Role of HR, Marketing and Finance in Organizations

This report discusses the roles of HR, Marketing and Finance functions within organizations, focusing on the case of Marks & Spencer. It also explores collaborative working practices and the role of financial management and reporting in achieving organizational objectives.

Project

Table of Contents
INTRODUCTION...........................................................................................................................1
Describe the role of HR, Marketing and Finance functions within organisations.................1
Develop an understanding of collaborative working practices..............................................3
Demonstrate knowledge of the role of financial management and reporting within the
organisation............................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Within all organisation, there are various departments such as human resource, finance
and others that plays various roles. So, for obtaining a job an individuals have to perform
research on various job role role that played into firms. Moreover, it also have to get knowledge
about the working practices so that respective obtain an idea that it is suitable for them or not
(Appannah and Biggs, 2015). As per the scenario, the chosen company for this report is Marks &
Spencer which is a renowned multinational retailer having headquarters is in London, UK. The
topic which is covered in this report are role of human resource, marketing and finance and
understanding of collaborative working practices. Moreover, role of financial management and
reporting into firm are also discussed in this report.
Describe the role of HR, Marketing and Finance functions within organisations.
Within organisation such as Marks & Spencer have various department like human
resource, marketing and finance. So, its roles are discussed below:
Role of human resource function
Human resource function manages several crucial activities of business. This is
instrumental in facilitating labour law compliances, keeping records, recruiting and training,
relational assistance as well as aids with managing particular performance problems (Cacciolatti
and Lee, 2016). So, the role of respective function within Marks & Spencer are discussed below:
 Staffing: Firms requires individuals to do task as well as get job done within entities. It
includes the overall recruiting procedures form posting a job to negotiating salary
packages. So, this is the vita role which is performed through human resource department
in Marks & Spencer as this aids them obtain proficient and talented employees who can
able to do the work in more effective and efficient way for accomplishing its objectives.
 Development of work place policies: As all firm have policies for assuring that fairness
as well as continuity in entities. So one of the essential that human resource department
play is development of policies. For instance, they recognise requirements for policy or
change policy, seek opinions upon that policy, write and then communicate that to their
staff members. Therefore, this role is perform in Marks & Spencer through their HR
department as this aids them to create effective working atmosphere.
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Role of marketing function
Marketing function is considered as a vital part that aids entities in identifying as well as
sourcing potential successful products for market area. Moreover, it performs upon and then
promote them through distinguishing them from similar goods. So, the role of this particular
functions within Marks & Spencer are discussed below:
 Communication and promotion: This is considered as the most recognised role of
marketing function. It formulate advertisement as well as public relation plans for
attaining the communication objectives that may enhanced brand awareness. So, this role
is performed through marketing function in Marks & Spencer so that they can able to
effectively communicate with public for promoting their products appropriately.
 Marketing research: This is considered as the vital role that function perform so that
they can able to find the targeted markets as well promote the products effectively. For
performing this role they utilise techniques like surveys, questionnaires and others for
becoming familiar with target marketplace requirements, intent and preferences.
Therefore, this role is performed by marketing function in Marks & Spencer so that they
increase its offerings and attain objectives effectually.
Role of finance function
Finance is considered as the part of entities which manages their money. The finance
function involves planning, arranging, auditing, accounting for as well as controlling their firm's
finance's (Kahn and et. al., 2013). Moreover, it generally generates the financial statement of
organisation like Marks & Spencer. So, the role of respective function within Marks & Spencer
are discussed below:
 Bookkeeping: It is considered as a vital role of finance function as this includes daily
recording, analysis as well as interpretation of firm's financial transaction. Moreover, it
consists tracking overall expenditure and sales of final products. Within Marks &
Spencer, this role is performed so that they can able to record their whole sales and
spendings appropriately.
 Management of firm's cash flow: This is also considered as the essential role which is
played through finance department. As it is an accountability of respective function to
manage whole cash inflows and outflows of entities and assure that there are sufficient
funds available for meeting daily operation of firm. So, in Marks & Spencer respective
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role is plays for assuring that vendors as well as creditors are paid appropriately at
specific time.
Develop an understanding of collaborative working practices.
Collaboration is considered as the person or firms performing together for addressing the
issues as well as delivering results which are effectual attained through a single person.
Collaborative working practices is now central to way they perform, deliver services as well as
generate innovations (Rasool, 2017). This is vital for entities to have collaborative working in
firm as it aids them to do task in appropriate way. The various ways by which company may
perform collaborative practices within entities. Marks & Spencer is increasing and promoting
collaborative working practice into their environment. It may be performed through building
relation. So, there are many benefits which may be obtain through respective organisation some
of them are discussed below:
 Develop productivity: Collaborative working practices will assists Marks & Spencer to
increase their productivity. This is vital for them to develop productivity for obtaining
higher profitability. Respective practices will drives towards improving staff as well as
business performance appropriately.
 Increase relationship: It will aids entities to enhance relationship among firm and staff
members. This is vital for Marks & Spencer to has stronger relationship between their
workers as well as firms as well. It will drives towards performing business practices
effectually and efficiently. Through forming and creating effective stakeholders relations,
they will leads towards minimising disputes and problems. In addition to this, it will also
leads in building positive working atmosphere.
 Enhanced learning chances: When staff of firm is involved into collaborative working
practices that Marks & Spencer may able to enhance the learning possibilities. It will aids
in maximising whole organisational performance. Learning is one of the vital aspect of
entities as well as this is essential that firm is performing several practices which aids into
collaborative working practices.
 Attain targeted objectives: This is crucial for Marks & Spencer to attain their longer
and shorter objectives. All firm perform to achieve their expected targets. Collaborative
working practices will aids to develop organisational performance and achieve targeted
objectives. It will aids in forming stronger reputation into marketplaces. So, by respective
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practices, they can encourage their staff members for attaining its targeted objectives.
Demonstrate knowledge of the role of financial management and reporting within the
organisation.
Financial management is considered as dealing with as well as examining funds and
investment for individuals or business to assists them in developing effective decisions.
Moreover, this mean applying general managerial principles to financial resources of entities.
This aids Marks & Spencer to ascertain financial needs of enterprise as well as leads them
towards taking financial planning of concern (Shapiro and Hanouna, 2019). Also, Financial
reporting is regarded as the disclosure of financial outcomes as well as associated information to
administration and external stakeholders such as clients, regulators, investors and others
regarding how a firm is performing over a particular time period. For getting the knowledge of
financial management role that plays in respective organisation are discussed below: Financial decisions and controls: The financial management plays vital role in
developing financial decision as well as exercising control over finances within entities.
It utilises the techniques such as profit and loss analysis, ratio analysis and others. Capital management: This is an accountability of financial management to approximate
the needs of firm's capital regularly on time, ascertain capital structure as well a develops
source of funding choices for funds needs.
 Allocation and utilisation of financial resources: The role of financial management is to
assure that whole financial resources of entities are utilised as well as invested effectually
so that they firm is sustainable as well as viable into longer durations (The Role of
Financial Management in an Organization, 2019).
CONCLUSION
As per the above report, it has been concluded that before researching for job and
individuals have to analyse and get knowledge about the role of various department performs
such as marketing, finance and human resource. These function performs different roles for
attaining the organisational objectives in effective and efficient way. Moreover, the collaborative
working practices assists entities and employees to perform together and address the raising
issues, delivering products and services etc. In addition to this, the financial management and
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reporting also plays crucial role such as developing decisions and control related to finance,
allocation and usages of monetary resources and many more.
REFERENCES
Books and journal
Appannah, A. and Biggs, S., 2015. Age-friendly organisations: The role of organisational culture
and the participation of older workers. Journal of Social Work Practice. 29(1). pp.37-
51.
Cacciolatti, L. and Lee, S. H., 2016. Revisiting the relationship between marketing capabilities
and firm performance: The moderating role of market orientation, marketing strategy
and organisational power. Journal of Business Research. 69(12). pp.5597-5610.
Kahn, P. and et. al., 2013. The Scholarship of Teaching and Learning as collaborative working:
A case study in shared practice and collective purpose. Higher Education Research &
Development. 32(6). pp.901-914.
Rasool, Z., 2017. Collaborative working practices: Imagining better research
partnerships. Research for All. 1(2). pp.310-322.
Shapiro, A. C. and Hanouna, P., 2019. Multinational financial management. Wiley.
Online
The Role of Financial Management in an Organization. 2019. [Online]. Available
Through:<https://talentedge.com/articles/role-financial-management-organization/>
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