The Role of HR, Marketing, and Finance in Business Organizations

This report delves into the critical roles of Human Resources (HR), Marketing, and Finance functions within business organizations, emphasizing their significance for growth and development. It explores the specific responsibilities of each function, such as staffing, training, market research, promotion, bookkeeping, and financial planning. The report also examines collaborative working practices, highlighting the benefits of teamwork and shared ideas. Furthermore, it discusses the role of financial management and reporting, including financial planning, resource allocation, and the importance of financial reports for business operations. The report uses examples from companies like Tesco, Sainsbury, and M&S to illustrate these concepts, offering a comprehensive overview of key business functions and practices.

Project

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
The role of HR, marketing and finance functions within organisations.....................................1
Develop an understanding of collaborative working practices...................................................3
The role of financial management and reporting within the organisation..................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
A business organisation consist different functions and divisions which are crucial for
running and operating the business of the company. There are several functions like HR,
marketing, finance, R&D and others are play an effective role in performing the business
activities and operations of the company (Chang, 2016). This report will provide information
about the the role of different functions of an organisation which help in growth and
development of the firm. Collaborative working practices and role if financial management and
reporting within the company will also define.
MAIN BODY
The role of HR, marketing and finance functions within organisations
An organisation can operate its business with the help of its different functions like HR
marketing and finance. For example, Tesco, ASDA, Sainsbury and Marks & Spencer etc. are
some organisation and the business of these organisations are run by their several business
functions. The roles and responsibilities of them are defined as below:
HR function- Human resource management is an activity of hiring individualise, training them,
compensating them, formulating policies relating to them and framing plan of actions to retain
them. Human resource management of the company is concerned with the people dimension in
administration. For example, in Sainsbury, Tesco, M&S etc. all firm are operating their business
in retail industry so the HR functions of these companies handle various necessary functions of
the business like offering labour law compliance, record keeping, recruiting and training and also
assist in handling particular execution problems. Roles and responsibilities of this function is
describe as beneath:
Roles and responsibilities- The major role and responsibility of this function is staffing
in Sainsbury, Tesco and M&S etc. when the firm have requirement about skilled and talented
employees then this function play and effective role in term of conducting recruitment and
selection process so that hire knowledgable and well qualified candidates which help in making
growth and development in the business of company (Gitman, Juchau and Flanagan, 2015). This
function is responsible for effective staffing of the employees that they are work as per the
policies of the company and guidelines of the task so that firm can accomplish its objectives on
time.
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HR function is also responsible to make development in the skills of workforce so it play
and effective role by providing training and development sessions. For making effective
employees relation it is also responsible so by providing open communication option, it can play
a crucial role in it.
Marketing function- It is an essential function of the company which assist in finding out and
sourcing potentially successful products for the market. For example, in Tesco, M&S, Sainsbury
and others, this function help marketing of the products and services which are manufactured and
produced by the company (Hill, 2017). In other word, it take the goods and services of firm in
the market by differentiating them from similar products and assist in business growth of the
company in term of improving profit and productivity so it is a vital part of an organisation.
There are different roles and responsibilities of this function which are described as under:
Roles and responsibilities- The main role and responsibility of this function is to find out
the needs and demands of the consumers so organisation can fulfil their needs and requirements
by manufacture goods and services as per them. This function also do market research to track
the trends and analyse the competition in the market so that they can have information about the
fashion and change which is occurred in consumer's need. It will help in producing goods
according to trends and customer's requirement which assist in gaining competitive advantages
for the market. This function is also responsible for the promotion of the products and services,
for instant, in Sainsbury, Tesco and others, marketing function of them use different promotional
tools, like social media and others to create awareness about the products and services. So that,
consumers are familiar with the commodities of the firm. This function is also responsible for
making good relation with the suppliers, improving sales, managing marketing budgets and
formulation marketing strategies etc.
Finance function- This function consists the acquiring and usage of finance and monetary value
which are required for running the business activities and operation of the company in effective
manner. For example, in Tesco, Sainsbury, ASDA and others, this function is most important
because finance the lifeblood of business and without it no business can be run smoothly (Jamali,
El Dirani and Harwood, 2015). Finance function help in allocating, managing and offering the
fund to other functions so that they can also perform their activities in efficacious manner. The
roles and responsibilities of this department are described as beneath:
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Roles and responsibilities- The major roles and responsibility of this function is
bookkeeping. It play an effective role in different organisations like Sainsbury, Tesco, ASDA,
M&S etc. by making day-to-day record, analysis and interpretation of the firm 's fiscal
transactions (Karjaluoto, Ulkuniemi and Mustonen, 2015). So that management can have
information about expenses in term of payments and purchases, sales of products etc. The
another responsibility of this function is management of company's cash flow, budgeting and
forecasting, management of taxes and managing all investment of the company.
Develop an understanding of collaborative working practices
Collaborative working practices refers to those workplace activities which are performed
by two or more than people when they work in a group by sharing their ideas and thinking to
attain a common goal. In Sainsbury, these practices can be known as teamwork which is often a
physical joining of two people or a team to attain a task. There are several activities and actions
are generates and occurs when people are working a team and group. So the activities of
collaborative working and team work are describe as below:
Thinking and brain storming- It is main practice of collaborative work because when in
the respective company people are performing their actions then before starting their work, all
team members make discussion to share thoughts or Midas and brainstorming to solve common
issues or complexities.
A strong sense of purpose- In Sainsbury, when employees are working in a group they
truly collaborate to see the value in working together. They perform business activities which
have a sense and help in accomplishing the task aim.
The benefit of collaborative working practices is that when workers of the company do
their work in group they can make development in their skills and knowledge because there are
number of people which have different skills set (Martínez‐Ferrero, Garcia‐Sanchez and
Cuadrado‐Ballesteros, 2015). In Sainsbury, when people perform in a group then, the
management also provide training and learning sessions to them so that they can make
development in their competencies which help in their personal and professional development. It
also beneficial for the company when workforce of the company work collaboratively then it
help in building effective employees relations and the minimise the chances of arising conflicts
and the firm run its business smoothly.
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The role of financial management and reporting within the organisation
Finance is an important part of a company and without it, it is hard to operate the
business of an organisation in effective manner. Financial management indicates to the effective
and efficient planning, organising, leading and controlling the financial actions and activities of a
company (Moorman and Day, 2016). The effective management of finance help in developing
the business of the company. In Sainsbury, finance function play and effective role in managing
the monetary value of the firm. The roles of financial management are explained as below:
Financial planning- The administrator of finance function play an effective role in
planning financial actions and resources in company. They make financial planning with the help
of available data in context of understand the need and requirements. In Sainsbury, they do
financial planning by analysing the economic situation of the company than prioritising the
business activity of the company then make budget and plan according to that.
Allocation of finance- It is another role and responsibility of finance function. In
Sainsbury, this function play an effective role in providing finance to the different other function
of company. So that business can be run in effective manner or business activities can be
perform in appropriate way.
Financial reporting- Financial management manage and maintain all important and necessary
reports of finance of the company (Polzin, von Flotow and Klerkx, 2016). In Sainsbury, this
function play an crucial role by using reporting for forecasting and planning fiscal actions and
activities.
CONCLUSION
From the above defined information, it can be conclude that the business of a company
can run and operate with the help of its different functions like HR, marketing and finance. These
all functions also play an effective role in running the business of the firm in appropriate manner
by hiring skilled employees, promoting the business and proving fund to run the organisation.
Different collaborative working practices are essential to work in group and accomplish the aims
of the task in set time frame. Role of financial management and reporting assist in managing the
monetary value of company so that all the actions related to the business can be perform in
adequate way.
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REFERENCES
Books & Journals
Chang, J. F., 2016. Business process management systems: strategy and implementation.
Auerbach Publications.
Gitman, L. J., Juchau, R. and Flanagan, J., 2015. Principles of managerial finance. Pearson
Higher Education AU.
Hill, T., 2017. Manufacturing strategy: the strategic management of the manufacturing function.
Macmillan International Higher Education.Lo, K., Macky, K. and Pio, E., 2015. The HR
competency requirements for strategic and functional HR practitioners. The
International Journal of Human Resource Management. 26(18). pp.2308-2328.
Jamali, D. R., El Dirani, A. M. and Harwood, I. A., 2015. Exploring human resource
management roles in corporate social responsibility: The CSR‐HRM co‐creation
model. Business Ethics: A European Review. 24(2). pp.125-143.
Karjaluoto, H., Ulkuniemi, P. and Mustonen, N., 2015. The role of digital channels in industrial
marketing communications. Journal of Business & Industrial Marketing.
Martínez‐Ferrero, J., Garcia‐Sanchez, I.M. and Cuadrado‐Ballesteros, B., 2015. Effect of
financial reporting quality on sustainability information disclosure. Corporate Social
Responsibility and Environmental Management. 22(1). pp.45-64.
Moorman, C. and Day, G. S., 2016. Organizing for marketing excellence. Journal of
Marketing. 80(6). pp.6-35.
Polzin, F., von Flotow, P. and Klerkx, L., 2016. Addressing barriers to eco-innovation: Exploring
the finance mobilisation functions of institutional innovation
intermediaries. Technological Forecasting and Social Change. 103. pp.34-46.
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