Report and Case Study: TESCO's Financial & HR Management Functions

This assignment comprises a case study and a report, focusing on the financial and human resource management functions within an organization, specifically TESCO. The case study delves into the role of financial management in supporting business success, managing taxes, improving access to finance, controlling costs, measuring success, improving weak areas, optimizing marketing activities, and focusing on growth areas. It concludes that effective financial management is crucial for securing funds and making sound investments. The report evaluates the role of the human resource department in staffing, developing workplace policies, managing compensation and benefits, retaining employees, providing training and development, ensuring worker safety, understanding external factors, and dealing with employment laws. The report concludes that HRM is critical for maintaining employment relationships and optimizing the workforce.

Topic: Case study & report

Table of Contents
CASE STUDY:................................................................................................................................3
Introduction......................................................................................................................................3
MAIN BODY...................................................................................................................................3
Discussion of the role of financial management functions in the organisation:.....................3
Conclusion:......................................................................................................................................5
REPORT WRITING:.......................................................................................................................6
MAIN BODY...................................................................................................................................6
Introduction......................................................................................................................................6
Evaluation of the role of human resource department in business operations:......................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

CASE STUDY:
Introduction:
Business functions are different activities undertaken by management in order to achieve
the daily targets of business enterprises. The functions of business involves human resource
management, financial management and many more that assists in systematic management of
financial and human resources of the company. For this report TESCO company is taken into
study. The firm is the famous British owned multinational brand of groceries and general
merchandise and is headquartered in Welwyn Garden City, England. The case study will cover a
case study consisting concept and role of financial management in the company.
MAIN BODY
Discussion of the role of financial management functions in the organisation:
Finance is considered as the most crucial activity for any firms and is critical in order to
ensure smooth running and survival of the daily operations of the company (Cui, An and Zhang,
2021). The main aim of financial management is to manage, organise and direct all activities
related to finance activities. In addition to this, the critical practice of financial management in
the company is to drive effective utilisation of resources, procurement of funds from right
sources as well as investing in right assets in order to achieve financial stability and
independence. In context to TESCO, the financial management in the firm plays important role
such a raising funds in order to support growth projects and also assists the company to allocate
raised funds in the most productive manner. This helps the company to gain financial stability
and power. The following are the key role of financial management functions within the
organisation:
Supports in business success:
The critical role of business finance function is to make short term and long term
financials goals needed to improve profitability of the business. The financial management

supports in evaluating risk and growth factors present in the business environment which helps
the company to tap into profitable business investment options necessary for growth and
development of the business. In relation to TESCO, the financial management in the organisation
supports the company to find best available finance sources with less risks involved. This allows
the organisation to allocate necessary funds in their developmental projects that ensures business
success.
Managing rules and taxes:
The other important role of financial management is to support firms in managing books
of accounts effectively and also helps in avoiding burden relating to tax and duties. In addition to
this, maintaining proper financial accounts will allow the firm not only in following legal rules
and regulations correctly but also supports the firm in making calculation of tax in the most
effective and simple manner. In context to TESCO, the financial management supports the
company to make systematic book entries and accounts which leads the firm to know how much
tax to paid on timely manner in order to avoid tax burden(Jorge, de Jesus and Nogueira,2019).
Better access to finance:
The other crucial role of financial management in the firm is to identify and choose better
sources of funds in order to finance key business functions and day to day business activities. In
relation to this, it assists the company to find cheapest and most reliable fund source in order to
accomplish financial goals and objectives. In context to TESCO, the role of financial department
in the company is to find best appropriate finance sources which supports the company in
facilitating smooth operations.
Controlling business costs:
The other crucial role of financial management is to manage and control business costs in
order to ensure reduction of extra financial burden on organisation. This function helps the firm
to reduce certain business cuts related to fixed and working capital requirements. In context to
TESCO, the financial management supports the company in planning costs related to performing
business activities effectively and assist the company to minimise unnecessary charges such as
bank charges(Kazakova and Sivkova, 2019).
Measuring success:
The other important role of financial management is concerned with managing and
boosting the earning capacity of the company by properly allocating necessary funds in the most

productive investment options. The increased earnings by firm will also motivate employees to
work even more better next time which will also support in measuring success. In context to
TESCO, the function of financial management supports the firm in predicting success of the
business by comparing earnings of current year with previous year.
Improving weak areas:
The next critical function of financial management is to analyse the areas of business in
order to get an insight of financial performance of each areas related to business. This can help
the firm to assess areas of profits and losses. In context to TESCO, the finance department
supports the company in evaluating weak and strong areas related to profit generation. Moreover,
this activity allow the firm to improve weak profitable areas and further enhance strong
profitable areas in order to achieve success(Saptono, 2018).
Optimization of marketing activities:
The other main role of financial management is to manage activities of marketing
campaigns in order to assess financial returns of each campaigns and also takes care to provides
necessary funding in supporting marketing activities. In context to TESCO, the financial
department supports the organisation to know earning potential of promotional and marketing
activities in order to decide whether the marketing activities needs to optimised or stopped.
Laying focus on growth areas:
This is considered as the significant role of financial management that assists the
company to find and evaluate most beneficial investment options in order to accomplish growth
and developmental targets. In context to TESCO, the financial management supports the firm to
find best investment avenues and opportunities in order to improve production activities and
meet with the new market trends in the most appropriate manner. In addition to this, this will
allow the organisation to take advantage of growth opportunities which can leads to long term
success and growth(Xu and Chen, 2020).
Conclusion:
In addition to this, it has been concluded that financial management is essential in order to open
new sources of funds and also crucial to find best investment options that assists the organisation
to achieve financial stability and independence.

REPORT WRITING:
MAIN BODY
Introductions:
The report will also highlight role of human resource function in managing and
supporting employment relationships.
Evaluation of the role of human resource department in business operations:
Human resource management is the essential part of business activities which involves
process related to provide employment to people, provides training to them and find various
ways in order to retain competent employees. The main aim of HRM is to manage activities of
staff members and also provide timely solutions for grievances of workers. In relation to
TESCO, the human resource department supports the company in optimising and making
optimal use of skilled workforce in order to meet with the goals and objectives of the company.
The following are the significant roles of human resource department are:
Staffing:
The staffing function performed by human resource department is the most crucial
activity as it signifies selection and recruitment of suitable workforce in order to run necessary
operations in effective and efficient manner. In relation to it, this process includes developing an
staffing plan stating the requirements of workers needed as well as forming an encouraging
positive working environment by introducing certain policies. In context to TESCO, the human
resource management supports the firm to select talented and multicultural individuals in order
to carry out day to day operations in the most appropriate manner(Analoui, 2018).
Developing policies related to workplace:
The other important role of human resource department is to make sure healthy working
environment and fairness within the organisation. The main activity of human resource
management lays focus on making unbiased policies and procedures by asking about views and
opinion of every employees in order to know whether the policy established right or wrong. In
context to TESCO, the human resource management supports the organisation to form effective
policies and rules that fits best with the goals of the company and the employees.
Compensation and Benefits management:

The other crucial role of human resource management is to undertake fair compensation
and benefit policies that can enhance motivation level of workers to work in the optimal manner.
In addition to this, the HRM must ensure that the compensation policy must meet with the
standards of the industry. In context to TESCO, the suitable compensation and benefits policy
assists the firm to retain their top talents by giving competent salary in the industry. Moreover,
the company also provides bunch of benefits such as sick leave, bonuses and many more which
helps the firm to create self motivated workforce(Cristiani and Peiró, 2018).
Employee retention:
The other very important function of human resource management is to motivate
employees to retain longer in the company by giving them competitive salaries and other benefits
programs. In relation to this, the human resource department deals with assessing and solving
issues of employees such as overworking conditions or conflicts with managers. In context to
TESCO, this activity of human resource management allows the company to evaluate problems
faced by employees and provides timely solution that motivate employees to work for the longer
duration with the organisation.
Training and development:
The other critical role of human resource department is to provide necessary training
sessions to workers of the company with the aim of enhancing productivity and competence
levels. The training process is also considered as the driving force for the motivation levels of
employees as the workers feels confident enough after acquiring new skills and knowledge. In
context to TESCO, the human resource management supports the company to formulate correct
training and developmental programs in relation to the needs and wants of employees. In relation
to this, the suitable training strategies assists the firm to realise true potential of employees which
further leads the organisation to form competent working environment(Jia and et. al., 2018).
Ensuring safety for workers:
The next crucial role of human resource management is providing a safe and supportive
working environment in order to achieve best results from the employees. The human resource
management supports the firm to establish effective security law and rules in favour of providing
necessary security to them against the unfavourable situations. In context to TESCO, the human
resource department provides assistance to the workers by forming significant laws related to the

protection of confidential information of workers. The HRM of the company ensures in meeting
security guidelines of employees with the standards of federal and union.
External factors awareness:
The other major role of human resource management is to identify and assess the key
outside forces which can affect the operational activities and performance of the organisation.
The outside forces are considered as uncontrollable force as it deals with workforce diversity,
change in employment law and much more. In relation to TESCO, this function of human
resource management assist the company to evaluate outer market conditions in order to gain
valuable insights related to change in technology and work practices. Moreover, this
management function also helps the organisation to adopt best trends of market that can allow
the company to enhance business working environment positively(Okolie, 2020).
Dealing with laws:
The other main role of human resource management is to aware of all laws which is
considered essential in maintaining well being of employees. In context to TESCO, the human
resource department supports the organisation to be aware of any changes related to employee
centred laws that can influence the working of the organisation. In relation to this, it helps the
company to adopt with critical laws such as discrimination laws or workers safety laws and
communicate these laws with entire organisation(Smith, Rohr and Panton, 2018).
Conclusion
From the above explanation it has been evaluated that business function plays a critical
role in turning resources into fixed assets and essential service. Furthermore, it has been
analysed from the above report that human resource management supports the organisation to
find right people at the right time and at the right place which helps the company to achieve
growth and success in effective manner.

References
books and journal
Cui, Z., An, F. and Zhang, W., 2021. Internet financial risk assessment based on web embedded
system and data mining algorithm. Microprocessors and Microsystems, 82. p.103898.
Jorge, S., de Jesus, M. A. J. and Nogueira, S. P., 2019. The use of budgetary and financial
information by politicians in parliament: a case study. Journal of Public Budgeting,
Accounting & Financial Management.
Kazakova, N. and Sivkova, A., 2019. Financial security of economic activity: analysis, control,
risk management. In Global Trends of Modernization in Budgeting and Finance (pp.
110-130). IGI Global.
Saptono, A., 2018. Entrepreneurship education and its influence on financial literacy and
entrepreneurship skills in college. Journal of Entrepreneurship Education, 21(4). pp.1-
11.
Xu, X. L. and Chen, H. H., 2020. Exploring the relationships between environmental
management and financial sustainability in the energy industry: Linear and nonlinear
effects. Energy & Environment, 31(7). pp.1281-1300.
Analoui, F., 2018. Managerial perspectives, assumptions and development of the human resource
management. In Human resource management issues in developing countries (pp. 1-
20). Routledge.
Cristiani, A. and Peiró, J. M., 2018. Human resource function, unions and varieties of capitalism:
Exploring their impact on human resource management practices based on CRANET
data. Employee Relations.
Jia, and et. al., 2018. Paradoxical leadership incongruence and Chinese individuals’ followership
behaviors: moderation effects of hierarchical culture and perceived strength of human
resource management system. Asian Business & Management, 17(5). pp.313-338.
Okolie, U. C., 2020. Effect of diversity management on human resource management:
Recruitment and selection in focus. Annals of Spiru Haret University. Economic
Series, 20(2). pp.63-86.
Smith, S. S., Rohr, S. L. and Panton, R. N., 2018. Human resource management and ethical
challenges: Building a culture for organization success. International Journal of Public
Leadership.