Role of HR & Finance in Company

This report analyzes the role of HR and finance functions within a company, the positive effects of collaborative work, and the role of finance management and reporting.

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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role of HR & finance function in company...............................................................................3
Collaborative practices within organization................................................................................4
Role of finance management and reporting................................................................................5
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Human resources is the important part of each organization, it is used to describe
employees who are working in the company. HR department of the company is responsible to
manage all the resources which is related to the company. This department also responsible for
vetting, recruiting, hiring and paying employees.
This report will describe HR marketing role and finance role within M&S. This report
will analyse positive effect of collaborative work within company to increase productivity and
profitability. In the end of this report will demonstrate the role of finance management and
reporting within the company.
MAIN BODY
Role of HR & finance function in company
HR functions
Every organization such as large, small and medium size companies have their own HR
department. Size of the company does not affect on their functions, HR remains the same in
every company (Coughlin., 2017). Effective HR department can provide skilful and better
workforce within organization and this can help them to be successful in the business. It is
important for M&S to have effective and strong HR department to run their company properly
and smoothly.
Recruitment
One of the necessary function of HR department is recruitment of employees through
interview and test. HR department provide skilful and strong workforce to the Mark & Spencer's
, which helps them to gain competitive advantages. They hire right people and put them into the
right jobs according to the availability.
Performance evaluations
One of the major function of the HR department is conducting annual performance
evaluations (Joy., 2018). HR manager of the company provide paperwork to the companies
superiors, so they can complete the evaluations. Result from the evaluation in the performance
directly affect on the employee's termination, promotion, compensation.
Compensation & benefits
HR manager of the company provide benefits and compensation to the employees
through the reward system. They are responsible to put those activities to motivate and engage

employees of the M&S. Compensation and benefits motivate employees to achieve their
business objectives and goals.
Role of finance function
Finance function has important role in Mark & Spencer, this department manage flow of
cash within company. They provide cash to each department within M&S, so they can run each
activity properly and smoothly (Kakwezi and Nyeko., 2019). Finance function has been
classified into the 3 different functions.
Run business activities
Finance department help M&S to run their business because, it is responsibility of the
finance manger to provide funds to the each department of the company, so they can run their
function and help company to be successful in their business.
Global expansion
without proper financial resource company cannot expand their business on global level.
It is important for Marks & Spencer to have strong financial resources. Finance manager of the
company find the appropriate sources for funding in the global expansion.
Purchase assets
Finance department is responsible to purchase the assets which is required in the
company. They negotiate with the dealer and make proper deal with them. They deicide which
machinery is required in the company, so they can increase production of the company.
Financial statement
Finance manger provide financial statement of the company to their investors in then end of the
year, so they can see actual position of the company.
Collaborative practices within organization
Collaborative practices are team work within company. It is the biggest factor which
contribute to the success of any business. Employees of the company work in team, which helps
to increase flow of effective communication within company (Mitev and et.al., 2019). M&S
should implement this practices in their workplace to increase employee efficiency and
employees can understand each other. Collaboration is said to take place when a group of
employees works together to achieve same goals by sharing their thoughts and ideas.
Benefits from collaboration
Pooling of strength and talent

When employees of the M&S collaborate, they are able to utilize skills, experience,
knowledge of each employee who are involved in the group activity. Some of the employees can
struggle with the presentation, but they might have technical skills. Collaborative work allow
employees to share their skills and talent and helps to find most suitable solution to the problems
in the task.
Development of employees skills
Collaboration work is beneficial for both employees and M&S because when employees
work with each other, share ideas and interact with each other, they see other how they are
working in the task. They think operate and negotiate from the others. This allows employees of
the Mark & Spenser's employees to adopt skills from their colleagues or their team-mates and
built their working strength to achieve companies goals. Employees can learn new skills from the
other and practice them in their own field and produce beneficial result for the M&S.
Speed up solutions
collaboration within the company can speed up things. Some problems in the M&S's
workplace can take moths to solve by any individual employee but it will take hours to solve
problem if employees are working in team (Rashmi and Wilson., 2018). Everyone will put their
suggestions to solve problem. Which will save time and cost both. Viewpoints of the employees
will open up many doors with the multiple new ideas and solutions for problem, which is
impossible for any single employees to come up with.
Increase efficiency
Collaboration practices in the M&S Spencer will help their business to finish important
projects and helps them to meed crucial efficiency inn deadlines of those projects. S with the
multiple employees working on the project, the work can be decided equally to the employees
and efficiency within those with time and expertise to handle the specific project or companies
task (Rusou, Amar and Ayal., 2017). This will also help them to reduce delivery time of the
project and company can provide project to their clients in fewer times. This help M&S to create
good term with their clients which will be beneficial for the company, and they can add more
new clients in their company.
Role of finance management and reporting
finance has important role in the M&S to run their business activities. Company cannot
expand their business in the international market if their financial resources are not strong. It

create difficulties for M&S, whether profit making or otherwise , to sustain themselves for the
long without having proper finance to run company. Effective management of the finance in the
company is necessary because it provides suitable value to the business run for long time.
Financial management refers to the companies efficient and effective planning, directing,
organizing and controlling all the financial process and activities in the M&S (Schiff and
Schiff., 2016). There are some important roles of the finance within company which are -
Financial decision-making and controlling
Finance manager of the M&S, takes all the decision regarding the finance, and they also
control of the financial activities. They know where they will need more finance and how they
can use finance to make profit for the company.
Financial plaining
Finance manager of the company are responsible to make proper financial planning for
the companies activities and financial resources. Finance manager use available data to
understand the companies needs and priorities as well the overall economic situations and make
plans and budget for the same.
Capital management
finance manager is also responsible to find the proper sources of the capital requirement
of the company. They determine the capital composition and structure and make the choices of
the financial funding sources to fulfil the capital need. M&S is working on the international
level, so they need capital on the regular basis, so they should have proper financial
management.
Cash flow management
It is important for the company to handle their cash flow, and they should have proper
management in the cash flow in and out (Wood., 2016). Finance manager of the company record
how much cash flowing within the company. They tack and record in the accounting book of the
company to manage cash flow.
Utilization of financial resources
Finance manager of the M&S ensure that all the finance resources of the company are
properly utilized or not. Proper utilization of the financial resources which help Mark and
Spencer's to gain growth and profitability in the market.
Risk management

Sound financial management prepare the Mark and Spencer company to forecast
upcoming risk on the company , put in the place mitigation plans as well as to meet unforeseen
risk and emergency efficiency. They also save money from the financial to overcome from those
risk.
CONCLUSION
As per report has analysed finance and HRM of the Mark & Spencer's company . This
report has been described HR marketing role and finance functions within company and how
this those function run in the company. This report has been concluded positive effect of
collaborative work within company to increase productivity and profitability. It has been also
explained importance of collaborative wok within organization. In the end of this report has
been demonstrated the role of finance management and reporting within the company. It has
been analysed roles such as financial planning, capital management, risk management etc.

REFERENCES
Books and journal
Coughlin, S. L., 2017. Collaborative Practices Among Professionals in Special Education
Workplaces.
Joy, J., 2018. Defining the Deal Timeline: Balancing Legal, HR, IT, and Finance. In Divestitures
and Spin-Offs (pp. 39-46). Springer, Boston. MA.
Kakwezi, P. and Nyeko, S., 2019. Procurement processes and performance: Efficiency and
effectiveness of the procurement function. International Journal of Social Sciences
Management and Entrepreneurship (IJSSME).3(1).
Mitev, N. and et.al., 2019. Co-working Spaces, Collaborative Practices and Entrepreneurship. In
Collaboration in the Digital Age (pp. 15-43). Springer. Cham.
Rashmi, M. B. and Wilson, P. R., 2018. Personal Finance Management and Life Time Goals: An
Empirical Analysis. ZENITH International Journal of Multidisciplinary Research.8(6).
pp.160-170.
Rusou, Z., Amar, M. and Ayal, S., 2017. Gender and Personal Finance Management. In
Behavioral Finance: WHERE DO INVESTORS'BIASES COME FROM? (pp. 193-215).
Schiff, J. and Schiff, A., 2016. Get in gear! Team up with HR and IT to transform the future of
finance. Strategic Finance.97(10). pp.24-32.
Wood, D. A., 2016. Comparing the publication process in accounting, economics, finance,
management, marketing, psychology, and the natural sciences. Accounting Horizons.30(3).
pp.341-361.