Business environment consists various internal and external factors such as government, customers, suppliers, competitors, etc. and acknowledge their impact on business operations. This help administration to have complete information about market conditions and system capabilities. HR, finance, production, marketing, research and development are various departments which are present in public and private organisations (Sekaran and Bougie, 2016). Present report is based on TESCO, which is famous retail store established in UK and other nations. Employer responsibility is to have adequate manpower so that activities are executed in appropriate manner. Along this, superior duty is to keep teammates motivated and dedicated towards job; thereby make them perform tasks effectively and attain targets within defined time.
Importance of accounting for business success
Executive require to have adequate capital, so that business operations are executed adequately. It is necessary that administration utilises funds, material and manpower efficiently; thereby deliver appropriate items and services in marketplace (Bryman and Bell, 2015). Thus, these are various benefits that accounting process has on business growth and prosperity are as follows:
- Finance department members construct budget that will be incurred to execute activities effectively.
- Expenses and incomes are recorded by management, so that organisation have adequate information about availability of funds.
- Administration is able to acknowledge operational profit or loss that are ascertained from business operations.
- Accounting helps seniors to get accurate information about market position and financial status of firm.
Different functions of HR department in business
Employer responsibility is to have adequate manpower and skilled workforce so that business operations are conducted appropriately. These are various activities that are performed by human resource are described below:
Recruitment: HR manager execute this task to fill vacant positions and employ new individuals to increase workforce. Internal and external approaches such as promotion, transfer, employment agencies and professional institutions are various methods; that are used by employer to recruit appropriate candidate (Murillo and Vallentin, 2016).
Staffing: Employer conducts group discussion, aptitude test and interview to acknowledge skills and abilities of applicants; thereby select best candidate which have capabilities required by management. It is essential that members are given duties and tasks on basis of their knowledge, so they will perform activities effectively and complete targets within defined time.
Training and development: Management conduct performance appraisal to anticipate abilities of members by comparing actual outcomes with standards that were provided to them. Thus, sessions and seminars are conducted by human resource to enhance skills and knowledge of employees and make them capable to handle difficulties and challenges adequately.
Employee relations: Employer establish friendly bond with members to keep them motivated and dedicated towards job. Along this, they are able to anticipate issues and conflicts faced by staff and provide them appropriate solutions (Santos, Pache and Birkholz, 2015).