Role of HR, Finance and Marketing in an organisation

Introduction to Business
Studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
LO 1 ................................................................................................................................................1
Role of HR, Finance and Marketing in an organisation.........................................................1
LO 2.................................................................................................................................................2
Concept of collaborative working practices...........................................................................2
LO 4.................................................................................................................................................3
Role of financial management and reporting.........................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business studies can be defined as the study of management and economics that is
usually taught as an academic subject in schools and universities (Alvarez, 2016). There are
various functions like human resources, marketing and finance in an organisation that ensure the
smooth working of all operations. The report describes the role of HR, finance and marketing
within an organisation and the concept of collaborative working practices. It also explains the
role of financial management and reporting within a company.
MAIN BODY
LO 1
Role of HR, Finance and Marketing in an organisation
A typical organisation consists of various departments the size of which depends on the
kind of business it operates in. And all of the departments within a company form the structure of
the organisation. Some major departments within an organisation with their roles are explained
below.
Human Resources - The human resources department within a company deals with selecting,
recruiting, hiring and training individuals who qualify for the right job offered by it in order to
achieve the goals and objectives. Various roles of the human resource department within an
organisation are as follows - Recruiting and Training : The role involves recruiting and selecting the right candidates
on the right time who are qualified and have skills that match the open job position.
When a person is recruited, a legal contract of following a code of conduct is signed
between the employer as well as employee (Barbero and Puig, 2016). The department
also provides training to not only the new hires but also to the existing employees.
 Maintaining a healthy work environment : The human resources department ensures that
a healthy and positive work atmosphere is maintained in the company and there is no
discrimination among the employees.
Finance - Finance is considered to be the backbone of the organisation and is responsible for
carrying out decisions that deal with financial transactions and funds in the company (The Role
of HR in the Organisation, 2019). The role of finance is critical in every decision of an
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