Role of Various Functional Department in Organization
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Added on  2023/01/13
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This report analyzes the role of various functional departments in Bentley Motors Limited and the collaborative working practices within the organization. It also examines the role of financial management and reporting.
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Role of Various Functional Department in Organization............................................................1 Collaborative Working Practices.................................................................................................2 Role of Financial Management and Reporting within Organization...........................................3 CONCLUSION................................................................................................................................4 REFERENCES................................................................................................................................6
INTRODUCTION A business organization consists of variousfunctional departmentsin order to meet all the requirement related to its performance in market place.. The role of each functional department is specific. These all department work in the collaborative manner to full fill business objectives with high success rate(Buchanan, 2019). Some of the main functional department in an business organization are- Human Resource Management Department, Finance Department and marketing department. This report is providing brief of information about functions that are performed by the HRM, Finance and Marketing department in Bentley Motors Limited. It is a car manufacturing company, established in year 1919 by H. M. Bentley and W. O. Bentley. The functional role of various department in Bentley motors Limited will be analysed in the report. The collaborative working practices of these functional department will be analysed for the performance of the company. Financial management and reporting will be deeply analysed in the study. MAIN BODY Role of Various Functional Department in Organization Human Resource Department Human Resource Department is one of the most important department of organization like Bentley Motors Limited. There are various activities are performed by the Human Resources Department to keep the operations of organization profitable. Some of main function of the functional role of the Human Resource Department are- Staffing-This is one of the main operation of the Human Resource Management department in or Bentley Motors Limited. Work force of the organization is managed by the HRM. This activity of staffing consist of process that is followed by the HRM to meet the work force requirement of the company(King and Lawley, 2016). This process includes- development of staffing plan, development of policies multiculturalism in the work place, perform recruitment activity and selection of right candidate for specific designation in company staff. Development of Work Place Policies- This is important for the HRM to manage the policies of organization in order to keep effective workplace culture in organization to maintain positive environmentwithintheworkplacetomotivateemployeestoperformbetter.Theother operational [policies also planned by the HRM for the organization. This activity helps the organization to maintain effective performance in the target market. The process followed in this 1
function is- Recognise need of policy, seek ideas for policy, develop policy, communicate policy and implement policy in operations. This is how this function is performed by the HRM department. Compensation,SalaryandBenefitsAdministration-ThisisroleoftheHumanresource management to administrate and perform employee management. This is also their role to providepropercompensation,salaryandbenefitstoemployeesinordertomeettheir requirement.Hrmmanagesthesalary,compensationandrewardofemployeesperthe performance with in the organization. These are some main functions that are performed by the Human Resources Department in Bentley Motors Limited Marketing Department The role of the marketing department is to manage the image and brand name of company in the target market. They are also responsible for the relationship between customer and organization. This is also their role to keep relationship between company and customer efficient in order to keep them loyal to company(Wilson, 2018). The main function of the marketing department to perform the promotion of the products and services that are developed by the Bentley Motors Limited. This promotional help the organization to meet the sales target of company and improve the consumer base of organization. By performing these activities they develop loyalty in consumers. Finance Department the role of the finance department in the organization is to acquire, manage and plan funding of organization to keep its operations financial and economic. Some of the main functions that are performed by the finance department are- Financial control and reporting, tax and compliance, strategic finance planning, analysis, treasury & Working Capital management and Financial Risk Management. These activities are performed by the Finance department to keep operations of the Bentley Motors Limited efficient and free from loss. Collaborative Working Practices Collaborative working is generally known as the practice that is performed in partnership or joint working. For example there are different working departments in the organization and these all departments work together to meet the business objectives(Ayoko and Ashkanasy, 2019). This cooperation canalso beconsidered as collaborative working. In collaborative 2
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working the actions and work of various people or departments depends of other department. This is important for the organization to manage these collaborative working practices efficient to achieve the company target with high success rate. There are various practices that are performed by Bentley Motors Limited to generate revenue from business functions. These activitiescan also beconsidered as the practice that are performed by different people or departmentfor common purpose. There are various activitiesperformed by the business organization to maintain collaborative working between their business organization. These activities are team building, communication, business & operation planning and goals setting. These are some of the most common activities that are performed by organization like Bentley Motors Limited. Team Building-Team Building is the most important part of the collaborative working. In this process an administrative team is formed by the organization and managers to keep the operation of all department collaborative to meet operational efficiency. For example various departments of production, marketing, sales, finance and R&D work together as team to maintain the supply chain of the organization. Communication- For collaborative working it is important for the organization to maintain effective communication between functional departments of the organization to reduce the misleading operation and information to prevent minor and major operational failure(Shapiro and Hanouna, 2019). To meet communicational goals within organization various technological channel are implemented between these departments to maintain high effective communication. Planning- Planning is main part of collaborative practices where all department come together in an meeting to make the operational plane for future to perform with high efficiency and accuracy. Goal Setting-Goal setting is also one of the important activity that is performed by various departmentoforganization.Inthisprocessoperationalefficiencyofeachdepartmentis considered by the functional team to set future goals for collaborative working operations. This is how specific practices that are performed by these departments to gain higher performance. Role of Financial Management and Reporting within Organization There are various functions and operations are performed by the finance department in order to maintain the economic stability of the organization. These operations are related to the 3
investment, spending and operating cost and budgeting of company. Some of the main functions that are performed in financial management are considered as planning, raising, controlling and administering of funds(Finkler, Smith and Calabrese, 2018). These all activities are considered in the financial management that is performed by the finance department. Planning-This process includes the financial planning for operations of organization with in market place. This helps them to create overview in order to make budget for company. It also can help them to plan further investment of Bentley Motors Limited. Fund Raising- The fund rising is one of the most important task for finance department. Some times organization need to raise the fund from the market place to maintain effective operation within manufacturing plant of company. This activity within finance management provide opportunities to the organization to raise fund from target market to maintain its operations. Controlling- This is important for Bentley Motors Limited to control the cash flow to maintain its economic stability inside organization and in market place. This activity is performed by the organization to control all the financial operations of the company to keep cash flow maintain in order to reduce failure situation like lack of fund and financial mismanagement. Administration of Funds- This is one of the most important process that is performed by the finance department to manage the financial capital of company to maintain its current and future financial operations(Khan and Jain, 2018). This is how various operations are performed by the finance department to keep Bentley Motors Limited economically stable. Reporting of Financial Management Financial reporting is a process that is performed by the finance department and include the process of discloser of financial information to the stakeholders of organization who are need to briefed to keep them loyal to the organization. This is all about telling the financial report, financial position of organization, profit and loss of company to the stakeholders regularly. These stakeholders include creditors, investors, public, debt provider and government agencies to keep operation of organization liable in the market place. CONCLUSION This report is concluding functional importance of various departments in Bentley Motors Limited. Role of marketing, finance and Human resources department has been analysed and evaluated in the report. The role of various functional department has been studied in the process. The collaborative working and related practices has been analysed in the report. There 4
are some collaborative working practices that are performed with in Bentley Motors Limited has evaluated and analysed for better performance of company. Financial management activities and reporting process of finance department has been studied with in the report. 5
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