Role of Finance, Marketing and HR Functions in Business Studies

INTRODUCTION TO
BUSINESS STUDIES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role of finance, marketing and HR functions.............................................................................3
Collaborative working practices.................................................................................................4
Role of financial reporting as well as financial management.....................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business organization is basically the framework which highlights the structure, liability
risk of the organizations and thus plays an important role. Business studies is predominately the
academic subject which is being taught in universities as well as schools and covers the various
aspects of organization. The main aim of this report is to study how the organizations functions
and operate within wider context.
Sainsbury is basically the renowned retail organization being established in 1869 by John
James Sainsbury and headquartered in London, U.K. It currently operates in in more than 20
countries.
This report gives a brief about role of finance, marketing and HR functions, collaborative
working practices and role of financial reporting as well as financial management.
MAIN BODY
Role of finance, marketing and HR functions
HR
HR is one of the most important part of the organization which plays an essential role and
thus forms its integral part. The main function of Human resource relates to the recruiting,
selection, retaining, compensation of the employees. One of the major role of HR in Sainsbury is
to hire and select the most talented employees. Human resource professionals in the organization
plays the role of hiring candidates both from outside the organization as well as within the
organization. This relates to internal and external recruitment (Steenkamp, 2017). They bring the
most talented employees for the organization who completely matches with the job description
and have the capability to achieve organizational goals and objectives. Besides this, another role
of HR in Sainsbury is to retain the employees. Once the candidates are being selected, Hr design
various strategies to retain them like appreciating their performance, rewarding the, providing
monetary benefits etc. Thus, HR tries to motivate and encourage employees in order to retain
them in organization.
Marketing
Marketing is considered as one of the most important and core function of the
organization without which no organization survives. They forms the inseparable part of
organization and thus are required for smooth functioning of the organization. The major role of
marketing department in Sainsbury is to establish a great and long-term relation with the