Business Environment and HRM Report

The report delves into the complexities of the business environment, highlighting its impact on various tasks and procedures within organizations. It also explores different types of private and public organizations, their goals, targets, structures, and strategies for success. Furthermore, the report emphasizes the significance of HRM in ensuring employee requirements are met, including compensation, incentives, appraisal, training, and learning opportunities. Additionally, it touches on customer service as a vital aspect of business operations.

HOW BUSINESS OPERATE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
Covered in PPT...........................................................................................................................1
TASK 2 ...........................................................................................................................................1
2.1 Importance of accounting for business success....................................................................1
5.1 Functions of HR department in business..............................................................................1
5.3 Key features of employment legislation...............................................................................2
TASK 3............................................................................................................................................3
3.1 Interpret the information on profit and loss account.............................................................3
TASK 4 ...........................................................................................................................................3
4.1 Self roles and others in team.................................................................................................3
4.2 Notes for supporting future training events..........................................................................4
TASK 5............................................................................................................................................4
Covered in PPT...........................................................................................................................4
CONCLUSION .......................................................................................................................4
REFERENCES................................................................................................................................5
INTRODUCTION...........................................................................................................................1

INTRODUCTION
Business environment can be described as combination of internal and external factors
which impacts on various kinds tasks or procedures of an organisation. It is necessary to observe,
analyse and evaluate these elements before operates any business. Motive of any company is to
gain better productivity as well as profitability of company (Dunning, 2014). This report is based
Mark & Spencer which is British multinational retailer headquartered in City of Westminster,
London. It was founded in 1884 by Sir Michael Marks and Thomas Spencer which deals in
selling of clothing, home products and luxury food items to people at global level. This
assignment will discuss about structures of different private or public organisations along with
goals or objectives. Significance of accounting, functions of HR, key features of employment
legislation and many more aspects are described below.
TASK 1
Covered in PPT
TASK 2
2.1 Importance of accounting for business success
Every business must be aware about funds and capital of company because the whole
company is based on money which is implemented to conduct several activities or tasks. It is
necessary to put an appropriate amount of funds in organisation to run business properly. Some
of regular expenses are there such as raw material, electricity bill, wages or salaries to
employees, maintenance of equipments or machinery used in production and many more
(Doppelt, 2017). If Mark & Spencer company requires to implement some kind of changes or
modifications as per changing trend of market then also they have to put desired amount of
money into organisation to follow market fashion. It is mandatory to follow scenario of market
place to attract more customers along with retaining current ones to increase sales and profits of
company. This will facilitates to grab more market share ad build strong position in front of
several types of competitors.
5.1 Functions of HR department in business
Human resource department can be described as that section of company which helps to
manage man power thorough allocating tasks or activities to staff member as per their field of
expertise to gain desirable output. HRM have to make sure about requirement of employees

regrading compensation, incentives, appraisal, training or learning and many more. Some of
function which carried out in mark & Spencer are given below:
Training and development :- Different types of training events or programs should be
organised by companies to improve skills an abilities of staff members for increasing their
performance in future to attain better productivity as well as profitability in company. Such
procedures render support to gain professional and personal growth in career.
Performance appraisal :- Several procedures which are conducted by HR team to
motivate employees by providing compensation, incentives, bonuses, rewards etc. to appreciate
them for their excellent performance. It also includes to render information about threats in
working outcomes to workers along with techniques to overcome with them (Palattella And et.
al., 2016).
Recruitment and selection :- This can be described as manor and one the most
important task of HR department to hire desired candidates to fulfil vacant designations so that
roles or duties will be completed in accurate manner.
The above mentioned activities are essential to be carried out in an organisation to
complete task and procedures for achieving better productivity as well as profitability.
5.3 Key features of employment legislation
There are different kinds of legislations which are made by government authorities to
protect fundamental rights of employees while working in specific organisations. Mark &
Spencer have to follow these legal rules to avoid penalties. Some of these rules are described
below:
Employment Rights Act :- It includes various types basic rights which should be
followed by companies to provide appropriate benefits to staff members. This may involve
minimum wages, limited working hours, protection from unfair dismissal at work (Adjei and et.
al., 2014).
Sex Discrimination Act :- Some times, it is observed that companies behave partially
with men and women while providing compensation and other opportunities. According to law,
organisations should render equal chances to every candidate so that they can achieve growth in
career.

Equal Pay Act :- Superiors render wages or salaries partially to employees and to
improve benefits for employees so that they become able to fulfil their needs and desires on
regular basis.
Disability Discrimination Act :- Some individuals are physically disabled and due to
this reason they are not capable to get good jobs then it is mandatory to provide opportunities
handicapped persons, this will render support to them to spend their life properly.
TASK 3
3.1 Interpret the information on profit and loss account
Profit and loss account interpret the financial position of the business organisation
whether they are earning high profits and losses. Manager have to maintain proper records that
determine the profits or losses that are earned in single financial year. There are number of
financial instruments that is prepared in this regard that are income and expense statement,
balance sheet, profit & loss account. All these instruments help Mark & Spencer to calculate
their financial position so that they could able to find out key areas that require proper attention.
Mark & Spencer have to make record all data and information which is related to its
expenditure, incomes that either yield them accomplishment of final outcomes ad results.
Management have to make proper decision in accordance to this so that they could able to make
improvements in the key areas that play vital role in the business organisation (Omar, Leach and
March, 2014). As mark & Spencer is a successful organisation system so that they have proper
aims and objectives that need to be accomplished in set time periods. Therefore management
have to ficus on such areas so that the final goals can be reached.
TASK 4
4.1 Self roles and others in team
Roles and responsibilities of different types of people working in an organisation are
important to fulfil desires for attaining targets or goals. It is essential for every single worker to
complete their tasks and events properly to gain desirable results on regular basis. It is important
to analyse and evaluate self threats or issues in performance and try to overcome with them. This
is mandatory to improve efficiency of co-operation as well coordination.
Colleagues are required to be perform their tasks and activities in accurate manner to at
particular given period of time to gain regular outputs in desired way. There are various kinds of

problems and issues that are arises due to lack of cooperation. To reduce such threats, it is
compulsory to establish better relations and mutual understanding to do several procedures to
gain required outputs (Gassmann, Frankenberger and Csik, 2014).
4.2 Notes for supporting future training events
Training and learning activities are necessary to be conducted on regular basis to improve
abilities and qualities of staff members to increase productivity in future. It is important to
observe and analyse requirements of learning procedures that should be organised by Mark &
Spencer to increase productivity and profitability in future. Trainer should be appointed by
properly analysing their education and experience along with focussing several suggestions of
employees to get better results from learning or development processes (Bernstein, 2015).
There are three motivation theories such as Maslow's hierarchy theory, Theory X and Y
and Hertzberg theory which can be utilised by mark & Spencer to motivate workers. Similarly,
different types of leadership style like democratic, autocratic etc., that may implement to
complete targets properly.
TASK 5
Covered in PPT
CONCLUSION
The above report had concluded that Business environment can be described as
combination of internal and external factors which impacts on various kinds tasks or procedures
of an organisation. There are different types of private and public organisations which has their
own specific goals and targets as per their criteria of operating business for generating desired
outcomes. Different types of companies have their own structure along with unique strategies or
policies to carrying out their tasks and activities to generate better p[roducti9vity as well s
profitability of company. HRM have to make sure about requirement of employees regrading
compensation, incentives, appraisal, training or learning and many more. Profit and loss account
interpret the financial position of the business organisation whether they are earning high profits
and losses. Customer service is an essential aspect which should be done in appropriate manner
to get better outcomes in company.

REFERENCES
Books and Journal
Shenkar, O., Luo, Y. and Chi, T., 2014. International business. Routledge.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Dunning, J. H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the
1990s. Routledge.
Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for
business, government and civil society. Routledge.
Palattella, M.R. And et. al., 2016. Internet of things in the 5G era: Enablers, architecture, and
business models. IEEE Journal on Selected Areas in Communications. 34(3). pp.510-
527.
Adjei, H. and et. al., 2014. Assessing the Corporate Social Responsibility Activities of Atwima
Kwawoman Rural Bank Limited and its Impact on the Communities it Operates.
European Journal of Business and Innovation Research. 2(4). pp.36-47.
Omar, A. T., Leach, D. and March, J., 2014. Collaboration between nonprofit and business
sectors: A framework to guide strategy development for nonprofit organizations.
VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations. 25(3).
pp.657-678.
Gassmann, O., Frankenberger, K. and Csik, M., 2014. The business model navigator: 55 models
that will revolutionise your business. Pearson UK.
Bernstein, M. H., 2015. Regulating business by independent commission. Princeton University
Press.