In it after it happens. FINANCE FUNCTION

In an organization, HR or Learning & Development (L&D) activities assists the management in proper implementation of the organization’s strategies and policies. It aims to achieve the organizational goals by performing the following functions relating to human resource:
Manpower planning, recruitment and selection
Training and development
Performance appraisal
Motivation and morale-building of workforce
Remuneration of employees
Industrial and employee relations
Preserving records of employees

HR managers play an important role in supporting the line managers. They explain the procedural framework and provide advice and guidance on all HR-related matters like employee development, reward, involvement and participation, employee relations, grievances, etc. which helps the line managers to work within the policies and norms of the organization.
HR managers provide training and development to the line managers, thereby helping them to acquire skills and knowledge required to carry out their duties and responsibilities efficiently and effectively.
Apart from supporting the line managers in their day-to-day activities, HR or L;D professionals also perform the role of a consultant. It provides internal consultancy to the line managers whenever required, while sometimes proactively by controlling the situation by causing something to happen rather than waiting to respond to it after it happens.
Finance is the blood of an organisation. Finance department keeps manual/electronic records of capital invested, borrowed and outstanding in the market. It produces various financial statements for tax purposes, legal formalities and audit practices. It administers employees’ salaries, pension, loan repayments, etc. This information helps management in devising new business strategies.

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The aim of research and development department is to make new features in the existing products, creating new and better products, improving production methods, and creating effective processes. It enables the organisation to cut down the costs, increase profitability and remain ahead of the competition. (Organisational Functions )

All management functions are independent, yet interdependent and hold its own importance to complete a job or task. Capital or Finance is essential to start or run an organisation but without manpower we cannot operate the organisation, so there is a cycle or supply chain process to complete a task in given lead time. All departments perform together to achieve a specific goal. Production department coordinate with designing department as well as vendor management department, finance department provide capital to purchase raw material. At the same time, human resource department provides the workforce to accomplish a specific job. On the other hand, departments like marketing and sales department focuses on specific strategies to achieve their targets of sale. Advertising department coordinate with finance department to decide the budget for advertising and also perform with external organisation. IT department has its own importance because it provides management information system which helps every department to catch the information at right time at right place. All departments work together simultaneously. Therefore performance of the organisation is reflected in the joint efforts of every department starting from identifying the need of customer to delighting the customer.


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