Role of HR, Marketing and Finance function within an organisation

This report discusses the role of HR, Marketing and Finance function within an organisation, collaborative working practices, and the role of financial management and reporting within the organisation. It focuses on the case of Tesco company, a large retail store offering a wide range of products.

REPORT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role of HR, Marketing and Finance function within an organisation.........................................3
Develop an understanding of collaborative working practices....................................................4
Demonstrate knowledge of the role of financial management and reporting within the
organisation..................................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Business studies refers to the management practice that collectively function to enhance
firm's productivity and generate significant amount of revenue. This offer the opportunity to
articulated desirable decision for the better implementation of plan and collective achievement of
objective (Anheier and Seibel, 2013). To better define the objective Tesco company has been
selected which comprises of the large chains of supermarket and hypermarket outlet. These retail
store offer wide varieties of the product like grocer items, books, home décor item, electronics
and clothing under the same roof. This report cover topics like demonstrate the role of different
functional areas and understanding of collective working practices. Along with that the
explanation of financial management and reporting are covered in the report.
MAIN BODY
Role of HR, Marketing and Finance function within an organisation
An organisation comprises of diverse functional areas or department such as HR,
marketing, production, finance, research and development which are together responsible to
attain the predetermined objective of an enterprises. Each function has their own role but they are
interrelated with one other to maintain the coordination and attain comprehensive objective
effectively. Explanation of the organisational roles in relation to the Tesco company are
determined below:
Human Resource Management: The HR department is considered as the backbone of
an enterprises as it is responsible to conduct recruitment cycle, perform selection process, run
orientation session, training and development as well as plan out appraisal programme. Simply
the role of human resource is responsible in the better management of practices as well as
policies associated with staff. Tesco company have successfully incorporated the HR cycle
because they allow their staff to make the efficient use of the skill or capabilities and utilise it in
favour of an organisation. Generally, the manager organises session in order to update the
existing knowledge of their staff and utilise it to improve the footfall of each and every retail
outlet (Bailey and et. al., 2018). Further, based on the evaluation process appraisal programme
are designed by the human resource in order offer the better opportunity to the potential
personnel through incentives, promotion and salary hike.

Finance function: Finance function as the name suggest evaluate all the financial
transaction of the Tesco company in order to ensure optimum use of the resource. As company
operate its business worldwide so the role of financial function in terms to prepare the budget
and final statement helps to mitigate the unnecessary cost and maximise the profit margin
(Palmer and Truong, 2019). These budget are planned out for the specific tenure which can be
for annually, quarterly and monthly term. Thus, it support the internal operations by supporting
diverse role and mitigate the option of deviation.
Marketing function: Marketing is the core management function that enhances the
internal operations by constantly analysing market dynamics. The prime role of the marketing
manager is to anticipate the changing requirement of the customer based on which they plan out
the innovative techniques and promote the product to reach out target customers. Constant
improvement in terms of delivering services assist respected company to overpower their
competitive pressure and manages long term relationship with customer. Like, the company
along with traditional promotional technique focus on digital technique as well in order to
communicate the offerings through virtual media. Thus, it has simplified the options for public
such as they can explore the website of company and order the items which will be delivered to
them within specific tenure (Gunasekaran and et. al., 2018).
Develop an understanding of collaborative working practices
Collaborative working practices involve the participation of both staff as well as manager
in order to deal with common problem. This practice comprises of either traditional or virtual
team that function together by sharing the innovative idea and opinion in order to come up with
viable solution. It enhances the flow of communication towards different functional area which
integrate the efforts of group member to remain committed and participate to gain the desirable
outcome. Additionally, it involve the practices like conducting group discussion and undergo
brainstorming method that promote the creative thinking ability due to which they successfully
deliver the value to different stakeholders of company. There are certain reasons that
demonstration the necessity for Tesco company to encourage the collaborative work practices
which are determined below:
Promote self analysis: Performing collective practice within respected company
promote both employer and employee to think beyond the limit which aspires to bring clarity in

the particular situation. This strengthen the capabilities of internal stakeholders in order to
structure the background of business significantly.
Adopt upcoming changes: Changes are the viable part of business entity that needs to be
progressively performed by personnel. Usually the employee resist changes because for that they
need to acquire new skill and knowledge which take significant amount of time as well as effort.
Herein, Tesco company needs to focus on the collaborative practices because it enhances the
participation of employees in terms to understand the essence of changes. This generate the
multiple options for company to choose the unique solution and upgrade the working pattern
(Hoang and et. al., 2018).
Enhances problem solving capability: As respected company incorporate its business in
the dynamic environment due to which it is essential for them to constantly enrich the current
skill and capability of employees. This leads to increase in competitiveness amongst staff
member where the potential team collapse with one other and overcome the hurdles for smooth
business functioning.
Enhances the productivity of employees: Collaborate leads to cooperation between the
employer as well as employee that enrich the strong bond and interpersonal relationship. In terms
of the selected company such bond enhances the productivity by overcoming the issues
associated with high turnover and absenteeism rate (Hodrick, 2014). Further, it avoid the chances
of conflict in interest because the employees perceive them as an essential asset due to which
they consider organisational objective over their personal objective.
Demonstrate knowledge of the role of financial management and reporting within the
organisation
The role of financial manager and reporting department is to effectively manage the
financial health of company by developing the sustainable strategies which help to attain the set
financial goal effectively. This functional area assist Tesco company to undergo with effective
monetary decision which help to attain the set standard objective by minimising the possibility of
unnecessary wastage (Kharadze and et. al., 2019). Explanation of certain role for the success of
selected company are determined below:
Role of financial management
Formulate financial decisions: The primary role of the financial management is to make
the monetary decision in context to effectively manage the use of funds at different department.

Emphasize is given on both cash and non cash transaction in order to manage the flow of cash
within or outside the organisation. Thus, it acts as an effective practice as it promote the
optimum utilisation of monetary transaction.
Capital management: The other essential responsibility of financial manager is to
effective manage the capital by the owner with the objective to effectively run the operations of
business. So to flourish the profitability it is the role of financial manager to manage the inflow
and cash outflow of Tesco company for smooth functioning.
Financial planning: For the better financial planning the role of financial manager is to
prepare the budget for specific tenure. Generally these budget are prepared on the basis of
historical expenditure or anticipated expenses (Olson and et. al., 2018). The objective of whole
financial planning is to manage the transaction of selected company and maintain the liquidity in
order to meet out unforeseen events.
Role of reporting
Manage the financial record: The role of reporting is to manage the bookkeeping by
systematically recording the monetary transaction of business. As respected company carry out
its businesses at large scale so absence of adequate recording does not leads favourable result.
This determine the area where firm is doing over expenditure and can restrict the flow of funds.
Prepare financial statement: Financial statements are prepared to evaluate the current
position of firm with the help of balance sheet, cash flow statement as well as profit and loss
account. This is favourable for the internal stakeholder as they can analyse the true position of
firm and accordingly can set future criteria of the firm. This even help to formulate the strategy
like in terms to extend or restrict the credit transaction (Sharma, Chrisman and Chua, 2012).
Moreover, interested external stakeholders too examine these statements and makes decision. For
instance, investment decision whether to invest or withdraw funds from the specific company.
Therefore, valuation of asset and capital can help Tesco company in systematically mange the
financial operations of company.
CONCLUSION
From the above report it has been determined that Business studies involve various
functional areas like marketing, accounting, human resource and so on which are devised for the
effective functioning of entity. This act as a foundation which strengthen the role of leader as
well as manager in order to incorporate better performance. Similarly, collaboration working

practices promote the platform where diverse staff and employer work together for the welfare of
company. Thus, to smoothly perform the operations of an enterprises financial management and
reporting are the core functional areas which manages the inflow and outflow of monetary
resources. Therefore, it helps to control down the unnecessary expenditure of the company in
order to significantly attain the organisational success.

REFERENCES
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