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The finance and HR departments work toward one ultimate goal of achieving a next level of profitability and performance. In the context of HR, managers often perform some of the duties that are meant to be financial duties. It is the same applies to the chief financial officers.
This report will cover the TESCO company for this case study. It is 3rd largest retailer company in the world. This report will analyse role of HR marketing and finance in this company. It will also conclude understanding of collaborative work and importance of collaboration. In the end of this report, we will analyse financial management in the TESCO.For those seeking assistance with similar reports, our essay help services are available to support your writing needs.
Role of HR marketing & finance functions in TESCO
HR Marketing
HR marketing has a huge role to make TESCO successful in their business. HR marketing aims to create positive and powerful candidate experience. This can be achieved through the combination of the target group-specific content and a recruiting marketing strategy. HR and marketing have interrelationship with each other (Cornwall, Vang and Hartman., 2019). HR department helps to provide training to the marketing team of the TESCO so they can increase skills and knowledge of the marketing team. HR departments also recruit employees who have marketing knowledge according to the needs. Marketing teams ask for new members in their team when they need them. The marketing team of the company also helps the HR department through marketing. They help the HR team advertise job postings through digital marketing. They find new candidates who can work in the company and help them to achieve objectives of the company. The marketing team also collects informative data, such as employee data, labour turnover, and new market trends, which is helpful for the HR department.
Finance function
Finance management is an important part of the TESCO company because they are working on a global level. International markets mean more money and cash flow, so it is important for TESCO to have strong and managed financial resources. Role of finance function in TESCO:
Control cash flow
The finance manager of the company controls cash flow in the organization. Every department in the TESCO needs cash on a daily basis. The finance department fulfills this demand so they can run and make profit. Finance managers have to record every transaction of the company so they can see how much cash is in flow and how much is needed for the activities.
Negotiate with dealers
Finance managers negotiate with the dealers when the company wants to buy some resources in the workplace or any property for the company (Finn et al., 2018). The finance manager will deal with them, and they will negotiate the best deal for the TESCO company.
Financial performance
The finance department of the TESCO checks and manages the financial performance of the firm. They also make a financial report at the end of the year and show it to the shareholders, so the shareholders can see how the company is performing in their business. It is important for the finance department to include efficiency and wisdom of the financial planning. If TESCO has been performing poorly in the past few years, then they should look for improvements and increase the standard of the company through financial planning and control of the financial resources.
Take decisions
The finance department takes financial decisions for the TESCO company. They make budgets for each department. They make decision according to the company's performance. If they find that any of the departments are not utilizing financial resources properly, then they force them to utilize them and make profit for the company.
Importance Of Collaborative Work
Collaborative work is necessary for the TESCO company to take competitive advantages and successfully reach the number 1 position. It can be possible trough the collaborative work in the company (Hunsberger., 2017). Superiors of the company should focus on group work to improve relationship between employees, and they can create working environment. Here are some benefits of the collaborative work:
Increase flow of communication
Collaborative work in the TESCO will increase the flow of effective communication in the workplace. Employees can understand each other and share their information and problems to the companies superiors. Communication can be improved if employees will work in team and help each other to achieve common goals. company can create good environment for employees.
Efficiency of workers
Efficiency of the employees can be improved through the teamwork practices in the company's workplace. Individual employees take more time to do any task but if employees will work in a group, then they can complete same task in very little time. TESCO should implement group activity in their workplace so employees can increase their task efficiency and help company achieve objectives and goals.
Good relationship
A company can create good relations between employees through group practices. It will also help to decrease conflicts in the workplace (Koschmann and Burk., 2016). In an organization, employees come from different culture and places, and they speak different languages. It can create conflicts between them. If employees will work in the team, then they can understand each other's culture and languages.
Motivation
Group tasks and practices motivate employees because they can interact with each other and talk with each other. Some of the employees who are new in the TESCO company can work with them. It will motivate them because they will get chance to work with seniors of the company.
Roles and responsibility
Collaborative work will help employees understand their roles and responsibilities in the TESCO company. Employees who are senior from the others will lead them to achieve goals and objective the company (Sanda., 2018). They will take responsibility of their team to achieve those goals and help company gain competitive advantages in the market.
Knowledge increment
Employees can share their thoughts and knowledge with each other through collaborative work. New employees can gain experience from the employees who have been working in TESCO  company from years. It will help them to improve their skills and potential in the task so it is important for the TESCO  to implement group- and collaborative practices in the workplace so they can achieve high growth in this competitive market. Employees engagement is necessary to achieve high growth in the market and become number 1 retailer company in the world.
Role of financial management
Financial management is responsible for managing all financial resources of the TESCO company. Without having strong financial management, a company cannot be successful in their business. Finance manager of the company manager and provide cash to the different department where cash is needed (Madhale., 2016). They make budget and find the proper sources of finance; without finance, TESCO cannot run any activity in their company. The managers of the TESCO company play various roles in the company, which are:
Financial planning
Finance department plaining for the cash and taking decisions related to finance in the company. They decide from where the company should borrow cash according to the company's financial condition. Finance manager also calculate total cost in the activities, and they record cash flow of the company and needs of the company in the context of finance.
Financial decision and control
Finance managers know where they should use money so the TESCO company can make profit and achieve higher growth in the market. They also control the cash by making proper budget for each department. If the company needs any asset, then they take the decision and provide cash for the asset.
Capital management
It is the responsibility of the finance department to arrange finance and fulfil the capital requirement of the company from time to time (Scott and Queen’s., 2017). Capital should be managed before the end of financial year, so company will have enough capital to start new financial year.
Proper utilization of resources
TESCO's finance manager ensures that the financial resources of the company are properly utilized or not. They manage and help other departments utilize financial resources so the company can make profit and achieve higher growth in the market.
Disposal of surplus
The finance manager takes decisions on how the profit and surplus of the TESCO are utilized. They are responsible for deciding if a company's dividend should be distributed and how much, as well as the proportion of the profits that must be ploughed back and retained into the business.
Financial reporting
Financial management of the TESCO company holds all necessary reports that are related to the finances of the company and uses this as the database for forecasting and planning financial activities. Manager also show this reports to their shareholders, so they can see performance of the company and their growth in the market. It helps them to make decisions about investments.
CONCLUSION
As per report has been analysed HR and finance function of the TESCO company. It has been explained role of HR marketing and finance function in the company (Ward and Forker., 2017). This report has been concluded understanding of the collaborative work and how it is beneficial for company. In the end of this report has been analysed role of financial management in the TESCO and how it works to run activities in the company.
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