Analysis of HR, Marketing, and Finance Functions in Organizations

This report delves into the crucial roles of Human Resources, Marketing, and Finance within an organization, focusing on their individual contributions and collaborative practices. It examines how HR manages employee relations, recruitment, training, and performance, while marketing focuses on customer communication, competitor analysis, and brand loyalty. The report highlights the significance of financial functions like bookkeeping and tax compliance for organizational sustainability. Furthermore, it explores collaborative working practices and demonstrates the importance of financial management and reporting for achieving long-term goals and financial stability. The content is discussed within the context of a UK-based multinational clothing retailer, Next, providing practical examples of these functions in action. The report emphasizes the interconnectedness of these functions and their impact on an organization's overall success.

HR Marketing and finance
functions within organisations
HR Marketing and finance functions within organisations.............................................................1
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
1 Describe the role of HR, Marketing and finances function in an organization........................3
Developing and understanding of collaborative working practices............................................5
Demonstrate role of financial management and reporting in an organization.............................5
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................7

INTRODUCTION
Human Resource management function is defined as that kind of activity that has been
undertaken by an organization for attracting and retaining of best talents towards them.
Marketing also helps in creating of various kinds of opportunities that has been defined as
parining programs for internal and external employees. Finance functions are that type of
functions that is going to help an organization to maintain its financial resources. Also its helpful
in generating of funds when necessary for efficient operations. Next is an UK based
multinational clothing, footwear and home products and has it headquarters in London. Things
that is going to be covered in this file is Role of HR, marketing and finance functions in an
organization. After this collaborative working practices is going to be explained. In the end
demonstrate role of finance management and reporting in an organization.
MAIN BODY
1 Describe the role of HR, Marketing and finances function in an organization
Human Resource is that kind of resources that is helpful for an organization by maintaining of lot
of important function is n an organization. These are related to employee and employer
relationship. Human resources management is also very important from view point that an
organization like Next can get better employee if having a strong human resource. These further
this make an operations easy also. There are four main factors that is required for production an d
they are land, labour, capital and enterprises. Among these labour falls under human resource
that is responsible for performing of actions in an organization like Next. This term human
resource is referred to as that type of individual or personal workforce within an organization.
Human Resource Management is that kind of organization is that kind of department that has an
very important role to play in an organization (Biswas and Suar, 2016). Key role and function
that has been paid by an organization is HR professional this is to channelize the effort of each
and every employee to the best interest in an organization. Now the role of HR is explained as
follows:
Recruitment and Training: This involves hiring of kind of people at the right time in an
organization is very much necessary. As per the recruitment and obligation of employees has to
be seen and also scope of them in a task has to be seen. Then an legal contract is prepared and is
signed by employees. This is going to make an employee follow and code of conduct. Next is
going to be benefitted from this in a manner that quality of employees is going tom improve
(Cascio and Graham 2016).

Appraisal and Performance : HRM encourages an employee to perform better in a manner that it
is going to help in taking out maximum potential of an employee by encouraging and this done
either by promoting or providing them salary appraisals. Next is going to be benefitted from this
in a manner that efficiency of working is also going to improve in an organization.
Maintaining of Atmosphere at work place: This means that an organization like Next is going to
require this for maintaining of an healthy environment at work place. That is going to help in
promoting faster and effective growth.
Managing of dispute: If an dispute has occurred between an employer or employee then HRM
has to be responsible for solving of such issue. Next needs to solve issue between base level
employee to increase quality of services.
Role of marketing in an organization
Marketing is an very important element that helps an organization to grow as a bigger entity. It is
the process through which various elements of an organization is to be enhanced for uplifting of
an organization. This role played by marketing is that, it helps in communicating with customer
this means that an organization is being helped by communicating with customers in gaining
feedback to do improvement in product and services provided. Also this is going help an
organization like Next by making it aware about wants and needs of its customers. Then it is
helpful in analyzing performance of competitors. Next is going to be benefitted out of this in a
manner that it is going to provide sustainability and increase competitive marketing spirit in its
customers. Also marketing is going to promote loyalty in its customers regarding the brand. In
this way Next is going to be benefitted from it in a manner that it is going to help in analyzing of
loyal customers (Ulrich and Brockbank, 2016).
Role of finances functions in an organization
Finances is an very important element of an organization this is going to help an organization to
sustain in long in market. Role played by it in an organization like Next is as follows:
Bookkeeping: As per this an organization has maintain records of financial activities taking
place this is going to promote an safety regarding all of financial records of an organization. As
an organization like Next is growing itself they might hire more specialized payables and
receivables clerks, to take over functions such as corresponding with vendors and suppliers,
above and beyond recording transactions.

Tax compliances: In these strategies related to effectiveness in tax paying is going to be
promotes. That is going to increase more of cost efficiency and save funds for future. Next is
going to be benefitted by this as it is going to make increase in profit.
Developing and understanding of collaborative working practices
Collaborative practices are those types of practices which helps in building of those
strategies that is helps an organization to control behavioral aspect of an organization. This is
build to help in establishing of financial resources of an organization. Its is formed by setting up
of an goal required to be achieved, after this compelling cause is set-up. Then team members are
selected for the required task to be achieved. Then all types of financial resources are seen, after
this innovation to be brought is decided by analyzing of factors in market. Then behavior of
employees is seen so that no conflict take palce. This is going to help nextb in achieving of goals
and objectives that has to be achieved by it( Dawson, 2018).
Demonstrate role of financial management and reporting in an organization
It has an very important role to play in an organization like Next because it is going to bring
direct investment, developing of strategies related to finance . It is very helpful in maintaining of
goal that are of long term nature. Also it promotes optimum utilization of resources that helps an
management in promoting of various ways that is going to promote effective management of
resources and is going to save finances for future purpose in an organization. This very help ful
in promoting of financial stability in an organization (Neill and Jiang, 2017).

CONCLUSION
From the above file it can be concluded that an organization like next requires financial
resources to sustain inn market, marketing that is going to help it in promoting itself. These
elements are necessary to develop these skills. Also an good HR management that is going to
helps in achieving of goals and objectives that has been set up by an organization. Further
collaborative practices has been explained which helps in building of those strategies that
improves behaviour of employees in an organization. In the end financial role of an organization
is explained that helps in managing of financial resources and vrings financial stability in an
organization. Also concept of all these has been covered in this assignment. All these has been
explained in context of an Next that is an retailer supplier of goods and services in UK.

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