Report: HR, Marketing, and Finance Functions in Organizations

This report delves into the critical roles of Human Resources, marketing, and finance functions within organizations, using Primark as a case study. It explores the key responsibilities of HR, including planning, recruitment, performance management, and employee development, as well as the functions of marketing in ensuring organizational growth, meeting customer needs, and promoting products. The report also highlights the importance of finance in managing resources, identifying funding sources, and ensuring financial planning, capital management, and risk management. Furthermore, it examines collaborative working practices and the role of financial management and reporting in fostering efficiency and achieving business goals, with detailed discussions on financial planning, capital management, financial decisions and controls, cash flow management, risk management, and the allocation of financial resources. The report concludes by emphasizing the interconnectedness of these functions for overall organizational success.

Topic
1Describe the role of HR Marketing and
finance functions within organisations
2Develop an understanding of collaborative
working practices 34Demonstrate knowledge
of the role of financial management and
reporting within the organisation

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
The role of HR, marketing and Finance functions in the Primark...............................................3
Collaborative working practices..................................................................................................5
Role of finance management and reporting within organization.................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................7

INTRODUCTION
In the every organization, the role of Human resource marketing, finance functions and
financial management are vital. Primark is a fast fashion retailer. It has a headquarters in Dublin,
Ireland. Primark is a subsidiary of retail and food processing company ABF. This report will
include the role of HR marketing and finance functions in the Primark. This report also
highlights the collaborative working practices and also the role of financial management and
reporting in the Primark.
MAIN BODY
The role of HR, marketing and Finance functions in the Primark
Role of HR in the Primark
Human resource management is a main pillar of the organizations. The major functions
of the HR include staffing, compensation, training & development, health and safety, employee
and labor relation. In all these, HR performs a wide range of activities. Human resource in the
Primark plays various functions such as:
Human resource planning
It is main function of HR; by this they identify the future requirements of the
organization. After this, Human resource will conduct the essential function such as recruitment,
selection, development and learning, performances management etc (Khan and et.al., 2019).
Recruitment and selection
The other function of the HR is to attract the people for work in organization and
selecting and apprioachi9ng best candidates. It is a process by which HR will select highest
potential and best qualified candidates.
Performance management
Performance management is an essential tool used by HR to identify that employees stay
engaged and productive. A best performance management includes perfect leadership, open
feedback and clear goal-setting.

Learning and development
Facilitating employees or workers of the Primark to develop the skills they require for the
future is a major responsibility for Human resource (Hosain and Liu., 2019). In which human
resource bridges the gap between the current workforce and workforce required in the near
future. It is the responsibility of HR to lead all these functions in the right direction.
Rewards
Rewarding the employees as per their performance and operations is the most vital
function of HR. rewards involve salary and also career opportunities, growth, status, bonus,
effective work-life balance, recognition etc. It is responsibilities of a HR team to recognize the
potential employee and reward them.
Administration
HR of Primark has a high responsibility to manage the all administrative activities. It
involves HR information systems and personnel procedures. The administrations responsibilities
include maintain discipline, performance improvement, promotion handlings, racial and cultural
diversity, regulation etc.
Role of marketing function in the PREMARK
Role of marketing function is very major in the PREMARK. Marketing department plays
a crucial role in expanding the business and to achieve mission of company (Maheshwari and
Yadav., 2019). Many important role of marketing in making a product successful in the
organization.
Ensure organization growth, survival and reputation
Marketing helps in the company achieve their goals or objectives and a company survives
because of retention of customer and expands in the market share.
Meets customer needs and wants
In the marketing, marketers identify the needs of the every customer and to adopt their
strategies in market. Their needs are helpful through the business exchange process.
Widens marker
This are important tool and marketer use mass communication tools include promotion,
sale, advertising and to promote their product wide and far.
Better product offerings
Most organization sell more than many one product and marketing plays a vital role by

managing and designing company product offerings.
Role of finance function in the PREMARK
Finance function is important part of financial management in the organization. Finance
function also effectively concerned with the planning of financial resources (Rangaswami and
et.al., 2020). It is involve the utilization and acquiring of funds necessary of better operation.
Identify sources of finance
Finance function is analyzing the needs to be raised in company funds and can get or
borrow from various shareholders.
Comparison of various sources of finance
Identifying various funds in company to compare the risk and cost involved and company
should choose the best source of financing the company needs.
Identify need of finance
Finance function has to identify the needs of to start a new business in the organization.
This function helps how much the initial capital required and need to rise.
Collaborative working practices
Collaborative working includes two or more organizations can work together and greater
innovation is one of the best benefits of collaborative working in Primark Company. Creating a
building bonds and teamwork encourages business work for the effective and properly.
Collaboration in the workplace is important in the organization and it is one of the biggest factors
to success of any company. People work together towards achieving business goals by sharing
their skills and ideas (Kotler and et.al., 2017). It is allows team members to come together on a
work towards the achievement and common platform of common goal by thinking and to
provide better solutions. Collaboration provides any team members with equal opportunities to
communicate and participate their ideas so these are important for the organization. Effective
collaboration will allow all the company members to find the best optimal solution to any
problem and to share their talent. Collaboration is mutually important for the all employee as
well as the company because they work jointly and interact with the business. In the workplace
collaborating in the business to finish important project and efficiency in the workplace. Primark
efficiently realizing the value of collaboration for ways to foster in their teams both virtual and
traditional.
Collaborative work system is made to create policies, structure and strategies in order to
behavior and practice that promote cooperation among many parts in an organization and to
business goals (Kyriakopoulos, Hughes and Hughes., 2016). Collaborative capacity is high
enable more effectively in the work both at the daily and local levels.

Role of finance management and reporting within organization
Financial management define to the efficient planning, controlling, organizing of
financial activates of the company. Finance is an indispensable and essential part of ant
organization and the proper management of this financial resource is important for sustainable
development in the company. Financial manager and financial management play a vital role in
making exercising control of finance and financial decision. Finance is the backbone does any
business. An effective finance system in the company should include proper insurance for
essential element of the organization.
Financial management is the major role in the any business it includes:
Financial Planning
In the PRIMARK retail company, finance mangers are plays a crucial role in the planning
of financial resource and activates in the organization. The effective financial planning assists the
organization in their higher business growth and development (Mohammed., 2019).
Capital Management
Capital management is main part for any organization. Financial management is
responsible to estimate the capital requirement of the company from time to time. This financial
management defines the capital structure and many source of funding the capital needs of the
organization. Capital management is good; the company can should achieve higher growth and
development in the business.
Financial decisions and controls
In the organization, financil management plays an important role in the exercise control
and making financial decision in the business. Finance decision and control are backbone for
financial management in the organization (Lagoarde-Segot., 2019). Many techniques are used in
the company such as financial forecasting, ratio analysis and profit and loss analysis of the
company.
Cash flow management
It is essential for nay organizations to have sufficient cash flow to effectively conduct and
working capital to meet their company operational expenses in the organization. Proper financial
management ensures that the company has sufficient and available cash flow in any time to
operate other cash transactions very quickly.
Risk management
Financial management prepares the proper risk management process in the organization
and effectively to conduct all risk are involved in the business. Risk management is important
factor for financial management and to properly divided risk in the business.

Allocation and Utilization of financial resources
in the business, financial management make sure that all financial resources of the
company are used efficiently and effectively so that the company is maintain higher profit and
sustainable in the long run. Financial management is proper ally utilization and allocation of
financial resources according to the needs of the organization.
Disposal of surplus
Financial management is take decision on how the profits or surplus of the company is
utilized by the financial managers of the organization. They decide the proportion of surplus
must be ploughed and retain into the company. Financial management plays a vital role in the
company to maintain profit in the business (D’Orazio and Valente., 2019).
In the organization, financial management maintains all company necessary reports
related to the finance of the organization and uses this planning financial activities and database
for forecasting for business. Financial reporting plays an important role for financial
management and this reporting effectively utilized but finance manger to cheek necessary report
in the company. They are many stakeholders using financial report to make company's decisions.
Provided accurate data to the organization from the financial reporting so it is very essential to
make business decisions. The role of financial management and reporting are important for any
organization to improve beater quality in the business.
CONCLUSION
From the above report, it is concluded that the role of Human resource, marketing and
finance functions are very crucial. It assists the Primark organization in their whole operations.
Without these a company can’t run their business.

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