into business. Furthermore, this si also efficacious
function that would aids entity to assure that they are ready to face the risk as well as it
has funds for managing the dynamic changes within business atmosphere.
CONCLUSION
As per the above report, this has been concluded that, the marketing, human resource and
finance department plays essential role within entity as this assures that overall intents as well as
objectives are accomplished effectively and efficiently. In addition to this, the key benefits of
finance function within business are that this aids them to develop funds as well as manage them
for substantial development. Along with this, the collaborative working assists business to attain
overall objectives with assistance of various staff members.
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REFERENCES
Books and Journal
Aagaard, A., 2016. Sustainable business: Integrating CSR in business and functions. Stylus
Publishing, LLC.
Chi, T. and et. al., 2019. Real options theory in international business. Journal of International
Business Studies, 50(4), pp.525-553.
Farooq, M.S. and et. al., 2017. Acceptance and use of lecture capture system (LCS) in executive
business studies. Interactive Technology and Smart Education
Koesten, L. and et. al., 2019, May. Collaborative Practices with Structured Data: Do Tools
Support What Users Need?. In Proceedings of the 2019 CHI Conference on Human
Factors in Computing Systems (pp. 1-14).
Online
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 a Marketing Department. 2020. [Online]. Available Through:
<https://www.thehartford.com/business-insurance/strategy/creating-marketing-
department/role#:~:text=The%20Marketing%20Department%20plays%20a,and
%20mission%20of%20an%20organization.&text=It%20is%20the%20Marketing
%20Department's,company%20in%20a%20positive%20light.>.
The Role of Financial Management in an Organization. 2020. [Online]. Available Through:
<https://talentedge.com/articles/role-financial-management-organization/>.
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