Introduction to Business: Role of HR, Marketing and Finance functions

Introduction to
business

Table of Contents
INTRODUCTION ..........................................................................................................................1
Role of HR, Marketing and Finance functions...........................................................................1
An understanding about collaborative working practices...........................................................3
Role of financial management and reporting within the organization........................................4
CONCLUSION ...............................................................................................................................5
REFERENCES ...............................................................................................................................6

INTRODUCTION
A Business can be defined as an organisation where a group of individual work together
along with utilization of other resources with the aim of making and selling a product or service
to earn maximum amount of profit (Rao and Syed, 2019). The organisation selected for this
assignment is TESCO which is a well known British multinational retailer having its headquarter
in England, UK. In this report a description about the role of HR, Marketing and finance
functions within organisations is provided together with how they work in collaboration to earn
profit. Beside this, an understanding about collaborative working practices are also involved in
this assignment along with role of financial management and reporting within the organisation.
Role of HR, Marketing and Finance functions
A crucial role is played by HR, marketing and finance function in an organisation to lead
its success and earn better profit (Finn and et. al, 2018). A description about the role of HR,
Finance and marketing functions is provided below describing how these functions are helpful
for organisations in earning better profits:
Role of HR functions- Recruitment, selection and development of workforce and
employees of an organisation is the responsibility of the HR functions. Human resource of any
organisation is its biggest strength that lead to efficiency and effective performance of an
organisation and makes it able to earn better profit. HR function plays the most vital role in
success of an organisation through optimizing workforce and facilitates reduction in employees
turnover and improve employees skills (Cascio and Graham, 2016). Therefore, HR function lead
to a boost in productivity through effective employee engagement initiatives and also enhance
skills and efficiency of employees through on-boarding training and development programmes.
For instance, within the TESCO organisation HR function is responsible for recruiting, selecting
and placing right worker at right job and also manage and handle the employees relation, payroll
benefits and training therefore, lead to enhancement in productivity and efficiency of operations
of TESCO thus, yield better profit and success.
Role of Finance function- Planning, organising, directing, managing and controlling
flow of funds and other financial activities is the responsibility of finance function within the
organisations (Ittner and OyOn, 2019). A crucial role of procurement and effective utilization of
funds is played by finance function thus, lead to achievement of objective of cost efficiency
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