This assessment will cover the following questions:
- Explain the role of HR, marketing and finance functions in relation to the organisation.
- What is the importance of collaborative working?
- Provide an in-depth understanding of the skill and role of financial management in the organisation.
Human resource, finance, and marketing function plays the most essential role within companies. They are responsible to increase profit margin, strengthen brand image and enhance performance much better than before. All the functions of business are working together in order to gain competitive advantages. The present report is based on a different function of companies, it defines the role of finance, marketing, and HR functions within organizations and justifies collaborative working practices. Furthermore, this study clarified the role of reporting & financial management within a firm and its importance in the context of business.
Role of human resource, finance and marketing functions within companies
Business is one of the essential human activity, it plays significance role in economic development of UK and for upliftment of living standard of citizen effectively. Organizations within retail sector operating day to day functions, that helps to run its businesses efficiently. There are some following functions and their role within firms-
Finance means capital which is lifeblood of any company, a successful organization needs competent capital to obtain several factors of production (Andjelic and Vesic, 2017). Financing function includes proper estimation of required budget, its role is to find out correct source of finance, providing fixed & working capital. In firms, finance function plays vital role, it includes utilization and obtaining of funds essential for effective operations. The role of finance function in companies is to make profit planning and cost controls. The base of businesses is to make profit, it only creates sense that finance would play major role in evaluating ways to improve profitability. It includes determining profit margin of goods and weeding out losers as well as promoting winners. The team member of finance department point out methods to improve productivity in production and find inexpensive sources of materials. Investment decisions, financing, dividend and liquidity decisions are taken by the finance division of companies, in order to increase profit margin.
Atypically, marketing functions forms within businesses include product development, conducting market research, strategically overseeing promotion, consumer services, developing marketing plan and making public relations (Cortez and Johnston, 2019). Marketing function within companies plays their most essential role in establishing strong connections or relationships between target market and businesses. Marketers tasked with promoting and branding of companies, participation in publicity activities, clients interaction through review collection and advertising. Marketing department play role in making products successful in marketplace and help to gain large number of consumers attention towards purchasing goods. It helps in satisfying clients beyond their expectations towards companies. Most firm sell more than one product or services with the help of marketing team. It plays an active role by managing and designing goods offerings. It supports in maintaining balance of consumers expectations and business competitor's offerings by monitoring market more closely.
Human resource function
HR function play crucial role in companies, include motivating workers, recruiting and selecting skilled applicants (Glaister and et. al., 2018). In simple words, maintaining workplace safety, develop compensation planning and build effective employee relations is the role of this function. The purpose of human resource department is to enhance ability of staff member and increase productivity of companies by optimizing effectiveness of their workers. Its role is to oversee individuals in firms and deliver the best HR services that meet needs of businesses and its employees. Human resource department is accountable to give possible suggestions to strategically manage worker as essential resources of business and these include hiring or recruitment procedure, skills training and employee benefits.
Comprehension of collaborative working practices
Collaborative working includes whole compass of ways that two or more department within companies can perform together for specific purpose and drive towards common goals. It is act of many people performing together for particular reason (Lee and Sheffield, Box Inc, 2018). Collaborations usually refer to peoples working together to address specific issue and deliver results that are not effectively achieved by performing individually. Collaborative working practices is now central to the way people work, produce innovations and provide services. It provides many benefits to large organizations as it helps to increased learning possibilities, creativity, enhance stakeholder relationships, achieve business objectives & goals on time, higher worker productivity and provide more flexibility in work direction. Marketing, finance, human resource and other functions within organizations are working together in order to achieve common goal.
Marketing role is to promote products and services offering by companies to its target market. Without funds, they cannot be able to do any activity, so for that they have to collaboratively work with finance department, because it is responsible to allocate budget (Mariano and Awazu, 2017). Collaboration between marketing and finance department is very crucial for businesses, it helps to increase profitability and productivity rather than before within specific sector. Collaboration between both functions enhance work ability and efficiency of marketing operations. In order to grow and succeed continuously within marketplace, marketing department have to collaborate with finance section. Marketing without finance cannot be able to do anything.
Finance department work together with other section in company, for example collaboration between HR and Finance is also beneficial for businesses, it directly impacts on profit margin and ensures higher productivity. Collaboration between human resource & finance affect results, closer working practices between both department on bonus plan, better organizational performance. By working together, finance and human resource function improve businesses practices and support firm to achieve their organizational goals.
Along with this, collaborative working practices between marketing and Human resource department just like the other, is beneficial for workers and companies. There are many benefits will be gained from collaboration between marketing and HR including more effective execution, higher innovation and productivity.
Collaborative working practices gets work done faster, when workers think about workplace collaboration, they can perform much better than before. It helps to support people collaboration with promises.
Read also: Marketing Management - Marks and Spencer
Role of financial management and reporting within company
Financial management focuses on organizing, controlling, monitoring, planning and directing financial activities within organization (Shapiro and Hanouna, 2019). It focus on equities, debts and rations, financial management used for portfolio management. Finances is most important and indispensable part of company, it is difficult for business, whether profit making, to sustain in market for longer without appropriate finances. The role of financial management is to take financial decisions. The manager of this department is accountable for planning of capital activities as well as resources in firm. Finance manager can use accessible data to understand priorities and needs of business and overall economic position.
Financial management play role in exercising control over capital in company. Estimation of requirement of finance within firm from time to time is the responsibility of financial management. It assures that all financial assets of organization are invested and used efficiently & effectively so that company is sustainable, profitable and viable in long run (Karadag, 2017). Financial management of company is accountable to track receivable and payable account in order to assure that there is enough cash flow available at all time.
Furthermore, it can be said that financial management is one of the most effective function in businesses In order to run and sustain successful business, company must have excellent knowledge in financial management. This type of management within organization is very important for different reasons, for example it helps company in financial planning, support them in effectively allocating & utilizing funds acquired, help in improving productivity and profitability of business and also contribute to encourage people to save money, which helps them in personal financial preparation.
Financial reporting is financial outcomes of company that is released to people, usually encompasses financial statements of organization, which include balance sheet, income statement and cash flows as well.
Reporting make significant effect on business, change way workers perform their role and how judgements are made (Stubbs and Higgins, 2018). The role of reporting within company is to provide accurate information about profit and loss. Profit & loss account and balance sheet are the two types of reporting, that help to define current position of business within marketplace and their growth as well.
From above analysis, it has been concluded that finance, marketing and human resource functions within companies are playing an effective role in growth and success of company. The collaboration between all the functions is beneficial for business as it helps to make brand image in market place positively and raise their position effectively. When HR and marketing work together they benefit from collaborations, these welfare translate into advantages for workers, consumers and potential staff members. Through collaboration with human resource, brand message will spread throughout organization by internal communication. Moreover, financial management and reporting also play vital role in company, it helps to identify potential threat and statement of profit and loss. If you need a cheap assignment writing service from experts that can help you score good grades and impress your professor easily, then we are your one-stop solution. Our experts can deliver the best Reflective Journal Assignment work before the deadline right to your mail