Role of HR Marketing and Finance Functions within Organisations

This report highlights the role of HR, marketing, and finance functions within organizations and their impact on productivity and profitability.

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Table of Contents
INTRODUCTION.......................................................................................................................4
Role of HR Marketing and finance functions within organisations.......................................4
Understanding of collaborative working practices.................................................................5
Role of financial management and reporting within the organisation ..................................6
CONCLUSION............................................................................................................................9
REFERENCES............................................................................................................................9

INTRODUCTION
This report highlights and covers issues such as role of marketing, finance and HR, understand
the practices of collaborative working, role of financial management and its reporting in
company.
MAIN BODY
Role of HR Marketing and finance functions within organisations
Role of HR-
Hiring from within and from outside-
HR department of Tesco hires employees from inside as well as outside of the
company. Company has worked on creating a pipeline for talent so that they can plan the
training of employees in a successful manner. HR of the company prefers hiring with the
internal resources or talent of the company in order to fill the positions of the job. Tesco looks
for employees in both areas that is internal and external and select the employees on their
eligibility and expertise (Barr and McClellan, 2018).
Testing of Employment-
This aspect states that it is the role of HR to evaluate the suitability of candidates
according to the criteria of work. This aspect includes factors such as test on the basis of IQ,
process of interview, assessment and test of work.
Formal Performance Appraisal-
HR of Tesco takes tests of the employees on a regular basis so that they can judge the
performance of their employees. This technique helps the company to review their
performance as it helps the company to communicate with their employees. This tool is
considered as one of the most effective method but it is not appreciated by employees or the
manager of the company. This is the reason that the company is changing their method and
taking the method of feedback for evaluation.
Employee benefit Management-
Department of HR provides them with some additional benefits other then their pay
scale in order to retain them for a long period of time. Not every employee feels appreciated if
they are offered bonus which is in monetary form. That is why HR department of company

finds suitable things which motivates them. For instance more holidays, budget for learning
and development, budget for childcare.
Role of Marketing-
Reaches the needs and wants of customers-
Role of this department is to work on finding out the needs of the consumer and
putting the appropriate strategies according to their needs.
Better offerings in Product-
Companies such as Tesco deals in more than one line of product which requires
the level of packaging and labeling. Marketers of Tesco helps to design the style of packaging
and managing the product (Wehrmeyer, 2017).
Role of Finance-
Planning and Budgeting-
Finance helps any company to meet their goals and objectives. Finance is required in
all aspects such as capital, campaigns of marketing, bonus for management, hiring of
employees all of them are concerned with planning and finance.
Cash Flow Management-
Companies have to maintain the flow of cash so that they can meet their cost and don't
miss the payment. In order to maintain the flow of operations company requires a certain sum
of liquidity.
Understanding of collaborative working practices
Collaboration is considered as one of the most important factors in building a business. Tesco
considers this thought process very useful and to make it more active they have increased the
participation of each member of the company.
Create a clear and compelling cause-
In order to motivate them to work together Tesco needs to make their employees
realize the value of working together and the mission of the company. It is necessary to inspire
them so that they can work more and achieve the results of the task. If they are not aware of
the mission or benefits of accomplishing the objectives then they won't agree to work together.
Expectations must be communicated-
It is necessary to communicate the aspect of collaboration and define the team their
roles and responsibilities so that they can understand the value of their work and position in

the team. Tesco is working on making its environment collaborative so that they can share the
responsibility of work and distribute the load of work. With the clear understanding of their
role company believes that they will not engage in conflict and work effectively.
Establish goals of team-
Tesco set a benchmark or goals for the members of the team and makes it mandatory to
reach them in a quarter. This will keep the members of the team motivated as they will achieve
the necessary goals in a specific period of time. This helps to create a positive environment
among the members of the team as well as in the company. To make them satisfied their
outcomes are shared and celebrated in every quarter. This level of transparency helps to
reduce the amount of confusion among members of the team (Shapiro and Hanouna, 2019).
Foster cohesion between members of the team-
Teams of cohesion are successful because each member on the team has different area
of expertise which helps them to formulate strategies and take the necessary decisions for the
expected outcome. In order to make their work more effective teams of the company
participate with each other on the basis of accomplishment of task. This also helps to reduce
the amount of duplicacy in work.
Innovation-
Tesco asks their employees about their perception and way of thinking so that they can
understand and increase the amount of connectivity among each other. It will keep them
motivated in order to perform in a more creative and bring innovation in the company. This
will help the employees of the company work beyond expectations.
Encourage the people to socialize outside work-
This aspect is concerned with evolving people and develop their personality. It will
help them to engage in communication inside as well as outside the company.
Role of financial management and reporting within the organisation
Decision and control of financial aspects-
Managers of the company who takes decisions which concerns to this department in
the company. They take the help of techniques such as analysis of ratio, forecasting of inflow
and returns, analysis of profit and loss.
Financial Reporting-

Financial management of Tesco keeps an eye on all the reports of the company which
relates to their finances. This helps them to plan and forecast the activities on the basis of
database of past records.
Risk Management-
If the management of this department is sound then they will be able to predict the risk
and mitigate the plans so that they can see the emergencies and implement the necessary
strategies to fight them.
Financial Planning-
Managers of the company have a duty to perform and that is to plan the allocation of
resources of the company in the most viable areas so that they can generate high amount of
returns. For that they first analyze and understand the priorities of the company so that they
can change according to the economy and make budget and plans which will be work
effectively in that situation.
Capital Management-
It is the responsibility of financial managers of the company to look after the
requirements of capital in a timely basis so that they can form the structure of the company in
a strong way and looks out for alternative source of funding so that company can fulfil the
need of capital requirement (Kotler and et.al., 2017.).
Utilization and Allocation of financial resources-
The department of finance is concerned with ensuring that all the resources such as
manpower, machinery and equipment are used properly and the money invested in them is
sufficient and in the budget so that they can meet the profits in efficient and effective manner
and it will benefit the company in long run.
Cash Flow Management-
It is necessary for companies to keep some money aside so they can be able to cope up
with the requirements of working capital as every company has their set of expenses. All the
receivables and payables are monitored by the finance management of the company to keep a
significant amount of money in their hands.
Disposal of Surplus-
The financial management of the company has to look after factors such as how and
where to utilize the profits of the company. Apart from that they also make the decisions of

keeping the profits as retained earnings or distribute it among the shareholders of the company
as dividend (Kotabe and Helsen, 2020).
CONCLUSION
From the above studies it has been concluded that the HR, marketing and finance of the
company has taken necessary steps and actions to improve the productivity and profitability of
the company and they can easily meet their goals and objectives.
REFERENCES
Books and journals
Barr, M.J. and McClellan, G.S., 2018. Budgets and financial management in higher education.
John Wiley & Sons.
Kotabe, M. and Helsen, K., 2020. Global marketing management. Wiley.
Kotler, P., and et.al., 2017. Marketing for hospitality and tourism.
Shapiro, A.C. and Hanouna, P., 2019. Multinational financial management. Wiley.
Wehrmeyer, W., 2017. Greening people: Human resources and environmental management.
Routledge.