Role of Finance, Human Resource and Marketing function in the organisation

This report discusses the role of finance, human resource, and marketing functions in an organization. It explores collaborative working practices and the importance of financial management and reporting. The report focuses on Marks and Spencer as a case study.

Human resources role,
marketing and finance
functions within organisations

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role of Finance, Human Resource and Marketing function in the organisation. ......................3
Concept of Collaborative working practices...............................................................................5
Role of Financial Management & reporting in an organisation..................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
The Human Resource, Marketing as well as finance functions plays vital role within an
organisation. They work towards to achieve common goal of an association. Finance department
of a company emphasise on raising money in order to perform business activities appropriately
(Banerjee, 2017). Marketing department focuses on identifying customer needs, promotion of
products and many more whereas management of employees prevailing in the organisation is the
role of HR department. In the present report, Marks and Spencer is chosen as a base company. It
is a multinational retail organisation founded in year 1884 by Michael Marks & Thomas
Spencer. The report covers different functions of Marketing, HR and finance function of an
association. It also discuss about collaborative working practices in an organisation.
MAIN BODY
Role of Finance, Human Resource and Marketing function in the organisation.
In every organisation, HR, Marketing & finance plays important role which helps in
attaining desired goals within the specified time frame. The functions of al, this department is
discussed below with relation to company:
Functions of HR:
Human resource assist companies to manage their valuable resources that is its
employees. They develop a good relations with employees so that organisational gaols is
achieved effectively. The functions is mentioned below:
Recruitment: The main role of Human Resource is to recruit effective candidate who has
the ability to carried out business activities efficiently. They help companies to hire right
candidate at right job (Charter and Polonsky, 2017). Human resource post jobs, scrutinize
candidate, conduct interview & coordinate with managers for final selection. In context to Marks
& Spencer, its human resource manager identifies requirement of company and then recruit
candidates accordingly. They adopt several methods to hire appropriate candidate such as
Aptitude test, interview, background checking and so on.
Employee Relations: The other major function that Human Resource play is maintaing
good relationship with each and every employee which help them to reatain staff members for
longer time period in the company. With this, it saves the cost of hiring new employee of the

company. An effective relation among the employees and Human Resource leads to raise in the
productivity and performance level of subordinates of the company. With reference to Marks &
Spencer, HR manager of company organises informal meetings so that employees share their
views to all staff members and can interact with others effectively. This assist them to develop
healthy relationship with employees which leads to enhancement of productivity as well
profitability level of company.
Compensation & Benefits: Human resource function involves setting compensation,
payroll and so on. They give compensation to employees as per their performance which
motivates staff members to work with full potential and attain organisational goals within given
time period (Deepak and Jeyakumar, 2019). In relation to Marks and Spencer, Human resource
specialist evaluate performance of employees and then give compensation accordingly such as
Holiday packages, paid leaves, medical benefits etc.
Functions of Marketing:
Marketing is the process of identifying customer needs as it involves activities from
production till product reaches to customer. There are various function which a marketing
department of companies perform are as follows:
Planning: The important role of marketing is to do effective planning which assist in
attaining organisation goals effectively. They develop marketing strategies in order to aware
customers and to enhance sales level of company. With reference to M&S, marketing team make
effective strategies considering timeline which leads to achievement of their goals in a defined
manner.
Pricing: One of the major role of marketing is pricing. The success & failure of company
is largely depend on the price they charged from customers in the market. They decide price of
goods and services considering competitors price in the market. In context to Marks & Spencer,
they adopt competitive pricing strategy which assist them to increases sales and profitability of
company (Furue and Washida, 2017). In addition to this, company also follows dynamic pricing
strategy as they offer high discounts on products in seasonal time and vice versa.
Promotion: Herein, company inform and educate customers about their goods and
service which attracts them to purchase. The sales as well as profitability of company rely on
how they promote their product in market. It involves various methods such as sales promotion,
advertising, publicity and so on. With reference to Marks & Spencer, its marketing team

organises advertising campaign, social media campaign what helps in reaching large number of
customers and to raise their sales level (Papageorgiou, 2018).
Functions of Finance:
Finance department managing funds, acquiring funds as well as plan expenditure of
companies effectively. It is basically managing the resources of a firm so that objectives & goals
can be achieved properly. The function of finance are as follows:
Financial reporting: It is the responsibility of finance department of an organisation to
keep records and maintain finance report so that expenses of a company is calculated easily and
appropriately (Irwin and et. al., 2018). With reference to Marks and Spencer, the finance
manager emphasise on maintaining records which helps them to judge the financial performance
of the company.
Managing cash flow: The main role of finance is to manage cash flow & ensure that
funds are available for meeting day to day activities of company. They also ensure that creditors
were paid on time and collections are received correctly. In context to Marks and Spencer, its
finance manager focuses on inflows and outflows of company properly. They also emphasise on
that enough funds is available to carry out operations of company effectively which leads to
achievement of desired goals within time frame.
Concept of Collaborative working practices
Teams are basically a group of people who works collaboratively & performs tasks
effectively to attain their desired goals. Along with this, Teamwork in an organisation means
group of employees collectively work together with an aim to achieve organisational goals
within time frame.
Collaborative working practices plays major role in an organisation as it declines
conflicts, raise efficiency of employees & implement operations effectively as well as efficiently.
With reference to Marks & Spencer, the company have different departments and performs
various duties and task (Mcdonnell and Sikander, 2017). The working of these teams are
interrelated with each other so it is important for higher authorities to focus on maintaining good
environment at workplace. Teamwork is essential as it reduces complexities and raise
performance of companies.
Marketing & Finance Department:

The main role of marketing team is to develop and conduct promotional activities for
Marks and Spencer in order to increase their sales. Every organisation needs high amount of
investment to implement advertising and promotional activities in the market. The finance
department allotted money to marketing department. So it is important that both teams work
together efficiently. Marketing team of Marks and Spencer conducts market research and for this
finance department provide them budget accordingly.
Marketing department and R& D
The main role of research & development team in an organisation is to develop new idea
which is effective to offer in market and attracts large audiences. This is the reason they are
working with marketing department of company, as they conduct market research to understand
and identify needs of people (Miles and Van Clieaf, 2017). So it is important for teams to
collaboratively work together which help them to develop unique product and attract more
customer towards Marks & Spencer.
Role of Financial Management & reporting in an organisation
Financial management refers to developing, organising, guiding & controlling overall
financial activities and operations of an organisation. They perform activities such as effective
use of resources, procurement of funds & producing profitable investment. They ensure that
funds is available for the day to day activities of an organisation appropriately. By the assistance
of finance tools, Marks and Spencer is able to utilize their resources optimally which leads to
achievement of positive outcomes (Olson and et. al., 2018). Financial management raise the
value of firms due to which the level of profitability of an organisation is enhanced. By the
effective and optimum use of resources, Marks & Spencer increase their productivity as well as
performance level at marketplace.
Financial Reporting means keeping the records of every transaction and then present that
document to the stakeholders of an organisation appropriately. The stakeholders of company are
government, shareholders, creditors, customers and investors. A company can kept all
information related to the finance which helps manager to evaluate their performance level and
to find out the ratio of profit effectively. This report is present as a proper document considering
all the set standards made by the higher authorities of Marks and Spencer. The different tools
used by fiancé manager of Marks & Spencer to keep financial transaction are profit & loss
statement, ratio analysis, balance sheet and cash flow statement.

CONCLUSION
From the above report, it has been concluded that every department of an organisation
has different functions but works towards the achievement of common goal of the company.
Collaboration of working practices deliver positive outcome and address problems effectively as
well as appropriately. The activities and operations is carried out according to the availability of
funds so it is important to manage finance properly which helps an organisation to increase their
sales and profitability.

REFERENCES
Books&Journal
Banerjee, S. B., 2017. Corporate environmentalism and the greening of strategic marketing:
Implications for marketing theory and practice. In Greener Marketing (pp. 16-40).
Routledge.
Charter, M. and Polonsky, M. J., 2017. Greener marketing: A global perspective on greening
marketing practice. Routledge.
Deepak, R. K. A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Furue, N. and Washida, Y., 2017. Scanning and design thinking: organizational roles for
innovation. Foresight.
Irwin, K.C.,and et. al., 2018. Entrepreneurial orientation (EO) and human resources outsourcing
(HRO): A “HERO” combination for SME performance. Journal of Business
Research. 90. pp.134-140.
Mcdonnell, L. and Sikander, A., 2017. Skills and competencies for the contemporary human
resource practitioner: a synthesis of the academic, industry and employers'
perspectives. The Journal of Developing Areas. 51(1). pp.83-101.
Miles, S. J. and Van Clieaf, M., 2017. Strategic fit: Key to growing enterprise value through
organizational capital. Business Horizons. 60(1). pp.55-65.
Olson, E. M., and et. al., 2018. The application of human resource management policies within
the marketing organization: The impact on business and marketing strategy
implementation. Industrial Marketing Management. 69. pp.62-73.
Papageorgiou, D., 2018. Transforming the HR function through robotic process
automation. Benefits Quarterly.34(2). pp.27-30.