Role of Finance, Human Resource, and Marketing Functions in Organizations

Introduction to Business Studies
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INTRODUCTION...........................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9
Poster...........................................................................................................................................9
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INTRODUCTION
Human resource, finance and marketing hold a very important place in an organisation
because it assists in driving the pre-defined objectives of organisations. These functions work
individually but contribute so much in organisations together. When finance, marketing and
human resource function cooperate the company moves into a great face of production,
efficiency, satisfaction of customers and the most vital thing that is realization of profit that is the
primary motive of organisations. The particular essay would assist in investigating the role of
finance, human resource and marketing functions within companies and further shows reporting
and financial management in organisations. These help an organisation to reach their maximum
efficiency level.
The functions of human resource are responsible for organising and managing
organisations most significant asset that is employees. The human resource function of Marks &
Spencer plays many roles like recruitment, management of compensation, training and
development programs, developing relation between employees and so on (Rust, 2019). One of
the significant roles of human resource function is hiring the talented candidates for doing the
activities. Managers of HR constantly keep tracking records about the positions that are vacant at
Marks & Spencer and make sure that positions are being filled at needed time. The other role is
training and development the human resource arranges programs of training for the new
employees to improve their skills with existing employees. Human resource managers closely
operate with head of departments for determining the present requirement of training for
employees and make budget for these trainings accordingly (Chernev, 2020). The function of
finance plays a crucial role in Marks & Spencer it assists in cost cutting and removing unwanted
expenditure. In the finance function, the whole value chain is evaluated for determining the areas
how and where cost could be cut or trimmed. With this company is able to get outcomes with
less cost and give reasonable price to consumers and enhances whole profitability of organisation
(Zoni and Pippo, 2017). Finance function clearly defines at the end shareholders are the people
who get many advantages from the initiatives done in order to maximise the wealth of
shareholders. Finance function assists in knowing costs to pay their suppliers and to control the
costs so that business could earn profit. It is so essential because of its nature as it identifies
whether business is earning profit or not as various decisions are influenced by this. The function
of finance assists in knowing that business is earning profit or not as many decisions are
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