Functions of HR, Finance and Marketing to the Success of Business Organizations - Essay Example

Introduction

A typical business organization is comprised of various departments which are classified according to the functions that they carry out. Such departments may include marketing, finance and human resource management among others. All the departments in an organization have a role to play in enabling the business to carry out its operations, achieve its aims and objectives as well as the overall success of the business. Each of the functions performed by various departments is essential in the running of the business. The departments are categorized in a way, enables the business to benefit from specialization and division of labour. This in turn leads to lower costs of operations and increased efficiency in the business. This paper identifies the contributions of the human resource management, marketing and finance to the aims and success of business organizations.

Human resource department

Human resource management is a core department in the operation of an organization. This department helps in the provision of expert services in many areas of an organization. The functions of those managers is to hire new employees, managing the changes in the organization while facilitating the training process of new employees and their development, offering pensions and benefits to the employees in these organizations, communication with the employed staff and also disciplining and dismissing staff. Through proper training in the organizational activities, employees are able to climb the ladder through promotions which enables them to reach their full potential. This helps in the reduction of more recruitments thereby maximizing on the talents existing in the organization. Apart from managing the staff already employed in the organization, human resource management also aims at changing the future plans of the needs of the staff(Lawler, et al., 2009). In a case where there are external changes in the labour market, the human resource management assists in monitoring all these changes which help in bringing proper planning of the recruitment strategies. All these functions make the human resource a core department in an organization since all the managers rely on the HRM to acquire staff to their organizations

Tarmac is one of the business organizations which help in building the capacity of its employees to reach their full potential. This strategy, which is a core aim of the human resource management assists in strengthening the business in the long run period. This company has talent and development team, which assist in leading and coordinating the training of the new staff or the existing staff, development and also improving learning activities of the organization. This makes people to acquire different levels of expertise and skills which is needed for them to develop. The human resource manager in this organization also assists in managing HR procedures and policies in all the departments of that organization. This helps the organization achieve a partnership with the different departments in the organization which help in contributing to operational objectives.Through the human resource of this company, the individuals in this company can achieve personal goals which are always in line with expanding the mission and the vision of this company(Ferris, et al., 2002). This firm has responded to various changes in the market, which has made it to stand a chance in competition and the growth of the company. Tarmac has placed a programmer of Change Management through the human resource department in order to respond to issues relating to staff motivation and improvement of the performance of the firm. This is done through proper training of the different managers in this organization.

Enterprise is another organization which has a good human resource policy which assists in making the activities of the firm to be successful. This firm promotes its managers from within the organization from the specific workforce, which they are entrusted in. This shows that the firm has to recruit people who have a higher potential of keeping the growth of the business. This company recruits over 1000 staff in the graduate recruitment category in the UK(Studies, 2016). The employees should have a self-drive and should possess initiatives which are motivate oriented. This helps the firm in achieving its main objectives.

Harrod recognizes the needs of the organization and encourages job rotation and enlargement in order to promote development of career opportunities. The job rotation process involves changing of workstations in the different areas in the organization which helps in developing skills in the different areas. The human resource management is entitled with this mandate in this firm since it assigns the employees to the different departments in the organization. The job enlargement process in this organization involves encouraging the staff and supporting them in taking new challenges. This company, through the human resource management has been able to improve the job rotation and enlargement making the firm stand a chance in the competitive world(Studies, 2016). The human resource department in this company has helped in the formulation of tangible benefits in the organization which have been seen by the growth of sales due to employment of good staff. Also the competition of workers, which is created by the human resource department has made it possible for the firm to grow in terms of offering quality services. This has been done through rotation of the employees.

Finance department

The finance department of any organization is one that deals with activities of managing money for the business. The finance department is entrusted with a range of responsibilities which contribute towards the aims and success of the business. These functions include;

Controlling expenditures and obligations. This includes the allocation of resources to various activities of the business. This is done through the preparation of a budget intended to be used during a certain financial year(Studies, 2016). The ACCA case study establishes that it is essential that the finance department efficiently allocates the resources of the business and this involves recording of all payment transactions.

Receipting and depositing all revenues earned from the operations of the business. The finance department accounts for all the receipts that are earned. This includes the preparation of financial statements such as the income statement. In the ACCA case study, the preparation of the income statement is essential in determining how the business is performing in terms of returns.

Managing the investment of all monies. All monies received within the organization are recorded by the finance department. This includes recording the sources as well as well as the value. In the Syngenta case study about investment appraisal in action, it focuses on how the finance department allocates the resources of the business in a new investment geared towards increasing the productivity of the business.

Accounting for all asset and capital project expenditures. The finance department is involved with accounting for all assets. Assets are all the economic resources that the business owns. The finance department determines the value of the present value of the assets of the business and this is essential in determining the net worth of the business. The finance department determines if the assets of the business have depreciated or appreciated and also records the sale of any of the assets. From the British Aerospace case study, the asset management involves the management of the assets as well as the selling and leasing of a global portfolio of more than 400 regional jet and turboprop airliners.

Marketing department

The marketing department is charged with the responsibility of promoting the business and scaling up the volume of sales of its products or services. It provides the required research that facilitates the identification of potential customers as well as other targets. A marketing department is essential in enabling the business attain its aims and objectives. The functions of the marketing department in an organization include;

Carrying out market research. Market research is the main responsibility of this department. It enables the business to identify its market and also gain a better understanding of what the consumers need. The Portakabin case study portrays how market research has helped the business to remain at the cutting edge. The marketing department has carried out intensive market research to determine what the consumers require and expect from the business(GOVINDARAJAN, 2007). The research has also given the marketing department a deep understanding of the nature of their market.

Development of the product. The marketing department is entrusted with the responsibility of developing new products as well as improving the existing products. The department uses the market research to develop the products that the consumers need or improve on the existing ones in order to satisfy the consumers. Kellogg’s case study for instance, the company is considering developing a new product in order to grow the brand since the existing one has not attained its full potential.

The marketing department is also responsible for planning campaigns to promote the products and services being provided by the business. Such campaigns may include product publications or press releases aimed at advertising the products. From the Kellogg’s case study, the company uses promotion to let the consumers know about the products and services and to try encouraging consumer to purchase their products. This is part of their marketing strategy.

Conclusion

The human resource, finance and marketing departments of the organization are the core departments which bring quality in the business activities of an organization. A well-structured organization should have a strong structure in this department, which makes the organization a success. Using different case studies, this paper has discussed various strategies which are used by the organizations to manage these organizations with ease. All these strategies used by this organization assist the firms in bringing quality in the services offered by the organizations.